Consider this a travelogue in pictures (graphs and charts really) that presents a rather striking and comprehensive image of a nation journeying into recession. Our decline is steeper now than it was even in my retelling of economic turns during the summer and early fall.
While the stock market has continued to rise (and I never said it wouldn’t rise this year until and unless recession begins and takes it down), earnings — upon which stock valuations used to be based in times long ago — have gone down quarter after quarter — both actual earnings and projected.. Full Story
Yet another former precious metals trader from JPMorgan has been indicted for spoofing and price manipulation by the US Department of Justice. Between all the criminal guilty pleas and indictments to date, it begs the question – were there any precious metals traders at JPMorgan which weren’t engaged in illegal trading activities? From my close professional observation for more than a decade, I would be dumbfounded if any JPMorgan precious metals traders were on the up and up. Perhaps it might be more expedient for the Justice Department to list the traders at JPMorgan which it considered as non-criminal. Full Story
The US-based bond market is in tragic condition. All the bonds in US financial markets reek of rigged prices and inflated values. It is not a single bond sector, but rather all bond sectors that are in deep trouble, against a background of multi-year economic recession. The USTreasury Bonds, given the over $1.0 trillion in supply and widespread absence of buyers, deserves a 10% yield. The stolen missing $21 trillion amplifies the vacant value, from a grand crime scene. It is a wonder that investigator Professor Skidmore of Michigan State Univ has not been charged with financial terrorism. The USTBond market is teetering, kept afloat by overnight enormous slugs of fake money, which in early November was over $250 billion on a daily basis. If it was put onto the USFed balance sheet, on an increasingly frequent basis, then it is called QE. Better get real, and call it what it actually is – INFINITE Q.E. FOREVER. The Gold price is preparing the next launch platform. Full Story
That didn’t take long. I just published an article showing how the Fed had responded with a quarter of a trillion dollars to save the economy from what it claimed was a mere blip. Since then, the recession-causing Repocalypse I’ve warned of has roared around the world, forcing the Fed to amplify its response again.
The Fed’s planners just cannot outrun the little monster they created. It is growing as quickly as they increase their running speed. In the article I just alluded to, I also stated.. Full Story
By: Keith Weiner, Monetary Metals - 19 November, 2019
Today, we want to say two things about negative interest rates. The first is really simple. Anyone who believes in a theory of interest that says “the savers demand interest to compensate for inflation” needs to ask if this explains negative interest in Switzerland, Europe, and other countries. If not, then we need a new theory (Keith just presented his theory at the Austrian Economics conference at King Juan Carlos University in Madrid—it is radically different).
Perverse Incentives Second, negative interest perversely incentivizes some very perverse behaviors... Full Story
Department of Justice prosecutors charged a sixth JPMorgan executive for cheating in the precious metals markets.
Jeffrey Ruffo stands accused of racketeering and spoofing metals prices from 2008 - 2016, along with other crimes including conspiracy to commit wire fraud.
The indictment outlines nearly a decade spent coordinating with other traders in JPMorgan’s precious metals department to rig prices. The activity includes thousands of fraudulent trades placed for two purposes. Full Story
Its statement of account for October shows that the Bank for International Settlements continues actively trading in gold swaps. The BIS uses gold swaps and other gold derivatives to gain access to gold held by commercial banks. Recent swap levels remain much lower than they were in the second half of 2018, although the level of swaps as of October 31, an estimated 186 tonnes, was the highest recorded since February 28. Full Story
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