I rarely do this, but I’ve started writing with 90 minutes left in Friday’s historic trading day – sitting in my hotel room in Chicago, preparing for what will likely be the best business meeting of my 27-year career. Yes, as luck would have it, I four months ago scheduled Miles Franklin’s Chicago Q&A Rap Session – featuring myself and President and Co-Founder Andy Schectman – for tonight, with not a clue what a momentous day it would be. To that end, for those that would like to see what such meetings are about, here is a link to the 3½ hour session we did in Houston last month, hosted by Daniel Ameduri of Future Money Trends.
I’m still working on 2½ hours of sleep, having awoken at 1:00 AM to write today’s MUST READ first reaction to the Britain’s political shot heard round the world, “historic BrExit vote marks commencement of the end game of global currency collapse; the demise of the European Union; and imminently, the gold Cartel itself.” But during this whirlwind day, sleep deprived as it has been, I’ve thought more clearly than ever before – about what just occurred, and what comes next.
Not that anyone can know how events will ultimately play out, of course. However, I’ll put my predictive track record of economic and monetary events against anyone on the planet, going all the way back to calling – and more importantly, acting to protect myself against – the dotcom bubble 16 years ago. And after nearly three decades, I’ve NEVER been clearer of where we’re headed.
To start, let’s talk politics – starting with the no-brainer to end all no-brainers. Which is, that the European Union – and with it, the Euro currency – is a goner. This Frankenstein’s brainchild was “put to death” by yesterday’s BrExit vote, after having terrorized Europe for five decades – putting the continent on the verge of all-out economic collapse, social revolution, and regime change. As for the Euro, it’s barely 15 years old – and already, on its deathbed. Frankly, I don’t think the timing of its demise is too far ahead; as after BrExit, the simmering nationalist tensions across countless other Eurozone nations, which I have warned of ad nauseum for months, will unquestionably explode. Starting with Spain this weekend, when it’s second Parliamentary election in nine months may well produce a resounding victory for the anti-Euro Podemos Party. This, as the Catalonian secession movement – which promised to secede by year-end, barely more than a year ago – gets ready to slice 25% out of Spain’s collapsing GDP. This is probably why the Spanish stock market plunged today by…drum roll please…an astonishing 12.4%!
Of course, it wasn’t just Spain’s market that collapsed, as the two top (remaining) Eurozone nations, Germany and France, saw their markets plunge by 7% and 8%, respectively. Heck, if the PPT ever lost control of the Dow by that much in a day, the Fed would launch QE4 the next day; which they may well do anyway, particularly if the storm clouds get particularly ominous in the coming weeks – or days, if this weekend’s Spanish election goes as I think it might. Or perhaps, if people the world round simply get terrified enough to “dump it all,” particularly at all-time high stock valuations, amidst the worst economic environment of our lifetimes.
Which, I might add, is about to stair-step dramatically lower in the wake of BrExit, as already dead and buried global trade grounds to a halt. To that end, European trade will be in a “deer in headlights” state for months to come; whilst Japan falls off the face of the Earth; and China, facing the imminent bursting of history’s largest economic bubble, prepares for a far more dramatic Yuan devaluation than that of last August. Which, to give you context of how I think it will impact global economies and financial markets, I at the time deemed the “upcoming, cataclysmic, financial big bang to end all bangs.” In other words, I believe this inevitable – perhaps after yesterday’s events, imminent event – will actually be more damaging to global political, economic, and social stability than even the BrExit. And oh yeah, just today the Yuan was “fixed” at its lowest level in more than five years.
Of course, all such issues will be back-seated if – or more appropriately, when – the guaranteed “Lehman of Europe,” Deutschebank – holding a derivatives book far larger than Lehman or AIG could have ever dreamt of – violently implodes, in what will undoubtedly be the most destructive, and far-reaching, corporate bankruptcy of all time. Then again, it may be “beaten to the punch” by any number of others – as European bank stocks, care of two years of negative interest rates and the implosion of the European economy, have been in freefall all year – before the BrExit was even considered a possibility. In fact, today was the worst day for European bank stocks EVER; down 13+%, including 15%-20% for dozens of well-known names, such as Deutschebank, Barclays, Lloyd’s, ING, Banco Santander, and France’s “Big Three.” In other words, the entire European banking system is about to collapse – and wouldn’t it be ironic if it’s next month’s Greek “bailout” requirement that puts it over the edge. Yes, Greece – with its $700 billion of EU and Wall Street force-fed debt – needs yet another bailout. Of course, this time around the people will not let last year’s “OXI” vote be ignored – particularly in light of the empowerment the BrExit result will foster. And oh yeah, it’s unlikely the “Troika” will even exist to administer it!
To that end, I strongly believe that in Europe, the coming months – and likely, years – will be characterized by exploding anti-Euro sentiment, which will tear the continent apart; catalyze “nuclear” currency wars, tariffs, and other protectionist tactics; and ultimately, regime changes, the breakup of the European Union, and the collapse of the Euro currency.
Spain may well start the ball rolling this weekend; but I assure you, Italy, France, the Netherlands, Denmark, and others will be right behind it. Of course, it’s not just anti-Europe sentiment, but anti-establishment sentiment in general that will encircle the world. Donald Trump’s now guaranteed election is the perfect example of such change; and whilst I’m terrified as to what he might do, particularly as the U.S. economy is collapsing, I would literally vote for anyone other than Hillary Clinton.
Such violent attitudes are now commonplace the world round, thanks to the economic horrors – and unprecedented wealth disparity – caused by history’s largest; most destructive; and for the first time, global; fiat Ponzi scheme. And they won’t improve for generations to come – until after it has collapsed, with the only assets standing being guaranteed wealth protectors like gold and silver.
As for financial markets, I believe the horrifying, generational bear market in commodities that started two years ago – which Janet Yellen still deems “transitory” – is about to take a dramatic leg downward, taking prices far lower than we saw at this winter’s lows. That said, most nation’s won’t, LOL, “benefit” from the lower prices; as their currencies – in most cases, already at all-time lows – are about to take their final, horrifying plunges toward hyperinflation. In other words, what just happened in Venezuela is about to happen in dozens of other nations; until eventually, larger, “leading” currencies like the Yen and Euro are enveloped as well. Then again, there might not even be a Euro, but that’s another story.
Regarding bonds, I asked this week when the biggest bubble of all – trillions’ worth of Central-bank-monetized sovereign bonds – will itself burst. Certainly the timing of the Eurozone collapse – or perhaps, the inevitable GrExit – will play a part in this equation. However, make no mistake; that like stocks, sovereign bonds will be destroyed in real terms – either via “deflation” or hyperinflation – far sooner than most can imagine. Again, leaving only real money – i.e, gold, silver, and Bitcoin – standing.
As for the “canaries in the coal mine” that Precious Metals have been since the gold standard was unilaterally, unlawfully abandoned in 1971, I have ZERO doubt that their monetary powers will be unleashed in unprecedented fashion, likely in the coming months. Everything I have seen, and learned, these past 14 years tells me the Cartel – which has promulgated history’s largest, most destructive fiat Ponzi Scheme – tells me they are about to be blown out of the water by the exploding, record-high demand; collapsing production; and vanishing above-ground, available-for-sale inventories that their two decades of price-suppressing operations created.
As always, I believe it will start in the ultra-tight, soon-to-be-universally-recognized-as-money silver market; which is exactly why, a mere two weeks ago, I wrote the “upcoming, historic silver shortage.” That said, just as in 2008, gold will also be nearly impossible to source; and at some point soon, first we’ll see the COMEX dead and buried – as trade shifts, like Bitcoin, to China. And finally, the end of all “futures” and other “paper” trading, as PM’s revert back to cash-and-carry markets, when investors lose faith entirely that said “paper gold” and “paper silver” is actually backed by physical metal.
Well, the day – and week – just ended ominously, with the Dow, commodities, and currencies at their lows; and PMs at their highs – notwithstanding last night’s initial, Cartel-quelled spike – despite unrelenting, soon-to-be-called out Cartel shorting. And WOW, WOW, WOW, I just took a look at the COT report, which was just released 30 minutes before the NYSE close. Yes, the Cartel actually added another 14,060 contracts to its already record-high gold short position; and 8,192 in silver, to within a hair’s breadth of its own record-high naked short position. And this, before today’s likely all-time daily shorting activity – which will only increase Monday, before being “outed” in next week’s report. In other words, the convictions behind last week’s “finally, the long-awaited Commercial Signal Failure is Nigh” article have increased a thousand-fold!
My friends, we are about to witness things – political, economic, and social – that have never been experienced in such a populated world. Alan Greenspan himself said, today, that “this is the worst period I recall…there’s nothing like it, including the 1987 crash.” And yet, even he vastly understates the hard times I envision – and my predictive track record is a lot better than his. Buckle up, and for god sake, PROTECT YOURSELF, and do it NOW!
HISTORIC BREXIT VOTE MARKS COMMENCEMENT OF THE END GAME – OF GLOBAL CURRENCY COLLAPSE; THE DEMISE OF THE EUROPEAN UNION; AND IMMINENTLY, THE GOLD CARTEL ITSELF
It’s 1:30 AM MST on Friday, June 23rd; i.e., the most important day in global financial history. I only slept for two hours; from which, I was awoken by a client – for the first time in five years at Miles Franklin – wanting to buy gold NOW. The reason, of course, is that what I have vehemently predicted for weeks has come true, despite unrelenting propaganda otherwise. Not to mention, pervasive PM community belief that “they” won’t let it happen; because, as Josef Stalin once famously said, “it’s not who votes, but who counts the votes that matter.”
To wit, despite an historic market manipulation and propaganda effort; which frankly, put Switzerland’s pre-gold referendum antics of late 2014 to shame; the UK “leave” campaign headed by Nigel Farage – who for years, I have deemed the “Ron Paul of Europe” – defeated the powers-that-be supported “remain” campaign by four percentage points, showing the people do in fact have the ability to change things, when pushed far enough. Consequently, UK Prime Minister David Cameron has already announced his resignation – which will not only rock the global political community, but seal the fate of co-conspirator Barack Obama’s Democratic Party; likely, handing Donald Trump the Presidency before the debates even start.
The fact is, that we who have the cards, NOT the “powers that be”; as we hold real money, in a world where history’s largest, most destructive fiat currency Ponzi scheme is imploding. Thus, just like the dozens of historical attempts to suppress gold and silver – like the 1960s “London Gold Pool,” for instance – today’s “New York Gold Pool” is on death’s door. And with it, the control of our lives a handful of ruthless bankers and politicians have held for nearly 20 years. Or, more accurately, the 45 years since the Bretton Woods agreement was illegally dissolved. As it turns out, “Economic Mother Nature” is in fact unbeatable; as is the “unstoppable tsunami or reality.”
The emotions I’ve undergone since it hit me a few hours back that yes, the “leave” faction would indeed win are indescribable. And they will only intensify throughout the day, culminating with Andy Schectman and my MUST SEE “Q&A Rap Session” in Chicago tonight. As no matter how hard “they” fight – and fight they will, to their bitter end – I’m 100% sure the gold Cartel is on death’s door; particularly as they headed into tonight’s “surprise” BrExit victory with their highest ever COMEX naked short positions, in both gold and silver.
How fitting is it, that the nation that has played a part in more global conflicts – military, diplomatic, and otherwise; not to mention, the “headquarters” of history’s most destructive gold suppression scheme; and the “founder” of modern Central banking principles; is where the Western world’s unprecedentedly destructive, 15-year can-kicking campaign has hit the wall? No thanks to the city of London, I might add, which voted 78% to 22% to “remain”; likely, due to rich homeowners happy to have endless immigrants bid up the price of their “flats.” No, it was the rest of the United Kingdom that put the kibosh on the horrifyingly destructive European Union; aided, in part, by the “biblical” rains that plagued the most heavily “remain-concentrated” areas; as opposed to the uncharacteristically beautiful weather the rest of the realm experienced.
In the “shocking” referendum’s wake – which I last month deemed the “most important, and Precious Metal bullish – vote in history,” gold started what will likely be the most volatile market environment since 2008 by rocketing $100/oz higher, before being “Cartel-ized” back to $1,315/oz as I edit at 3:00 AM EST. Silver is up 3%, but other commodities are being annihilated – from copper, to crude oil, to anything else you can name. Japanese and European stock indices are down 5%-8%; and what’s this I see? Yes, the soon-to-be “Lehman of Europe,” Deutschebank, is down a whopping 13%, to nearly its all-time low.
Consequently, the Central bankers gathered at “Cartel Central” – i.e., the Bank of International Settlements in Basel, Switzerland – are unquestionably getting ready to launch their “whatever it takes” responses before the U.S. markets open in a few hours. However, whatever they do will be too little, too late. And now that they have already exhausted essentially all their money-printing arsenals, all that’s left is the end game of hyperinflation. Which I assure you, they’ll initiate. For that matter, if they cannot bring things under some semblance of control by the end of today’s U.S. trading, get ready for countless “Sunday Night Special” announcements this weekend; perhaps even by the Federal Reserve, which may well cut rates – and launch QE4 – mere weeks after LOL, “threatening” to tighten policy. And if not now, than sometime later this year, when lame-duck Yellen is forced to do so – Presidential election and Obama “fiction peddling” propaganda notwithstanding, by crashing financial markets. To that end, the benchmark 10-year Treasury yield touched its all-time low of 1.45% a few hours ago – presaging the Fed’s inevitable joining of the global negative interest rate party; which LOL, Whirlybird Janet just three days ago told Congress it was “not considering” – whilst admitting it had looked into, and validated, the ‘legal precedence’ to go there if needed. Which I assure you, in their warped minds it will be.
However, by far the most violent market reaction – which ironically, the media will likely ignore (for now), in lieu of the more “sexy” stories regarding political issues and crashing stock markets – has been in the currency markets, which have not only resumed their historic collapse in earnest, but are freefalling as we speak. The British Pound, for example, plunged 10% from its pre-referendum highs, causing Pound-priced gold rose as much as 15% whilst everything from major currencies – like the soon-to-be-destroyed Euro; to dozens of “commodity currencies”; and the vaunted “BRICS”; have precipitously plunged, many to new all-time lows. Let alone, the dozens of third-world currencies that never had a chance to survive in the first place. Ironically, the only currency to surge against the dollar is the Yen; which, as I have espoused countless times before, is occurring because it has been used as the principal, manipulative tool of the “carry trade” that has destroyed global capital markets for the past 15+ years, despite unrelenting Bank of Japan efforts to destroy it. Which of course, will only cause the BOJ to go further into negative interest rate territory, keeping the “Land of the Setting Sun” on track to validate my long-standing prediction that it will be the first “first world” nation to experience 21st century hyperinflation.
As far as I can see, the only currencies rising are Precious Metals and Bitcoin, which I last month deemed the “twin destroyers of the fiat currency regime.” In fact, gold prices hit new all-time highs in numerous currencies tonight; including, for instance, the Australian dollar and Mexican Peso. Not to mention, it has surged to within a mere 7% of its all-time high in India, where the world’s largest gold-buying population will undoubtedly notice; and heck, within just 13% and 16%, respectively, of its its all-time high in Euros and British Pounds. And did anyone notice the five-plus year low of the Chinese Yuan tonight, causing gold – and Bitcoin – prices to surge there as well?
Yes, my friends, the END GAME has arrived; as the only things standing between the inevitable hyperinflation of all the world’s dying currencies is a few keystrokes from Central bank keyboards – which I assure you, will be executed imminently, if not immediately. For months, I have all but SCREAMED that it is not going to be possible to escape 2016 without a catastrophic financial market event. And guess what, it’s arrived – in the form of a “black swan” that was staring right at us, with plenty of warning. In its wake, I believe the end game of the European Union, too, has arrived; as already, the soon-to-be-President of France, Marine LePen, has called for a similar referendum in France; as has opposition party leader Geert Wilders in the Netherlands; likely, starting an avalanche of anti-EU, and anti-Euro sentiment that I not only predicted long ago, but specifically said would be catalyzed immediately if the “leave” faction won the day.
Ironically, it was just yesterday that the Fed claimed the 33 largest U.S. banks “passed” their latest stress tests – as we are about to see “stress” unlike anything seen since 2008. Only this time, Central banks won’t be able to “save” us; as per what I noted above, the only remaining tool they have is overt hyperinflation – which won’t be too difficult to “achieve,” as their cumulative credibility recently died. And thus, as we head into what will unquestionably be the ugliest financial crisis in decades – if not centuries – the odds of the “New York Gold Pool” surviving much longer are slim to none. To that end, it was just two weeks ago that I penned the “upcoming, historic silver shortage”; which, in the wake of the shortage “tremors” experienced in 2008, 2011, 2013, and 2015, will likely be the most debilitating yet. In other words, the inevitable split between the fraudulent – and soon-to-be-destroyed “paper” and soon-to-be-cash-and-carried physical markets – is rapidly approaching. And when it arrives – very possibly, by year’s end – if you haven’t already protected yourself, it will be too late; for you, and those you desire to insulate from the oncoming hyperinflationary explosion.
To that end, we hope that you will give Miles Franklin the opportunity to compete for any Precious Metal related activities you are considering – be they purchases, swaps, or storage. Now, more than ever, who you do business with – particularly in the unregulated bullion business – except, ironically, in our home state of Minnesota – will “matter,” as in reality, bullion dealers are decidedly not “commodities.” Miles Franklin has been in business for 27 years without a single registered complaint; and in my view, has earned the right to compete for your business. Our staff, on average, has approximately 25 years of industry experience, and will give you the personal touch you will desperately seek in such turbulent times. Feel free to call us anytime, at 800-822-8080; visit our website at www.milesfranklin.com; or of course, email me at firstname.lastname@example.org.
Andrew Hoffman returns for his weekly installment… Today is Brexit vote day. Will The Powers That Be manage to fix yet another election or will the will of the people prevail. This is not your grandfather’s UK. Dumbed down, over immigrated and worse. But perhaps there is some hope left. Either way the current system is going down and there’s nothing that can be done about it. Commercial Signal Fail on the way in precious metals?
It’s Wednesday morning, the day before what could – but as of now, is not expected to be – the most violently anti-establishment election in global history. Which, if it in fact comes to pass, will shake up the global political, social, and monetary order like nothing ever before it. Amidst a sea of propaganda (like the “importance” of Jo Cox’s murder); lies; and market manipulation, there’s no telling what Britons will actually do – particularly as seemingly each hour, new statistically insignificant polls claim dramatic changes in “sentiment.” Moreover, the Ladbroke’s “odds” of a BrExit vote have been longshots. However, the amount of money “bet” on the event is infinitesimal; and thus, could be easily “altered” by those trying to influence sentiment.
As Mike Maloney said yesterday, “freedom is scary.” And thus, for many UK citizens, government fear-mongering will undoubtedly impact their decisions. Not to mention, the millions of Britons – particularly, immigrants – who support the teat the EU has created for them. However, unquestionably, the facts show that the EU has been a disaster for the UK since it joined in 1973; and given the real threats to not only Britain’s economy, but national identity – created in 1707, and forged over 2,000 years – it’s difficult to believe a powerful wave of nationalism, amidst one of the world’s oldest, proudest peoples, won’t be a significant factor.
Given what I do for a living; and the cause I have championed, and invested in, for 15 years; my principal concern is the monetary impact of the referendum, whether it passes or not. To which, I’ll simply make a comparison of EU failure, to that of Central banks. Regarding the latter, it’s no coincidence that on the eve of the vote, fresh evidence that the world’s four major Central banks are failing miserably is front and center – starting with the ECB itself, whose balance sheet hit a new all-time high of €3.1 trillion, or $3.5 billion, as European stocks fell to their lowest level since negative interest rates were launched two years ago. In fact, European stocks’ 20% plunge from their all-time highs of early last year (yes, QE was launched with stocks at their highs!) coincided nearly to the day QE was launched. And the scariest part of all, is that not only is the European economy at its quantitatively worst level since the EU was created in 1967, but the ECB’s balance sheet is still $1 trillion smaller than the Fed’s. A gap, I assure you, that will be “made up” in the coming years – likely in a hurry, if the BrExit vote passes. Unless, of course, the Fed accelerates its own “monetization” activities first.
Next, we have Bank of Japan Chief – and “Abenomics” architect – Haruhiko Kuroda, last night saying flat out, “monetary policy doesn’t always turn out as expected.” Or in Japan’s case, EVER, as it has now had zero interest rates (or lower) for 20 years, and has been amidst non-stop QE programs for 15. As we stand today, Japan’s economy is at its quantitatively weakest since the end of World War II; with history’s largest public debt edifice; worst demographics; and arguably, the highest probability of runaway inflation of all “first world” economies.
Next up, the People’s Bank of China; which, as I predicted last summer, is accelerating the Yuan’s devaluation – to the tune of 10% – as it takes the “final currency war” I first warned of 3½ years ago thermonuclear.
And last but not least, Janet Yellen’s embarrassment of a speech before Congress yesterday – kicking off her mandated, semi-annual “Humphrey-Hawkins” economic testimony; in which she espoused the same clueless platitudes as always. Universally, from Goldman Sachs; to Zero Hedge; to myself, as I listened to the early part of the proceedings; the verdict was that Yellen said absolutely nothing incremental, in 1) continuing her Obama-esque lies about the “recovering” economy; 2) noting myriad reasons why it’s not the Fed’s fault that “considerable uncertainty about the economic outlook remains” – such as “the latest readings on the labor market and weak pace of investment,” which “illustrate downside risks that domestic demand might falter.”
Tell me Janet…given that the “expansion” is now the second longest in U.S. history, but is clearly taking water more quickly than the Titanic, how far down do you think corporate earnings – and stocks – will fall in the coming years; particularly as their growth has been more of a function of Fed-catalyzed financial engineering than actual organic growth? Such as, for example, borrowing at all-time low interest rates; but instead of investing in property, plant, and equipment (hard to justify amidst a global economic collapse); buying back stock at an unprecedented pace, leaving corporate America with an unprecedented debt load, and horrifyingly weak earnings outlook.
As for the European Union, mere words cannot describe what a disaster its been for its 28 member states. For larger members, like the UK, Germany, and France, the subsidies they have provided for the (dozens of) weaker states have produced little economic benefit, and enormous unpayable receivables. For weaker states like the PIIGS, the ECB’s irresponsible monetary policies, coupled with Wall Street (and “City”) financial engineering schemes, have created debt-soaked zombie economies on the verge of default, political regime change, and social revolution.
European Council President Jean-Claude Juncker says “Prime Ministers must stop listening so much to their voters, and instead act as full-time Europeans.” However, countless anti-EU movements, in nations as diverse as France, Italy, Spain, Greece, and of course the UK, claim otherwise. And if tomorrow’s BrExit referendum, in the EU’s second largest economy, passes, it will likely set off a chain reaction of nationalistic fervor unparalleled in the post-War era. Likely, to levels that even the world’s best market manipulators – like the GOLD CARTEL – can’t control.
Heading into the referendum, the level of market manipulation has been at least as blatant as the propaganda. And yesterday’s unconscionably blatant Precious Metal raid – particularly after Janet Yellen started speaking, in what has been a “key attack event” for the past five years; whilst the “Dow Jones Propaganda Average” was propped with equally transparent DLITR, or “don’t let it turn red” algorithms, couldn’t have been more obvious.
That said, due to the aforementioned, expanding failure of global Central banks, the cumulative rise in stocks, and decline in Precious Metals, leading up to the BrExit referendum has been, for the most part, immaterial. Heck, Monday night, gold traded as high as $1,295/oz, after hitting a two-year high of $1,315/oz last week. Putting it into perspective, this is all the gold Cartel achieved heading into the BrExit referendum…
Whilst this – accompanied by the most violently anti-gold propaganda in memory – is what it accomplished heading into the equally “dangerous” Swiss gold referendum on November 30th, 2014. I.e., a three-month, 13% plunge – culminating with a post-Thanksgiving Friday $25/oz smash (two days before the Sunday vote), that bottomed mere hours after the “no” vote was recorded. Although arguably, given the far more tenuous state of the global economy; potentially far-reaching, hyperinflationary Central bank responses; and the fact that the Swiss National Bank may well have lied about buying gold, even if it was mandated to do so; a BrExit result may be even more “Cartel-destroying” than a Swiss gold “yes” would have been.
At this point, I’ve said all I can possibly say about my vehement belief that not only would BrExit be the most violently PM-bullish event of our lifetimes; but perhaps, the world’s last chance to fight back against the political, economic, and monetary tyranny today’s “powers that be” have exercised. Regarding the latter, a “remain” vote will unquestionably destroy the UK’s economic outlook for years to come, whilst permanently diluting its long, storied national identity. Conversely, the Precious Metal bull market will not be stopped no matter what the British vote; and frankly, a “strengthened” European Union will only mean the ECB has freer reign to destroy the Euro than ever before.
So sit tight with your nest egg gold, silver, and platinum; get a good night’s sleep; and pray for the British to do the right thing – for themselves, and the rest of Europe’s EU-oppressed population!
Please listen to Andy on Wake Up With Steve Curtis
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It’s early – very early – Tuesday morning, and it’s one of those rare days when I don’t have something completely urgent, and compelling, to speak of. Don’t get me wrong, the financial world is chock full of urgent, compelling topics. However, at this rare snapshot in time; five hours before Janet Yellen’s semi-annual “Humphrey-Hawkins” Congressional testimony; two days before the BrExit referendum; three days before the COMEX “Commercials” report if they’ve made any progress in covering the all-time high naked short positions that threaten to imminently destroy them; and five days before Spanish Parliamentary elections; we’re stuck in a temporary financial market “time warp,” in which all markets are on manipulative lock down.
Case in point, the utterly ridiculous “propaganda meme” that Jo Cox’s death changed the course of European history; and consequently, this is “good” for stocks, and “bad” for gold and silver. Which, from a Precious Metals standpoint, will fail as miserably as May’s “FOMC Minutes Attack” – in which the Cartel attempted to smash gold under the false propaganda meme that the Fed was about to, LOL, raise interest rates. Thus, with a lot of “hot money” on the sidelines waiting for such events to unfold – the manipulative mice are playing to their heart’s content; like last night, when they used a prototypical “Cartel Herald” algorithm, at the tried-and-true “key attack time” of 8:00 PM EST, to stop gold’s latest challenge to their current “line in the sand” at the key round number of $1,300/oz. Followed by the 660th “2:15 AM” EST raid of the past 761 trading days; and this gem of a waterfall decline, with no other market budging, a the 7:00 AM open of NYSE “pre-market” trading. I mean, if this isn’t Cartel desperation at its most obvious, I don’t know what is!
Unfortunately, as a Societe General analyst wrote yesterday, “when BrExit has come and gone, the real problems will remain.” Such as the fact that the entire world – quantitatively – is amidst its worst economic condition since the Great Depression. Only this time, debt levels are, literally, thousands of times higher; whilst the world’s nearly 200 unbacked currencies, for the most part, are at, near, or in many cases well below their all-time low levels. And not just against other fiat toilet papers, but real items of value like food, energy, real estate, insurance, education, and any other “need versus want” item you can think of.
Which sadly, due to the Ponzi scheme nature of all fiat regimes, can only end with exponentially increased money printing and debt levels; economic implosion; and inevitably, hyperinflation. And on the way, each draconian political and monetary policy change – ironically, utilized to “fix” the problems, will make them exponentially worse. Like, I kid you not, the IMF’s “advice” to Japan to take its failed “Abenomics” plan to the next level of hyperinflationary hell, by mandating Japanese companies to immediately raise wages on all workers, whilst the national sales tax is raised from 8% to 15%! I mean seriously, I’m not making this stuff up!
In the context of such lunatic Central planning – and by extension, market manipulating – carnage, the world has been “treated” to one debilitating bubble after another since the system peaked at the turn of the century, and broke in 2008. To that end, we have watched countless bubbles burst over the past 15 years – with tragic political, economic, and social consequences; particularly in equities, but also commodities, currencies, high yield bonds, and countless others. And we’re going to see a lot more in the coming years – even the “Dow Jones Propaganda Average”; certainly in real terms, and likely nominal terms as well (unless worldwide hyperinflation is in fact the final outcome). But none, aside from the “Precious Metals suppression bubble,” will be more catastrophic than the biggest bubble of all; that of government-supported sovereign bonds.
As the collapse of history’s largest; broadest; most destructive; and for the first time, global fiat Ponzi scheme has unfolded, Central banks have all – with the exception of a few third world nations, whose currencies collapsed before the rest – taken interest rates to, or in some cases below, zero. Not only that, but “QE” programs, like those currently ongoing at the ECB and Bank of Japan, have promised “investors” that sovereign bonds will be monetized no matter what price they trade at; even if, as in the case of the world’s $10 trillion of negative yielding bonds, the Central bank is guaranteed to generate losses, atop balance sheets so egregiously over-levered, the only way such losses can be “covered” is with additional money printing. Which only makes such leverage larger, in the ultimate game of cataclysmic Ponzi scheme hell.
Better yet, the ECB has led the Central banking world into the corporate bond monetization world – although arguably, they are simply using the Fed’s QE3 blueprint of monetizing mortgage-backed bonds. Heck, the BOJ, the Bank of Switzerland, and a handful of others are now overtly monetizing stocks, to the point that the “ultimate end game of Communism” will eventually result – when governments become significant equity holders. Which in turn, exposes the “myth of QE to Infinity” to its core. I.e., when everything has already been monetized, there’s nowhere left for asset prices to go but down.
Ultimately, “Economic Mother Nature” always wins; and in many financial markets – let alone, the economies underlying them; she already has. However, her biggest victories lie in the future – in many cases, the near-term future; with only “last to go” markets still standing, like the “Dow Jones Propaganda Average”; paper gold and silver; and the biggest bubble of all, Western sovereign bonds. In my view, the “detonators” of such explosions are coming a lot sooner than most can imagine, even if we do not yet know what they will be. Which, is why, more than ever before, the time to PROTECT yourself is NOW.
ANTI-BREXIT PROPAGANDA, MARKET MANIPULATION AT EPIC LEVELS – BUT REGARDING PRECIOUS METALS, WHO CARES?
Two weekends ago, I wrote that the world had changed – and thus, the time to protect oneself – both financially and otherwise – had become more urgent than ever. And not just here in the Secular States of America – where people don’t realize, or for that matter care, how dire the plight of the world’s other 7.2 billion people are is – but everywhere, given the unprecedented political, economic, and monetary ruin overtaking them like a tsunami. So many terrifying changes are occurring – as symbolized by Rio DeJaneiro declaring a state of emergency two months before the Olympics – it’s becoming difficult to keep up with. And consequently, I more vehemently than ever believe a major financial market dislocation is in the cards later this year; which, if it occurs, while undoubtedly yield a crippling silver shortage, among other things.
Amidst the carnage, in which stock prices, commodities and currencies – with precious few exceptions, like the PPT-goosed “Dow Jones Propaganda Average”; the trapped rats that are various nations’ “powers that be” are utilizing everything in their arsenals – i.e., money printing, market manipulation, and propaganda – to “restore order,” in a world where political, economic, and social chain reactions are hopelessly headed toward an irreversible state of entropy. I.e., chaos.
Nowhere is this more evident than in “money” markets, where Precious Metals have never been closer to breaking the Cartel’s 20-year shackles – and unleashing a fury of global fiat currency fear, the scope of which has never before been witnessed. And likely, never will again – as per last week’s real end game Audioblog, once this, history’s largest, most destructive fiat Ponzi scheme dies, it’s unlikely government-decreed “money” will be accepted for generations to come. To that end, even a gold standard will likely be untenable in the post-dollar world, as it would require trust in governments to administer; and oh yeah, that governments actually own physical gold. This is why I strongly believe that whilst PMs will continue to be the world’s best traditional asset preservation assets, the world’s future money will be crypto currencies like Bitcoin; completely decentralized, and detached from government control.
In the meantime, the war to maintain the dying status quo rages on – as blatantly, and destructively, as ever. And while Bitcoin’s surge has been largely unchecked due to the near impossibility of short-selling, gold and silvers’ respective jumps – to record highs in many currencies, and multi-year highs in the dollar – have been maniacally challenged; every tick, of every trading day. Unfortunately for the Cartel, the walls are closing around them rapidly, like the trash compactor in Star Wars. This is why May’s “FOMC Minutes Attack” was, as I predicted, a miserable failure, in that gold recouped all its losses, and silver nearly all, within essentially two weeks. And after Wednesday’s historically dovish FOMC statement – which will be unquestionably validated by Whirlybird Janet’s semi-annual Congressional testimony tomorrow morning – the last remaining veneer of PM-bearish propaganda died; and with it, not just the Feds’, but all Central banks,’ remaining credibility.
Of course, that hasn’t stopped said “trapped rats” from fighting to their own, mathematically certain deaths. Like, for instance, using “the dumbest, most desperate manipulation excuse ever” on Thursday to smash gold down, just as it was breaching major overhead resistance at the key round number of $1,300/oz. Which was, that the murder of Jo Cox, an inconsequential first year MP, by a deranged lunatic fresh out of an insane asylum, was “wildly bearish” for gold and silver. As if anything is – or will be for years to come; let alone, this. To that end, the “propaganda meme” conjured up to justify Thursday’s blatant midday paper raid was that her murder, assassination, or whatever you want to call it would somehow lessen the odds of a BrExit this Thursday; and thus, “all will be well” in the UK, Europe, and the entire Western world.
Some people claim, conspiratorially, that she was “sacrificed” by the powers that be for the cause of BrEmain propaganda, which may well be true (we’ll never know). That said, even if this is the case, it is as lame of a “manipulation excuse” as one can imagine. I mean, who cares if “Jo Cox” lives or dies, in the context of Britons’ collective views of the referendum? Let alone, gold and silver prices, which have been rising – worldwide – for dozens of reasons having nothing to do with BrExit, for more than two years (or 16, if one goes back to the bull market’s absolute beginning. Like, for instance, the explosion of money printing, debt, and political, economic, and social instability that have resulted.
Not to mention, for all the hype about rising BrExit momentum, the Ladbroke’s betting odds on an actual BrExit vote have been in “longshot” territory from minute one. In other words, there has not been a single day since the referendum was announced last year, that expectations for a BrExit vote were above those of BrEmain, even if several, but not all, recent polls suggested otherwise. Heck, Citigroup has “priced in” an 88% probability of BrEmain into its financial models – as evidenced by its “extreme” print extremes for the dollar/pound exchange rate, of 1.28 in the case of a BrExit (compared to 1.46 today), and 1.48 in the case of BrEmain.
In other words, whether the vote goes BrExit or BrEmain, financial markets – despite all the fear-mongering propaganda – have been pricing in BrEmain all along; including the day “Jo Cox” was killed, when gold was smashed from $1,315 to $1,280 in a few hours time – “coincidentally,” via the same algorithms the Cartel uses every day. And certainly last night, when the 148th “Sunday Night Sentiment” raid of the past 154 weeks was executed to smash prices; followed by the 659th “2:15 AM” EST raid of the past 760 trading days, when god forbid, gold attempted to recoup its losses.
That said, silver’s extremely bullish performance during such proceedings has been notable – in that it is actually trading up as I write Monday morning at 11:30 AM EST. Likely, as I wrote in yesterday’s “Finally, the long-awaited Commercial Signal Failure is Nigh!,” because investors are realizing the Cartel’s all-time high naked short positions were not covered in the past three weeks’ explosive PM rally – making it extremely likely that they will eventually be forced to cover into a rising market. Likely, sooner rather than later.
As for the vote itself, let’s just put into perspective what it actually means, to “put to bed” the ridiculous notion that BrExit is “bad” for Europe – and global financial markets; and conversely, BreMain would be “good.” Yes, I stand by my belief that it is the “most important, and PM-bullish, vote in history,” no matter which way it goes. To that end, one thing I agree with whole-heartedly is that a BrExit vote will hasten the financial market collapse that MUST eventually occur – but perhaps, by mere months, or weeks, in light of “Black Swans” like Deutschebank lurking about. Because, as evidenced by this weekend’s landslide victory by the anti-Euro Five Star Movement in Rome’s mayoral election, simmering nationalist tensions throughout Europe will probably explode if the trend-setting UK leads the way. That said, these movements are not a “spin-off” of the BrExit movement, but parallel movements fighting the same fights, for the same reasons. And thus, even if fear-mongering wins the day in Britain – and if they do, I will officially downgrade the UK, like Japan, to second-world status – it won’t have the slightest impact on parallel trends, in countless other European and non-European nations.
In fact, if BrEmain does in fact win, the political, economic, and social death sentence Britain will have given itself – and most of Europe, given the additional strength the unelected EU government will be empowered with – it will, for all intents and purposes, be permanent. In other words, if you think Europe’s economy has been destroyed now, just think of what a few more years of tyrannical European Commission and ECB rule will cause.
To that end, does anyone realize just how bad things have gotten in Switzerland, since a similar campaign of maniacal propaganda and market manipulation – led by none other than Swiss Bank Chief Thomas Jordan – prevented the Swiss gold referendum from passing in November 2014? Which, at the time, was described as a “victory” for Switzerland, and the Swiss monetary system. Well, to start, gold was $1,140/oz on the day of the vote, compared to $1,285 today. Meanwhile, the ill-begotten, ill-fated Franc/Euro peg – put in place in September 2011, the very day gold prices peaked – was severed less than two months later, despite Jordan’s emphatic claim that the referendum should be rejected so he would have the flexibility to maintain the peg. Since then, Swiss GDP has flat-lined, as the economy did NOT in fact benefit from this “flexibility” a whit. Heck, just last month, the exploding Swiss cost of living actually prompted citizens to vote on a “basic income” referendum; which, if passed (thankfully, it didn’t), would have brought “helicopter money” – and likely, hyperinflation – to the world’s most “conservative” financial population. But hey, now that the Swiss National Bank has “re-allocated” its Euro currency holdings to plunging stocks like Apple, what could possibly go wrong?
In my mind, the BrExit referendum is absolutely the most important vote in global history – in that the near-term fate of hundreds of millions of Europeans is at stake. Not that the European economy won’t implode anyway – and with it, the European Union and Euro currency. However, if BrEmain wins that day, the implosion will occur under the auspices of an unelected group of bloodthirsty politicians and Central bankers – as opposed to sovereign nations, which just might have a chance to “defend” themselves. Either way, the collapse of fiat currency that commenced long before the referendum was announced will accelerate; as well as the explosion of Precious Metals demand that will inevitably destroy the hideous, economy-deforming, price-suppressing Cartel. Which is why, again, it’s so pathetically ridiculous to believe gold and silver prices would decline a penny due to “Jo Cox’s” death – let alone, surge higher as they should, and WILL.
Following Wednesday’s all-out Fed capitulation – that not only are no “rate hikes” in the offing, but likely, never will be (LOL, Peter Schiff said “an alien invasion is more likely than a July rate hike”), I taped a MUST LISTEN audioblog titled “it’s official, Central banks are dead.” As validated by St. Louis Fed President James Bullard’s stunning admission Thursday – yes, the same James Bullard who less than three months ago, said the next rate hike “may not be far off” – that the Fed’s “updated rate path” is “essentially flat over the forecast horizon.” And that…drumroll please…he now anticipates just one rate hike, to a terminal point of 0.62%, by the end of 2018! If you ask me, even that uber-dovish view overstates what will actually occur, given that money market odds now put a negative Fed Funds rate in 2017 at more than 50%.
Yes, the Fed has finally reached the point of complete impotence, irrelevance, and universally understood cluelessness. Consequently, not only will “fighting” it become standard practice, but mocking a pastime of professional and “ordinary” investors alike. Starting with this Tuesday, when Janet Yellen’s semi-annual Humphrey-Hawkins testimony will be completely ignored. I mean, if you think Helicopter Ben was “gold’s best friend” back in 2011 – before the government went all-in the gold suppression trade, buying themselves the last four-years of “can-kicking” they’ll ever have – wait until you see what Whirlybird Janet does for gold, every time she opens her mouth, from now until she is unceremoniously replaced by Donald Trump in 2018.
As for Jim Rickards’ “call of a lifetime” Tuesday night, that the FOMC statement would be the catalyst for gold’s breach of May’s $1,303 high – en route to his ultimate price target of $10,000/oz, which in my view vastly understates the future reality of unprecedented gold scarcity, and hyperinflating dollars – he could not have been more dead on. Sure, the Cartel attacked with the “dumbest, most desperate manipulation excuse ever” on Wednesday – i.e., that the death of BrEmain-supporting MP Jo Cox was somehow “gold-bearish.” However, after yesterday’s desperate attempt (I’m writing this Saturday morning) to follow up Thursday’s orchestrated “waterfall decline,” PMs roared back late yesterday afternoon; which typically, never happens on a Friday, and double-never after a significant Cartel raid. In fact, only some fancy tightrope walking in the ultra-thin “after market” prevented gold from closing the week above $1,300. A level, in my view, that will be nearly impossible to defend next week, between the uber-dovish testimony Janet Yellen will deliver to Congress Tuesday; Thursday’s BrExit referendum (yes, it will take place); and likely, numerous “PM bullish, everything-else-bearish” headlines that haven’t yet hit investors’ radar screen.
As for gold’s late day surge yesterday; clearly, the latest BrExit polls were a big part of it – post Jo Cox “campaigning hiatus” notwithstanding. As, contrary to the aforementioned “dumbest excuse” meme, the UK “leave” faction is not only gaining strength, but actually appears to have benefited from Jo Cox’s death. Not that gold needs a BrExit to rise – as frankly, the case for surging gold amidst an inexorably suffocating European Union is just as powerful as that of an imminently collapsing one. However, quite obviously the markets fear BrExit more than BrEmain – as they should, as it will unquestionably lead to immediate political, social, and financial market chaos. Which is probably why Europe’s Central banks have already warned that they will do “whatever it takes” to stabilize the post-BrExit market environment.
Which is probably why, last month, I deemed BrExit the “most important, and Precious Metals bullish, election in history.” And why, with gold about to hit new all-time highs in countless “first world” currencies – from the Australian and Canadian dollars; to the Mexican Peso; Indian Rupee; Japanese Yen; and even the Euro itself, it’s highly likely that a “leave” result will be the proverbial “straw that broke the Cartel’s back.” Heck, the discount to Net Asset Value of the Central Bank of Canada (CEF) declined to a three-year low of just 2% yesterday; as it, like the Sprott Physical Gold Trust (PHYS), which now trades at a 1.5% premium to NAV, inches closer and closer to a massive, Cartel-destroying bullion purchase.
That said, in my view, the BrExit developments weren’t even close to the principal reason for Precious Metals’ uncharacteristically strong late Friday surge. No, it was unquestionably the publication of the COMEX’s weekly “COT report” at 3:30 PM EST. Which, in depicting yet another explosion of Cartel naked shorting, in gold’s case to a new all-time high level, validated exactly what I wrote in May 10th’s “it’s the commercials that should be scared.”
Frankly, even I was floored to see the Cartel – er, “commercials” – had shorted another 54,385 gold contracts, worth nearly $7 billion, in the week ended Tuesday; and a cumulative 84,039 when including last week’s tally, taking their naked short position to an all-time high of 298,077 contracts – worth an incredible $39 billion, or one-third of global annual production. In silver, they’re not quite back to last month’s all-time high level. However, in shorting an additional 9,910 contracts through Tuesday, they’re pretty darn close. And that, before the massive attempt to cap PMs’ post-FOMC surge on Wednesday through Friday! In other words, as I have vehemently “pounded the table” of for the past month, the Cartel is completely trapped in its soon-to-be-called-out naked short positions – as “competing” demand is becoming so strong, they can’t cover even a smidgen of their shorts without causing prices to surge.
Consequently, it shouldn’t be long before investors, smelling “blood in the water,” force them to cover into an explosively rising market – just as occurred in the paper silver market in April 2011, when only the infamous “Sunday Night Paper Silver Massacre” was able to eventually bail them out. Which I assure you, will NOT occur again – as not only is Osama bin Laden already dead, LOL, but the “powers that be’s” ability to stop the tsunami of oncoming PM buying will be unstoppable by any false meme, no matter how much paper gold and silver is behind it. And this, with registered COMEX silver inventory already at an all-time low level, of not even $400 million worth; which is why, more than ever, the “upcoming, historic silver shortage” I predicted last week appears far more imminent than ever. Remember, the retail bullion industry had an historic shortage last summer – with no specific crisis to catalyze it. As opposed to now, when the BrExit; the death of Central bank credibility; and countless other factors make it highly likely that an historic financial crisis, or crises, are upon us.
My friends, the time of the long-awaited “commercial signal failure” – on the COMEX, the LBMA, and all-other fraudulent paper markets – is finally upon us. In other words, the likely-to-be-spectacular end of the criminal conspiracy that is the two-decade-old “New York Gold Pool.” And whether it happens next week, month, or year – I assure you, the Cartel’s “can-kicking” abilities are down to its last, dying breaths. More importantly, TPTB’s ability to delay history’s worst-ever monetary crisis will likely be dead soon, too. Which is why, if you haven’t PROTECTED yourself financially yet, this may be your last chance to do so!
To that end, for those of you living in the Chicago area, I hope you’ll attend Miles Franklin’s upcoming, FREE, NO STRINGS ATTACHED “Q&A Rap Session” – featuring myself and President and Co-Founder Andy Schectman – this Friday, June 24th; which, given the BrExit vote the day before, could not be more fortuitously timed.
It’s 3:00 AM MST Friday morning, and I had ZERO intention of writing an article today – having just published my must listen “Central banks are dead, and here’s the real end game” audioblog less than 24 hours ago. However, given that I received more emails from frustrated readers yesterday, following the most egregious Cartel raid of the past 15 years, I thought I’d put this together to assuage your fears – and let you know all’s well in the historic PM bull market, that is still in the first inning of what will ultimately be an unprecedentedly long, extra-inning game.
Not that the absolutely amount of yesterday’s PM declines were particularly large – let alone, as half of silver’s “decline” has already been recouped as I write. Or that there was anything uncommon about the paper attacks; despite an historic day of “PM-bullish, everything-else-bearish” news, featuring the Fed completely capitulating on its fraudulent “rate hike” propaganda. I mean, even after gold decidedly took out early May’s high of $1,303/oz, the Cartel attacked at the 2:15 AM EST London “pre-market” open for the 657th time in the past 754 trading days; and later on, at 11:30 AM EST, which has recently replaced the decade-long, tried-and-true 12:00 PM EST “cap of last resort” as a “key attack time” of choice.
Heck, they were so desperate to keep prices down, they attacked again in last night’s wee hours (see the yellow arrow below), when gold had the nerve to move back up to $1,285/oz; and again at 2:15 AM EST this morning. And yet, as I write, gold is back up to $1,285 again; barely below the pre-FOMC level of $1,290, in “shouting distance” of the aforementioned, extremely “technically important” level of $1,303/oz. Whilst silver, which had been pushed as low as $17.15/oz, is back up to $17.35/oz – compared to its own pre-FOMC level of $17.45/oz, and the early May high of $17.95/oz.
However, in so many ways, it was the most egregious, desperate Cartel raid yet; more so, than even the entire “June rate hike” attacks last month, which I accurately predicted would miserably fail in my epic, 42-minute audioblog on May 19th. Why, you ask, was this done? Well, that’s easy – as frankly, any long-suffering PM holder knows that yesterday morning’s gold breakout to $1,315/oz, both technically and psychologically, was as mentally relieving as any in memory; as not only did it prove the Cartel had lost a major battle – having been unable to cover essentially any of its historically large naked shorts; but that the Fed, and all Central banks, have indeed reached the very end of their credibility leash. Not only that, but the “Lehman of Europe,” Deutschebank, was again crumbling; Treasury yields had plunged to within a few basis points of their all-time lows; and commodities and currencies were crashing anew. And thus, it truly appeared that the long awaited, inevitable “commercial signal failure” was upon us.
Thus, when in prototypical algorithmic fashion, the PPT “dead ringered” the “Dow Jones Propaganda Average” back from the abyss – when it was down exactly 1.0%, or what I long ago deemed the “ultimate PPT limit down”; whilst gold and silver were first
“walked,” then smashed down later in the day (the latter, to make sure gold closed the COMEX session below $1,300), it couldn’t have been more frustrating; especially because, other than Deutschebank being goosed back to the unchanged level, none of the aforementioned markets had changed a whit. To wit, oil and copper closed at their lows; Treasury yields not far from theirs; and validating what I have said all along about how the dollar/yen algorithms only serves to move markets when the PPT desires, the yen closed up nearly 2%, to a new multi-year high, at its high of the day.
In fact, with less than an hour left in the NYSE trading day, silver was still down just $0.10/oz – compared to an earlier gain of nearly $0.30/oz – when the Cartel went into “berserk mode,” waterfall declining it $0.25/oz lower in minutes, to make sure the close was as psychologically painful for PM holders as any on record. And by the way, aside from the historic, aforementioned FOMC capitulation less than 24 hours before – acknowledged by none other than head MSM propagandist, Steve Liesman of CNBC; and a plunging Deutschebank stock price, to a new all-time low; here were some of the other “PM-bullish, everything-else-bearish” headlines scrolling at the time of the aforementioned Dow “rescue,” and simultaneous paper PM attack.
- U.S. negative interest rate bets surge, to more than 50% for 2017
- The European Parliament, via an open letter from 18 of its members to Mario Draghi, begged the ECB for a “robust alternative to kick start the EU economy”; i.e., “helicopter money to low income households,” which they claimed “would definitely work.”
- Bitcoin exploded to as high as $783/coin, up nearly $100 in less than 24 hours
- Silver ETF physical silver holdings surged to, I kid you not, an all-time high!
- In the most recent BrExit poll, the “leave” faction surged to its highest-yet lead
- Foreign selling of U.S. Treasuries hit an all-time high in April
- The CPI index “unexpectedly” rose above the Fed’s 2.0% “rate hike” target, due to exploding “shelter” costs – care of the expanding real estate echo-bubble it created, amidst the worst economic conditions in generations
- The Swiss 30-year bond yield joined the German 10-year Bund yield in negative territory
And yet, “magically” the Dow rebounded at the usual 10:00 AM EST – when the Fed’s covert “open market operations” are held; whilst PMs were first walked, then smashed down later in the day. And I kid you not, in easily the “dumbest, most desperate manipulation excuse ever” – which again, was utilized after most of the stock rebound/PM smash had already occurred, despite the “all-important” yen/dollar and Treasury bond markets remaining near the day’s highs – the MSM actually attempted to attribute said “reversals” to a pro-BrEmain British MP named Jo Cox, of no particular import, being assassinated by a lunatic fresh out of a mental asylum; who “allegedly” screamed “Britain First” before attacking, enabling a comically ridiculous rumor to spread that the BrExit referendum might be delayed (not cancelled), per Reuters…
Frankly, the poor taste, in blatantly trying to create anything to justify such egregiously obvious market manipulation, is staggering. Let alone, actually trying to make people believe Jo Cox’s death was “bullish” for financial markets, and “bearish” for Precious Metals – the latter of which, I might add, were rising principally due to the aforementioned FOMC capitulation! I mean, if PMs were actually “rising all along” due to BrExit fears, than why did gold get smashed by $100/oz during May, when the “leave” faction was gaining strength?
Of course, the “answer” to what actually occurred yesterday – and what will continue to occur as the Cartel’s final “trapped rat” death throes play out – is nothing more than this. The Cartel, on the verge of being permanently annihilated as the “last to go” dollar-priced PM markets inexorably surge; amidst a raging global bull market that WILL NOT stop until all fiat currencies inevitably collapse; is as desperate as ever to put off the inevitable as long as it can, particularly in light of next week’s potentially historic, massively PM-bullish BrExit vote. So take solace, my real money loving friends – as you are in the right; for all the right reasons; and will NOT be denied!
FED Fails: Silver to Skyrocket with Shortage in 2016 – Andy Hoffman of Miles Franklin Bullion Dealer
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