Big systemically important banks could be in failure mode. A small group of big Western banks are in deep trouble. The officials might keep it all secret, working feverishly behind the curtains to patch their myriad holes with paper. These SIFI banks are likely major recipients of USFed overnight aid in the form of Repurchase (REPO) and Permanent Open Market Operations (POMO) activity, plus gigantic hidden funny money infusions. Beware the advent of chaos, with lost control. Possibly the main markets will remain tame under tight controls, while the precious metals prices zoom to multiples higher. Always keep in mind then when the POMO volume rises significantly, it means that QE has returned. When the volume is tremendous, it means that Infinite QE is here. Since Chairman Powell admitted in May that QE was a permanent feature with monetary policy, we must conclude that we are at the doorstep of Infinite QE Forever. Thus the Gold price will be required to double and the Silver price triple. All in time. It is written; it will be done. Full Story
Like it or not a culture is defined largely by its celebrations. Without some common celebrations, our bonds diminish. The Harvard-Yale game may not seem that important to many, but as the first flowering of our nation's sports culture, it is ingrained in our DNA. When families get together for the holidays they take out the shoe box full of old pictures. They sit together and think about the way things used to be. One of those pictures has a couple with wire glasses and raccoon coats, standing by a Model T, waving pennants. Full Story
By: Gary Christenson, The Deviant Investor - 27 November, 2019
The Fed enables the transfer of wealth, suppression of hard assets, banker bailouts, inflating the “everything bubble,” legal counterfeiting, serial bubble blowing, liquidity injections and stock buybacks. The powers-that-be, congress, Deep State, the media and academia support the status quo and Fed interventions in markets. Those interventions will continue to the detriment of many.
Gold, silver and the S&P 500 Index will rise. Focus on undervalued and unloved assets—gold and silver.
China and Russia understand gold. They are not required to promote the Fed’s party line. Full Story
Currently, Exter’s Pyramid has grown too big and is unstable. The moment the pyramid falls, “gold will do its job.” History teaches us gold protects its owners through all types of weather, and central banks know this. Ever wondered why virtually every central bank owns gold? Because gold is physical. Immutable, yet divisible. Independent and without counterparty risk. It is the ultimate store of value—as it retains its purchasing power through time—and works as an eternal payment instrument. Full Story
A routine job for a corporate treasurer or a banker is to maximize the "float earnings", the daily return on cash right up until the moment the cash is spent. The corporations that had taxes due on September 16th, and the entities that had bought new Treasury obligations and needed to pay for them at settlement - each needed the liquid cash to do so. And a very common place to "park" that money right up until the moment it needs to be spent is in the "repo" market.
The "repo" or repurchase agreement market is not something that most individuals are familiar with - but it underpins the U.S. financial system, and is an extremely important source of cash for many banks and institutional borrowers. Full Story
By: Keith Weiner, Monetary Metals - 26 November, 2019
Physics students study mechanical systems in which pulleys are massless and frictionless. Economics students study monetary systems in which rising prices are everywhere and always caused by rising quantity of currency. There is a similarity between this pair of assumptions. Both are facile. They oversimplify reality, and if one is not careful they can lead to spectacularly wrong conclusions.
And there are two key differences. One, in physics, students know that pulleys have mass and friction, and graduate to a more sophisticated understanding. Two, the Quantity Theory of Money (QTM) is not a simplified view of reality. It is oversimplified, to be sure, but it is a false theory. Full Story
So, now is the time to begin doing your homework on hedge funds. Those that were able to outperform the market during the 2007-2009 financial debacle, and then also do well during the last 10 years of the bull market should be moving to the top of your list as we head towards the end of this long-term bull market cycle within the next few years. Full Story
By: Dave Kranzler, Mining Stock Journal - 25 November, 2019
I suspect the Census Bureau will do its best to impose “seasonal adjustment” distortions at Trump’s behest in order to put the best possible spin on retail sales. But truth is that a majority of households are struggling with a heavy debt load and with real income after taxes that barely covers non-discretionary expenditures. Do not mistake a rising stock market as an indicator that economy is healthy. Right now the largest component of economic activity at 70% of GDP is terminally ill financially. Full Story
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