On Wednesday, just before yet another blatant Cartel attack – not to mention, before we learned on Friday, that the COMEX “commercial” short position hit another all-time high, I taunted “hey Cartel, is that the best you got?” Well, here we are just three trading days later, and gold is back in earshot of the very, very key round number of $1,308/oz (listen to this interview with Andrew Maguire); whilst silver is back up to $17.35/oz, having recouped all of the “losses” from Mondays’ and Thursdays’ paper raids. To that end, take a look at how pathetic last night’s 143rd “Sunday Night Sentiment” raid of the past 149 weeks was; followed by an even more pitiful “2:15 AM” EST attack. Which is why, yet again, I emphatically retort to fear-mongerers that don’t realize we’re back in a Precious Metals bull market, it’s the ‘commercials’ that should be scared!” I mean geez, even JP Morgan says so – and as they say, what won’t go down, must go up!
This weekend, in a preview of what many parts of the world will likely experience as history’s largest, most destructive fiat currency Ponzi scheme implodes, a hyper-inflating Venezuela declared a “state of emergency.” Meanwhile, in Greece, the inevitable “Grexit” from the Euro currency – yielding the default of hundreds of billions of debt, and implosion of the Troika’s collapsing “kick the can” scheme; catalyzing political, economic, and social revolution throughout all of Europe, inched closer to reality – as Greece owes €11 billion Euros to the “Troika” by the end of July, which it clearly doesn’t have. This, as the global economy continues to vaporize into dust, with more than $10 trillion of sovereign bonds yielding less than zero. Heck, in an incredible turn of events, foreshadowing what may be the “tipping point” of Europe’s collapsing monetary system, Deutsche Bank, this weekend, started offering new depositors interest rates of up to 5%, amidst said negative interest rate environment, to lock up their funds for just three months’ time!
However, the weekend’s biggest story – which as you can guess, got absolutely ZERO coverage in the dumbed-down, “exceptional” States of America, was the letter in the UK Telegraph, signed by 300 major UK CEOs, endorsing a “Brexit” vote in the upcoming June 23rd referendum. Which, in my mind, will not only be the most Precious Metals bullish referendum yet, but the most important vote ever.
For some time, I have written of how dramatically a “Brexit” vote would impact Europe’s political, economic, and social backdrop. To wit, if the world’s fifth largest economy, and second largest in Europe – were to turn its back on its Brussels “Big Brother,” it would not only ignite the already simmering nationalist wave flowing throughout Europe (like in Greece, for example), but dramatically undermine the credibility, and power, of the European Central Bank. In other words, a “giant iceberg wound” to an already listing supertanker, given how violently the short-term trade outlook would be weakened. Longer-term, such a deal will likely be extremely beneficial to the UK; but in the short-term, it will undoubtedly cause major financial market and economic turmoil – in a region, and world, already on the edge of an unavoidable, historic abyss. Which the Bank of England helped to create, as much as any entity on the planet, I might add.
As FDR famously said in his 1933 inauguration speech (just before, LOL, he decreed gold ownership illegal), “the only thing to fear, is fear itself.” Which is exactly the card the Swiss government played before strong-arming their own dumbed-down public into voting “no” in the November 2014 gold referendum; and exactly what David Cameron is doing in the UK today – with the help of Bank of England head, and former Goldman Sachs partner, Mark Carney; and of course, Barrack Obama; going so far as to suggest World War III could result from a “Brexit” vote.
Unfortunately for “the powers that be,” I don’t think fear campaigns are going to work – particularly as equally powerful men, such as former London Mayor Boris Johnson, have garnered enormous, and rising, support for the “Brexit” side; in Johnson’s case, with an equally virulent propaganda campaign, likening the EU’s “raison d’etre” to the imperialist goals of Hitler and Napoleon. Either way, what worked in Scotland and Switzerland during decidedly stronger economic times in 2014, does not appear as likely to work today – with the world amidst the worst economy in decades, if not centuries. In fact, the referendum “trend” has been decidedly anti-establishment (think, Catalonia and Greece); only this time, far more is at stake. And given that the UK economy has quantitatively been destroyed by the EU; with a population known throughout history for its indomitable spirit; my guess is the “dead heat” that polls suggest today, will end up far more lopsided for the “Brexit’s” – versus the “BrEmains” – come June 23rd.
And for those that do not agree – or don’t have enough information to confidently judge – I implore you to spend an hour, as I did this weekend, watching “Brexit – The Movie.” In this fantastic documentary, you will see why the UK should not just exit the European Union, but do so as rapidly as possible. Not to mention, why the EU itself is doomed. And with it, the Euro currency, and the historic fiat Ponzi scheme underlying it.
Frankly, I’m hard-pressed to think of another vote – anywhere, at any time in history – with more broad-sweeping, dramatic ramifications. Which will not only, on balance, be positive for mankind, but a death knell for the gold and silver Cartel. To that end, you don’t have to agree with me – but my god, DO NOT underestimate the potential ramifications! And if you do believe, as I do, that a “Brexit” vote will pave the way for monetary chaos – both in Europe, and the world at large; and thus, think physical Precious Metals will be a suitable monetary hedge – I humbly ask you to give Miles Franklin a call at 800-822-8080, and give us a chance to earn your business.
P.S. As I was about to hit “send,” take a look at how the Empire State Manufacturing Index printed…
