It’s Tuesday morning, roughly 36 hours since the Precious Metal “market” opened Sunday night. Yesterday was the lowest volume trading day of the entire year, and today will not likely be much better – as the entire world is on vacation; whilst the PPT, Fed, ESF, and gold Cartel seek to support “favored” financial assets, and keep their foot on the throat of Precious Metals, to…
- “Prove” the Jackson Hole proceedings were “hawkish” (please disregard what was actually said);
- Maintain “stability” ahead of what will likely be the most contentious election homestretch in U.S. history – as a status quo preserving Hillary victory cannot be dreamt of otherwise;
- “Condition” the markets for Friday’s “all-important,” likely unprecedentedly rigged NFP jobs report;
- And prevent the instantaneous collapse of history’s largest, most globally destructive fiat Ponzi scheme.
Yesterday’s unconscionable Precious Metal raids starting with, following a weekend of violently “PM-bullish, everything-else-bearish” news, the 155th “Sunday Night Sentiment” raid of the past 161 weekends, through this morning’s multiple, seemingly endless “caps and attacks.” To that end, yesterday’s market action could not have been more PM-bullish, with Treasury bonds exploding higher – loudly and vehemently rejecting Friday’s market-rigging-aided propaganda that Janet Yellen and Stanley Fischer made “hawkish” statements. Heck, Fischer even granted a follow-up interview this morning – and despite claiming we should not assume a rate hike “one and done,” Treasury yields are lower now, than when he spoke two hours ago.
However, such heresy was clearly not “allowed” to manifest itself in real money prices, which is why no less than 13 separate “Cartel Herald” algorithms were used to stop gold, starting just before the “2:15 AM key attack time (earlier than usual, because a 1:30 AM price surge necessitated it); with the “denouement” at the prototypical 12:00 PM EST “cap of last resort”; followed by a 2:00 PM EST “crybaby attack”; the “8:00 PM algo”; and four more “Cartel Herald’s” this morning, the first just before 2:15 AM; and the most vicious at exactly the 8:20 AM EST Cartel open. No matter that the news flow has again been violently PM bullish, or that 5% of the COMEX’s entire registered silver inventory was withdrawn yesterday, taking the available-for-delivery inventory to essentially a record low level, of just $500 million. Not billion, but million.
But don’t worry, former Fed governor Kevin Warsh’s comment yesterday, that the the Fed unequivocally manipulated markets, should be ignored. Not to mention, the fact that the Fed itself published a paper – again, yesterday – predicting the “neutral” interest rate to be no higher than 1% in 2026. Which is exactly the time the Congressional Budget Office, or CBO, expects that national debt to hit $28.2 trillion, versus $19.5 trillion today (which couldn’t possibly cause interest rates to rise).
Please note, the aforementioned comments and predictions come from the government itself, not “conspiracy theorists” like the alternative media. And given that they lie and/or misjudge everything financially related – or, for that matter, anything – they come into contact with, just think how bad things really are, and really will be. But don’t worry, you should still buy stocks and bonds at record valuations; amidst the worst economy of our lifetimes – and hold your hyperinflating savings in fiat currency, instead of real money.
That is, while actual currency still exists – as if there’s one thing the Jackson Hole Symposium highlighted – in spades – it’s that the “cashless society” initially brought to the fore earlier this year, will shortly be a reality, on a worldwide basis. And a negative yielding reality, to boot, which is probably why Germany this week joined Japan in selling out every cash (and shortly, precious metal) safe the nation’s hardware stores could stock. But don’t worry, Central bank manipulation of everything from currency to sovereign bonds will save us, as they are as brilliant as they are omniscient.
That said, it’s the rare day when one thing doesn’t stand out amidst the horrible headlines; as frankly, I feel like I’m being smothered by negativity. Each such topic screams currency devaluation – and equally loudly, buy Precious Metals! Or, more appropriately, sell fiat currency! Which is why, for the reasons cited above and below, I simply ask you to “read this, and tell me if you’re ‘worried’ about Precious Metals – with the “below” including stories such as the following; again, from the past 24 hours alone.
- Apple is being ordered by European regulators to pay $14 billion in back taxes, for having utilized questionable tax loopholes to shield profits. Such an event could have a devastating impact on future corporate earnings and capital spending, should other governments pursue such aggressive – and in most cases, justified – tax collection tactics.
- The French Economy Minister is resigning today. But don’t worry, the ongoing “economic emergency” will have no impact on the nation’s collapsing finances or political or social stability.
- The U.S. Case-Shiller Home Price Index was this morning reported to have declined for a third straight month, for the first time since 2012. But don’t worry, it couldn’t possibly follow the pace of collapse in high-end markets like San Francisco, the Hamptons, Miami, and Aspen.
- Boeing is not raising prices for the first time since the 2008 collapse, due to falling demand. Again, this is no reason to worry – as clearly this, and Caterpillar’s two-plus years of falling revenues, does not connote a weakening economy.
- Norway has joined other commodity-dependent nations in raiding its sovereign funds to pay government bills – joining pensions, insurance companies, and other major investment funds trying to deal with rapidly deteriorating financial conditions. All good!
- Nearly half of all unemployed Italians have given up looking for jobs. But don’t worry, next month’s referendum probably won’t be a big deal. I’m sure Matteo Renzi will keep his job, and the anti-EU Five Star Movement, which is already Italy’s largest political party, won’t push the nation toward a 2017 “Italeave” vote.
- A record number of U.S. college graduates are working minimum wage jobs – at 24% of the total, up from just 17% at the turn of the century. And as we are seeing on a nationwide basis now, the initial impact of Obama’s strong-armed minimum wage increases are not only the mass laying off of tens of thousands of minimum wage workers, but the proliferation of robotic substitutes. But don’t worry, Janet Yellen and Stanley Fischer say the economy is close to “full employment” – and thus, we are “nearing” the time when it may be appropriate to raise rates. Incoming data dependent, of course.
- The entirety of U.S. household net worth growth over the past 30 years has been concentrated in the hands of the top 10% – and if the data were available, it would probably show the top 1% to have gained far more disproportionately. But don’t worry, the “polls” say Hillary Clinton is a shoo-in, over Donald Trump.
- The new DNC Chairman, lifelong lackey Donna Brazile, claims the Clinton Foundation’s blatant “pay to play” policies (let alone, its potentially soon-to-be-prosecuted charity fraud) should not be criminalized, as it is “normal behavior.” In her warped, compromised, Atlas Shrugged-like mind, the Clinton’s are the good guys, and Julian Assange a “criminal.”
- The Dallas Fed Manufacturing Survey was negative for the 20th straight month in July, nearly matching the 23 months of negative growth in 2008-09. But don’t worry, the economic collapse of the state where the vast majority of high paying jobs were created since the 2008 crisis – which also is responsible for the greatest percentage of corporate capital spending, and teetering junk bonds – is nothing to worry about. Even with oil prices plunging anew, nothing bad could possibly come of this. I mean, surely OPEC will “freeze” production, and bring about a new age of E&P prosperity.
- The Japanese government, through both the Bank of Japan and the biggest public pension fund, is now the largest shareholder of roughly 25% of all Japanese companies. And yet, the Japanese stock market is down 20% from a year ago, with the Japanese economy collapsing, its national debt exploding, its demographics imploding, its Central bank – and Prime Minister – hell bent on destroying its currency, at the expense of the rest of the world; and heck, its very status as a first world country is in question. But don’t worry, those same citizens that recently sold out the nation’s safes, won’t possibly sell Yen and buy gold.
And there you have it. Not even 24 hours of “PM-bullish, everything-else-bearish” headlines from around the world, one more terrifying than the next. So again, I ask, after reading this, can anyone actually claim to be “worried” about Precious Metal prices, no matter what the Cartel attempts?
I am scared s**tless. I have options expiring in two weeks. A month ago it was no big deal and now it has been 3 weeks of complete control. Andrew I know you are right for the long term but do you see any hope for the next week?
I give it no later than April Fool’s Day for it to blow up.
You are wrong, Andy. Precious metals prices are contained, and they have infinite ammunition to control them. If this was not the case, they would have risen much higher by now. You are running out of time and your rants are becoming tiresome.
We are wasting our time with gold and silver.
Andrew,
This erosion of my positions in gold and silver mining companies are
frustrating. I have more than doubled in a year and now that is chipped away
big time in the last week. The manipulation is harsh. I wish I would have
taken it all off and came back in. Now, with August 30th major drop I think I should wait for the rebound. I am long but maybe this should be “in and out” over the next 12-18 months?? Thanks!
As we used to say in the navy when a violent storm was on the horizon, “Better Hold Fast.”
LOL in my Navy unit the comments were: “hold on to your Peck… It’s going to be a rough ride”!!
As for gold I don’t see problems long term, this world is just to overextended, undereducated and dangerous! JMHO
No, I am not worried about precious metals, now that you have once again given us a dose of reality in this bizarre world of manipulation and deceit. You have my highest respect for publicly standing up to the cartel almost daily for all of these years.
Tomorrow, I will follow you “once more into the breach” my friend.
Andy,
I know that bartering is limited in scale, myself and others are doing it all we can and not using the Federal Reserve toilet paper.
I had car repairs done and traded reloading ammunition to pay the bill including the parts used by the mechanic.
Having a water well dug that will require approximately 120 feet of drilling and trading extra guns without having to use any money.
I sold an extra car recently and immediately bought silver and gold at these bargain prices.
Just put your mind to it and you can do many things without using fiat trash (aka toilet paper).
I am exceedingly happy. Over the next 2 weeks I’ll be buying Au & Ag. A month ago it was no big deal, I bought some then as well, 3 weeks of complete price control… Ahhh… BLISS! Andrew, I know you are right for the long term, So I’ll sleep very well all next week.
Hope!?!?!… Hope is for Paper Pushers & Pilgrims.
Hi Andy,
have you ever thought or written about how a monetary system that is not based on debt would look like? For I strongly believe that this will be the case. Could you please?
thanks from Germany