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Revolver Maps

FEB 23/GOLD RISES ON MNUCHIN INDECISION/SILVER BREAKS OUT OF THE 18.00 DOLLAR STRANGLEHOLD/OPEN INTEREST IN SILVER CLIMBS CLOSE TO 215,000 CONTRACTS (1.07 BILLION OZ) DESPITE YESTERDAY’S DROP/THE VOLUME AT THE COMEX EXCEEDS 150,000 CONTRACTS WHICH IS HUMONGOUS/GOLD/SILVER EQUITY SHARES FLOUNDER S THE BANKERS DIG IN THEIR HEELS WITH RESPECT TO THE SILVER ONSLAUGHT/HUGE DROP IN GASOLINE DEMAND: LOWEST READING IN 16 YEARS/MNUCHIN INDECISION SENDS GOLD AND SILVER HIGHER/BORDER TAX NOW BACK INTO FAVOUR WITH TRUMP!/FINAL DRAFT

harveyorganblog.com / by harveyorgan / February 23, 2017

Gold at (1:30 am est) $1247.00 UP $15.00

silver was : $18.14: UP 20 CENTS

Access market prices:

Gold: $1249.50

Silver: $18.18

THE DAILY GOLD FIX REPORT FROM SHANGHAI AND LONDON

The Shanghai fix is at 10:15 pm est last night and 2:15 am est early this morning

The fix for London is at 5:30 am est (first fix) and 10 am est (second fix)

Thus Shanghai’s second fix corresponds to 195 minutes before London’s first fix.

And now the fix recordings:

THURSDAY gold fix Shanghai
Shanghai FIRST morning fix Feb 23/17 (10:15 pm est last night): $ 1245.85

NY ACCESS PRICE: $1236.70 (AT THE EXACT SAME TIME)/premium $9.15

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

Shanghai SECOND afternoon fix: 2: 15 am est (second fix/early morning):$ 1246.85

NY ACCESS PRICE: $1236.70 (AT THE EXACT SAME TIME/2:15 am)

SPREAD/ 2ND FIX TODAY!!: 10.15

China rejects NY pricing of gold as a fraud/arbitrage will now commence fully

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

London FIRST Fix: Feb 23/2017: 5:30 am est: $1237.35 (NY: same time: $1238.05 (5:30AM)

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

London Second fix Feb 23.2017: 10 am est: $1247.90(NY same time: $1248.30 (10 am)

It seems that Shanghai pricing is higher than the other two , (NY and London). The spread has been occurring on a regular basis and thus I expect to see arbitrage happening as investors buy the lower priced NY gold and sell to China at the higher price. This should drain the comex.

Also why would mining companies hand in their gold to the comex and receive constantly lower prices. They would be open to lawsuits if they knowingly continue to supply the comex despite the fact that they could be receiving higher prices in Shanghai.

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A Truth Bomb Just Went Off & It Annihilated The Fantasy Of A Strong Economy – Episode 1212a

X22Report, Published on Feb 23, 2017

The EU is getting worried about the debt problem. The tax payers in Dallas are going to bailout the pensions. The everyday American is pumping up the real estate market. Fed’s national index drops signalling we are in a recession. Bundesbank prepares for record losses. UBS warns of credit crisis coming soon. Steve Mnunchin dropped a truth bomb, the economy is going to take more than 2 years to grow.

DOJ Reverses Obama-Era Decision To Phase Out Private Prisons

zerohedge.com / by Tyler Durden / Feb 23, 2017 4:46 PM

Another day, another reversal of a legacy Obama policy.

Moments ago, US Attorney General Jeff Sessions reversed an Obama-era memo to phase out the use of private prisons, signalling his support for federal use of such facilities and advising that the Bureau of Prisons will “return to its previous approach to the use of private prisons.”

Sessions issued a new memo Thursday replacing one issued last August by Sally Yates, the deputy attorney general at the time, in which he said the Obama decision “impaired” the ability to meet the needs of the correctional system.

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Stocks and Precious Metals Charts – No Breakouts or Breakdowns Yet

jessescrossroadscafe.blogspot.com / 23 FEBRUARY 2017

After the bell the Trump Administration’s DOJ rescinded the ban on the use of private prisons for Federal prisoners. Progress!

Perhaps they can explore the use of private workhouses and poorhouses for those who will continue to become impoverished by policies that favor a redistribution of the wealth to the top few percent.

Oh wait, they already have those. It is called working for below poverty wages while having to compete with near slave labor working in deplorable conditions in authoritarian and plutocratic regimes.

Stocks were weak to sideways today. Unless something happens to trigger selling, I suspect we will see the major market indices hanging in there until at least the SNAP IPO comes out in early March.

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Day 123 – DynCorp Harvest, Killing Is Good Business, Part 2

George Webb, Published on Feb 23, 2017

The Mosul Operation, Iranian Doctors and Iraqi Soccer Hearts

Mutiny Breaks Out Inside The World’s Most Successful Hedge Fund Over Donald Trump

zerohedge.com / by Tyler Durden / Feb 23, 2017 5:52 PM

Last August, we introduced readers to the hedge fund that we dubbed the “puppe master behind the US presidential election“, which also happened to be the most successful hedge fund in history : Setauket-based Renaissance Technologies (a recent analysis by LCH found that Ray Dalio’s Bridgewater, with $45 billion in absolute profits since inception, was the most successful but the ranking ignored Renaissance, which has return $10 billion more).

Formerly known best for making a staggering $55 billion since its founding, RenTec as it is better known in financial circles, also emerged as perfectly hedged when it comes to the outcome of the presidential election. On one hand, there was RenTec’s chain-smoking billionaire founder (in 2015 alone he made $1.7 billion) Jim Simons, who had donated some $10 million to Hillary Clinton’s campaign, second only to Saban Capital. In a June 2016 interview with CNBC, Jim Simons said that “if you compare the presidential candidates using the Sharpe ratio, presumptive GOP nominee Donald Trump is ‘not a good investment.'”

Meanwhile, Rentec’s Co-CEO, billionaire Robert Mercer, emerged as the man who was pulling the string behind Donald Trump’s entire campaign. As the WSJ reported at the time, Mercer has longstanding ties to both people elevated to top posts in the Trump campaign. He and his daughter, Rebekah, not only poured money into the Trump campaign, but had recommended both Breitbart News chairman Stephen Bannon (they had invested $10 million in Breitbart News) and Republican pollster Kellyanne Conway, who already worked for the campaign, to join the Trump team around the time it found itself in disarray with last summer’s scandals involving Tim Manafort. (Trump returned the favor, in part, by pouring that campaign money back into a data-analytics firm co-owned by Rebekah, who was later named to Trump’s transition team executive committee.)

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Recent Developments Are MXN-Positive

marctomarket.com /  Dr. Win Thin /  Feb 23, 2017

President Donald Trump’s naïve (or willfully blind) notion that Wall Street will work better at raising capital if it is unleashed from strident Federal regulation is unhinged from the facts on the ground. Those facts, as illustrated above, are that the Boards of two of the largest banks in the U.S. are utterly spineless when it comes to holding their CEOs and employees accountable in the face of a tsunami of crimes.

– From the Wall Street on Parade article: What JPMorgan and Citigroup Have in Common When It Comes to Crime

Opposition to Trump is extremely important, particularly when it comes to someone like me who sees his Wall Street love affair and disregard for civil liberties as serious threats to the nation. That said, it is absolutely imperative to see Trump as a symptom of a sick and broken system as opposed to the root cause of anything. The corporate media and legions of mourning Hillary cultists continue to present the Trump threat in extraordinarily simplistic and unhelpful terms. They act as if he’s the head of some evil snake, and that disposing of him as an individual will get America back on track. This couldn’t be more wrong.

I spent most of the Obama years warning about the dangers of his policies. I didn’t do this for kicks, or because I thought he would try to stay in power forever, but because I knew his monumental cronyism would only pave the way for major problems down the road. Well the backlash to Obama came quick, and we the people won’t do the country any good if we focus on Trump the man, as opposed to the entirely corrupt, billionaire/special interest-controlled cesspool of a society we inhabit. We need to focus on Trump’s policies, not Trump the man.

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Just A Taste: American Suicide: Why we need to enforce the US constitution – not change It

The Solari Report, Published on Feb 23, 2017

American Suicide: Proposals for Constitutional Conventions & Amendments ~ Why we need to enforce the US constitution, not change It.

Gold Jumps Most In 2017 As ‘Mnuchin Moment’ Sparks Dollar Dump; Dow Tops 20,800

zerohedge.com / by Tyler Durden / Feb 23, 2017 4:03 PM

Mnuchin hit the reset button and then asset gatherers spent the day like this…

The Dow topped 20,800 shrugging off any fears from Mnuchin…thanks to a VIX slam…

Total panic bid right athe close to ensure 20,800 and to get the S&P green…

Making the 10th record close in a row – something that has only happened once before in the 100-year-plus history of The Dow…1987

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If the Winklevoss Twins Win, $GBTC Shareholders Will Lose

ibankcoin.com /  / Feb 23, 2017 

Let’s be clear. No one wants the Winklevoss twins to win. Those pedantic row boating Facebook lottery winning shits don’t deserve to keep winning like this. I don’t know how they keep getting away with it. Hopefully, the SEC will finally put an end to the ‘twin madness’ by declining their bitcoin ETF proposal, ticker COIN.

It’s widely believed, at least from gambling degenerates, the first ever pure bitcoin trust will be declined by the C students at the SEC.

As of Tuesday morning, the prediction contract’s pricing implied a 36.37 percent chance that the proposal, which has been tweaked about a dozen times over a registration battle that’s stretched over three years, will be successful.

Yeah, whatever, good.

Presently, there is a bullshit derivative based bitcoin ETF, dubbed $GBTC. Management fees are of the ripoff varietal at 2%. And, it’s trading at a significant premium to its reported NAV — due to scarcity of bitcoin product for normies.

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The Debt Bubble Is About To Get MUCH Worse. By Gregory Mannarino

Gregory Mannarino, Published on Feb 23, 2017

Retailers Tumble After Trump Says He Is “In Favor Of Border Tax”, Hints At Nuclear Arms Race

zerohedge.com / by Tyler Durden / Feb 23, 2017 3:54 PM

Moments ago retailers stumbled on one single Reuters headline: Trump says he supports “some form” of border tax.

As Reuters adds, President Donald Trump on Thursday spoke favorably about an export-boosting border adjustment tax proposal being pushed by Republicans in the U.S. Congress, but did not specifically  endorse it. Trump had previously sent mixed signals on the proposal at the heart of a Republican plan to overhaul the U.S. tax code for the first time in more than 30 years.

It could lead to a lot more jobs in the United States,” Trump told Reuters in an interview, using his most positive language to date on the proposal.

Trump had sent conflicting signals about his position on the border adjustability tax in separate media interviews in January, saying in one interview that it was “too complicated” and in another that it was still on the table.

“I certainly support a form of tax on the border,” he told Reuters on Thursday.

“What is going to happen is companies are going to come back here, they’re going to build their factories and they’re going to create a lot of jobs and there’s no tax.” Trump also said his administration will tackle tax reform legislation after dealing with Obamacare, the health insurance system put in place by his predecessor, President Barack Obama.

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Voters Should Blame the Fed for Trump’s Rise to Power

schiffgold.com / BY SCHIFFGOLD /  

Peter Schiff recently appeared on CNBC’s “Future’s Now” letting millions of American voters know that if they’re frustrated with Trump, they should blame the Federal Reserve. “If the economy was in good shape, not only would he have not been elected, he wouldn’t have been the Republican nominee.”

Peter explained why Fed Chairwoman Janet Yellen is reluctant to raise interest rates because of the fallout from removing cheap borrowing from investors and consumers. “What was inappropriate was slashing rates in the first place. It was inappropriate to leave them as low as they were as long as they were. [Yellen’s] afraid of the consequences when she tries to remove this unprecedented accommodation.”

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So Who’s Pumping Up this “New Normal” Housing Market?

wolfstreet.com / by Wolf Richter /  

America becomes “Landlord Land.”

“A housing recovery that is highly dependent on real estate investors is a bit of a double-edged sword,” explained Daren Blomquist, senior VP at ATTOM Data Solutions. “Rapidly rising home values have been good for homeowner equity, but also have caused an affordability crunch for the first-time homebuyers the housing market typically relies on for sustained, long-term growth.”

So the housing market is “starkly different than a decade ago,” said Alex Villacorta, VP of research and analytics at Clear Capital. “As such, it’s imperative for all market participants to understand the nuances of the New Normal Real Estate Market.”

They were both commenting on a joint white paper by ATTOM and Clear Capital, titled “Landlord Land,” that analyzes who is behind the US housing boom that drove home prices to new all-time highs, and in many markets far beyond the prior crazy bubble highs – even as homeownership has plunged and remains near its 50-year low.

First-time buyers are the crux to a healthy housing market, but they aren’t buying with enough enthusiasm. In 2012, buyers with FHA-insured mortgages – “who are typically first-time homebuyers with a low down payment,” according to the report – accounted for 25% of all home purchases. In 2013, their share dropped to about 20%, in 2014 to 18%. Then hope began rising, briefly:

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DHS Chief Vows “No Military Force” On Deportations After Trump Describes “Military Operation”

zerohedge.com / by Tyler Durden / Feb 23, 2017 3:30 PM

With each passing day it’s becoming increasingly difficult to ignore the apparent breakdown in communications between the Trump White House and his various agency chiefs.  Earlier this morning we noted one of the more egregious communication mishaps since Trump took the White House in which Kellyanne Conway told MSNBC that General Michael Flynn enjoyed the “full confidence” of the President just hours before he was fired (see “Kellyanne Conway Blasts CNN Reports That She’s Been “Benched” From TV Appearances“).

Now, we learn the latest communication mix-up came from two very contradictory comments, one from DHS Secretary John Kelly and the other from President Trump, earlier today on exactly how law enforcement officials would implement plans to roundup and deport criminal illegal aliens currently residing the U.S.

Speaking in Mexico City earlier today, Kelly, in an attempt to assuage tensions created by Trump’s immigration policies, told Mexican diplomats that the administration’s new immigration rules would not result in “mass deportations” and vowed that his department would not use “military force” to implement domestic policies.  Per The Hill:

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We Are Headed For Something Disastrous On This Earth That No One Has Ever Experienced

kingworldnews.com / February 23, 2017

With the Dow hitting new all-time highs, one of the greats in the business told King World News that we are headed for something disastrous on this earth that no one has ever experienced.

“Fueled By A Tide Of Central Bank Money”
John Embry:  “Eric, the charade continues as the global economy struggles with an unsustainable debt load, but stock markets worldwide rise fueled by a tide of central bank money…

John Embry continues:  “To say this is ultimately unsustainable understates the true magnitude of this farce.  We are headed for something disastrous that no one on this earth has previously had the misfortune of experiencing.

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NANCY PELOSI JUST LOST IT ON STAGE… WAS SHE DRUNK? SICK? WHAT IS WRONG WITH HER?

thedailysheeple.com / 

Has Nancy Pelosi finally lost it? Was she tapping the bottle a bit too much? Is she sick? Losing her mind?

People are wondering what the hell is going on after Nancy gave this bizarre speech for Families USA, a group of activists who are fighting the repeal of Obamacare. She not only repeated herself multiple times, but she slurred through some words and forgot which state John Kasich was governor of.

What is this?

SOURCE

RBC Warns “Seeing Clear Signs Of ‘Reflation Trade’ Unwinds”

zerohedge.com / by Tyler Durden / Feb 23, 2017 3:15 PM

Did Treasury Secretary Mnuchin play ‘reality’ bad-cop to President Trump’s ‘fantasy’ good-cop this morning?

RBC strategists Charlie McElligott and Mark Orsley reflect on Mnuchin’s 24 hour media blitz below as he reset tax plan expectations (lower) and pushed off infrastructure plans (later).

**BIG DEAL ALERT**: Treasury Secretary Mnuchin has now interfaced with the financial media 4 times in the past 24 hrs (WSJ, CNBC, Fox Biz and Bloomberg TV), all of which were opportunities to emphasize the key stock / USD / rates event input being the scope of the Trump administrations ‘corporate tax cut plan’…but did not.  In these 4 media interviews, Mnuchin:

  • Explicitly stated focus is now on individual tax cuts against tax code simplification for corporates (“we’re mostly focused on middle-class tax cut”).  I.E. a downgrading of aspirations from the prior-focus of “lower tax rates” to now said “reform.”
  • Infers / implies changes in corporate tax code rather than emphasizing previous aspiration of 20% corp tax rate.
  • Also proved out that BAT is still being debated (“looking closely at border adjustment tax” followed by “some issues with border adjustment tax”) which implies they know they can’t get to 20% corp tax rate without it (and thus the shift to individual tax cut prioritization).
  • One could infer that if they are downshifting expectations on corp tax cut to corp tax simplification, the BAT itself becomes unnecessary complication, and this is an input into a weakening USD.

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THE TRUMP RALLY DERAILED AFTER UNNAMED SOURCES TELL AP THE STIMULUS PACKAGE WILL BE DELAYED

ibankcoin.com /  / Feb 23, 2017

Yesterday Goldman predicted Trump would have to hold off on tax reform due to keeping busy trying to repeal Obamacare. That turned out to be fake news, as today Sec. Mnuchin said tax relief was coming by the August recess.

Now the ‘AP’ is reporting, via unnamed republican sources, that Trump’s magnum opus, the very reason why he was elected, to build the wall and upgrade American infrastructure, would be inexorably delayed until next year.

Source: Axios

The Capitol Hill calendar is way overstuffed — a Supreme Court nomination, plus Obamacare repeal legislation; tax reform; and budget, spending and debt-ceiling fights, including a possible showdown over a government shutdown.

So Republican sources tell us that a backup plan is emerging for one of Trump’s top priorities:

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Kansas City Fed Survey: February Activity Highest Since 2011

financialsense.com / JILL MISLINSKI / 02/23/2017

The Kansas City Fed Manufacturing Survey business conditions indicator measures activity in the following states: Colorado, Kansas, Nebraska, Oklahoma, Wyoming, western Missouri, and northern New Mexico.

Quarterly data for this indicator dates back to 1995, but monthly data is only available from 2001. New seasonal adjustment factors were introduced in January 2017 and slight revisions were made to previous data as a result.

Here is an excerpt from the latest report:

KANSAS CITY, Mo. –The Federal Reserve Bank of Kansas City released the February Manufacturing Survey today. According to Chad Wilkerson, vice president and economist at the Federal Reserve Bank of Kansas City, the survey revealed that Tenth District manufacturing activity expanded further with continued strong expectations.

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Recession Concerns Grow After Gasoline Demand Slides Most In 16 Years

zerohedge.com / by Tyler Durden / Feb 23, 2017 3:03 PM

Two weeks ago, we reported that when Goldman observed the latest gasoline demand data, it said that either something must be wrong with the data, or the US is in a recession: as the firm’s commodity analyst Damien Courvalin put it, such a steep drop in in US gasoline demand “would require a US recession.” He added that “implied demand data points to US gasoline demand in January declining 460 kb/d or 5.2% year-on-year. In the absence of a base effect, such a decline has only occurred in four periods since 1960 during which time PCE contracted.”

Bloomberg’s Liam Denning confirms that “big dips in U.S. gasoline demand, especially of 5 percent or more, are almost unheard of outside of a recession or oil crisis.” Goldman then adds that “to achieve the 5.9% decline suggested by the weekly data, our model requires PCE to contract 6%, in other words, a recession.”

At this point Goldman – which naturally was aghast at the possibility that there is an under the radar consumer recession taking place at a time when the bank was predicting three rate hikes – quickly pivoted and explained that a far more likely explanation is that the latest weekly report was an aberration, and that there was simply something wrong with the data.

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Why This “Pig” Is Buying Gold Again

caseyresearch.com / Justin Spittler / February 22, 2017

Druckenmiller is loading up on gold again…

Stanley Druckenmiller is considered one of the greatest traders ever. From 1986 to 2010, his hedge fund earned average annual returns of 30%. Even more incredible, he didn’t have a single down year during that stretch.

In 2010, Druckenmiller stopped managing outside money. But he didn’t retire. He now runs a family fund with about $1 billion in assets.

In other words, Druckenmiller’s still active in the market. And still worth watching…

• In 2015, Druckenmiller made a huge bet that captivated the financial world…

He bought $300 million worth of gold.

At the time, that was about 20% of his fund’s money. It was his biggest position by far.

Most investors wouldn’t put that much money in gold. But Druckenmiller isn’t like most investors. He thinks of himself as a “pig”:

The first thing I heard when I got in the business, not from my mentor, was bulls make money, bears make money, and pigs get slaughtered.

I’m here to tell you I was a pig. And I strongly believe the only way to make long-term returns in our business that are superior is by being a pig. I think diversification and all the stuff they’re teaching at business school today is probably the most misguided concept everywhere.

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When It’s Time to Leave the Party

mauldineconomics.com / BY JARED DILLIAN / FEBRUARY 23, 2017

My good friend Michael Martin, author of The Inner Voice of Trading, once told me his surefire recipe for staying out of trouble in college. He would leave a party the first time a beer bottle was thrown against the wall. He would be halfway down the street by the time the cops showed up, lights flashing.

Shot:

Chaser:

Throw down one more shot for good measure, seen from a Toronto subway:

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Bannon Rips “Corporatist” Media: “They’re Not Going To Give The Country Back Without A Fight”

zerohedge.com / by Tyler Durden / Feb 23, 2017 2:31 PM

Shortly after taking center stage at CPAC, Steve Bannon once again unleashed on the media, quickly calling the press the “opposition party” as he did in his infamous NYT interview, during his conversation with Reince Priebus.

“If you look at the opposition party, how they portrayed the campaign, how they portrayed the transition, how they portray the administration, it’s always wrong,” Bannon said.  “If you remember, the campaign, by the media’s description, was the most chaotic, the most disorganized, most unprofessional, had no idea what they were doing. And then you saw [the media] all crying and weeping” on election night.

“It’s not gonna get better, it’s gonna get worse,” Bannon said.

“They are corporatist globalist media who are diametrically opposed to the economic nationalist agenda that President Trump presents. “[Trump] is going to continue to press his agenda as economic conditions get better, as jobs get better, they are going to continue to fight. If they think they are going to give you your country back without a fight, you are mistaken. Every day, it is going to be a fight.”

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Reconsider holding these Dividend Aristocrat Stocks

sovereignman.com / by Simon Black / February 22, 2017

On May 23, 1719, one of the greatest financial bubbles in the history of the world kicked off when the Compagnie Perpetuelle des Indes was granted a monopoly by the French monarchy over all the trading rights of all French colonies worldwide.

The company’s stock price quickly soared, from 300 livres per share to more than 1,000 just a few months later.

It was quite a jump. But the enthusiasm continued for more than 18-months.

In fact there was such a frenzy to buy shares that it wasn’t uncommon for the stock price to double in a single day.

By November, share price had surpassed 10,000.

Based on modern-day calculations, a share price of 10,000 livres would have valued the company at more than the entire GDP of France at the time.

That would be like Google or Amazon having a $20 TRILLION stock market capitalization today. Insane.

As with all bubbles throughout history, that one burst as well… quickly and violently.

Call it ‘reversion to the mean’. Stein’s Law. Or just plain old common sense.

It’s pretty simple– there are certain anomalies that are too absurd to last. And nature always finds a way to correct them.

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