Bill Holter’s Commentary
Blasphemy in today’s new world…!
Bill Holter’s Commentary
Blasphemy in today’s new world…!
J. Johnson’s – Precious Metals Stand Strong in the Flames of Fiat!
July 19, 2019
Great and Wonderful Friday Morning Folks,
You can’t keep a good currency down, and when the fiats are on fire, Gold stands strong within the flames, with the trade at $1,438.70, up $10.60 from the Comex close with the high so far at $1,454.40 with the low close to where we are now at $1,436.20. Silver is up as well with the trade at $16.345, up 14.7 cents after reaching up to $16.50 and just like Gold, trading close to the low at $16.27. Over in the Algo Pits of the Currencies, the US Dollar is trading at 96.68, up 23.1 points and very close to the high at 96.705 with the low at 96.415. All of this was done while we slept, before 5 am pst, the Comex open, and the London close.
The emerging markets currency’s, under insanity print, now has the Venezuelan Bolivar pricing Gold at 14,369.02 adding 15.98 in Bolivar value with Silver at 163.246 putting an additional 2.247 Bolivar into the price. Argentina’s Peso print has Gold pegged at 60,954.28 adding 489.67 in A-Peso value with Silver at 692.529 adding 7.414 A-Pesos. The Turkish Lira has the first money of the world at 8,122.97, it too adding 11.77 in T-Lira value with Silver adding 0.3928 T-Lira with its price at 92.2944.
Comex Silver’s Delivery system has been our primary focus with July’s demands for physical now at 276 requests, proving Comex finally gave out some metal to those waiting buyers with a drop in count of 128 and with a Volume of 2 up on the board so far this morning with a trading range of $16.275 and $16.235 with the last trade being the low of the day so far. The most astounding thing to see is the continual addition of short trades being added to the mix as the controllers of paper boldly go back into overdrive. That is until yesterday as 1,703 obligations left the field of play after this (not so painful for us) rally these shorts had to deal with this week. This bring our Open Interest totals to 234,220 Overnighters still in trade. So far this week, roughly a $1.10 was added to the price with the shorts losing from the very beginning to now, as the starting of the weeks Open Interest showed the 217,753 trades in play , proving the shorts lost a total of $1,197,641,500 before the additional 14,764 shorts were added.
By Greg Hunter’s USAWatchdog.com
(This in-depth interview (more than 1 hour) will take the place of the Weekly News Wrap-Up and the Early Sunday Release.)
Best-selling financial author James Rickards says “We are still in the aftermath of the 2008 – 2009 financial crisis.” In the up-coming book titled “Aftermath: Seven Secrets of Wealth Preservation in the Coming Chaos,” the crisis of the Great Recession may be over, but “nothing is fixed.” Rickards explains, “I understand the economy has been expanding for 10 years, and we are not in a liquidity crisis at the moment and unemployment is low. We have come a long way from that. The fundamental problems that gave rise to that have not been solved. . . . So, unlimited guarantees, unlimited money printing and unlimited currency swaps and, yeah, they truncated the crisis, but all that happened was the bad debts, the leverage and the problems were now lifted up to the central bank level. You’ve got this progression. First, it is the hedge fund. Then, it’s Wall Street. Now, it’s the central banks. Who is going to bail out the central banks? That problem has not been solved, and it’s still on the table.”
Rickards says don’t think the Federal Reserve is going to come in and ride to the rescue in what Rickards is predicting to be a “coming chaos.” Rickards contends, “Interest rates are 2.25%, but that is not what you need to get out of a recession. I am not predicting one, but if the U.S. economy went into a recession . . . history in economics says you need to cut interest rates 4% to 5% to get the U.S. out of a recession. How do you cut interest rates 4% when you are at 2.25%? You can’t because there is not enough room. You get to 0% pretty quickly, and now what do you do? You are still in a recession and you go to QE4 (money printing), but how do you do that when the Fed balance sheet is at $4 trillion. You are at a boundary. You are at a confidence limit. So, the Fed is not ready for the next recession, and they can’t get there.”
J. Johnson’s Latest – We Have a 404 in Silver Deliveries, Is This Their Warning Sign?
July 18, 2019
Great and Wonderful Thursday Morning Folks,
Gold continues to hold its value even with all those short “papers” being applied with the trade at $1,422.70, down 60 cents and closer to the low at $1,419 than the high at $1,431.90. Silver is leading the charge today with its trade at $16.12, up 14.9 cents with the high established right after the reopening at $16.15 with the low at $15.96. The US Dollar is trading at 96.795 down 5.8 points after reaching up to 96.93 with the low at 96.70. All of this was done before 5 am pst, the Comex open, and the London close.
Gold under the Venezuelan Bolivar is now priced at 14,209.22 showing a gain of 166.79 Bolivar with Silver gaining 4.345 Bolivar with the price at 160.999. In Argentina, people are getting 60,464.61 Pesos for 1 ounce of Gold proving a gain of 488.30 with Silver trading at 685.115 a gain of 15.996 in A-Peso value. The Turkish Lira now has Gold priced under its fiat at 8,111.20 showing a gain of 112.74 in T-Lira value with Silver pegged at 91.9016, a gain of 2.6801 in T-Lira value as we observe the emerging markets adding strength to the real money the people of the world value. We believe this is only adding more pressure to the price in the primary currencies which, in time, will give us these types of price swings in the (near?) future.
July Silver now has 404 fully paid for contracts waiting for receipts for physical and with a volume of 19 up on the board so far this morning giving us a singular price of $15.98 for the high and low, so far today. Ironically the number “404” is also tied to the internets “Page Not Found” we are all familiar with when they attack our websites with yesterday’s Volume rallying up to 84 contracts before the trade was closed out but only proving a drop of 10 obligations in the demands for physical. Silver’s Overall Open Interest is proving there is far more paper available even if there is a “404” in the physicals with the count now at 234,220 Overnighters giving us another huge gain as more short positions just keep coming into the Silver trade in order to keep Silver from going any higher than it is. So far, in the last 3 trading days, around 16,000 more papered positions had to be added in order to keep Silver from rallying over 90 cents or roughly 177 contracts per penny in order to “stay” the game.
J. Johnson’s Latest – We Now Think the Lone Ranger’s Horse IS On The Run
July 17, 2019
Great and Wonderful Wednesday Morning Folks
Gold got the monkey hammer during yesterday’s Comex trade and the punch in the gut is still being felt but the Nobel metal remains steady, took a big breath, and is ready to fight with the trade at $1,406.00 down $5.20 after dipping down to $1,401.30 with the high at $1,408.90. Silver is the Lone Ranger’s horse and the back of the barn has been kicked out as it leads in the early morning with the trading price now at $15.685, up 7/10th’s of a penny and close to the high at $15.70 with the low at $15.55. The US Dollar is flat this morning with its trade at 96.965, down 7.6 points and right beside its low at 96.955 with the high at 97.10. All of this was done while we slept, before 5 am pst, the Comex open, and the London close.
The Venezuelan Bolivar now has Gold priced at 14,042.43 showing us a loss of 92.88 Bolivar with Silver at 156.654 proving a gain of 2.397 in Bolivar value. Argentina’s Peso now shows Gold priced at 59,980.84 A-Pesos only losing 3.42 with Silver at 669.119 giving the “money of the people” a 14.498 A-Peso swing to the positive. Turkey’s Lira has Gold trading lower at 7,998.46 proving a loss of 75.93 with Silver under the fiat at 89.2215 T-Lira proving a gain of 11.142 in T-Lira value, showing us all 3 emerging market currencies couldn’t keep Silver under control (this horse is pissed).
July Silver had some excitement during yesterday’s trade as the Volume in the trade continued to climb all day with the Demands for Physical Silver posting a count of 414 contracts waiting for product proving a drop of 106 in count and with zero Volume up on the board so far this morning. Inside the 106 contract drop, an additional 41 contracts traded yesterday, so these may have been added to yesterday’s delivery already. This is why it is important to pay attention to Harvey Organ’s consistent and accurate posts. So far this morning there have been no trades in July so there is no trading range to report. With this in mind and the observances these past few days showing the quotes in parenthesis, the counts between the July and Sept contracts are no longer consistent or equal, so, we’ll wait for a trade to pop up in the delivery month and we may see these non-spoof spoofs, spoofing again.
By Greg Hunter’s USAWatchdog.com
Macroeconomic analyst Rob Kirby says you may not be hearing much about it from the globalist controlled propaganda of the mainstream media (MSM), but the “$21 trillion in ‘missing’ U.S. federal money is still the biggest story on the planet.” Kirby contends, “It’s the biggest story ever because it explains so much of what is going on in our financial reality. . . . Lots of people in my circles talk about there being a lack of collateral, which is a lack of government bonds in the marketplace. They refer to that as a lack of collateral; yet, we see equity markets making new highs. We see Bitcoin making new highs. We’ve even seen the sleepy precious metals market get some legs and make moves upward in recent months. . . . There is no shortage of money anywhere globally, and that’s because of the $21 trillion in ‘dark money’ being fed into the system while the unwanted U.S. debt is being purchased and memory holed. . . . It’s paradoxical, but you have a lack of collateral and too many dollars.”
Kirby says, “Nobody wants to believe what is happening” with trillions of extra printed dollars sloshing around the planet, but that does not mean this will not end badly. Kirby is predicting big inflation, and even hyperinflation is coming as a result of all the digital fiat cash. Kirby says, “In a financial sense, people are going to be screwed worse than they understand. Most people cannot believe these most heinous financial crimes against humanity have already happened. . . . At some point, I see a dramatic reduction in the living standard coming to everybody in the Western world. Let’s just say it will be all countries that have their boat tied to the U.S. dollar because the dollar is being rejected now. We are seeing evidence of it with the rejection of U.S. government debt and reduced participation of U.S. government debt auctions.”
Kirby lays out what is coming and says, “When the dollars start coming home, there will be inflation. We have seen the rejection of U.S. debt, but the dollars are being recycled into other things like Bitcoin and equities. There is going to come a point where the dollars are going to come home to America, and people are going to start demanding real stuff. . . . I can envision a day when there might be a domestic dollar and an international dollar, and there might be two values assigned to the domestic and international dollar. Whether this happens or not, the purchasing power of the dollar is going to be diminished as the story about the “missing” $21 trillion gains traction around the world.”
I thought you might like this.
Charts Suggest The Dow Index Is Being Painted To Get “New Highs” In The Market
July 12, 2019
By Pam Martens and Russ Martens
What we need today is a real life character like Vinny Gambini in the movie My Cousin Vinny to take over the questioning for the U.S. Senate Banking Committee – like Ferdinand Pecora did in the early 1930s to root out the systemic frauds in the stock market of that era. Gambini would haul the heads of equities trading for each of the major Wall Street banks and their Dark Pools to a hearing, put them under oath, and grill them about the highly suspicious trading activity that is going on in today’s markets.
Let’s start with what happened yesterday. In the face of punk earnings forecasts for the rest of this year and a growing global economic slowdown, the Dow Jones Industrial Average hit a historic milestone, closing above 27,000 for the first time. But the rising tide didn’t lift all boats: eight of the Dow’s 30 stock components closed in the red. Those stocks were Chevron, Verizon, McDonald’s, Apple, Travelers, Johnson and Johnson, Pfizer, and Merck.
There was something else that raises suspicious red flags to veteran chart watchers. A big spurt in some of the Dow stock components magically occurred in the final 15 minutes of trading, like some mystical, invisible hand had decided to levitate these share prices before the closing bell.
This from our friend at Shadow Stats.
The Permanent Recession
July 15, 2019
Oops. Worse than pathetic. Using consistent accounting through time, we discover we have actually been in receding GDP (recession) since 2000 with the exception of one little bump in 2004. We don’t want to admit that, so we we’ll just ignore that by saying we improved our accounting methods over time.
And that is why I say “It’s been a great recession” because we never actually left the Great Recession. Rather than the longest expansion in US history, we’ve been enduring the longest recessionin US history ever since the dot-com bust. The above chart shows the GDP growth rate, and the REAL GDP “growth” rate, which has actually been contraction, not growth, for the past two decades if measured by historic standards. So long as GDP is growing, (above 0 on the chart above), we’re in expansion. Whenever GDP is shrinking (below 0 on the chart above), we’re in recession.
So, when you see financial commentators writing or talking about “the longest expansion on record,” this month, translate that in light of this article. It is only the longest expansion on record if you change the way you calculate GDP from the way previous records were calculated. It’s sort of like saying, “This person ran the longest marathon in history,” but not mention that we’ve reduced the length of the kilometer or mile by which we measure marathons.
As you said years ago, countries are moving away from the dollar.
India & Russia Will Use Their National Currencies For Defense Deals To Bypass US Sanctions – Report
July 15, 2019
Russia and one of the biggest importers of its weapons, India, have decided to use their national currencies to transfer payments for massive defense deals in order to skirt possible US sanctions, according to Bloomberg.
Moscow and New Delhi have been boosting their arms trade in recent months, with Russia selling submarines, ships, tanks and jets to its Indian partners and set to supply S-400 air defense systems to the country. India’s procurement of S-400s, with a contract worth more than $5 billion, has triggered anger from one of the its largest trade partners, the US, which has warned India of possible consequences of the move.
The new payment method through the ruble and the rupee, agreed by the central banks of Russia and India, may avoid Washington’s sanctions threat. It would enable India to make the first payment for two warships built by Russia, Bloomberg said, citing sources. It is not clear what vessels were implicated in this, but last year the two parties inked a deal for four Russian guided-missile frigates for the Indian Navy, two of which are being built in Russia’s Kaliningrad region.
Normally I do not respond to attacks but this one needs addressing. Jason Burack posted a YouTube video yesterday (listen at about the 10:30 mark) where he spoke my name in the same sentence with the words “lazy and dishonest”. He “laughed” at our recent interview with Greg Hunter because of my $87,000 per ounce math on gold, but at least he admitted he did not even bother to listen to the interview (lazy?). I spelled out the very simple math; if the current US (on books debt only) debt of $22.5 trillion were to be backed by current purportedly held national gold in US vaults of 260 million ounces, the result is roughly $87,000 per ounce. I say “purportedly” because there has been no audit since the 1950’s. I believe if the gold really is there AND unencumbered, we certainly would have had many audits advertising this…but we have not…and have not for a reason!
He then goes on to say that $87,000 per ounce gold would be a very scary and dystopian world where guns, ammo, and the ability to grow your own food will be at a premium … at least he understands high(er) gold prices do not mean happy days are here again! I did not listen to his entire interview but did hear just prior to where he attacked me, he said re China and their “$50 trillion debt bubble” that even if they had $trillions in gold…it would not help. Jason is making the same mistake that others often do when in essence he is claiming there is not enough gold. There IS enough gold to back all currency and all debt on the planet if gold were priced correctly. Would $87,000 per ounce do it? No, I do not believe it would but at that number, the US (if we actually have the gold?) would be able to settle current on books debt outstanding.
As an FYI to Mr. Burack, trying to put any $ number on gold cannot be done because we do not have enough information to plug in. We have no idea how much future money supply the Fed will be forced to create in order to prevent financial implosion. We also do not have any idea how much future debt the US Treasury will be forced to borrow to keep the lights on and try to keep life “normal”. Lastly and most importantly, we have no idea how much gold the US actually has. If the Treasury has no gold at all, would that not suggest a number of “infinity” which is the mirror image of zero? Trying to forecast any true gold price level is a mugs game because of lack of information. We can however do the math on what info we do have and come up with a minimum number as money supply and debt will assuredly not shrink and more gold held than claimed is highly unlikely…THAT NUMBER IS MULTIPLES OF CURRENT PRICE!
To finish, Jason, you as many others, correctly opine the current situation of too much debt and gross derivatives have created a financial bubble which is unsustainable. The aftermath of which will be very ugly. We have both suggested two separate avenues of financial protection. You suggest crypto currency while I suggest gold and silver. You suggest something non tangible with less than a 10 year track record while I suggest something tangible and a 5,000 year track record. If (when) “we” are correct and the credit bubble bursts, no doubt there will be societal upheaval to the point Mad Max is a very real potential. In a world of total chaos I would much prefer to rely on something tried and true for millennia rather than “hope” something new under the Sun will save my family! “Hoping” Mad Max is not the coming reality (and you personally have made a case it can be the reality) is not a plan, preparing for it is…
Lastly Jason, you do truly owe me a public and personal apology. I worked as a broker for 23 years, 12 of which as a branch manager. Never in all those years or since, retiring and leaving the country in late 2006 (good timing?) was I nor ANY of my brokers ever subject to any legal claim, arbitration or settlement. In today’s world, this is nearly an impossibility. While my wife might agree with you regarding lazy, you piss me off and slander me by speaking “my name and dishonest” in the same sentence. I (all of us) was born with only one thing, my good name. I plan to meet my creator with my name in as good stead as possible. I take this more seriously than anything else in my life and why it is best we don’t meet face to face!
Standing watch with elevated blood pressure,