Tuesday, June 21, 2016

Gold World News Flash

Gold World News Flash

"Whatever It Takes" Wasn't Enough

Posted: 21 Jun 2016 01:00 AM PDT

Excerpted from Doug Noland's Credit Bubble Bulletin blog,

Credit booms are powerfully reinforcing. New Credit provides additional purchasing power that spurs spending, economic output, corporate earnings/cash-flow and income growth. Monetary expansions, as well, fuel inflating asset prices, most notably in securities and real estate. In both the Financial Sphere and the Real Economy Sphere, Credit expansion and its myriad inflationary effects beget more self-reinforcing Credit.

Importantly, the upside of a Credit Cycle feeds off the commanding forces of cooperation and integration. The economic pie is expanding, and it becomes easily-recognized that working together offers more than zero-sum outcomes. In prolonged booms, a “virtuous cycle” appears almost a certain, natural outcome.

Yet the inevitable Credit cycle downturn ensures a vicious sequel. The bursting of the Bubble sees so many rewarding boom-time endeavors turn infeasible, unprofitable or unworkable. Hopes are dashed and dreams are crushed. Confidence, flowing over-abundantly throughout the boom, is suddenly in such short supply; faith wanes in policymaking, the markets, finance and in institutions more generally. Meanwhile, the unfolding bust illuminates the inequities and nonsense from the Bubble-period. Powerful forces then shift to tearing at the fabric of cooperation, integration and good faith that were so crucial throughout the boom period. Yesterday’s partner is today’s competitor.

Nowhere did this historic global Credit Bubble have greater integrative influence than in Europe. The euphoria of the victory of democracy and free-market Capitalism, along with technological advancement, financial innovation and developments in contemporary monetary management, emboldened Europe’s leaders to take the fateful plunge toward unprecedented integration, including a common currency.

To appreciate the complexities of the current market, economic and geopolitical backdrop, it’s helpful to return back to that fateful summer of 2012. European integration was under existential threat, though the seriousness of the situation was appreciated by few. A potentially momentous crisis of confidence had gathered powerful momentum. Fear of a European periphery debt crisis was being transmitted to a more general questioning of the solvency of the European banking system. And with Europe’s banks major operators in derivatives and throughout EM, European travails had begun reverberating throughout global markets.

Markets were increasingly questioning the viability of the euro currency – and such concerns invariably raised doubts as to the stability of global finance and, accordingly, economic prospects around the globe. As I chronicled the seriousness of developments back in 2012 (in the face of the media and pundits generally downplaying associated risks), my analysis appeared extremist and misguided. It was only later that inside accounts (notably from the Financial Times) confirmed the extent to which European policymakers had worked to avert acute financial and economic crisis.

Bond manager Jeffrey Gundlach made headlines this week with the comments “central banks are losing control.” I would suggest that central bankers actually lost control back in 2012. Mario Draghi’s “whatever it takes” pledge was part of desperate measures to save the euro. Yet “whatever it takes” actually amounted to concerted central bank intervention to shield global markets and economies from the intensifying forces of the downside of a historic Credit Cycle. The global Credit boom persevered for a few more years, right along with historic market distortions and economic maladjustment. Downside risks have grown significantly.

European bank stocks (European Stoxx 600) this week traded to the lowest level going back to those dark days of 2012. It’s worth noting that European Banks rallied 90% from summer 2012 lows to July 2015 highs. During this period, Italy’s FTSE Italia All-Share Banks Sector Index surged from 6,000 to a high of 15,557. “Whatever it takes” fueled an almost doubling of Italian and Spanish equities indices. Germany’s DAX index traded at 6,000 in the summer of 2012, then more than doubled to 12,374 by April 2015.

“Whatever it takes” stock gains may have been spectacular, yet they have been overshadowed by the phenomenal collapse in European bond yields. Excerpted from my July 26, 2012 CBB: “Spain’s 10-year yields jumped 62 bps to 6.91% (up 187bps y-t-d). Italian 10-yr yields rose 20 bps to 6.01% (down 102bps). Ten-year Portuguese yields rose 8 bps to 10.01% (down 277bps). The new Greek 10-year note yield declined 19 bps to 25.19%.”

“Whatever it takes” became a global phenomenon, both from the standpoint of central banker policy and securities markets inflation. Replicating Draghi, BOJ head Haruhiko Kuroda unleashed shock and awe monetization and currency devaluation. The dollar/yen was trading at 78 in the summer of 2012 before extraordinary BOJ stimulus worked to devalue the yen to 124 to the dollar by mid-2015. After trading below 8,500 in the summer of 2012, Japan’s Nikkei surged to above 20,700 by August 2015. Japan’s TOPIX Bank Stock Index rallied from 100 in the summer of 2012 to 246 by June 2015. And while the S&P500 rose 66% from summer 2012 lows to record highs, it’s worth noting that the U.S. broker/dealers (XBD) surged from 80 to 203.

It’s no coincidence that European and Japanese equities have led the developed world on the downside the past year. There’s no mystery surrounding the poor performance of global financial stocks. Bullion’s almost 2% rise this week boosted 2016 gains to 22%. The yen has gained almost 14% against the dollar so far this year. Ten-year bund yields traded with negative yields for the first time this week. U.S. 10-year Treasury yields traded to the lowest level since 2012.

Despite shoring up reflationary efforts earlier in the year, extraordinary ECB and BOJ monetary stimulus has not been successful. Underlying economic and inflation trends remain problematic in the face of major securities markets inflations. Indeed, the wide divergence between securities market prices and economic prospects ensures acute vulnerability to market risk aversion and risk-off speculative dynamics.


The murder of a pro-“remain” UK politician further clouds analysis of next Thursday’s referendum. Recent polling had Brexit in a narrow but widening lead. Yet London’s bookies place odds slightly in favor of Remain. Recall that polls had the Scots favoring independence a week prior to their referendum, although the actual vote broke strongly against independence. The Scottish experience has likely influenced Brexit betting.

Markets have grown comfortable that electorates will bitch and moan but, at the end of the day, will side with the best interest of the financial markets. At some point, I would expect increasingly disillusioned voters to disregard much of the fear mongering. The interests of voters and markets might very well part ways.

The Brexit vote is a serious potential “risk off” catalyst. Significant amounts of currency and risk market hedging have transpired. This portends a period of unstable markets. If Brexits wins, derivative-related exposures could foment illiquidity and market dislocation, as traders are forced to dynamically hedge their derivative books into unsettled markets. Victory for remain would entail the abrupt unwind of hedges across various markets. At least in the very short-run, this would equate to yet another destabilizing short-squeeze.

Still, a vote to remain would do little more than remove a near-term catalyst. European leaders are understandably nervous that a successful Brexit campaign would embolden independent and anti-Europe movements throughout the continent. Yet few believe a remain vote will diminish animosities and hostility toward integration and European leadership.

Back in 2012, Mario Draghi recognized how even the notion that a country might exit the euro could unleash market dynamics that would rather quickly place Europe’s markets and banking system in peril. “Whatever it takes” was orchestrated specifically to expel any market doubt with regard to the viability and sustainability of European monetary integration. On the back of a wall of liquidity and inflating securities markets, Draghi’s gambit held things together for a few years. That said, the ECB bet the ranch – and was compelled to ante up in response to market instability early this year. The outcome of the game is very much in doubt.

While Britain is not even a member of the euro, Brexit provides a test of ECB policymaking. Is Europe robust or fragile? Has relative financial stability been nothing more than a brittle ECB-fabricated façade? Are the forces mounted against integration and cooperation too powerful to disregard? Is European integration – along with the euro currency – viable long-term? It’s an untimely test, with confidence in Europe’s banks already waning. It’s furthermore an untimely test because of faltering confidence in the ECB and contemporary global central banking more generally. Global market instability has again resurfaced and there will be no resolution next week.

The FOMC has confounded Fed watchers with its abrupt pivot back to ultra-dovishness. There shouldn’t be much confusion. Global market fragility has reemerged, and the Fed’s rapid retreat has confirmed the seriousness of what’s unfolding. Central banks have thrown everything at the problem, yet markets remain as vulnerable as ever. At least the world was not facing the downside of China’s historic Credit Bubble back in 2012.

The Fed has never admitted that global concerns have been dictating U.S. monetary policy since 2012. It has now become clear, throwing the analysis of policymaking into disarray. The harsh reality is also increasingly apparent: global monetary management is dysfunctional and central bankers have become perplexed – without a backup plan. Such an uncertain backdrop is pro-currency market instability and pro-de-risking/deleveraging.

In a replay of 2012, U.S. markets have remained resilient in the face of rapidly escalating European and global risks. Back then our markets ended up being positioned well for “whatever it takes.” They’re again well positioned, it just that whatever it takes is proving not to be enough.

Anxiety Builds As Money Managers Near Record Long Gold Position

Posted: 21 Jun 2016 12:00 AM PDT

"There's still a lot of fear out there," warns one investor as the combination of event risks (e.g. Brexit, Spain, US Election) and the contagious collapse of central bank credibility has asset managers around the world piling into bonds and bullion. With negative rates now de rigeur, global developed market bond yields are pushing record lows as demand for protection from fiat debacles in precious metals (and alternative currencies) has sent money managers long position near Aug 2011's record highs.

As Fed credibility collapses (red line - inverted expectations of rate-hike-pace) so Gold (gold line) and global developed market bonds (green line) have soared tick for tick...


Having fallen to a net short position as The Fed tried (unsuccessfully) to convince the world it was on a path to normalization, money managers have piled into gold (futures and options) at near record pace...


The last time gold "net longs" were this high was August 2011... from when prices tumbled despite a near doubling of The Fed's balance sheet...


"There's more upside risk for gold than there is downside," Josh Crumb, the chief strategy officer who helps oversee $1.7 billion at Toronto-based GoldMoney, said in an interview in New York. "For gold to fall, they would have to raise interest rates more than the market expects, and I think that's a very unlikely scenario."

The Silver Ruble Coin for Russia

Posted: 20 Jun 2016 10:00 PM PDT

by Hugo Salinas Price, 24hgold:

Europe – including Ukraine – is constantly bombarded with propaganda on the part of the US about the danger of “Russian Aggression”.

The seed for the propaganda was provided by events in the Crimean Peninsula, after the US-led coup which ousted the elected President of Ukraine and installed a US-led puppet government. The people of Crimea did not regard the unelected government in Kiev as favorable to their interests, and in a peaceful vote decided to rejoin Russia, of which Crimea has been a part since time immemorial. This action on the part of Crimea, has been painted as “Russian Aggression”.

As a result of the mythical threat of aggression on the part of Russia, concocted as part of the enduring plan of the US to become the world’s dominant super-power, which requires the dismemberment of Russia, the EU was forced by the US to apply “Sanctions” to commerce with Russia. Russia responded with sanctions of its own on European commerce, namely by cutting off its purchases of Europe’s products in agriculture and industry. France has been adversely affected by the loss of Russia for its agricultural products and Germany equally affected by the loss of Russia for its industrial products.

However, Russia could respond not only by opposing military strength to military threats and applying counter-sanctions, but by undermining NATO’s threats and the “Sanctions” régime by means of a moral initiative which would strongly impress public opinion in Europe regarding Russia.

Let us remember that Napoleon once said, “In war, morale is three times more important than weaponry.”

The moral initiative which Russia could take to dissolve Europe’s support for NATO, counter American propaganda regarding the threat of “Russian Aggression”, and eliminate the program of European “Sanctions”, would be to create the Silver Ruble coin – a completely unexpected action for which Russia’s adversaries are totally unprepared and for which they have no answer.

A Brief Description of the Silver Ruble Coin

The Russian silver coin to be monetized would contain 1/2 ounce of pure silver, alloyed to .900 or .916 purity, for durability.

The silver coin would be minted and monetized in Russian rubles by the Treasury of the Russian Federation, by a monetary quote issued by the Treasury. The coin would bear no stamped monetary value.

Read More @ 24hgold.com

The New Iron Curtain - A Monument To Washington's Imperial Folly

Posted: 20 Jun 2016 07:55 PM PDT

Submitted by Justin Raimondo via Anti-War.com,

A foreign army consisting of 31,000 soldiers from an anti-American alliance are conducting military “exercises” a few miles from San Diego. Hundreds of tanks converge on the Rio Grande, while jets from 24 countries converge in attack formation, darting through Mexican skies.

It isn’t hard to imagine Washington’s response.

Yet that’s precisely what has been happening on Russia’s border with the NATO alliance, as the cold war returns. Economic sanctions aimed at sinking Russia’s fragile economy, plus a propaganda campaign designed to characterize Russian President Vladimir Putin as the second coming of Stalin – or, in Hillary Clinton’s view, Hitler – have history running in reverse. Once again, an iron curtain is descending across Europe – only this time it’s the West’s doing.

The European Union renewed sanctions against Crimea on Friday: their “crime” – holding a referendum in which the overwhelming majority of voters opted for union with Russia, restoring what had been the status quo since the days of Catherine the Great. And the EU is slated to extend sanctions against the Russian Federation later this week.

Yet dissent against this revival of the cold war is rising in Europe, notably in Germany, where Foreign Minister Frank-Walter Steinmeier is calling for the “gradual” lifting of sanctions to reflect progress in the implementation of the Minsk accords, which call for the demilitarization of Ukraine and elections in rebel-held territory. This reflects a division within Germany’s left-right coalition government: Angela Merkel’s Christian Democrats are holding out for “full” implementation of the accords. Yet it is the government in Kiev – held hostage by far-right crazies – that has been dragging its feet over Minsk, refusing to grant autonomy to east Ukraine and vowing to continue the war against the rebels in spite of Kiev’s lack of success in pacifying the rebellious region.

Steinmeier went further in another interview, characterizing provocative military exercises conducted near Russia’s borders as “warmongering.” The “drill,” which ended Friday, simulated a Western response to an improbable Russian attack on Poland. “What we shouldn’t do now is inflame the situation further through saber-rattling and warmonger,” averred Steinmeier:

“Whoever believes that a symbolic tank parade on the alliance’s eastern border will bring security is mistaken. We are well-advised to not create pretexts to renew an old confrontation. [It would be] fatal to search only for military solutions and a policy of deterrence.”

The reality is that it is NATO that has to be deterred: ever since the collapse of the Warsaw Pact and the implosion of international communism the West has been advancing eastward, gathering its forces at the very gates of Moscow. They didn’t call the recent exercises “Spearhead” for nothing. Herr Steinmeier is correct that the “tank parade” within spitting distance of the Kremlin is “symbolic,” but neglects to tell us what it symbolizes, which is nothing less than World War III.

The Germans are rebelling against the EU/NATO war on Russia because, as in the old cold war, they will be caught in the middle: if the unthinkable becomes thinkable and hostilities break out Germany will become a battlefield, i.e. a smoking ruin. As Cold War II rears its ugly head, it’s hardly surprising that Euro-neutralism is making a comeback.

Aside from that, the post-cold war structures erected by the new cold warriors are coming apart at the seams: the EU itself is disintegrating, with Euro-skepticism threatening to take Britain out of the Union and the rise of anti-EU parties across Europe challenging the legitimacy of the Brussels bureaucracy.

And here in the US, questions are being raised about the utility of the main bulwark of the anti-Russian foreign policy of the West: former defense secretary Robert Gates wants to know why our European protectorates are failing to pay their fair share of NATO’s mounting costs. And presumptive GOP presidential candidate Donald Trump has gone much further, declaring that NATO is “very obsolete” and raising the possibility that, if he makes it to the White House, the Western alliance will be no more, or will, at least, take on a much different form.

With the focus of US foreign policy on the Middle East, and the alleged threat of ISIS preoccupying US policymakers, the impending collapse of the post-World War II international order has taken a back seat in the public eye. Yet this development is far more important, in the long run, for the simple reason that relations with Russia far outweigh whatever is happening in, say, Syria – where the Russian factor is key to solving that seemingly intractable problem.

Here, again, the political class and their journalistic camarilla split with the American people: most Americans want nothing to do with Ukraine and its many problems. The elites, however, have taken up the cause of what is one of the world’s most corrupt regimes as if it is a paragon of virtue and democratic liberalism. It is neither: the present rulers came to power in a violent coup, chasing out the democratically-elected President, and paving the way for a far-right regime that openly celebrates World War II collaborators with the Nazis.

The demonization of Putin’s Russia is based on historical illiteracy. It was only a short time ago that Russia was a one-party dictatorship where millions were enslaved by a regime that had as much blood on its hands as Nazi Germany. To fail to acknowledge the enormous progress that country has made, against overwhelming odds, is beyond ridiculous.

The neoconservatives have long held a grudge against Putin for denouncing the Iraq war as a foolish adventure: American liberals use Putin as a piñata, the puncturing of which is supposed to prove how “tough” they are. Indeed, the Clintons have long been among the worst of the Russia-bashers, and a Clinton Restoration will see the US go head-to-head with Putin, not only in Europe but also in Central Asia, where Bill has long been canoodling with various despots.

It’s time to lift the new iron curtain that is descending across Europe. Russia and the United States have many interests in common: a new cold war, which could easily escalate into a hot war, is in no one’s interests.

Hillary: DESTROY Syria for Israel (WikiLeaks)

Posted: 20 Jun 2016 07:30 PM PDT

Hillary created ISIS. Say thank you world. welcome to the real world where you find out America makes it's own enemies and funds terrorism, using Islamic extremists. The Financial Armageddon Economic Collapse Blog tracks trends and forecasts , futurists , visionaries , free...

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A Perfect Recipe For Mayhem

Posted: 20 Jun 2016 07:05 PM PDT

Submitted by Howard Kunstler via Kunstler.com,

At a most troubled moment in history, both major political parties appear set to nominate time-bomb candidates for president with a fair percentage chance of blowing up their own campaigns and the parties themselves.

We’ve been living in the era of anything goes and nothing matters — that is, the era of no consequences — but at some point between now and November 8 someone surely will press FBI chief James Comey as to why his agency issued neither a criminal referral nor an explanatory memorandum in the matter of Hillary Clinton’s private email server and its role in the money-gathering activities of the Clinton Foundation while she was Secretary of State.

Hapless Bernie Sanders blew his chance to call her on that months ago — “The American people are sick and tired of hearing about your damn emails!” — but it’s absolutely certain that Trump will jump up and down and shout woo-woo-woo about it during the general election campaign, if he manages to not get dumped at the GOP convention. Or his as-yet-hypothetical replacement will.

The email issue won’t go away because it entails serious issues of racketeering in public office, not just niceties of security procedure. One of the Secretary of State’s duties is to approve weapons sales to foreign countries. During her three years at State, Hillary signed off on $165 billion worth of sales by private commercial arms contractors to Clinton Foundation foreign donors. On top of that was an additional $151 billion of separate Pentagon-brokered deals for 16 of the countries that gave to the Clinton Foundation. It also happened that the weapons contractors themselves and companies connected financially to them made substantial donations to the Clinton foundation — and paid whopping speaking fees to Hillary’s husband ex-president Bill, during her years at State.

Salon Magazine has also reported that in contradiction of a 1995 directive signed by then-president Bill against arms sales to nations violating human rights, Hillary approved such weapons sales. Salon’s David Sirota writes:

As just one of many examples, in its 2011 Human Rights Report, Clinton’s State Department slammed Algeria’s government for imposing “restrictions on freedom of assembly and association,” tolerating “arbitrary killing,” “widespread corruption” and a “lack of judicial independence.


That year, the Algerian government donated $500,000 to the Clinton Foundation and the next year Clinton’s State Department approved a one-year 70 percent increase in military export authorizations to the country. The jump included authorizations for almost 50,000 items classified as “toxicological agents, including chemical agents, biological agents and associated equipment.” The State Department had not authorized the export of any of such items to Algeria the year before.

There’s no way that the shady doings of the Clinton Foundation will not become a campaign issue whether Trump emerges as the eventual GOP nominee or not, and of course the other noisome matter of exactly what Hillary told Too-Big-To-Fail banks in exchange for many quarter-million dollar “speaking fees” still lurks behind all that. Hillary’s partisans at the The New York Times and The WashPo have ignored these stories for months, but the telltale stench remains, like a dead body under the floorboards.. In contrast to her beaming victory lap after the California primary, all this stuff promises some serious frowny-face for Mz. It’s-My-Turn in the months ahead.

As for Trump, the hand-wringing and Maalox-gulping among GOP nabobs got a lot more intense since the Orlando Club massacre, and the (as usual) disjointed utterances by the presumptive Republican Party nominee. This guy is not just a loose artillery shell rolling around on the deck — he’s a dirty bomb wrapped in a smallpox blanket threatening to turn the Grand Old Party into a political Flying Dutchman. Speaker of the House Paul Ryan underscored his extremely conditional endorsement of Trump on the Sunday TV chat forums, hinting that even if Trump got where he is playing by the rules, the rules can be changed at the convention.

That would set the stage for a melee both inside and outside the GOP convention in Cleveland a month from now. The tragedy of a legitimately irate populace vested in such an obviously inept champion will lead to a political explosion when the party poobahs try to maneuver him off-stage. The only worse alternative is if they actually go ahead and nominate the ham-headed sonofabitch. Either way, the Republican Party comes out as burnt toast.

Remember, too, the Black Lives Matter movement and its affiliates promised months ago to bring a disruptive presence to both conventions. Imagine how they will get on with thousands of outraged Trumpsters moiling in the streets. Add a dash of Mexican hot sauce to this farrago and you’ve got a perfect recipe for mayhem.

Offshore Shakedown: FATCA, The Panama Papers and Why You Need a Self-Directed IRA

Posted: 20 Jun 2016 07:00 PM PDT

Gold Price Closed at $1290 up $2.50 or 0.19%

Posted: 20 Jun 2016 06:29 PM PDT

20-Jun-16PriceChange% Change
Gold Price, $/oz1,290.002.500.19%
Silver Price, $/oz17.500.100.59%
Gold/Silver Ratio73.702-0.293-0.40%
Silver/Gold Ratio0.01360.00010.40%
S&P 5002,083.2512.030.58%
Dow in GOLD $s285.321.530.54%
Dow in GOLD oz13.800.070.54%
Dow in SILVER oz1,017.251.430.14%
US Dollar Index93.68-0.66-0.70%

Daddurn! Somehow the whole globe slipped through a dimensional warp and landed back in the Best of All Possible Worlds! All the media played the same script today, "Polls show Brexit will fail, better buy stocks & euros & sell gold & bonds!" Why, ain't it a wonder how fast minds change? 

'Cept that's all hogwash. First place, (with all due respect to the Brits) Brexit yea or nay won't make a hill of beans to global economic outcome. That failure has been baked in by central banks over the last 20 years pumping up credit/debt into a debt bubble that is already bursting & will take years to clean up. Next, 'tain't a durned thing in the present stock, market or economy that would give any rational person the expectation of better economic performance in the next five years. Everything will be dragged down by the debt albatross until at last the jubilee is declared, either by hyperinflating the debt away (God forefend!) or by outright default & jubilee. 

Notwithstanding sanity, lemming investors, anxious to get a place nearer the cliff, poured into global stock markets today, bought euros, dumped bonds & dollars, & sold a teentch of gold. 

Y'all better hope that the Nice Government Men are manipulating the US dollar down to keep up the euro in the teeth of the Brexit vote. If they're not, then that scrofulous, mangy cur is sick, sick, sick, & that promises some real pain for the US & world economies. Look at the chart, http://schrts.co/52bUqw 
Today the dollar index fell a meaty 66 basis points or 0.7%. 

The US dollar index has been trending down since 2 December 2015. I've defined the downtrend channel from February by red lines. Notice that twice (End June & mid-June) the dollar index tried & did break through that upper boundary, only to fall shamefully back within the channel, leaving lower peaks behind. Today it gapped down & fell back into the channel. Momentum is down, down, & the dollar index is trapped below its 50 & 20 day moving averages. 

Mmmm, add it up on your fingers: two failed breakouts, back into the old channel, momentum down, declining peaks. Not sanguine. 

Of course, it also sets up a trap for dollar bears should Brexit brex. Everybody short dollars & long euros & stocks will be puking into their wastebaskets with one hand & selling with the other, praying they can buy dollars. 

Now look at the euro's chart, http://schrts.co/fUDOH2 Don't forget to hold your nose. Get a whiff of that thing & you're liable to puke. It's gangrenous. 

Observe that two days ago it punched through its bottom channel boundary and nearly hit the 200 DMA, threatening to collapse. Whoops, handily, conveniently the US dollar reversed & the euro shot up. Yeah, right. Memorex? Euro rose 0.28% today to $1.1307. 

And, call me a nat'ral born durn Tennessee fool, but that Yen has been on a tear that looks for all the world like an Island Reversal. Today alone it jumped 0.29% to 96.27. Big fall coming if it is an IR. (I quote "cents per 100 yen." It is also quoted as "Yen per dollar", the reciprocal. 96.27 ¢/100Y = Y103.87/US$1). 
US 10 year treasury note yield gapped up today on news of the New Millennium As investors dumped bonds to be able to buy them stocks before they were all gone, bond prices dropped. Yield close today at 1.670%, up 3.21% from yesterday. 

On Comex, where they take no prisoners, Gold fell 0.2% or $2.50 to $1,290.00. Silver gainsaid gold by rising 10.3¢(0.35%) to 1750.3¢. 

Silver & gold have both painted secondary peaks that call for a little correction here. I say "little" because I mean "little." Say Gold might back off to $1,260, about the 50 DMA. Ever more volatile, silver might fall back to 1685¢ or 1650¢. 

Other than a swiftly passing nudge, I don't expect the Brexit vote one way or t'other will change silver & gold's course. That is set, & aimed very much higher. After winding sideways the rest of the summer, sometime in August or September they will wax utterly serious about rising. Y'all better get ready now by buying whenever the golden & silver tail feathers droop.

Aurum et argentum comparenda sunt -- -- Gold and silver must be bought.

- Franklin Sanders, The Moneychanger

© 2016, The Moneychanger. May not be republished in any form, including electronically, without our express permission. To avoid confusion, please remember that the comments above have a very short time horizon. Always invest with the primary trend. Gold's primary trend is up, targeting at least $3,130.00; silver's primary is up targeting 16:1 gold/silver ratio or $195.66; stocks' primary trend is down, targeting Dow under 2,900 and worth only one ounce of gold or 18 ounces of silver.  US $ and US$-denominated assets, primary trend down; real estate bubble has burst, primary trend down.

WARNING AND DISCLAIMER. Be advised and warned:

Do NOT use these commentaries to trade futures contracts. I don't intend them for that or write them with that short term trading outlook. I write them for long-term investors in physical metals. Take them as entertainment, but not as a timing service for futures.

NOR do I recommend investing in gold or silver Exchange Trade Funds (ETFs). Those are NOT physical metal and I fear one day one or another may go up in smoke. Unless you can breathe smoke, stay away. Call me paranoid, but the surviving rabbit is wary of traps.

NOR do I recommend trading futures options or other leveraged paper gold and silver products. These are not for the inexperienced.

NOR do I recommend buying gold and silver on margin or with debt.

What DO I recommend? Physical gold and silver coins and bars in your own hands.

One final warning: NEVER insert a 747 Jumbo Jet up your nose.


Posted: 20 Jun 2016 06:00 PM PDT

by Andy Hoffman, Miles Franklin:

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 gameAudioblog, 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 majoroverhead 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 highnaked 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.

Read More @ Milesfranklin.com

image: www.aljazeera.com

Trump assassination prevented at the last second!!!

Posted: 20 Jun 2016 06:00 PM PDT

a 19 year old teen drives from LA to Vegas to kill Trump The Financial Armageddon Economic Collapse Blog tracks trends and forecasts , futurists , visionaries , free investigative journalists , researchers , Whistelblowers , truthers and many more

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Orlando Hospital Staffers being FORCED to sign Non-Disclosure Agreements over Gay Nightclub Shooting

Posted: 20 Jun 2016 05:20 PM PDT

from Stage2 Omega:

In a strange twist to the mass-murder at the Pulse Nightclub in Orlando, FL last weekend, SuperStation95 has learned that Emergency Room staff are being coerced by federal agents into signing a Non-Disclosure Agreement for all aspects of the Pulse Nightclub Shooting incident.  Anyone who refuses is allegedly walked right out the door by federal agents!

What are they hiding?

The HIPAA law already protects patient privacy, so staff are already forbidden to discuss patient injuries or treatment.  What else could be going on in that hospital, connected to this incident, that the feds want to keep secret?

Too bad for the government that the harder they try to conceal the facts, the MORE INFORMATION flows to us in the media!  Like the photo above; and a lot (really a LOT) more!


For instance, when will the authorities in Florida reveal that an individual allegedly named Byrion Parks was arrested as a "second shooter" in a bathroom on Floor 6A of the Orlando Regional Medical Center on the night of the Pulse Nightclub shooting . . .  only to be RELEASED by police?

It was, after all, this person who allegedly triggered the "Silver Alert" inside the hospital causing it to go into lock-down.

A Silver Alert is the code at the Orlando Regional Medical Center for "active shooter in the building."

Was Byrion Parks a second shooter or was he just another victim?


The Media Relations telephone at Orlando Police Headquarters is never answered by a person.  All calls go to voice mail and at the end of the greeting, media callers find out "This mailbox is full and cannot accept any messages." It's been this way for about a week.

Why isn't the Orlando Police Department cooperating with the media?


A number of the people being shown on television as "victims" of this incident have been shown to have profiles as "Actors" on the IMDb actor registry web site . . . including the alleged Shooter, Omar Mateen!

How is it that so many "Actors" just happen to be involved in this "attack?"


Video broadcast by the media has showed several "victims" with blood coming out of a pants leg, being carried past an MRI facility and a Dunkin Donuts, both on the same side of the street as the Pulse Nightclub, but both of which are several hundred feet away from the Pulse Nightclub, and nowhere near the police line set up near the club.  Yet these "victims" are shown on TV being carried back toward the Pulse Nightclub, WHILE THE SHOOTER IS STILL ALIVE!

If these people were actually shot, how did they manage to get several hundred feet up the road — where there were no police — just to be carried back through an active shooting zone, be conveniently walked past the cameras, then loaded onto pick-up trucks to be removed from the scene?

Read More @ stage2omega.com



Gold price suppression gets more desperate, Embry tells KWN

Posted: 20 Jun 2016 05:03 PM PDT

8p ET Monday, June 20, 2016

Dear Friend of GATA and Gold:

Sprott Asset Management's John Embry, interviewed by King World News, remarks that gold price suppression is getting ever more desperate, as by doubling margin requires for gold futures contract trading. An excerpt from the interview is posted at KWN here:


CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.


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The Brexit Thread—–How Global Markets Could Unravel

Posted: 20 Jun 2016 04:40 PM PDT

by David Stockman, David Stockman’s Contra Corner:

If Britons vote to take their country out of the European Union on June 23, no corner of the global financial market complex will emerge unscathed.

The invisible thread that links assets as diverse as gold, bank stocks, the Japanese yen and government bonds would be yanked sharply by Brexit, an event the Bank of England said on Thursday risks "adverse spill-overs to the global economy".

With global interest rates and bond yields the lowest on record, central banks running low on crisis-fighting tools and the post-2008 economic recovery flagging, that thread could quickly unravel, with serious consequences for all markets.

GRAPHIC: reut.rs/1OtYjrc

So why will the will of one country's people in one referendum have such a profound impact on global markets?

So why will the will of one country's people in one referendum have such a profound impact on global markets?

The answer is partly how interconnected global markets are, and partly timing – the world economic cycle is already very long in the tooth and central banks have far fewer options open to them after nearly a decade of extraordinary policy support.


Global interest rates are their lowest for 5,000 years, according to Bank of America, but central banks could still cut them further. That could mean the U.S. Federal Reserve reversing its slow-starting tightening cycle, and European Central Bank and Bank of Japan rates going deeper into negative territory.

Lower rates would also depress bond yields even further, tightening the screw on central and commercial banks.

Over $8 trillion worth of sovereign bonds already carry a negative yield, according to JPMorgan. This means holders of Japanese, German and Swiss debt are paying these governments for the privilege of lending to them, in some cases out to 20 years.

They are willing to accept they will not get all their money back. Even deeper negative yields would increase these losses, raising further doubt that these are truly "safe haven" assets.

But the immediate economic and political uncertainty after a Brexit vote would likely be so great that demand for these bonds would rise anyway, pulling yields even lower. Yield curves, the difference between short- and longer-dated bond borrowing costs, would flatten further.

They are already their flattest for years around the developed world, meaning the premium investors expect for holding longer-dated bonds is shrinking. This is often an ominous signal of low inflation or deflation, and slowing economic growth or possibly recession.

If "core" bond yields would likely fall, yields on lower-rated and riskier bonds would likely rise, widening the spread between the two. This would increase the financing pressure on a wide range of companies around the world and governments in euro zone "periphery" countries like Greece, Italy and Spain.


Flat yield curves are bad news for banks, who make money from borrowing short-term at low rates and lending longer-term at higher rates. Financial stocks have been hit hard this year as the curve flattening has accelerated.

Euro zone banks are down 30 percent this year, Japanese banks 35 percent, UK banks 20 percent, and U.S. banks 10 percent.

Banks are also being squeezed by negative deposit rates. The ECB, Bank of Japan and Swiss National Bank all charge banks for depositing cash.

It may even become cheaper for banks to put billions of yen, euros or francs of their customers' cash in vaults — a possibility German lender Commerzbank is examining.

As for central banks, any move deeper into the uncharted world of negative interest rates would be taken reluctantly.

In the case of the ECB, declining yields would further cut the amount of bonds eligible for purchase as part of its quantitative easing stimulus program. That would make its inflation target of just under 2 percent much harder to achieve, in turn putting its credibility under even greater scrutiny.


Just as the 2007-08 financial crisis was caused by unprecedented stress in the banking system, analysts fear Brexit fallout could again threaten to block the global financial system's plumbing.

Banks have recovered from 2007-08 but stresses are already appearing in more obscure pockets of dollar-based FX and rates markets that are hitting levels more associated with periods of crisis. The premium for dollars over yen in the cross currency basis market is its highest in years.

Spreads between Libor rates and overnight index swap (OIS) rates, broadly a measure of investors' perception of credit risk in the banking system, are also widening. In normal conditions, Libor/OIS spreads should be virtually zero.

Read More @ DavidStockmansContraCorner.com

Is It Time to Dump Gold and Buy Platinum?

Posted: 20 Jun 2016 04:16 PM PDT

Bob Moriarty explains why precious metals investors may want to look beyond gold to a commodity with a long history and an interesting relationship to the yellow metal.

James Rickards | Gold Shortages | Bank of Gold | Paper Money Collapse | BREXIT

Posted: 20 Jun 2016 04:00 PM PDT

from James Rickards Project:

James Rickards’ Interview with Ross Norman of Sharps Pixley, London 06.18.2016. James discusses: Gold shortages; Gold Banks; Negative Interest Rates; Paper Money Collapse; Pound Sterling; Gold Standard; Digital Currencies; Cyber Financial Warfare; Hyper Inflation; and BREXIT.


Posted: 20 Jun 2016 04:00 PM PDT

ACTOR SACRIFICED FOR SOLSTICE! JOINS ILLUMINATI'S 27 CLUB! The Financial Armageddon Economic Collapse Blog tracks trends and forecasts , futurists , visionaries , free investigative journalists , researchers , Whistelblowers , truthers and many more

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Gold Daily and Silver Weekly Charts - Two for Flinching

Posted: 20 Jun 2016 01:20 PM PDT

A Palace For Fannie (Mae) – Why The Imperial City Must Be Sacked

Posted: 20 Jun 2016 01:10 PM PDT

This post A Palace For Fannie (Mae) – Why The Imperial City Must Be Sacked appeared first on Daily Reckoning.

To hear the establishment media tell it, you would think that Attila the Hun was fixing to sack the Imperial City. Would that Donald Trump were that bold or dangerous.

Then again, he is a showman of no mean talents. So if there is a maquette of Fannie Mae's planned new $770 million headquarters somewhere around Washington DC, he could start the sacking right there. Hopefully, he would not hesitate to shatter it with a fusillade of tweets—-or even take a jackhammer to it while wearing a Trump hard hat.

Fannie Mae is surely a monument to crony capitalist corruption, and living proof that massive state intervention in credit markets is a recipe for disaster. But rather than shut it down after it helped bring the nation's financial system to the edge of ruin, the beltway pols have come up with an altogether different idea.

To wit, they plan to move Fannie from her already luxurious NW Washington headquarters to a hideous new glass palace to be built in the heart of Washington DC. Could there be a bigger insult to the 15 million families who lost their homes to foreclosure owing to the crash of the giant housing bubble that Fannie Mae and the crony capitalist crooks who ran it helped perpetuate?

And that's to say nothing of the $180 billion of taxpayer money that was pumped into Fannie Mae and the other GSE's after the house of cards came tumbling down in August 2008. In fact, while the politicians on Capitol Hill have dawdled for eight years without any statutory changes or mandates for even minor reforms, Fannie Mae's management and its phalanx of K-Street lobbies showed exactly who rules in the Imperial City.

It is the larcenous rule of these syndicates of beltway racketeers, in fact, that has put Donald Trump's name on the Presidential ballot.

So let it be granted that his manners and policy knowledge appear to be on the meager side. Yet it is malodorous tales like that of Fannie Mae's swank new palace which demonstrate why a disrupter on horseback is exactly what the Imperial City deserves.

In truth, the government housing guarantee programs at Fannie Mae and Freddie Mac have been an abomination from the very beginning.

Not only did they inappropriately subsidize home mortgages by upwards of $60 billion annually—–most of which went to affluent middle class households not entitled to taxpayer help in the first place—-but they were also based on the kind of Washington artifice upon which today's rampant crony capitalism thrives. Namely, the specious claim that the GSEs are unique, creative "public-private partnerships" that enable a "secondary market" for home mortgages, and thereby remedy the alleged failure of the free market to provide cheap 30-year housing loans to the public.

In fact, the so-called secondary market for mortgages was no such thing. Freddie and Fannie have always been a de facto branch office of the US Treasury and their securities have been just another variant of treasury bonds. That finally became official when the U.S. Treasury threw them a $180 billion lifeline on the eve of the financial crisis.

The reason that became necessary, of course, is that the GSE's had been minting fabulous book profits over several decades by drastically under-reserving for losses, confident that Uncle Sam would bail them out if a crisis ever came.

In fact, when the mortgage meltdown did come, Freddie and Fannie had virtually no accumulated reserves and capital and would have exposed investors to tens of billions of losses. Needless to say, the implicit "call" on the US Treasury that had always been embedded in the below market rates on Freddie/Fannie paper was instantly exercised by Wall Street's then plenipotentiary in Washington, former Goldman CEO and US Treasury Secretary Hank Paulson.

To be sure, the proper course would have been to force investors ranging from the sovereign wealth fund of China to Norwegian fishing villages and Wall Street hedge funds to take their lumps for not reading the indentures (which contained no legal US guarantee), and to prosecute Freddie and Fannie and their executives for blatant and monumental accounting fraud.

But the accounting fraud was never even acknowledged, let alone prosecuted,  owing to the beltway fiction that the GSE's are "off-budget" public-private partnerships.

This convenient scam was first invented by Lyndon Johnson to magically shrink his "guns and butter" fiscal deficits. But since then it has metastasized into a giant business fairy tale—namely, that behind the imposing brick façade of Fannie Mae's soon to be superseded headquarters, as pictured below, there is a real company generating value-added services that are the source of its reported profits.

In fact, there is nothing behind those walls except a stamping machine that embosses the signature of the American taxpayer on every billion dollar package of securitized mortgages it guarantees and on all the bonds it issues to fund a giant portfolio of mortgages and securities from which it strips the interest.

That's right. It is the unwitting taxpayers of America's flyover zone who underwrite Fannie's balance sheet, and enable the racketeers who run it and fed off its massive money shuffling operations to live high on the hog.

Here's how the scam works. Fannie and Freddie typically booked 90% gross profit margins owing to the fact that they have essentially no cost of production beyond the trivial expenses of their automated underwriting systems and highly computerized back-office operations. Their real cost of goods would be the large accounting provisions for future losses that would be required were they not wholly guaranteed by the US Treasury.

Indeed, the pointlessness of their faux financial statements can be easily demonstrated by the counterfactual. That is, if we wanted to have honest socialist mortgage finance, a handful of GS-14s could run Freddie and Fannie out of the U.S. Treasury building.

Civil servants could emboss the taxpayers' guarantee on every family's home mortgage just as proficiently as the make-believe business executives who populate Fannie Mae and the other GSEs today; and in the process we could dispense with the sheer waste involved in applying GAAP accounting to the operations of a mere government bureau.

I laid this out more fully in The Great Deformation, yet the mythology about Fannie and Freddie is virtually immune to these obvious truths. Indeed, the beltway discourse has been so corrupted that a whole new raid on the treasury has been launched by speculators who bought up their worthless securities after the 2008 collapse and subsequent bailout. And now they are pounding the table for a bailout of the remnants of the last bailout.

To its credit, the Obama administration had previously recognized that absent Uncle Sam's bailout of the roughly $6 trillion of Freddie/Fannie mortgage guarantees and debentures, the junior equity securities in their capital structures (preferred and common stock) would have been worthless.

In fact, at the time the GSEs were essentially nationalized by the Bush Administration in September 2008, the thin layer of equity represented by their shares had been leveraged at approximately 100X, and would have been obliterated in a proper bankruptcy.

Accordingly, the Obama folks had simply decided to treat the remnants of Freddie/Fannie as a wholly owned government investment fund, and swept back to the US Treasury 100% of the  phony "book profits" posted each quarter.

What that amounted to, of course, was just an off-budget scam. The US Treasury loaned its credit card to the GSEs and then booked the resulting profits as income. Needless to say, it did not enter any off-setting liability for the risk being incurred.

This maneuver has resulted in more than $200 billion of phony deficit reduction since 2009, but something even worse. Namely, a huge lobbying campaign by Wall Street speculators demanding an end to the Treasury profits sweep so that they can capture an estimated $40 billion windfall gain on the worthless stock they bought for pennies on the dollar.

This stinks to high heaven, but it did not slow down the crony capitalist hucksters led by hedge fund operatives Bruce Berkowitz and Bill Ackman one wit.  During the peak of their recent lobbying campaign, the even postured themselves as the benefactor of America's middle class homeowners.

There is no viable alternative," to Fannie Mae and Freddie Mac, Ackman said today in a Bloomberg Television interview with Stephanie Ruhle after the Sohn presentation. "Preserving the 30-year prepayable fixed-rate mortgage — it's like the bedrock of the housing system — is critical. We think the only way to do it is by preserving Fannie and Freddie…… Ackman said mortgage rates would jump without the government-sponsored enterprises.

Oh, puleeze!

If evidence was ever needed that massive statist interventions like Washington's subventions for homeownership end up generating random income distributions and windfalls to the politically mobilized, the recent hedge fund campaign to "rescue" Fannie and Freddie is surely it.

In an alternative political universe not corrupted by crony capitalist mythology about the elixir of homeownership, of course, there would be no need for a Treasury Bureau of Home Mortgage Finance. The decision to own or rent would be made by 115 million American households based on their best lights, not the inducements and favors of the state.

Markets would clear the interest price of mortgage debt and set credit terms and maturities consistent with the risks involved. Undoubtedly, rates would be a few hundred basis points higher and 30-year fixed rates mortgages quite rare.

And like in the seemingly prosperous precincts of Germany, the home-ownership rate might be 55% or any other number not selected by pandering politicians of the type who pinned the disastrous 70% ownership goal on the wall during the Clinton-Bush era.

At the end of the day, having 40 million renter-households and 25 million mortgage-free owner-households provide (in their capacity as taxpayers) trillions of subsidized credit to upwards of 50 million mortgage-encumbered households is absurd.

To be sure, this perverse arrangement could be dismissed as just another expression of the capricious and random shuffling of income among American citizens that is the tradecraft of the Washington puzzle palace.

Unfortunately, as underscored by this latest attempted hedge fund raid on the treasury, the reality is not so anodyne. In order to hide this random redistribution mischief, what amounts to the Treasury Bureau of Home Mortgage Finance has been gussied-up to form the simulacrum of a profit-making enterprise.

In that posture, the GSEs have been repeatedly plundered by insiders like Franklin Rains, the 90 million dollar man who drove Fannie off the cliff; and by fast money stock speculators who managed to drive the combined market cap of Freddie and Fannie to the lunatic level of $140 billion during their heyday at the turn of the century; and by the Wall Street dealers and so-called fund managers who inventoried trillions of GSE debt securities in order to scalp profits from the economically pointless spread between regular treasury bonds and the GSE variant of the same thing.

All of these hundreds of billions were pocketed by adept cronies and speculators in the various debt, equity and preferred securities of the GSEs during the decades culminating in the 2008 financial crisis. Given the trauma of those events, Secretary Paulson's desperate and ill-disguised nationalization of Freddie and Fannie should have put an end to the plunder.

But it hasn't because there is no end to the zero cost-of-goods carry trades by which speculators scoop-up and fund financial assets—busted and not—during the Fed's money printing marathons. That's what has been happening since the Fed went all-in on ZIRP and QE in 2009, and this play on the busted securities of Fannie and Freddie is a perfect example.

Likewise, there is no end to crony capitalist marauders like Berkowitz, who have the temerity to demand make-wholes from the state. Nor is there any shortage of K-Street hirelings—lawyers, accountants and consultants— who are skilled at the manufacture of specious public policy rationalizations for outright thievery.

So two years ago came the patented crony capitalist rush. At the peak of the speculation, the equity shares of Freddie and Fannie had risen from 10 cents to $6, and the preferreds had erupted from $0.25 per share to $12, meaning that some speculators had garnered a paper returns of 45-60X.

And why did this revival miracle transpire?

Quite simply because Berkowitz's Fairholme Capital and his posse of punters—-John Paulson, Perry Capital and Pershing Square, among others—have taken turns bidding up the paper, and then laying the legal and political groundwork for overturning the Obama Administrations correct decision to sweep the profits.

Yes, they had a fig leaf of rationalization for their raid on the treasury. Berkowitz and his sharpies blather that Freddie and Fannie have now returned $230 billion to the US Treasury, thereby repaying the original $180 billion drawdown, with some change to spare.

But what hay wagon do they think even the clueless officialdom of Washington rides upon?

Roughly $50 billion of that was for writing-up a "tax asset" that had earlier been written-down seven year ago, owing to the fact that absent nationalization the GSEs had no prospect of booking even accounting income in the future.

And the remaining $170 billion represents dividends paid to the Treasury since 2009 based on using Uncle Sam's credit card to issue the bonds and guarantees which fund the assets from which these so-called GSE profits and dividends are scalped.

Awhile back, a courageous US District judge threw a monkey wrench into the works—at least on the judicial front. But the hedge funds are not done, and will now surely revive a legislative drive to accomplish their egregious plunder of America's innocent and unaware taxpayers.

During the peak of their campaign to fleece the nation's taxpayers for the second time around, the leader of the hedge fund gang, Bruce Berkowitz, appeared on CNBC demanding that Washington exercise its "fiduciary responsibility" to distribute billions in paper profits that have not been earned and are not owed.

Indeed, so shameless are Wall Street's princes of plunder that Berkowitz told a skeptical CNBC questioner that "we've helped before with AIG", and that he now merely seeks a "win-win" to "help with jobs, help with the economy, help with the dream of homeownership"!

In short, the purportedly well-mannered and knowledgeable politicians of the beltway have sat on their hands for eight years while Wall Street bandits have been launching the blatant raid described above, and while Fannie's management has been fixing to build and occupy the glass palace also shown above.

Hopefully, someone will sack the Imperial City, mannered or not.


David Stockman
for The Daily Reckoning

P.S. "A charmingly mordant take on the stock news of the day, accentuated by philosophical maunderings…" That's how one leading financial magazine described the free daily email edition of The Daily Reckoning. You'll find cutting-edge analysis from the complex worlds of finance, politics and culture. Presented in an entertaining style few can match. Click here now to sign up for FREE.

The post A Palace For Fannie (Mae) – Why The Imperial City Must Be Sacked appeared first on Daily Reckoning.

Benjamin Fulford: June 20, 2016 In a First US Supreme Commander General Joseph Dunford Addresses...

Posted: 20 Jun 2016 12:30 PM PDT

June 20, 2016 Benjamin Fulford In a First US Supreme Commander General Joseph Dunford Addresses The UN As head of Republic. The Financial Armageddon Economic Collapse Blog tracks trends and forecasts , futurists , visionaries , free investigative journalists , researchers ,...

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Which Star System Did You Originate From?

Posted: 20 Jun 2016 12:16 PM PDT

Which Star System Did You Originate From? by Jo Amidon June 10, 2016 The Financial Armageddon Economic Collapse Blog tracks trends and forecasts , futurists , visionaries , free investigative journalists , researchers , Whistelblowers , truthers and many more

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Silver Wildcats Part 2 — Concentrated Cohorts and Long Corners

Posted: 20 Jun 2016 11:05 AM PDT

Jeffrey Lewis

BREAKING: "There Goes Our Guns" Supreme Court Rejects Challenge

Posted: 20 Jun 2016 10:57 AM PDT

US Supreme Court rejects the challenge to hear the State Assault Weapons Ban The Financial Armageddon Economic Collapse Blog tracks trends and forecasts , futurists , visionaries , free investigative journalists , researchers , Whistelblowers , truthers and many more

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Banks weakening throughout Europe and even in U.S., Turk tells KWN

Posted: 20 Jun 2016 10:39 AM PDT

1:38p ET Monday, June 20, 2016

Dear Friend of GATA and Gold:

The nonperforming loans of Italian banks are now far greater than the banks' equity, GoldMoney founder and GATA consultant James Turk tells King World News today, adding that bank solvency is declining throughout Europe and even the United States. Since so much more debt has been created in recent years, Turk says, the next financial crisis is likely to be far worse than previous ones. An excerpt from Turk's interview is posted at KWN here:


CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.


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New Orleans Investment Conference
Wednesday-Saturday, October 26-29, 2016
Hilton New Orleans Riverside
New Orleans, Louisiana

Support GATA by purchasing DVDs of GATA's London conference in August 2011 or GATA's Dawson City conference in August 2006:


Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:


Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:


To contribute to GATA, please visit:


Hugo Salinas Price: A silver ruble coin for Russia

Posted: 20 Jun 2016 10:24 AM PDT

1:23p ET Monday, June 20, 2016

Dear Friend of GATA and Gold:

Russia can defend its sovereignty, enrich itself, and impress the world by restoring silver to circulation as money, Mexican Civic Association for Silver President Hugo Salinas Price told a conference in St. Petersburg last week. His presentation is headlined "A Silver Ruble Coin for Russia" and it's posted at the association's Internet site here:


CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.


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Join GATA here:

New Orleans Investment Conference
Wednesday-Saturday, October 26-29, 2016
Hilton New Orleans Riverside
New Orleans, Louisiana

Support GATA by purchasing recordings of the proceedings of the 2014 New Orleans Investment Conference:


Or by purchasing DVDs of GATA's London conference in August 2011 or GATA's Dawson City conference in August 2006:


Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:


Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:


To contribute to GATA, please visit:


New BREXIT Poll, Excites Risk Assets

Posted: 20 Jun 2016 09:56 AM PDT

This post New BREXIT Poll, Excites Risk Assets appeared first on Daily Reckoning.

And now… today's Pfennig for your thoughts…

Good day, and a marvelous Monday to you!

Well, well, what have we here this morning? A "Risk On" day? Why yes, indeed, that is exactly what it appears to be to me, with stocks overseas going hog wild overnight, the U.S. Futures set for a strong U.S. opening, and currencies all having their way with the dollar. U.S. Treasury yields are rising again (but for how long before the invisible hand turns them around this time?), and the only asset not moving in the direction that seems appropriate this morning is gold, which is down $8 in early morning trading.

What has everybody doing the hokey-pokey this morning? Well, it appears that a poll taken in the U.K. over the weekend, showed a reversal of the positions between "don't leave" and "leave". For those of you new to class, in the U.K. they are having a referendum to see if the people want Britain to leave the European Union/EU, or stay. They call this situation " BREXIT" So, the latest poll shows the "don't leave" vote at 45%, and the "leave" vote at 42%… and THAT's what has the risk assets all gussied up and dancing in the streets this morning.

And pound sterling is the best performer overnight, with Japanese yen coming in a close second. These two debt ridden old, stuck in the mud economies, both having the best performing currencies overnight. Who'da thunk it? Not me! But then ever since the financial meltdown we haven't been trading currencies on fundamentals, but more sentiment, and I don't get that. I really don't! Sentiment is something that allows emotion to creep in, and that's why when currencies and metals or any investment asset for that matter, trades on fundamentals, everyone can see them, make intelligent decisions about what to buy and own, and sleep well at night.

The other BIG NEWS overnight came from India, where Reserve Bank of India (RBI) Gov. Rajan turned in his notice to not seek another term as Gov. This move shocked the markets, and the Chicken Littles were coming out, until calmer heads prevailed and things got a little better, as the markets had a V-8 head slap and realized that Rajan leaves India in a far better position that it was when he took over.

Rajan did note in his resignation letter that he "lacked the support of government" Hmmm… that whole Indian economy is a mystery as to how to unlock it and set it free, and I sure thought that the combination of PM Modi, and RBI Gov. Rajan would find the key to unlocking the economy. I have to wonder now if that will ever happen, for to me, this was the best chance with these two leaders.

And like gold being the odd asset that's not rallying today, so too is the Indian rupee, as the markets are still reeling, from the Rajan news.

News this weekend from China was Interesting. Reuters reported that China has ordered at least 255 Shanghai-based industrial facilities to fully or partially shut down for 14 days. They are doing this in order to reduce pollution ahead of the G20 Hangzhou Summit that's scheduled for Sept 4-5. So, August Industrial production is going to take a hit, you can be assured of that, and we need to keep that in mind, but more importantly, the markets need to keep it mind come the Sept. print of August Industrial Production.

There's not much going on other than what we've just talked about. The Data Cupboard is bare today and tomorrow, with only a Janet Yellen speech scheduled tomorrow. Speaking of Janet Yellen… I was thinking about this the other day, and started jotting down some notes so I would remember them today. I think there's a HUGE difference between hope, and knowing.

When you "hope" something will happen, you do not talk and sound like you know it's going to happen! Unfortunately, for the gyrations in the markets, the Fed members apparently don't know the difference! Because they kept telling us the economy was going to take off, inflation was going to rise, and they would be hiking rates four times in 2016. What they should have been saying is that, "We HOPE the economy will take off, but as of yet it doesn't show signs of doing so, and we HOPE inflation will rise, and we HOPE to get the opportunity to hike rates four times in 2016″.

Now had they said it that way, the dollar would have not been so strong the last six months, and gold would be knocking on the door to $1,500, but that's just me talking, I don't have any facts to back that up, so I guess I should tear a page out of my own book, and say. "Now had they said it that way, maybe the dollar would not have been so strong the last six months, and maybe gold would have pushed much higher." There! That ought to make everyone happy with me!

I prefer the brash, off the cuff, shoot from the hip, that's not afraid to call a dolt and dolt, Chuck, but the kinder, gentler me had to take hold, or else you wouldn't be reading this letter from me! Oh! And the Janet Yellen speech tomorrow is not really a speech per se. She will make her semi-annual trek to lawmakers to give her assessment of the economy, and then repeat it for the House tomorrow. This is the old Humphrey-Hawkins bill, but that bill expired a long time ago, and the Fed Chairs, Big Al, Big Ben, and Janet have kept it going. And for that we thank them.

Well, as I told you above, gold is down $8 in the early morning trading. This is just an unwinding of buys that were made when the BREXIT appeared to be winning in the polls. I don't think it's anything more than that. Gold has reached a three-year high last Friday, but has since backed off. I was reading about gold at some time this past weekend, and came across a couple of quotes that I think are very good. You be the judge!

Two quotes by famous men that you probably have heard of regarding gold:

Betting against gold is the same as betting on government – He who bets on governments and government money bets against 6000 years of recorded history Charles De Gaulle

You have to choose between trusting to the natural stability of gold and the natural stability of the honesty and intelligence of the members of the Government. And, with due respect for these gentlemen, I advise you, as long as the Capitalist system lasts, to vote for gold. – George Bernard Shaw

And as far as the U.S. Data Cupboard is concerned, we'll have to wait until Friday, before we see something that makes a difference, when Durable Goods and Capital Goods Orders will print. Thursday will have a flash PMI (manufacturing index) but it's not the real ISM report so the markets don't pay that much attention to it.

I gave you a lot of stuff last week on debt, and the bad running economy. And I came across this piece of information that plays well with all that talk last week. Read this now, and then stop and let it sink in, and then tell me that the dollar should be so strong, or that gold so cheap. After World War Two, America boasted forty percent of global economic activity. Thirty years later that world domineering number had fallen to 23 per cent and last year was just sixteen per cent of world output.

Longtime readers know that I'm a BIG fan of history, and how we revisit history all the time. And so the title of this article on Bloomberg was for sure to catch my attention: The title: “The World Economy Looks A Bit Like The 1930′s”. Here's the link to the full article, or here's your snippet:

To understand today's global economy, look back 80 years.

Just like in the 1930s, growth is being constrained by companies unwilling to spend, falling inflation expectations and governments backing away from fiscal stimulus.

The trigger for the current malaise was the financial crisis that left a hangover of debt and deleveraging amid tighter banking regulations that are exacerbating deflationary pressures. It's similar to the kind of shock that preceded the 1930s slump, according to an analysis by Morgan Stanley economists led by Hong Kong-based Chetan Ahya.

‘We think that the current macroeconomic environment has a number of significant similarities with the 1930s, and the experiences then are particularly relevant for today,’ they wrote. ‘The critical similarity between the 1930s and the 2008 cycle is that the financial shock and the relatively high levels of indebtedness changed the risk attitudes of the private sector and triggered them to repair their balance sheets.’

Chuck again. But you dear readers all know because I've told you this at least a dozen times in the past, that the difference between then and now is that there are no soup lines like in the 30′s, because these days, we mail the check or debit card to the person needing assistance. That way, all the people needing assistance stay out of the evening news, and the rest of the country has no idea how many people really need assistance.

That's it for today. I hope you have a marvelous Monday, and be good to yourself!


Chuck Butler
for The Daily Pfennig

P.S. Have you thought about investing in gold but don't know the best way to do it? Then you need to see the FREE special report we've produced called The 5 Best Ways to Own Gold. It answers all the questions you have. We'll send you your report immediately when you sign up for the free daily email edition of The Daily Reckoning. It combines hard-hitting information with charm and wit to bring you a unique perspective on the world. Click here now to sign up for FREE and claim your special report.

The post New BREXIT Poll, Excites Risk Assets appeared first on Daily Reckoning.

Could Central Bankers Be Gold and Silver's BIGGEST Allies?

Posted: 20 Jun 2016 09:35 AM PDT

Welcome to this week’s Market Wrap Podcast, I’m Mike Gleason. Coming up we’ll hear from Dan Norcini, who joins us to break down the markets like no else one can. Dan discusses some of the wild moves in the markets of late, the thing he focuses on the most when trying to predict what’s ahead for gold and why he does not think the gold price is currently being manipulated. You will not want to miss an incredible interview with Dan Norcini, Trader Dan, coming up after this week’s market update. Well on Wednesday, Federal Reserve policymakers opted to keep interest rates unchanged. The decision came as no surprise in the wake of the recent disappointment in jobs numbers.

Black People For Trump , Blacks leaving the Liberal Plantation

Posted: 20 Jun 2016 09:24 AM PDT

Don't Infantilize Black People the Way White Liberals Dideverything goes in cycles. The pendulum swing of bipartisan politics exist to keep the illusion of choice going The Financial Armageddon Economic Collapse Blog tracks trends and forecasts , futurists , visionaries , free...

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A "Cashless Society" -- Based on Gold

Posted: 20 Jun 2016 09:05 AM PDT

New World Economics

Another Bat**** Crazy Move From the Fed

Posted: 20 Jun 2016 08:54 AM PDT

This post Another Bat**** Crazy Move From the Fed appeared first on Daily Reckoning.

Look, up in the sky!

It's a bird! It's a plane! No, it's… it's…

Janet Yellen in a helicopter with bags of cash.

No kidding. That's the Fed's plan when the next recession hits.

The Fed's Dear Leader coming to the rescue with air drops of free cash for everyone.

What could possibly go wrong?

Abnormal Is the Norm

At a press conference last Wednesday, Federal Reserve Chairwoman Yellen admitted that the Fed would consider using "helicopter money" in an extreme downturn.

What's "helicopter money"?

It's a phrase used to describe when governments print massive sums of money and then "drop" them on the economy… hoping for the best.

Sound insane? It is. It's bat**** crazy.

But they're just trying to help by "stimulating" the economy… or what you could call their "Friends and Family Plan."

But doesn't economic growth come from savings and investment? "Shut up and eat your gruel, Covel. You should be so lucky to have a Fed chief that's a doppelganger in words and dress for the esteemed leader of North Korea."


This all means that today, you can supposedly create real economic growth right out of thin air. Just print the money and start giving it away for free.

It's fake money of course, but we pretend it's real. See how easy it is to hoodwink the masses?

To comfort the proletariat, Yellen said that "helicopter money" would only happen in "abnormal" circumstances.

Kind of like the "abnormal" zero interest rates (soon to be negative) that we've had for an "abnormally" six-plus years. Abnormal is clearly the norm now.

In other words, count on it. Helicopter money is coming the moment the S&P 500 takes a downturn of any note.

How the Hell Did We Get Here?

Ever since the dotcom bubble, the Fed and other central banks have tried to force banks to lend more to spur economic growth coming out of financial crises.

What if the growth is fake or unsustainable? No matter. Pay for it another decade.

They started with zero interest rate policy (ZIRP). But that money hasn't gone out into the real economy. It's remained with the banks.

And what a great deal for them! They borrow for zero then use the cash to make billions scalping every day using high-frequency trading.

When ZIRP didn't force people to invest in Timbuktu condos, central banks in Europe and Japan moved to negative interest rate policy (NIRP).

The thinking goes that NIRP would surely force people to borrow, spend and buy those Timbuktu condos instead of paying interest on their savings.

Think about how crazy all this is. Force average citizens to choose between paying interest on their savings or investing in casino investments engineered by the central banks to collapse at any moment.

But none of this is working–whatever the hell "working" means to people like Yellen.

Savings rates in NIRP countries are actually going up. And in Japan, fearful citizens have started hoarding cash. The Japanese are buying safes in record numbers? You bet.

So what do you think people will do when Yellen makes like Santa Claus and starts handing out free money?

Do you think that will instill confidence in consumers to spend more as opposed to saving for what they instinctively know is a coming meltdown?

Do you think the Fed's actions will encourage companies to make additional capital investments in their businesses instead of hunkering down for the collapse they also know is coming?

"Helicopter money" is the Fed signaling to the world: "Yeah, we've lost control. We have no idea what the hell we're doing."

A Colossal Failure

Since the financial crisis in 2009, central banks have printed $12.3 trillion of money and made 654 interest rate cuts to support the global economy.

What do we have to show for it?

Well, it's obviously been great for Wall Street billionaires and stock indexes. But the rest of the experiment has been a huge bust.

It's devastated those who rely on interest income for survival. Plus, we now have $200 trillion in worldwide debt, asset bubbles galore and stagnant global economic growth.

Usually, when the sink is overflowing, smart people turn off the faucet. But the Fed is looking to increase the water flow.

And if the Fed doesn't come up with a new scheme to artificially goose the economy after NIRP failure, what's the alternative?

A massive deleveraging of credit, a stock market collapse and a prolonged recession.

A clearing out of the excesses of the business cycle used to be normal.

But do you think Yellen & Co. are going to let "normal" happen on their watch?

As soon as the U.S. economy slips into recession, it's only a matter of time before the debasement of paper money will continue unabated.

And more people will be looking for the safety of gold as they have in recent months.

That's just fine by me. Gold surged to a three-year high last week. And my Trend Following subscribers have been riding the trend higher with it.

We're up more than 42% on our Barrick Gold trade… and that trend shows no signs of reversing yet.

And that's the beauty of trend following. We're not making investing decisions based on what some central banker may or may not do next. We can't predict any of that.

But we're still able to identify trends and make money by riding them in whichever direction they go for profit.

I don't prefer chaos. But if it's going to happen, we're ready to thrive, not merely survive. You should be ready too… long before you hear the sound of helicopters in the sky.

Please send me your comments to coveluncensored@agorafinancial.com. Let me know what you think of the Fed's latest scheme.


Michael Covel
for The Daily Reckoning

The post Another Bat**** Crazy Move From the Fed appeared first on Daily Reckoning.

Judge Napolitano : Sufficient evidence to indict, convict Hillary

Posted: 20 Jun 2016 06:47 AM PDT

FNC senior judicial analyst Judge Andrew Napolitano on the Hillary Clinton email scandal and the lawsuit against the Obama Administration over immigration executive orders. The Financial Armageddon Economic Collapse Blog tracks trends and forecasts , futurists , visionaries , free...

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Nigeria’s naira plunges 30pc after central bank gives up on dollar peg

Posted: 20 Jun 2016 04:36 AM PDT

This posting includes an audio/video/photo media file: Download Now

Is It Time to Dump Gold and Buy Platinum?

Posted: 20 Jun 2016 01:00 AM PDT

Bob Moriarty explains why precious metals investors may want to look beyond gold to a commodity with a long history and an interesting relationship to the yellow metal.

Will Brexit Vote Push US Dollar One Way or the Other?

Posted: 20 Jun 2016 01:00 AM PDT

With both gold and silver ETFs trading in heavy volumes last week, technical analyst Jack Chan suspects liquidation is occurring, and speculates that the upcoming Brexit vote could impact the U.S. dollar.

Breaking News And Best Of The Web

Posted: 19 Jun 2016 06:20 PM PDT

Stocks surge, gold falls, intrest rates rise as Brexit fears abate. Central banks seem to be losing control of the narrative. Bitcoin still rising despite high profile crypto-currency hack. The Rio Olympics are looking more and more chaotic, as is the Trump campaign.   Best Of The Web Why the Imperial City must be sacked […]

The post Breaking News And Best Of The Web appeared first on DollarCollapse.com.

Charts: MASSIVE Speculative Bets on Gold - Bremain Vote Could Lead to Major Selloff

Posted: 19 Jun 2016 05:00 PM PDT

Fears over a possible Brexit this Thursday have pushed speculative gold bets by non-commercial traders ("dumb money") to the highest level in twenty years. Commercial traders ("smart money"), on the other hand, are the most net short since gold peaked in 2011...

The U.S. Economy Priced in Gold - Gary Christenson

Posted: 19 Jun 2016 04:00 PM PDT

Sprott Money

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