Friday, June 24, 2016

Gold World News Flash

Gold World News Flash


Brexit: Brits Lead Anti-Establishment Rebellion in European Departure

Posted: 24 Jun 2016 02:00 AM PDT

 This article by David Haggith first published on The Great Recession Blog.

Brexit Flag

Regardless of the extent to which global fear mongers are right about the economic catastrophe that will hit every shore of the world after the Brexit, the most significant fact of the British exit from the EU will be that the UK was the first nation to start the inevitable break-up of the EU. I have said since its beginning it cannot and will not hold together.

The Brexit vote is clearly the most massive anti-establishment groundswell in decades. We can thank the Brits for having a stiffer upper lip than the Greeks when it comes to risking the pain that will come from this life-changing, nation-changing, international divorce. And, of course, there will be pain and lots of it from such a major but vital course correction, just as there will be a lot of pain when the entire global economy meets its inevitable collapse.

Already, that pain is arriving in torrents around the world, just as the rain poured down on England on Brexit voting day, so it is not as if the fear mongers were wrong. One has to expect that a section of the European continent falling off politically will create tsunamis.

 

Pain of the Brexit already felt everywhere

 

One of the biggest fears is that Brexit will create waves of similar break-offs from the already deeply fractured Europe. And overnight the run-up of market crashes on foreign shores looks a lot like 2008. Before the day began in most of the US, Bloomberg reported the following list of major tidal changes around the world: (Here's an abridged version.)

 

  • British pound falls as much as 11 percent to $1.3229, weakest since 1985….
  • Japan's Topix index leads Asian stock losses, down more than 7 percent
  • FTSE 100 Index futures tumble 9 percent; contracts on Euro Stoxx 50 slide 11 percent
  • S&P 500 Index futures slump as much as 5.1 percent, the maximum move allowed
  • Yield on 10-year Treasuries drops 29 basis points to 1.46 percent, set for biggest daily decline since 2009….
  • New York crude oil retreats 5.1 percent to $47.56 a barrel, poised for biggest loss since February
  • Gold rallies as much as 8.1 percent to $1,358.54 an ounce, highest since March 2014….
  • Poland's zloty dropped by the most since 1993

 

The British pound's plunge is it's greatest one-day loss ever. The largest prior to that was the 1992 drop of 4.1 percent. That's when the pound was pressured out of Europe's exchange-rate mechanism. The euro's fall overnight was its worst since it was introduced in 1999.

The E-Mini Dow fell about 700 points upon the news as of midnight. London's stock market plunged 8%.

Standard and Poor's has already stated that Britain may lose its AAA credit rating as a result of the Brexit vote.

The financial seismic shift is so great that Bloomberg also reported the following overnight results from the surprise 52-48 vote in favor of the Brexit:

 

"It's scary, and I've never seen anything like it," said James Butterfill, head of research and investments at ETF Securities, said by phone from London…. "A lot of people were caught out, and many investors will lose a lot of money."

 

"Overall liquidity in the U.K. is drying up as we speak in a very rapid way," said John Woods, chief investment officer for Asia-Pacific at Credit Suisse Private Banking, told Bloomberg TV in Hong Kong. "It's highly likely that we see monetary easing in a coordinated response" from central banks across the world….

 

The euro slumped 3.2 percent, while currencies in Norway, Sweden and Turkey posted even steeper losses. Japan's currency jumped by the most since 1998 versus the dollar.

"All hell is breaking loose," says Vishnu Varathan, a senior economist in Singapore at Mizuho Bank Ltd. "The only surefire is you buy yen, you buy U.S. Treasuries, you buy gold, and you sit tight."

 

A gauge of where bank borrowing costs will be in the months ahead, known as the FRA/OIS spread, hit the most extreme level since 2012 on Friday in Asia….

 

"Equity futures, gold, U.K. bank and insurance stocks are all sounding off their market stress sirens…."

 

"We would expect the Bank of England to immediately add liquidity in extra size today, and the ECB will follow. USD swap lines with the Federal Reserve may be used, and other central banks will be on alert."

 

Clearly, most pollsters were wrong, as almost all were predicting the Brexit vote would end with the UK remaining in the European Union. Markets around the world aligned themselves with those polls to be ready for the outcome. That makes the overnight financial disasters hard to assess in terms of how severe all of this is for the longer-term, as clearly there were a lot of positions being hastily corrected. Cooler heads may prevail in a couple of days after the dust settles.

Of course, I've been pointing out for a long time that many massive negative forces have been stacking up in the global economy. I've pointed out that, as more of those possibilities — like a Grexit or Chinese crash or a Japanese crash … or the Brexit — pile up, the number of actual assaults against a failing global economy will increase. It's a simple matter of great odds stacking up against the global economy, which is deeply flawed at a structural level. It was always a matter of which orbiting bolide would hit the earth first.

 

Anti-establishment fervor behind Brexit vote seized the reins of power

 

Many politicians pointed to the anti-establishment nature of the vote, which had a lot of dedication behind it. Voter turnout was the highest it's been since 1992 with 72% of the voting populous making it to the polls in spite of severe rainstorms and flooding. Many thought those who wanted to leave the EU were stronger in their desire to leave, while those wanting to stay may have tended to be little softer and less apt to brave the inclement weather. Even before the polls closed, talk was that the bad weather would tend to help the cause of the more stalwart "leave" voters; but that speaks only of the passion for leaving and lack of passion for remaining.

The weather and how it would differently effect voters of different passion could be why the final vote turned out so much different from what pollsters had predicted. Only Scotland and London voted decisively in favor of remaining in the EU with London voting 60-40 in favor of staying in the European Union. The rest of the UK turned out a landslide vote for leaving the EU with some regions voting as high as 60% in favor of leaving the EU. That was a much stronger run for the exit than anyone (even the "leave" campaigners) expected.

One can safely say that London is the establishment, just as Washington is the establishment in the US. So, the establishment went solidly with Europe, while the rest of the country went solidly against the establishment.

The vote in Scotland could presage more troubles between Scotland and the rest of the UK as Scotland has long threatened its own exodus from the UK. Those feelings of leaving in order to stay with the EU may now be heightened.

 

Scotland's First Minister Nicola Sturgeon has said that the EU vote "makes clear that the people of Scotland see their future as part of the European Union." (BBC)

 

Obviously, the majority of Brits didn't care what establishment politicians Obama or Hillary had to say. Both had cautioned strongly against a Brexit, as had the International Monetary Fund. Donald Trump, on the other hand, supported the campaign to leave. It would appear that the same groundswell that is rising behind Donald Trump in the US is rising to even greater heights in the UK, willing to take on far more severe risks in order to escape the clutches of the European establishment.

It would appear Trump has more foreign-policy credibility than Obama because, while in Scotland, Trump said,

 

I would personally be more inclined to leave, for a lot of reasons like having a lot less bureaucracy. … But I am not a British citizen. This is just my opinion. (Breitbart)

 

He seems more in synch with the British people.

Perhaps no one is more qualified to say what the British exit vote was all about than its lead campaigner, British politician Nigel Farage:

 

If the predictions now are right, this will be a victory for real people, a victory for ordinary people, a victory for decent people. We have fought against the multinationals, we have fought against the big merchant banks, we have fought against big politics, we have fought against lies, corruption and deceit. And today honesty, decency and belief in nation, I think now is going to win. And we will have done it without having to fight, without a single bullet being fired…. Win or lose this battle tonight, we will win this war, we will get our country back, we will get our independence back and we will get our borders back. (The Daily Mail)

 

Notice how closely these issues parallel Trump's.

The opposition more or less agreed with the anti-establishment nature of the Brexit vote and showed that the vote has the establishment's attention:

 

Work and Pensions Secretary Stephen Crabb, a supporter of ties to the EU, said the 'white working class' appeared to be voting out. 'In those areas which are strongly perhaps white working class there will be a strong vote for Out and that's something as a Government we need to respond to,' he said. 'Clearly, I think one of the features of this referendum are some of those social divisions and clearly as a Government, as a political class, all parties, we need to show that we're responding to that.'

 

Even though the Labour party was expected to vote 2/3 in favor of remaining,

 

Ex Labour leader Ed Miliband said a Remain majority would be 'a vote for staying in the EU, but not a vote for the status quo in this country. It's important David Cameron listens to that…. Whatever happens, the country will need to come together, there will need to be healing. It's a nation divided and the PM will have a big responsibility – particularly if it's a Remain win – to show he understands what people are saying on the Leave side of the argument. Labour faces that responsibility too. As far as Labour voters are concerned, there are two issues. There is obviously immigration, but beneath that there is a whole set of issues about people's lives and the fact that they don't feel politics is listening to them.'

 

So, an enormous change happened in a single day because people finally got so sick of the establishment that they would bear any risk and all the pain that will likely come from their decision in order to break from the status quo. The price to the European establishment for running its undemocratic course for forty years is a complete break away by one of its major nations and most vital economies.

And the cost to the one politician who was the leading champion of remaining in the EU — Prime Minister David Cameron — is that he resigned this morning.

But, of course, the European establishment is also shell-shocked, revealing the depth of establishment blindness toward the problems the establishment is creating:

 

Former Europe minister and Labour MP Keith Vaz told the BBC the outcome would be a 'catastrophe'. 'Frankly, in a thousand years I would never have believed that the British people would have voted this way,' he said.'And they have done so and I think that they voted emotionally rather than looking at the facts. It'll be catastrophic for our country, for the rest of Europe and indeed the world.' He added: 'The issues of immigration are extremely important, if you look at the campaign I think that there needed to be a much stronger campaign to stay in. (The Daily Mail)

 

 

By Kuebi = Armin K├╝belbeck (Own work) [GFDL (http://www.gnu.org/copyleft/fdl.html) or CC-BY-SA-3.0 (http://creativecommons.org/licenses/by-sa/3.0/)], via Wikimedia Commons

By Kuebi = Armin K├╝belbeck (Own work) [GFDL (http://www.gnu.org/copyleft/fdl.html) or CC-BY-SA-3.0 (http://creativecommons.org/licenses/by-sa/3.0/)], via Wikimedia Commons

Yes, immigration was one of the biggest issues — a problem created and pushed upon the British people by Europe with complete ignorance or indifference to the costs, both cultural and economic, that come with shoving too many divergent people together too quickly. The price for that blind and hard-to-understand push, spearheaded by the apparently blind Angela Merkel, is the first major piece of the European continent breaking away.

 

The same backlash against that indifference and that "we know better than you" attitude is building here in the US. That's why we see all the establishment politicians within the Republican party equally surprised at Trump's enormous success over the many establishment candidates that the party put forward, all of whom were turned away like ripe garbage.

 

Where does the UK go now that Brexit has been determined by the angry masses?

 

A leave vote does not mean immediate cessation from the EU. Even the "leave" politicians recommend a path that will take a couple of years to complete the divorce. The European nations are so intertwined, there is a great deal of untying of the knot to do:

 

The government will also have to negotiate its future trading relationship with the EU and fix trade deals with non-EU countries. In Whitehall and Westminster, there will now begin the massive task of unstitching the UK from more than 40 years of EU law, deciding which directives and regulations to keep, amend or ditch.

'Buy gold' searches soar 500pc after Britain votes to leave EU: here's how to get your hands on the yellow metal

Posted: 24 Jun 2016 01:50 AM PDT

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

Gold Soars Most In 42 Years For British Buyers

Posted: 24 Jun 2016 01:45 AM PDT

It appears Brits are quick to rotate from their Pounds Sterling into pet yellow rocks as Gold prices spike (in GBP) explode almost 15% overnight... the most in 42 years...

 

 

It seems once again, the barbarous relic provided those willing to leap the kind of wealth protection they were looking for.

"Don't Try To Be A Hero Today" Veteran Trader Warns "Self-Preservation Is Paramount"

Posted: 24 Jun 2016 01:15 AM PDT

With knife-catching "value" investors proclaiming yesterday that any dip today would be an opportunity, it appears once again that faced with the reality of Brexit blowback, no one (not even the central banks) are buying the f##king dip). As Bloomberg's Mark Cudmore exclaims "Don't be a hero," to those value-investors, warning that "most of the market is still in denial."

This vote for Brexit is a momentous event in history. The ramifications will take time to play out. Don’t try to be clever today. For market participants, self-preservation is paramount. 

There will be plenty of opportunities for traders to try to profit from this shift (if they are so inclined) in the weeks ahead. But the risk-reward ratio in the short-term will remain terrible.

Part of the reason this is such a negative event for global markets is that there is so much uncertainty how it plays out.

Most of the market is still in denial. Many people are highlighting that the referendum has no legal effect and may not be ratified still. Even if that was the case, such a public rejection of democracy would hardly be a positive.

Central-bank action in the coming days is likely -- both in currency markets and through extraordinary monetary policy.

The reason why bear markets cause such financial pain isn’t just through the wealth-destruction effect. Bears themselves can also lose money as volatility remains so high and liquidity so low that relief rallies can be powerful and force shorts to be closed at extreme levels.

The one certainty that everyone should now cling to is that there is no certainty. Do the rest of the EU become tighter or splinter further in the coming months? This is the first major step against greater integration since the project began.

What happens to banks based in the UK? What happens to sovereign debt deposited at the ECB? What happens to company plans and EU employees? What happens to funds who have sterling-denominated collateral?

An important warning: global equity markets closed higher the week of Lehman Brothers collapse -– the real move lower didn’t start for two weeks. Don’t get lulled into complacency in the weeks ahead; the consequences will take months to play out.

Keep cautious, nimble and flexible. The world economy and markets will eventually move on and adapt -– it just may take some time

Gold Spikes Most In 7 Years To 27-Month Highs

Posted: 24 Jun 2016 12:30 AM PDT

Bonds & Bullion are manically bid overnight as the last 5 days of complacent risk-on exuberance has collapsed into a worst-case-scenario "Brexit" raising doubts about the EU's sustability and dragging central bank experimental ideas into farce...

This is the biggest spike in gold in 7 years back to 27-month highs...

 

and bonds are screaming to record highs...

 

As 30Y yields near record lows...

Gold is Positioned for a Very Long Run – and We Will Need It!

Posted: 23 Jun 2016 11:01 PM PDT

  Guest Post from Goldco Precious Metals Are Your Future Dollars Disappearing? Imagine you have a ten dollar bill in your wallet. How much is it worth? Right now I'll bet you're (metaphorically)...

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BREXIT WINS!!! UK VOTES TO PULL OUT OF EUROPEAN SOVIET UNION. GREAT DAY FOR HUMANITY

Posted: 23 Jun 2016 10:25 PM PDT

GOLD SOARS AS BREXIT WINS!

from grindall61:

Should Preppers Wish for a Collapse? | Bix Weir

Posted: 23 Jun 2016 10:00 PM PDT

EXPOSED: How The Clintons Likely STOLE BILLIONS From The World’s Poorest — Charles Ortel

Posted: 23 Jun 2016 09:55 PM PDT

by SGT, SGT Report.com:

Investor and financial crimes researcher Charles Ortel joins me to uncover what he is calling “the "largest unprosecuted charity fraud ever attempted.” Charles reports that the Clinton Foundation is part of an "international charity fraud network whose entire cumulative scale approaches and may even exceed $100 billion, measured from 1997 forward." And the most shocking aspect of the Clinton Foundation’s missing Billions is that much of it was stolen from those who need it most, the world’s poorest of the poor. Along with the Bush crime family, the Clintons formed The Clinton-Bush Haiti Fund after the devastating 2010 Haiti earthquake. Charles says, “What the Clintons have done, is they are stealing the people’s physical gold in Haiti, as well as perhaps stealing or diverting massive sums that were sent towards Haiti and refusing to make an accounting for it.”

This is a story of fraud and corruption so vast in scope that it should result in putting the Clintons in prison, not back in the White House.

You can get the very latest research from Charles, including 40 soon-to-be-released research reports about Clinton Foundation fraud, by visiting him at his site CharlesOrtel.com

Rule, Britannia! Britannia, rule THYSELF!

Posted: 23 Jun 2016 09:20 PM PDT

The nations not so blest as thee
Must in their turn to tyrants fall,
While thou shalt flourish great and free,
The dread and envy of them all.

* * *

Britain Votes to Leave the European Union

By Steven Erlanger
The New York Times
Friday, June 24, 2016

LONDON -- Britain has voted to leave the European Union, a historic decision sure to reshape the nation's place in the world, rattle the Continent, and rock political establishments throughout the West.

With 309 of 382 of the country's cities and towns reporting early on Friday, the Leave campaign held a 52 percent to 48 percent lead. The BBC called the race for the Leave campaign shortly before 4:45 a.m., with 13.1 million votes having been counted in favor of leaving and 12.2 million in favor of remaining.

... Dispatch continues below ...



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The British pound plummeted as financial markets absorbed the news.

Despite opinion polls ahead of the referendum on Thursday that showed either side in a position to win, the outcome nonetheless stunned much of Britain, Europe and the trans-Atlantic alliance, highlighting the power of anti-elite, populist, and nationalist sentiment at a time of economic and cultural dislocation.

"Dare to dream that the dawn is breaking on an independent United Kingdom," Nigel Farage, the leader of the U.K. Independence Party, one of the primary forces behind the push for a referendum on leaving the European Union, told cheering supporters just after 4 a.m. ...

... For the remainder of the report:

http://www.nytimes.com/2016/06/25/world/europe/britain-brexit-european-u...

* * *

Join GATA here:

New Orleans Investment Conference
Wednesday-Saturday, October 26-29, 2016
Hilton New Orleans Riverside
New Orleans, Louisiana
http://neworleansconference.com/

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

https://jeffersoncompanies.com/landing/2014-av-powell

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

http://www.goldrush21.com/order.html

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

http://gata.org/node/wallstreetjournal

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:

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Gold and Silver Soar on Brexit Vote but Mining Stocks Remain Vastly Undervalued

Posted: 23 Jun 2016 09:17 PM PDT

Gold Stock Bull

Leave Wins: It’s All Over As BBC, Sky, ITV Call It A Brexit

Posted: 23 Jun 2016 09:06 PM PDT

from Zero Hedge:

Update 11:00 PM: Unprecedented moves in markets as the POUND DROPS TO LOWEST LEVEL SINCE 1985

* * *

Update 10:56 PM: Every safe haven is being aggressively bid, even the one which until yesterday was left for dead. Yes, bitcoin is soaring,

* * *

Update 10:52 PM: And now China is starting to turmoil, with the USDCNH soaring to 6.63, while the onshore Yuan is crashing to the lowest level since January 2011.

* * *

Update 10:50 PM: Central Banks and finance officials are starting to panic

  • ASAKAWA: WILL SPEAK TO MINISTER, TAKE NECESSARY STEPS

 

* * *

Update 10:41PM : ITV latest odd for Leave: 80%

Markets are Turmoiling…biggest yield collapse in 5Y

 

erasing all post-Cox losses…

 

As Cable drops to 7 year lows…

 

And USDJPY has crashed to a 99 handle!!!! NKY is down 1800points…

Read More @ ZeroHedge.com

BBC Calls the Election: LEAVE It Is - Gold Spikes To $1350, Silver To 18.20, SP Futures Down 90

Posted: 23 Jun 2016 08:48 PM PDT

GATA secretary explains gold price suppression and news suppression

Posted: 23 Jun 2016 07:29 PM PDT

10:29p ET Thursday, June 23, 2016

Dear Friend of GATA and Gold:

Your secretary/treasurer was interviewed this week by Finance and Liberty's Elijah Johnson, discussing the suppression of the gold price suppression story by mainstream financial news organizations, how understanding of market rigging by central banks could overthrow the world financial system, the mechanics of gold price manipulation, central bankers' admissions of gold price rigging, and the indifference of gold and silver mining companies to the suppression of the price of their products. The interview is 27 minutes long and can be heard at YouTube here:

https://www.youtube.com/watch?v=ZWBPM79RjqA&index=1&list=PLNwUWnJgSq_LsS...

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org



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Join GATA here:

New Orleans Investment Conference
Wednesday-Saturday, October 26-29, 2016
Hilton New Orleans Riverside
New Orleans, Louisiana
http://neworleansconference.com/

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

https://jeffersoncompanies.com/landing/2014-av-powell

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

http://www.goldrush21.com/order.html

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

http://gata.org/node/wallstreetjournal

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:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

World War 3 Warning and America 2016 - 2017 Something Strange Is Happening

Posted: 23 Jun 2016 07:00 PM PDT

the sooner the US dollar crashes and the criminal regime that controls the countries of the UK and US are toppled the better off the world will be... This is not a condemnation of the general populous as they typically oppose what the regimes are doing but are powerless to do anything. The...

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Gold Price Closed at $1261.20 Down $6.60 or -0.52%

Posted: 23 Jun 2016 04:56 PM PDT

23-Jun-16PriceChange% Change
Gold, $/oz1,261.20-6.60-0.52%
Silver, $/oz17.350.040.25%
Gold/Silver Ratio72.700-0.562-0.77%
Silver/Gold Ratio0.01380.00010.77%
Platinum965.90-17.20-1.75%
Palladium568.254.000.71%
S&P 5002,113.3227.871.34%
Dow18,011.07230.001.29%
Dow in GOLD $s295.215.291.82%
Dow in GOLD oz14.280.261.82%
Dow in SILVER oz1,038.2210.711.04%
US Dollar Index93.53-0.23-0.25%

A reader called me yesterday after reading Bob Moriarty's article about swapping gold for platinum. The article is here, http://bit.ly/2909qXR If y'all think swapping gold for platinum is a good idea, remember we help keep your transaction costs LOW because we charge commission on one side of the trade only. Whatever you take out we charge at our cost. 

Brexit froze markets again today, but not stocks. They rose on the open, evidencing that investors had decided Brexit would fail. (I refuse to address their presumed belief that EU membership is good for the British economy, on grounds that my mind is too fastidious to sully with such nonsense. While a pan-European trade zone might be a great idea, the expensive, tyrannical EU bureaucracy vigorously squanders any advantage.) 

Dow ended the day up $230 (1.29%) at 18,011.07. S&P500 gained 27.87 (1.34%) to 2,113.32. Take a picture, folks: this is as good as it gets. What new rabbit remains to be pulled out of the hat? Somewhere out there, not far, is a cliff, waiting for stocks to stumble over its edge. 

Markets deciding they needed no safe haven after all sent the US dollar index down to a new low for the move. At its worst it hit 93.03, but closed at 93.53, down only 23 basis points (0.25%). Since this was a new intraday low, it pretty much decapitates any idea of a rally in the dollar index. It has made two lower highs and two lower lows. Now it's heading for that critical 92.50 level again. 

Euro rose 0.6% to $1.1382. This is a slightly lower high than the last. Euro would have to close above $1.1574 to turn its trend seriously up. And we found out today that safe haven buying was furnishing all the demand under the yen. It fell a huge 2.07% to 93.63. Y'all look at this chart, http://schrts.co/UuqBFa 
It gapped up off the May low, gapped again mid June, painted a sideways island for five days, then gapped down again today. This completes an island reversal, but it needs to be confirmed tomorrow by a lower close. 

The gold price closed Comes $6.60 lower at 41,261.20. Silver in fact rose 4.3¢ to 1734.8¢. In the aftermarket gold backed down to $1,258.60 and silver hardly backed off at all, only 2.8¢ to 1732¢. 

If the picture for stocks is as good as it gets, for gold it's as bad as it gets. Maybe there's a day or two of follow up washout, but it will simply complete this short correction. 

What grabs my jaws & makes me look is the gold/silver ratio, DOWN today from 73.274 yesterday to 72.700 -- 72.667 if you look at the aftermarket. Folks, if silver & gold are weak, that just ain't right. That ratio does not weaken when metals are weak, it strengthens. Okay, one swallow doth not a spring make nor one roach an infestation, nor one day's trading a trend, but it is a harbinger. 

Today gold closed the day (not Comex) right at its 50 day moving average ($1,259.24). The 20 DMA lieth right beside it at $1,259.01. A retreat to the 50 DMA is enough to qualify as a shallow correction. Now that this Brexit kerfuffle is out of the way, we'll find out what gold's made of. 


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

- Franklin Sanders, The Moneychanger
The-MoneyChanger.com

© 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.

Global Elite Resort to Voter Fraud to Prevent Brexit

Posted: 23 Jun 2016 04:42 PM PDT

Paul Joseph Watson discusses BREXIT and how the elite are desperately trying to hold on to Britain. The Financial Armageddon Economic Collapse Blog tracks trends and forecasts , futurists , visionaries , free investigative journalists , researchers , Whistelblowers , truthers and many...

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Survival Basics: 15 Ways To Conserve Water

Posted: 23 Jun 2016 04:40 PM PDT

by Gaye Levy, The Sleuth Journal:

It is my belief that preparedness is a lifestyle and to that end, we need to be proactive and embrace good habits now so when and if a crisis, disaster or collapse occurs, these habits will be second nature and intuitive. One of those habits is the conservation of household water.

Today I share 15 ways to conserve water, beginning in the bathroom since interestingly enough, that is where 75% of all household water is used.

HOW TO CONSERVE HOUSEHOLD WATER
1. The faucet at the bathroom sink does not need to be running continuously while you brush your teeth, wash your face or shave. You will save between three and five gallons of water each minute your faucet is turned off. That is a lot of water.! Instead, use the stopper on the sink and drain the basin when you are done.

2. Only flush when needed. A toilet is not a wastepaper basket for tissues, cotton balls or other bits of trash.

3. Most toilets installed before 1980 use 5-7 gallons of water per flush. Toilets installed between 1980 and 1993 use 3.5 gallons per flush. Toilets installed since 1994 use 1.6 gallons.

If you happen to have an older toilet, consider filling a used soda bottle or jar with water and small pebbles or marbles and place it upright in the tank. This will cut down on the amount of water that flows through the tank with each flush. Just be careful not to place the bottle where it will jam the flushing mechanism. Also, make sure you don't displace so much water that you have to double-flush. Double flushing wastes more water than you would save.

4. Check for leaky facets and toilets. It is easy to replace worn washers and since a small leak can waste many gallons of water a day, it is well worth the effort to test for leaks now.

The way to test for toilet leaks is to put a few drops of food coloring in the tank to see if the colored water appears in the bowl. This takes about 10 minutes. If the water color changes, you have a leak. Not to worry though. Most leaks can be repaired with a kit that you can pick up at your local hardware store. You can find lots of information on toilets and toilet repairs at the Toiletology 101 website.

Keep in mind that little leaks can add fast. A faucet drip or invisible toilet leak that totals only two tablespoons a minute comes to 15 gallons a day. That's 105 gallons a week or 5,460 wasted gallons of water a year.

Helpful hint: Are you wondering how long the parts in your toilet tank should last? The answer is: it depends. Replaceable parts such as flappers and washers or seals inside the refill valve may last several years. However factors such as water treatment processes, toilet bowl cleaners, and high water pressure can cause parts to disintegrate much sooner. If you touch the flapper and get black "goo" on your hands, the flapper needs to be replaced.

5. Check for hidden water leaks elsewhere in your home by reading your water meter. What you do is read the house water meter before and after a two-hour period when no water is being used. If the meter does not read exactly the same, there is a leak.

6. Take shorter showers. Bathing and showering consume huge amounts of water. One good way to conserve is to turn the water off while you soap up. I get too cold doing that so instead, I have installed a water saving shower head. Another option is to limit the length of your shower to 5 minutes or less. Reducing your shower time by 1 minute can save up to 1,000 gallons of water a year.

7. When you take a bath, use lots of bubble bath. I kid you not. Stop up the tub, add a copious amount of bubble bath and and just a few inches of water. It is totally an illusion but it will seem as though the water is higher than it really is. In addition, remember to plug the tub before turning on water; that initial burst of cold water will be warmed later by adding hot water.

8. Like you drinking water cold? Keep a bottle or carafe of drinking water in the refrigerator so that you don't let the water from the faucet run while getting a cold drink. This applies only if you drink the water from your tap, of course.

9. In the kitchen, don't let the faucet run when you scrub vegetables or prepare other foods. Put a stopper in the sink instead. Likewise, do not use running water to thaw meat or other frozen foods. Defrost food overnight in the refrigerator instead.

10. Instead of using a garbage disposal that requires running water to operate, start and use a compost pile. Your garden will love you for it.

Read More @ TheSleuthJournal.com

Jim Rickards Weighs in on Brexit and Gold

Posted: 23 Jun 2016 04:00 PM PDT

Gold Daily and Silver Weekly Charts - Anything Goes

Posted: 23 Jun 2016 01:12 PM PDT

Economic Collapse vs. European Migrant Crisis

Posted: 23 Jun 2016 11:27 AM PDT

Question: "Since the current political state of affairs facilitating the 'refugee' crisis in Europe is only made possible by the underlying populations subconsciously relying on the "status-quo" being the oversupply of daily essentials - what happens when the financial system supporting the...

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A New Balance Of Power In The Gold Market

Posted: 23 Jun 2016 10:57 AM PDT

Gold analyst Michael Ballanger just posted an article noting how much things have changed — perhaps for the better — in the gold market. Here’s an excerpt: Commercial Traders Have Just Gone Over the Top (24hGold) – With Friday’s Commitment of Traders Report, the ridiculous has just metastasized into the sublime as the Commercial Cretins […]

The post A New Balance Of Power In The Gold Market appeared first on DollarCollapse.com.

#BREXIT - Follow The Money

Posted: 23 Jun 2016 10:30 AM PDT

FOLLOW THE MONEY AND. REMEMBER MONEY TALKS AND BULLSHIT WALKS!!!!!!!!!!!!!!!!!!!!!!!! Those insidious snakes have permeated our government. Especially the CIA. The Financial Armageddon Economic Collapse Blog tracks trends and forecasts , futurists , visionaries , free investigative...

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The Fall of Sterling: Reserve Currency to Brexit

Posted: 23 Jun 2016 10:13 AM PDT

This post The Fall of Sterling: Reserve Currency to Brexit appeared first on Daily Reckoning.

The U.K. pound sterling held the dominant reserve currency role starting in 1816, following the end of the Napoleonic Wars and the official adoption of the gold standard by the U.K.

During the glory years of sterling as a global reserve currency, the exchange value of sterling was remarkably stable. In 2006, the U.K. House of Commons produced a 255-year price index for sterling that covered the period 1750–2005.

The index had a value of 5.1 in 1751. There were fluctuations due to the Napoleonic Wars and the First World War, but even as late as 1934, the index was at only 15.8, meaning that prices had only tripled in 185 years.

But once the sterling lost its lead reserve currency role to the dollar, inflation exploded. The index hit 757.3 by 2005. In other words, during the 255 years of the index, prices increased by 200% in the first 185 years while the sterling was the lead reserve currency, but went up 5,000% in the 70 years that followed.

Many observers assume the 1944 Bretton Woods conference was the moment the U.S. dollar replaced sterling as the world's leading reserve currency. In fact, that replacement of sterling by the dollar as the world's leading reserve currency was a process that took 30 years, from 1914 to 1944.

The world went off the classic gold standard when World War I broke out in 1914, and Britain needed to print money to fight the war.

When World War I was over and the world entered the early 1920s, countries like Britain wanted to go back to the gold standard but didn't quite know how to do it. There was a conference in Genoa, Italy, in 1922 where the problem was discussed.

Before World War I, a certain amount of gold backed up a certain amount of paper money. But during the war, the paper money supply was doubled. That left only two choices if countries wanted to go back to a gold standard.

They could've doubled the price of gold — basically cut the value of their currency in half — or cut the money supply in half. They could've done either, but they had to get to the parity either at the new level or the old level. The French decided to cut the value of the currency in half, opting for parity at the new level.

The U.K. had the same decision to make, but pursued a different course than France. Instead of doubling the price of gold, the British cut their money supply in half. They went back to the pre-World War I parity.

That was a decision made by Winston Churchill, who was Chancellor of Exchequer at that time. It was extremely deflationary. Churchill felt duty-bound to live up to the old value. The point is, when Britain doubled its money supply, Churchill might not have liked it. But it was a fact, and he should have accepted that the nation had devalued its currency.

He cut the money supply in half and that threw the U.K. into a depression three years ahead of the rest of the world. While the rest of the world ran into the depression in 1929, it started in the U.K. in 1926. Returning to gold at a much higher price measured in sterling would have been the right way to go. Choosing the wrong price was a contributor to the Great Depression that followed.

Economists today say, "We could never have a gold standard. Don't you know that the gold standard caused the Great Depression?"

I do know that — it was a contributor to the Great Depression. But it was not because of gold. It was because the wrong gold price was chosen and that was highly deflationary.

The lesson of the 1920s is not that a country can't have a gold standard, but that it needs to get the price right. Britain continued down that path until, finally, it was unbearable for the U.K., and it devalued in 1931. Soon after, the U.S. devalued in 1933. Then France and the U.K. devalued again in 1936. There was a period of successive currency devaluations and so-called "beggar-thy-neighbor" policies.

The result was, of course, one of the worst depressions in world history. There was skyrocketing unemployment and crushed industrial production that created a long period of very weak to negative growth. It was not resolved until World War II and then, finally, at the Bretton Woods conference.

Scholar Barry Eichengreen has documented how the dollar and sterling seesawed over the 20 years following the First World War, with one taking the lead from the other as the leading reserve currency and in turn giving back the lead. In fact, the period from 1919–1939 was really one in which the world had two major reserve currencies — dollars and sterling — operating side by side.

Finally, in 1939, England suspended gold shipments in order to fight the Second World War and the role of sterling as a reliable store of value was greatly diminished apart from the U.K.'s special trading zone of Australia, Canada and other Commonwealth nations. The 1944 Bretton Woods conference was merely recognition of a process of dollar reserve dominance that had started in 1914.

There, 730 delegates from 44 nations met at the Mount Washington Hotel in the final days of the Second World War to devise a new international monetary system.

The delegates there were acutely aware that the failures of the international monetary system after the First World War had contributed to the outbreak of the Second World War. They were determined to create a more stable system that would avoid beggar-thy-neighbor currency wars, trade wars and other dysfunctions that could lead to shooting wars.

It was at Bretton Woods that sterling was finally dethroned and the dollar was officially designated the world's leading reserve currency — a position it still holds today.

Now with the Brexit vote looming, sterling will suffer yet another blow. If Leave wins, there will be a sudden loss of confidence in the British pound. If Remain wins, the pound will also weaken. Why?

The Remain camp has not been honest with U.K. voters about their long-range plans. Belonging to the EU without joining the Eurozone never made sense in terms of economic efficiency. It was always a halfway house to full monetary integration.

If Remain wins, the effort to integrate into the Eurozone will not be far behind. And if the U.K. joins the euro, it would be highly advantageous to have the lowest possible exchange rate. There will be a persistent devaluation in the pound as a prelude to joining the euro. That gives the U.K. a permanent comparative advantage against trading partners such as France, Germany, and Italy.

A low exchange rate helps the U.K.'s export sector. If the U.K. seeks membership in the Eurozone, a devalued GPB/EUR cross-rate will be highly advantageous and an important "sweetener" to persuade U.K. subjects that the euro is in their best interests.

Brexit or not, sterling loses either way.

Regards,

Jim Rickards
for The Daily Reckoning

The post The Fall of Sterling: Reserve Currency to Brexit appeared first on Daily Reckoning.

#Brexit Uncertainty lingers in the UK

Posted: 23 Jun 2016 10:09 AM PDT

U.S. Ambassador to the UN, AEI Scholar and Fox News Contributor John Bolton discusses the status of the British vote amid news of a shooting at a German movie theater. The Financial Armageddon Economic Collapse Blog tracks trends and forecasts , futurists , visionaries , free...

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Get Ready! Something's Definitely Going On: End Times Signs (Latest Events #70) June, 2016

Posted: 23 Jun 2016 09:30 AM PDT

Get Ready! Something's Definitely Going On: End Times Signs (Latest Events #70) June, 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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A New Balance Of Power In The Gold Market

Posted: 23 Jun 2016 08:50 AM PDT

Gold analyst Michael Ballanger just posted an article noting how much things have changed — perhaps for the better — in the gold market. Here’s an excerpt:

Orlando Shooter was a Hillary Supporter

Posted: 23 Jun 2016 08:30 AM PDT

Limbaugh: Mateen Supported Hillary Clinton Orlando Shooter was a Hillary Supporter 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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Would #Brexit lead to exodus from EU?

Posted: 23 Jun 2016 07:26 AM PDT

Former U.S. Ambassador to the U.N. John Bolton on concerns a British exit would lead to other countries leaving the EU as well. The Financial Armageddon Economic Collapse Blog tracks trends and forecasts , futurists , visionaries , free investigative journalists , researchers ,...

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BREXIT Day – Markets Becalmed – Gold Panic Prelude

Posted: 23 Jun 2016 06:36 AM PDT

BREXIT Day and the UK EU referendum is upon us today and investors are expecting more choppy trading in financial markets in the coming hours. The City of London is bracing itself for potentially the most volatile night since the sterling devaluation on Black Wednesday.

What Billionaire Investors Are Doing with Gold While Your Not Watching

Posted: 23 Jun 2016 06:09 AM PDT

With each passing day, systemic risks in the financial system become greater. Smart money insiders and billionaire investors are taking note – and taking defensive actions. Mega-billionaire Carl Icahn, whose long-term track record is unrivaled, recently warned that “there will be a day of reckoning unless we get fiscal stimulus.” Icahn’s hedge fund is betting on a day of reckoning scenario. He has gone 150% net short the stock market while holding commodity-related positions to the long side.

Why the Average Person Should Own Some Gold and Silver

Posted: 23 Jun 2016 01:41 AM PDT

"Ability is of little account without opportunity." ~ Napoleon Bonaparte We live in a world where the main driving force behind this illusory economic recovery is hot money and data manipulation. According to Government stats, inflation is nonexistent, but anyone with a grain of grey matter understands that this is not the real case. Rents, education and medical costs are soaring, and salaries are dropping when inflation is factored in. In simple words, you are working more and more for less and less. This is not the American dream; in fact, it sounds more like the American nightmare. The purchasing power of the dollar has been eroded dramatically over the years. According to the website usinflationcalculator.com, an item that set you back $20.00 in 1913 would cost you over $485 in 2016, for a cumulative rate of inflation of 2320%.

How the Brexit Vote Will Affect the Markets

Posted: 23 Jun 2016 01:00 AM PDT

Regardless the outcome of the Brexit vote, the European Union is failing, according to newsletter writer and technical analyst Clive Maund. The consequences will likely include a soaring dollar and a falling euro, market volatility and a slide in the prices of some commodities, but Maund has identified ways investors can profit from the chaos.

Klondex Finds Growth Opportunity in True North

Posted: 23 Jun 2016 01:00 AM PDT

Klondex Mines Ltd. released an update on the company's exploration and project development activities at its True North Gold mine, which was formerly known as the Rice Lake mine, in Manitoba, Canada....

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Potential of High-Grade Gold Deposits Draws Adamera to Washington

Posted: 23 Jun 2016 01:00 AM PDT

Washington State has seen substantial historical gold mining dating back to the 1890s, but that doesn't mean there still isn't gold to be mined. Mark Kolebaba, CEO of Adamera Minerals, extols the advantages of exploring in Washington and explains why it offers low-cost opportunities.

Breaking News And Best Of The Web

Posted: 22 Jun 2016 06:20 PM PDT

Global stocks stocks soar, interest rates rise and gold falls on probable “Remain” vote in UK. Gold COTs are “over the top.” Central banks seem to be losing control of the narrative. Bitcoin is correcting. Trump campaign in chaos while polls show dead heat in battleground states.   Best Of The Web Cass Truck Transportation […]

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

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