By: Adam Hamilton, Zeal Intelligence - 9 December, 2016
Gold has suffered brutal, withering selling pressure in the month following the US presidential election. The stock markets’ surprise surge after Trump’s surprise win has led speculators and investors alike to rush for the gold exits. As usual the former group’s extreme selling came largely through gold futures. But this gold-futures dumping has been so severe that it is rapidly exhausting itself, a bullish omen for gold. Full Story
Many experts penned numerous articles this year proclaiming that the Gold market was ready to take off and that 2016 would be the year that the Gold bull resumed its upward trend. They spoke of our high debt, a weak economy and listed a plethora of reasons as to why Gold was ready to soar. Needlessly to say, their fear mongering proved to be fruitless for instead of taking off, Gold nose dived. Early in the year we stated that we did not expect much from Gold this year; we wrote several articles but will highlight points from one of them as it adequately sums our overall theme for 2016. Full Story
Bill Murphy of GATA.org outlines the unfolding drama surrounding the gold / silver market rigging by Deutsche Bank. Company executives have offered details of their collaborators at competing financial institutions. In the near future, millions of jobs will be jeopardized by the real threat of automation / AI. Full Story
By: Rory Hall and Dave Kranzler - 9 December, 2016
According to the plaintiffs, records surrendered by Deutsche Bank show traders and submitters coordinating trades in advance of a daily phone call, manipulating the spot market for silver, conspiring to fix the spread on silver offered to customers and using illegal strategies to rig prices. Full Story
It was always blatantly clear that an EU monetary union would inevitably require a political union to centralize decisions about tax and public spending. Without this occurring it was a misconceived and terrible blunder (that some of us argued it was when it was initially constructed) but it is turning out to be even worse than we originally perceived because of its underpinning Euro currency. Full Story
Before the U.S. presidential election analysts pointed out that Trump’s administration would be positive for the yellow metal, because of the elevated general uncertainty, possible geopolitical turmoil (due to trade wars or recalibration of foreign policy), slower economic growth (due to protectionism), as well as widened fiscal deficits and higher inflation (due to tax cuts and higher government spending). Full Story
If you take a minute to digest what the chart is really saying, it should make you scratch you head. In fact, it should make you shake your head. Yes, this “analysis” is actually relying on the premise that QE “caused” the dollar to rally. Therefore, the underlying basis for this “analysis” is a fallacy. It is based upon a completely fallacious correlation. And, the “analyst” takes it further by claiming that the European Union QE will “cause” the Euro to rally as well, which is based upon his underlying fallacious QE correlation. Full Story
The Italian people have had enough of their government’s economic failure, and is refusing to give it more power. The EU and the euro project have been an economic disaster for all participants, including Germany, which will eventually be forced to write off the hard-earned savings she has lent to other Eurozone members. We know, with absolute certainty, that the euro will self-destruct and the Eurozone will disintegrate. Full Story
ECB Chairman Mario Draghi’s announcement of bigger and better QE this morning should have surprised no one. The fact is that the eurozone is coming apart at the seams and the only tool left to delay the inevitable is easier money. As the following chart illustrates, the euro has been declining since 2008, with the descent accelerating lately. Full Story
Back in April, the Cartel Shills and Apologists attempted to minimize the news that a settlement had been reached regarding a "nuisance lawsuit" alleging price rigging in gold and silver. As we told you at the time and on many occasions since, this case is instead quite significant and very important. The latest update on the case, released late yesterday, sheds more light upon what we've always known was taking place behind the scenes in the "free and fair precious metals markets". Full Story
Assuming the transcripts submitted are accepted and plaintiffs are permitted to file their Third Amended Complaint, the possible pending “avalanche” of settlements in silver lawsuits will speak volumes for the investigative prowess of the CFTC and the DOJ, both of which were commissioned to investigate long running allegations of silver and precious metals market manipulation over recent years, and came up completely empty. Full Story
President Nixon “temporarily” severed the weak link between gold and the U. S. dollar in 1971. The link is still severed. The economic well-being for most people and the sound dollar have suffered. The dollar is no longer described as “good as gold” as it was 60 years ago. Today we deal with mini-dollars and $ trillions instead of $ billions. Full Story
Earlier I shared with you that when it comes to President-elect Donald Trump, the media takes him literally but not seriously. His supporters, on the other hand, take him seriously but not always literally. We saw an example of this polarity Tuesday morning when Trump took a shot at Boeing, tweeting to his nearly 17 million Twitter followers that the jet-manufacturer “is building a brand new 747 Air Force One for future presidents, but costs are out of control, more than $4 billion. Cancel order!” Full Story
Bob Hoye, editor and Chief investment strategist of Institutional Advisors brings decades of experience to the discussion. The new Administration is attempting to rebuild nation in the wake of the destructive NAFTA that decimated the job base. By taxing companies that ship jobs offshore, the American worker could recover after losing over 5 million high-paying industrial jobs since 2000. Full Story
With the U.S. presidential election now behind us, many investors feel they can finally breathe easy again after a nail-biting period of uncertainty since last year. The rally in the major equity market indices since Nov. 9 has been in large part a relief rally of sorts and has been broad-based. The sell-off in bonds has also been an indication of this collective relief. Full Story
Tonight I would like to update the INDU we’ve been following which continues the upside move since the night of the US elections. Keep in mind some of these consolidation patterns began to form back in 2015 which had nothing to do with the US elections. It’s the billions upon billions of shares that were traded which produced this breakout move that is now being recognized for what it is. Even at this stage of the breakout move, there will be many doubters who will never recognize what is actually taking place. Full Story
By: John Mauldin and Charles Gave - 8 December, 2016
When Charles Gave, paterfamilias of Gavekal, chooses to express displeasure over an economic trend, an asset class, or what have you, he does not exactly mince words. If you happen to be in the room when he does so, he can sound like the Voice of God Himself, declaring from on high. And with his longish flowing white hair, he actually looks like central casting setting over to play the part. Full Story
By: Rick Ackerman, Rick's Picks - 8 December, 2016
We hold two contracts with a profit-adjusted cost basis of 2149.25. That’s what remains of a four-contract tracking position established Sunday evening when moderate weakness permitted a ‘mechanical’ buy at 2185.75. I subsequently recommended closing out half of the position if the futures hit 2223.75. Yesterday’s powerful surge to 2241.25 provided an easy opportunity to do so, yielding a paper gain on the position of a little more than $7000 so far. Full Story
Foreign USTreasury Bond dumping continues, and even accelerates. China and the Saudis are selling USTreasurys in a near panic. Foreign central banks liquidated a record $375 billion in USGovt debt in the last 12 months. An American disaster lies in the making from debt saturation, debt overload, and debt dumping. It is all denied by the Washington mouthpieces and the Wall Street handlers, as they lie. The USGovt debt default is within view, dead ahead. Full Story
The degree and level of propaganda now flowing from the Establishment and the Establishment-controlled mainstream media is on par with that of the old Soviet Politburo or German Third Reich. In fact, I’d confidently propose that this point is incontestable. With modern technology and regulations which have made Fed operations and accountability tragically opaque, I have zero doubt that the Fed and the Government have managed to turn the stock market into another propaganda tool. Studies have shown that, over the short term, the direction of the stock market and consumer sentiment measures are highly correlated. Full Story
Most gold analysts surmise COMEX 100-ounce gold futures contracts (GC) can only be physically settled through taking and making delivery. This is technically true when excluding the possibility of EFP trading in GC through the over-the-counter (OTC) market. While on Exchange trading in GC is “executed openly and competitively”, trading GC in the OTC realm (and thus the price of the gold, its form and location) is a “privately negotiated transaction” between buyer and seller. The COMEX is a subsidiary of CME Group, which offers its clients OTC trading on a platform called ClearPort. Full Story
I risked losing my fellow anti-establishment readers in September by suggesting Trump may be an establishment Trojan horse. After seeing Trump choose Pence as VP and a Goldman Sachs exec as campaign finance manager, I was concerned the establishment knew a citizen’s revolt was brewing and made sure that even the road to revolt led back to Rome. Now that we are seeing Trump make actual decisions, we can test that hypothesis. Full Story
90% (my low-balled estimate) of you, the investing public, are herding when it comes to the bond market. You may not know it because the overwhelming psychological atmosphere is to reaffirm, not question peoples’ behavior. That is what herding is; a comforting feeling of going with the flow and being at one with your environment and the greater zeitgeist. Full Story
The election itself was not as important as the fact that a large percentage of the population has come to realize that we are on a course that cannot continue. Middle American decided that things must change. Dissatisfaction with the status quo is really what the 2016 election was all about. It was not republicans vs. democrats so much as it was globalist against nationalist. Full Story
I am sure some of you likely recognized that I may have misused “metal” in the title to this update. You are probably thinking that the appropriate word that should be used is “mettle.” If you learned the history of the word “mettle,” you will see that, prior to the 17th century, both spellings actually referred to the precious substance we mine out of the ground, as well as to its attributed meaning today. The words were interchangeable until that time. However, as we moved into the 18th century, the meanings diverged, with “mettle” then only referring to a person’s character. Full Story
By: Steve St. Angelo, SRSrocco Report - 7 December, 2016
Yes, it’s true. Middle East net oil exports are less than they were 40 years ago. How could this be? Just yesterday, Zerohedge released a news story stating that OPEC oil production reached a new record high of 34.19 million barrels per day. To the typical working-class stiff, driving a huge four-wheel drive truck pulling a RV and a trailer behind it with three ATV’s on it, this sounds like great news. Full Story
Confronted with the above doomsday scenario, the major governments pushed interest rates back down – in many cases into negative territory. This granted the variable-rate world a temporary reprieve from the consequences of its mistakes — and allowed the worst offenders to ramp up their borrowing even further. Government debt soared, derivatives books expanded and mortgage and auto loans returned to pre-Great Recession levels. Full Story
Based on Congressional Budget Office projections, total costs for Social Security, Medicare and Medicaid are likely to be about $120 billion greater in 2017 than 2016. Then almost double that amount in 2018, with an annual increase of $207 billion. Then almost double that amount again by 2019, with an increase of $372 billion compared to last year. Full Story
The market “response” to the Italian referendum – unquestionably, a political, financial, and economic “nuclear bomb” – was as hideously rigged as anything I’ve ever seen. And trust me, the strafing is just starting, given this morning’s news that not only is Bank Monte dei Paschi likely to be nationalized this weekend, but snap elections to elect a new Prime Minister (likely, a violently anti-EU Five Star Movement candidate) may occur as soon as next month. Full Story
The bottom line is that gold is set to get a major boost in demand from 25% of the world’s population who are part of the Islamic faith. The world gold council estimates the boost could be as much as 500 to 1000 tons, which would make the Islam religion a major factor in gold price discovery for decades to come. Champions adapt. They prosper by adapting. So, gold community citizens need to adapt to the new gold market normal. That means they need to move, somewhat, from mainly a fear trade focus to both a fear trade and love trade focus. Full Story
By: Rick Ackerman, Rick's Picks - 6 December, 2016
Although Comex Gold offered no similar encouragement, March Silver’s rally on Monday was strongly impulsive, implying as it has that the futures are a decent bet to reach the 17.295 target within the next 2-3 days. Moreover, if buyers are able to push this vehicle just a nickel or so higher overnight, that would significantly shorten the odds the target will be achieved, perhaps as early as Tuesday night. A move above the red line is key, however, especially with gold futures in a funk. For your information, I have lower targets outstanding for Feb Gold, the most immediate of which lies at 1149.40. Full Story
The problem is that lawsuits of that nature do no good anymore. We’re in the latter stages of “Atlas Shrugged.” If you’re not part of the insider Government’s elitist circle, there is no Rule of Law. If Yves takes up a collection to help fund her fight, we will gladly contribute but we don’t think fighting the trend is going to do anything other than pander to our ego. It’s false gratification that is embedded in the illusion that citizens can effect change. Ask the people who are being honest with themselves if their vote for “change” worked in 2008… Full Story
It finally happened. For the first time since 2008, the Organization of Petroleum Exporting Countries (OPEC) agreed to a crude oil production cut last week, renewing hope among producers and investors that prices can begin to recover in earnest after a protracted two-year slump, one of the worst in living memory. Full Story
The metals are deep into the cyclical timing band for the bottom and sentiment is extremely bearish. Now the dollar is in the same camp as the Nasdaq, having generated a potential failed breakout. Full Story
Growing up in the 1960's, I can still remember hearing and reading about Russian propaganda. While I am certain some of what the Western press reported was "spun", even a 10 year old could see through much of what Russia was trying to portray to its people. Fast forward to present day, we seem to have switched places. The current mainstream media reports defy nearly any and all logic on a daily basis. Reporting has obviously been very poor for many years and it really did not matter what the subject was. Economics, finance, geopolitics, home grown politics, it has not mattered, logic has been turned on its head. Full Story
"In years to come," says Deutsche Bank's Jim Reid, "markets may well look back at the month just passed as one of the most pivotal in recent memory." The natural follow-up question might be "What exactly are we pivoting to?" Opinions abound on that score and below we have assembled a baker's dozen of what we consider the most insightful for your consideration. As always, we give special attention to the gold market. Full Story
Is the bank of Japan trying to crash the markets? This is not conspiracy theory. In the last month the BoJ has devalued the Yen 14% against the $USD. By any other measure this is a crash as far as currencies go. And it could lead to MAJOR issues for the financial system. The last time the BoJ collapsed the Yen this aggressively the ENTIRE commodity markets imploded collapsing over 40%. Oil ended up collapsing from $60 to sub $48 in a matter of weeks. Full Story
For stocks, we saw something remarkable last week, a strong close into options expiry in spite of non-supportive open interest put / call ratios across the key measures we follow, with the exceptions of IYT, NDX, and MNX. And if you look at the sectors, it was in fact the transports and tech that lead the markets last week. Tech was oversold due to the reaction post election, so this was not surprising, and almost seemed contrived; but I would not want to be accused of being a conspiracy theorist. Too late – right? Full Story
Even though investors can’t seem to unload gold fast enough, coin collectors are benefitting, reports Bloomberg. U.S. Mint gold-coin sales jumped for a fourth straight month, the longest streak since 2003. And in India, despite the fall in sales of jewelry due to demonetization, gold imports remained stable at around 100 tonnes in November (from 97 tonnes in October). Full Story
By: Jordan Roy-Byrne, CMT, MFTA - 5 December, 2016
Last week we wrote that Gold was broken but noted the oversold condition in the precious metals sector as well as the relative strength in the gold stocks. At one moment last week, the gold stocks were trading above where they were in mid-November when Gold was trading some $60/oz higher. In other words, Gold plummeted $60/oz and made a new low yet the gold stocks did not. It took a bit longer than we expected but Gold and gold mining stocks may have started their rebound at the end of last week. Full Story
By: Steve Saville, The Speculative Investor - 5 December, 2016
The euro-zone appears to be on target for another banking crisis during 2017. Also, the stage is set for political upheaval in some European countries, a general worsening of economic conditions throughout Europe and widening of the already-large gaps between the performances of the relatively-strong and relatively-weak European economies. It’s a virtual certainty that as was the case in reaction to earlier crises/recessions, blame for the bad situation will wrongly be heaped on Europe’s experiment with a common currency. Full Story
We are seeing articles now that have moved on to the next old-new story. It seems that Trump is going to spend a lot on infrastructure. This will require massive deficits. But the market will distrust that the government can pay. So we will see a twin sell off of the US dollar in terms of other currencies, and Treasury bonds in terms of dollars. This will cause the mases to Discover Gold and the gold price is going to skyrocket. Click here to buy our fine gold, we have the very best gold. Full Story
By: Rick Ackerman, Rick's Picks - 5 December, 2016
Doc Copper has swung wildly since November’s moon shot and seems likely, on the visually evidence of the charts, to attempt another spectacular leap. Assuming the gyrations of the last three weeks have been a consolidation for a follow-through rally, notice that much of the action has taken place just beneath the November peak. That bulls mean business is further affirmed by the slight penetration of the November peak on the second run-up. Full Story
John Embry, Senior Strategist of Sprott Asset Management comments on the purported 8,000 tons of paper gold dropped on the market. 8,000 metric tons (2204 lbs.), 17.6 million lbs., 282 million ounces, were unleashed on the PMs sector, equivalent to a Tsunami of selling pressure. Rob Kirby of Kirby Analytics notes that the smart money, deep pockets and institutional investors are diversifying away the dollar exposure in favor of PMs. Our guest proposes that an enormous tonnage of gold was dropped on the market following the US election - nearly the entire US reserves at Fort Knox. The move is an "act of desperation by policymakers" to contain gold and give the false illusion of weakness. Full Story
All the well followed economic cycles such as Martin Armstrong's "Economic Confidence Model", Harry Dent's 39 Year Generational Cycle - 35 Year Geo-Political Cycle - 10 Year Boom-Bust Cycle or the Kondratieff Cycle all point down through early 2020. As Gordon T Long and Charles Hugh Smith examine in this 30 Minute video it is fundamentally about shifting generation behavioral sentiment and a cyclical change in "mood". Full Story
Is the bubble in the bond market about to burst? Even a move back to the 38% retracement level over the next several weeks would cause chaos in the global financial markets. Full Story
In May, I wrote an article titled “The OPEC Epoch is Over,” which pronounced OPEC officially dead and predicted oil prices would plunge again. So far, I’ve been wrong about a second perilous plunge in oil prices. However, even as market heavyweights herald this week’s OPEC meeting for pumping up oil prices, a few voices join this lightweight in saying this meeting proves OPEC is over. Full Story
Italians are headed to the polls this Sunday (and thus this letter is reaching you a little earlier than usual) – but no one is quite sure what is on the ballot. On the surface, the voters are considering whether to approve constitutional reforms that should make the government operate more effectively (or not, depending on your point of view). But many people think the real question is whether the current government should stay in power and whether Italy should remain yoked to the Eurozone. Full Story
It’s Friday night, after another week of financial market ignominy has passed; fortunately, without further damage to those holding REAL money. Which fortunately, is likely to be extremely limited going forward, given how low Precious Metal “valuations” have been driven, amidst the most bullish fundamental environment imaginable. Heck, whilst the paper gold price has been mercilessly attacked – as countless fiat currencies crash, amidst an environment of unprecedented economic and political instability – physical demand has exploded. Full Story
By: Steve St. Angelo, SRSrocco Report - 4 December, 2016
Investment demand for Gold Eagles surged during the last day in November pushing sales to a new monthly record. Not only did Gold Eagle sales for November reach a new record high for the year, it surpassed sales during the same month last year by 52%. It seems as if investors are once again taking advantage of lower gold prices. I had planned to publish the article on Wednesday (last day of the month) showing that November sales hit a new record high, but the U.S. Mint updated their figures yesterday reporting another 20,000 Gold Eagles oz were sold on the 30th. Full Story
When discussing bullion banking mechanics, it’s important to understand what a bullion bank actually is, and what activities bullion banks engage in. This appreciation also helps highlight the major concerns which modern bullion banking poses. The term bullion bank can be applied to banks which are involved in some or all of the following activities in the precious metals markets: trading, clearing, vaulting, physical metal distribution, risk management, intermediating between metal lenders and borrowers, mine finance and hedging, financing fabricators, providing consignment stocks, generating precious metals market research. This list is not exhaustive. Full Story
U.S. Markets showed weakness this past week as they are working off their overbought conditions very nicely now. Many stocks are nearing support areas along with the indices, and I’m looking to buy the weakness in the week or so ahead. Metals are trying to solidify support now and move higher which they really need to do, soon. As I’ve talked about in weeks past, this is traditionally a very strong time of year for the metals so if they can’t get going now, when can they? Full Story
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