Posted at 2:25 PM (CST) by & filed under In The News.

Bill Holter’s Commentary

This is “tin foil hat” stuff right up until the point you can no longer get something…then it’s damn serious!

There Are Nationwide Shortages Of Aluminum Cans, Soda, Flour, Canned Soup, Pasta And Rice
July 14, 2020

I had no idea that things had gotten so bad. Earlier today, my wife spoke with the manager of a local grocery store because she wanted to place a large order for some canned goods. What she was told surprised her, and it certainly surprised me. The manager of this local grocery store told her that there are numerous nationwide shortages going on at this moment, and he indicated that there are lots of products that he simply cannot get right now. When my wife told me what he had said, I decided that I had to look into this, because I hadn’t heard that canned goods were in short supply. Well, it turns out that the manager that my wife spoke with was right on target, and that should deeply alarm all of us.

One thing that my wife was specifically told was that there is a nationwide shortage of aluminum cans, and this is having a tremendous impact on the soda industry.

In fact, things have gotten so bad that Coca-Cola has been forced to publicly address the situation…

Coke Life, Mello Yellow, Sprite Zero, Fresca and more. These are among some of the products you may have had trouble locating on store shelves in recent weeks.

And you’re not alone.


Posted at 10:11 AM (CST) by & filed under

By Greg Hunter’s

Finance and economic expert Alasdair Macleod says the gold market is “extremely dangerous as far as the bullion banks, swaps and trading desks” that, at some point soon, are going to have to deliver physical gold they do not have.  Macleod explains, “I find it difficult to see how they can close it. . . . The possibility of a default and the possibility of a ‘force majeure’ is increasing all the time in this current situation.  This is a difficult thing to predict, but unless someone can show me there is a way out of this . . . I can’t see how these banks can be rescued.”

So, the only way the banks can be saved is if they can deliver tons of physical gold they likely don’t have?  Macleod says, “Which they don’t have, not likely have, they don’t have.”

Macleod thinks failure to deliver gold is coming soon where the contract will be settled in cash and not physical metal.  How many times can the gold market do this?  Macleod says, “I think it will be the end of the futures market because nobody would trust it as a means of delivering gold.  I mean it would have demonstrably failed.  So, why would you play with it again?  Of course, the failure of COMEX contracts is a very, very serious issue.”

What happens to the price of gold?  Macleod says, “The price is already on its way to infinity or, put more accurately, the dollar is on its way to zero.  The question I think you really want to know the answer to is how long will that take?  In my view, not very long.  Probably by the end of the year because we’ve got another thing happening in the background, and that is we have a banking crisis developing.  This is the natural consequence of the contraction of bank credit.  There is the effect of tariffs on top of that that turn a normal cycle of bank credit contraction into a 1929 to 1932 horror show. . . . If you have a banking collapse, then those assets values will just go down in the pan.  The next thing, of course, bond yields start rising because of the inflationary implications of a financial collapse.  At that stage, government financing becomes impossible because governments are in effect bankrupt.”


Posted at 1:09 PM (CST) by & filed under In The News.

Bill Holter’s Commentary

Bari Weiss resigns from the New York Times and spills some real beans. All the news that’s fit to print? Sorry, fake news is only fit for the woke who swear mathematics is racism, sexism or some other type of “ism”. I call it “mobism”, but what do I know other than 2+2 =4 today, yesterday and for all of eternity?

Dear A.G.,

It is with sadness that I write to tell you that I am resigning from The New York Times.

I joined the paper with gratitude and optimism three years ago. I was hired with the goal of bringing in voices that would not otherwise appear in your pages: first-time writers, centrists, conservatives and others who would not naturally think of The Times as their home. The reason for this effort was clear: The paper’s failure to anticipate the outcome of the 2016 election meant that it didn’t have a firm grasp of the country it covers. Dean Baquet and others have admitted as much on various occasions. The priority in Opinion was to help redress that critical shortcoming.

I was honored to be part of that effort, led by James Bennet. I am proud of my work as a writer and as an editor. Among those I helped bring to our pages: the Venezuelan dissident Wuilly Arteaga; the Iranian chess champion Dorsa Derakhshani; and the Hong Kong Christian democrat Derek Lam. Also: Ayaan Hirsi Ali, Masih Alinejad, Zaina Arafat, Elna Baker, Rachael Denhollander, Matti Friedman, Nick Gillespie, Heather Heying, Randall Kennedy, Julius Krein, Monica Lewinsky, Glenn Loury, Jesse Singal, Ali Soufan, Chloe Valdary, Thomas Chatterton Williams, Wesley Yang, and many others.

But the lessons that ought to have followed the election—lessons about the importance of understanding other Americans, the necessity of resisting tribalism, and the centrality of the free exchange of ideas to a democratic society—have not been learned. Instead, a new consensus has emerged in the press, but perhaps especially at this paper: that truth isn’t a process of collective discovery, but an orthodoxy already known to an enlightened few whose job is to inform everyone else.

Twitter is not on the masthead of The New York Times. But Twitter has become its ultimate editor. As the ethics and mores of that platform have become those of the paper, the paper itself has increasingly become a kind of performance space. Stories are chosen and told in a way to satisfy the narrowest of audiences, rather than to allow a curious public to read about the world and then draw their own conclusions. I was always taught that journalists were charged with writing the first rough draft of history. Now, history itself is one more ephemeral thing molded to fit the needs of a predetermined narrative.


Posted at 10:18 AM (CST) by & filed under Jim's Mailbox.


We warned listeners, on Saturday’s call, that this was coming.


Major Tax Increases are About to Slam America as Cities and States Want You to Pay for Covid Fallout
July 7, 2020

Just prior to the global Coronavirus outbreak, serious signs of an emerging financial crisis began to emerge. As people were beginning to realize that yet another central bank engineered ‘bust’ was coming down on us, we were thrown into lockdown, shuttering millions of businesses and sending millions of people to the unemployment line.

Now, a few months later, we are starting to realize just how deep the economic fallout will be, and Americans are scrambling to adjust their lifestyles to a totally new world order. At the top of the food chain, though, is government. City, county, state and federal.

In the midst of such a bizarre and frightful socioeconomic crisis, the tax man is hurting too. Tax revenues at all levels of government have plummeted like never before, and the pain is especially acute for city budgets who’ve seen sales tax revenue nosedive. While the American citizenry is seeing a drastic drop in income, so is Uncle Sam and all of his bureaucratic agencies.


Posted at 10:09 AM (CST) by & filed under In The News.

Bill Holter’s Commentary

Erik with real life and common sense re banks. I would suggest he change his coin dealer however as Miles Franklin is currently paying $2.50 over spot to buy back silver eagles.

Depositing Increasingly Worthless Dollars In Banks Is Lunacy _001

Depositing Increasingly Worthless Dollars In Banks Is Lunacy _002

Bill Holter’s Commentary

Which one is correct? The stock market or the real…overlevered and unwinding credit world?

‘Tsunami’ of Evictions Could Make 28 Million Americans Homeless This Summer Alone
July 10, 2020

(TMU) – With the pandemic continuing to sink its claws into the United States, economic conditions have also failed to improve for millions of people. As a result, nearly one-third U.S. households – representing 32 percent – have still not made their full housing payments for the month of July, according to a survey from online rental platform Apartment List.

And with public health experts warning people to continue to “Stay at Home,” the slogan is taking on a perverse new meaning as humanitarian disaster looms for some 28 million people in the U.S. who are facing eviction and homelessness in the immediate future.

About 19 percent of those surveyed were unable to make any housing payment in the first week of the month, while 13 percent paid a portion of their rent or mortgage.


Bill Holter’s Commentary

How about deflation of the things you have…and inflation of the things you need? We have said this for years, it will not be long before even shoeshine boys understand. Who knows, maybe even Harry Dent will finally get it? Got gold!

Another Iconic Deflationist Capitulates: According To Russell Napier, “Control Of Money Supply Has Permanently Left The Hands Of Central Bankers
July 12, 2020

One by one the world’s legendary deflationists are taking one look at the following chart of the global money supply (as shown most recently by DB’s Jim Reid) and after seeing the clear determination of central banks to spark a global inflationary conflagration, are quietly (and not so quietly) capitulating

M1 vs GDP DB_0

One month ago it was SocGen’s Albert Edwards, who after calling for a deflationary Ice Age for over two decades, finally threw in the towel and conceded that “we are transitioning from The Ice Age to The Great Melt” as “massive monetary stimulus is combining with frenzied fiscal pump-priming in an attempt to paper over the current slump.”

At roughly the same time, “the world’s most bearish hedge fund manager”, Horseman Global’s Russell Clark reached a similar conclusion writing that “all the reasons that made me believe in deflation for nearly 10 years, do not really exist anymore. China looks okay to me, and potentially very good. Commodity supply is getting cut at a rate I have never seen before. The US dollar is strong but will likely weaken from here. And it is clear to me Western governments will only ever attempt fiscal austerity as a last resort, not a first. The conditions for both good and bad inflation are now in place.”


Bill Holter’s Commentary

“If it weren’t for the “Giant 5,” your money would have been better off sitting in cash than the stock market over the past few years, according to Wolf Richter of the Wolf Street blog.”

…or, best off in gold!

Investors Face ‘A Scary, Out-Of-Whack’ Scenario — Just Look At This Chart
July 13, 2020

If it weren’t for the “Giant 5,” your money would have been better off sitting in cash than the stock market over the past few years, according to Wolf Richter of the Wolf Street blog.

Yes, investment gains since early 2017 have been completely dominated by Apple AAPL, 3.65% , Microsoft MSFT, +0.77% , Amazon AMZN, 3.52% , Alphabet GOOG, 2.07% and Facebook FB, 1.63% to the point where the broader market, despite some wild fluctuations, has delivered virtually nothing without the upward push of those stocks.

For some perspective on how this has played out, here’s what the Wilshire 5000, a market-capitalization-weighted gauge of all U.S. stocks, has done since January 2017, minus the Giant 5:



Posted at 9:50 AM (CST) by & filed under General Editorial.

Great and Wonderful Monday Morning Folks,

       Gold is going higher in the early morning with the trade at $1,813.30, up $11.40 and close to the high at $1,815.10 with the low at $1,802.10. Silver is leading the increase with its trade at $19.54 up 48.7 cents with the high right here at $19.57 with the low at $19.08. The basket full of other currencies, called the US Dollar Index, is now valued at 96.435, down 17.9 points recovering from the London dip at 96.34 with the high at 96.64. Of course, all this happened already, before 5 am pst, the Comex open, the London close, and after another supposed trusted professional is caught lying, or fearmongering the masses, as the NBC doctor who ‘battled the CCP19’ admits he never had the virus. There’s so much bullshit by professionals out there, it’s hard to trust anything coming from them or the media.

      Venezuela’s issuances gave Gold an increase of 1.99 Bolivar from Friday’s earliest morning report to today, with the last trade at 18,110.33, Silver is now at 195.156, gaining 4.095 Bolivar. Argentina’s Peso now has Gold priced at 128,301.92 Peso’s showing a loss of 199.94 with Silver going in the opposite direction gaining 25.55 with the last trade at 1,381.16 A-Peso’s. Even the Turkish Lira’s currency has Gold under pressure with the last trade losing 1.19 from Friday’s quote at 12,450.60 Lira yet, Silver is gaining regardless of Gold with the trade up 2.815 at 134.171 T-Lira’s. It looks like Silver is breaking thru the price restrictions on a number of currencies, Hi Ho Silver, Away!!

      Our July Silver Delivery Demands now sit at 2,663 fully paid for 5,000-ounce contracts with a Volume of 17 already up on the board, reducing Friday’s demands by 194 contracts, getting receipts between here and London, with a trading range between $19.50 and $19.155 with today’s last trade at the high, up 51.7 cents. Friday’s full-days trades, within the delivery system, contained a total of 62 swaps inside a super tight trading range between $19.03 and $19.005 yet the Silver and Gold fixers settled the price at $18.983. They are stealing all buyer’s profits by rigging the settle when the last trade should be the closing price. Even though this “close” is a poor example, last Thursdays rigged close in Gold, is a prime example of criminal behavior made by those that “fix” the price. The last trade should be where the market settles the trade or “Marked to Market”, not the adjusted close, which is called “Mark to Model”. The shorts in Silver might have a puckered sphincter when they wake this morning, as the Overall Open Interest hardly had a chance to change as only 84 contracts left before this morning’s trades, that gave us a total of 175,733 Overnighters still in the trade, and losing almost a half a billion today, and just before the Comex open.  

      July Gold’s Delivery Demands now sit at 343 fully paid for 100-ounce contracts and with a Volume of 1 up on the board with a price at $1,805.00, up $6.80 so far today. The Physical Demand count was reduced by 405 contracts on Friday that had a Volume of 236 with a price range between $1,805.50 and $1,797.70 with the last trade at $1,799, yet closed at $1,798.20. At least the shorts in Gold are getting out before it gets too much for their pocketbooks as the Overall Count dropped by 3,678 Overnighters leaving a total of 569,410 in Open Interest.

      Over the past several months, we have all been given the runaround about this virus. Is it a real issue, or is it not? We’ve had to endure the media’s “Masks-perts” using the shallowest of terms in order to sway the mind towards or against the mask’s usage. It’s almost as if, the media’s controllers (6 who actually own 90% right out of Creature from Jekyll Island) really want their viewers to die or get sick. Who is wrong here since they choose to ignore what happened in Wuhan? I’ll gladly leave room to be wrong here (I wear a mask when I shop), in fact I pray that I am wrong, but none of the antics by Dr’s that have to lie to get paid, or the mask-perts memes have answered why a nation would lock up 11 million people overnight. Who gave the media the right to sway anything when we still don’t fully know what we’re dealing with here? Now we have a few Wuhan Lab Whistleblowers who have not only escaped the lab, they escaped the communist’s country and are now working with the FBI. I for one, would love to no longer wear the mask, but not at the expense of my life or to endure any long-term issues that have yet to be discovered. That shit takes time to figure out. There are no experts when it comes to a lab experiment that got out. If there really is no problem with this bio, why did the CCP destroy the lab?

      Now that we’re in the third quarter, we have a very interesting subject to deal with, commercial and private debt payment failures, and at all levels. The “Too Big To Fail” banks are getting ready for their worst quarter since the financial crisis, and most likely ever. The Velocity of Money, which is used to prove how much the flow of money is going on in the world, is failing to generate the revenues higher in order to keep this global financial monster alive. The VOM has been failing, even before the CCP19 bio got out and was used to remove the focus on the economies. Confidence has failed in almost all things, and with that precious metals will rise, as the debt of nations, collapse into a pile of ash. This is why we are here, strongly suggesting one take to buying physical precious metals when they can.

     So, keep the real in hand, hold on tight to your faith, keep a smile on your face and a prayer for all, because we are truly in this together, and as always …

Stay Strong!

Jeremiah Johnson

More J.Johnson content is available with purchase of a JSMineset subscription.

Posted at 11:04 AM (CST) by & filed under

By Greg Hunter’s (Early Sunday Release)

Former CIA Officer and counter-terrorism expert Kevin Shipp says, “I think people need to understand that the violence you are seeing in the streets is going to increase leading up to November. We are seeing Black Lives Matter (BLM) mob thugs attack people just because they are white. . . . The riots and looting is going to get worse. . . . Let me say this, Black Lives Matter is not a civil rights movement at all. People need to understand that Black Lives Matter is directly connected to the Nation of Islam. Louis Farrakhan teaches that white people are devils and are inferior to black people and should be eliminated as should the Jews. Both of Black Lives’ leaders have come out and said we are Marxists, and we train our people in Marxism. . . . Black Lives Matter is essentially a terrorist organization, and yet these mayors and governors are leaving them alone. Not only that, but large companies like Coca-Cola are contributing millions of dollars to Black Lives Matter. It is an organization of anarchy bent on overturning our constitutional system and attacks churches, Christians and Jews. . . . This is serious, and it’s going to get worse. Black Lives Matter is going to increase its attacks on white Americans, Jewish Americans, and these companies need to stop supporting that.”


Posted at 5:07 PM (CST) by & filed under In The News.

Bill Holter’s Commentary

This was exactly one of our topics for discussion on today’s recorded call, it’s an avalanche!

Nordstrom Tells Landlords To Expect Just Half Their Rent Until January 2021
July 10, 2020

UPDATE: July 10, 2020: In a statement to Retail Dive last week, a Nordstrom spokesperson declined to answer specific questions about the letter from Jamie Nordstrom, but acknowledged that its pandemic-related cost cuts involve pushing back against lease obligations. “As part of our continued efforts to navigate this situation and achieve the expense reductions announced previously, we are modifying our rent payments until January 2021, at which point we’ll fully reconcile our payments,” the spokesperson said in an email. “We’re working closely with our store landlords to find a mutually agreeable path forward.”

Dive Brief:

Nordstrom June 3 notified landlords of its full-line and off-price Rack stores that it will pay only half the occupancy costs for the remainder of the year, according to a letter from President of Stores Jamie Nordstrom to property owners, which was obtained by Retail Dive. A Nordstrom spokesperson didn’t immediately respond to Retail Dive’s request for more information or comment.

In the letter, the company also said it will use store comps as the basis for any “true up rent payment, up to a full reconciliation should 2020 sales reach 90% of sales made in that location in 2019.” The department store said it “will continue to maintain insurance coverage, pay utilities on which we are the account holder, and maintain your building(s) as required by the lease.”