Physical silver is the stake in the hearts of the financial vampires.
Physical silver is the bullet that slays the Wall Street werewolves
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Authored by Kristina Wong and Jeremy Herb, originally posted at The Hill,
If there is a new cold war with Russia, many observers believe the U.S. is losing it.
First under President George W. Bush and now under President Obama, the U.S. and Vladimir Putin’s Russia have engaged in a series of foreign policy battles — and Putin has repeatedly got his way.
The Russian president’s objective is clear. He wants to reassert Russia’s influence in Eastern Europe while preventing NATO’s further expansion toward Russia, said Erik Brattberg, a resident fellow at the Atlantic Council.
Diplomatic fights over Syria in 2013 and Russian’s military clash with Georgia in 2008 have given Putin confidence in the current fight over Russia’s invasion of Crimea, a region in eastern Ukraine with long ties to Moscow.
“He’s counting that there would be no significance response from the U.S. and the European Union and so far he’s been right,” Brattberg said.
Lawmakers and experts across the political sphere warn that if the Obama administration and its western allies are not effective in dealing with Putin this time, it could have serious consequences going forward.
Everything written or co-authored by Daron Acemoglu is worth reading. Everything. And here is an example why. The man does not shy away from big questions in life.
“DEMOCRACY, REDISTRIBUTION AND INEQUALITY” by Daron Acemoglu, Suresh Naidu, Pascual Restrepo and James A. Robinson (Working Paper 13-24, Massachusetts Institute of Technology, Department of Economics, October 30, 2013:http://ssrn.com/abstract=2367088) looks into the relationship between democracy, redistribution and inequality.
“We first explain the theoretical reasons why democracy is expected to increase redistribution and reduce inequality, and why this expectation may fail to be realized when democracy
is captured by the richer segments of the population; when it caters to the preferences of the middle class; or
it opens up disequalizing opportunities to segments of the population previously excluded from such activities, thus exacerbating inequality among a large part of the population.”
Former Senior Counselor at the World Bank Karen Hudes has spent the last several years of her life working closely with whistle blowers from around the world to shed light on what she calls a “global conspiracy.”
While working for the World Bank as a member of their legal team Hudes uncovered so much corruption that she could no longer keep quiet. She followed the proper channels to report her findings, going first to the organization’s Evaluation Department and country directors, and then to the U.S. Treasury Department and even the United States Congress. All of her requests were ignored, and in some cases, completely covered up. So she did what any honest person would do. She went public. Suffice it to say, she received the typical treatment you’d expect for a whistle blower.
Hudes is no longer with the World Bank, but that didn’t stop her from continuing her investigation by joining an organization of other whistle blowers.
What she found once she started connecting the dots will blow you away. The corruption, as most of us know, isn’t just at the World Bank, but is woven throughout the fabric of the entirety of the global financial and political systems.
thecommonsenseshow.com / Ryan Jordan / March 8, 2014
Since the start of 2014, the price of silver has lagged the other precious metals in many ways. Silver has really only kept pace with gold — even as silver is thought of as a leveraged bet on gold prices. Silver has notably underperformed another white metal, palladium, which is currently nearing a 52 week high. The hangover in the silver market from the 2011 price explosion still seems to be persistent, even as silver is up over 10% from its last December lows. Because silver industrial demand is still off from its 2011 peak (though many sources claim it is at least increasing) and with evidence of stockpile increases at places like the COMEX, few are taking seriously the idea that silver will ever retake its former peak of around 50 dollars, let alone move decisively to even higher levels.
And once again today, with concerns out of China regarding deflation, silver fell the hardest of all four precious metals, in sympathy with copper– which saw one of its largest declines in a couple of years. The fact that silver was moving in sympathy with copper underscores the widespread belief that silver is merely an industrial metal. Obviously, gold is the most important of the monetary precious metals. But this fact is already expressed in the global value of all gold — at over 6 trillion dollars– which dwarfs the value of all known silver in the world– at merely 40 billion, or less than 1% of the value of the world’s gold.
China’s corporate sector has been hit with escalating credit problems. Here is the latest:
1. Shanghai Chaori Energy Science and Technology is about to miss a coupon payment on its bond (see story).
2. As a result, Suining Chuanzhong Economic Technology Development and 2 other companies scrapped their bond offerings — demand for new issue corporate bonds has dried up.
3. Secondary corporate bond trading has also slowed materially. This is fairly new for China since it has never really experienced large scale credit problems in its nascent bond markets.
4. There are indications that banks are cutting back lending as a result. In particular lines have been cut to natural resource wholesalers, traders, and importers (iron ore, steel, cement, etc.). These borrowers in turn are forced to sell inventory that is often used as collateral for these loans. Inventory sales depress prices of some of the raw materials, generating further losses for these businesses. This is compounded by the nation’s slack industrial demand, with steel mills now running at 50-70% of capacity.
The COT reports which we look at each week provide a breakdown of each Tuesday’s open interest for markets in which 20 or more traders hold positions equal to or above the reporting levels established by the CFTC. The weekly reports for Futures-and-Options-Combined Commitments of Traders are released every Friday at 3:30 p.m. Eastern time. The short report shows open interest separately by reportable and Non-reportable positions. For reportable positions, additional data is provided for commercial and non-commercial holdings, spreading, changes from the previous report.
Futures and Options Combined
What does this title mean? A future is a standardized contract traded through regulated exchanges where an investor buys or sells a contract at a specified price for a specific date in the future. The price includes the interest charge due to the seller by the buyer from the date of the contract to the due date. An option is the ‘right to buy or sell’ a contract at a fixed date in the future at a specific [strike] price. The difference is that a futures contract is an agreement to buy or sell, whereas an option gives the holder the right to buy or sell. An option holder can decide not to take up that right and will only lose the cost of buying the option. His loss is therefore definable at the start of his investment, while the potential profit has not limit to it. A futures contract is usually leveraged [a loan provided] up to 90% of the contract. However, with the owner liable to top up his ‘margin’ to maintain this 10% his potential losses can rise far higher than his investment. A ‘long’ [buying] contract limits its loss to the full price of the item, whereas the ‘short’ [selling] contract has no limit except the height that the price of the item can rise to.
Most experts are calling for an increase in mortgage interest rates in 2014. However, we believe the increase will be more dramatic than is being projected. We believe rates will be closer to 6% than 5% by year’s end.
The Fed announced last month that they would be pulling back some of their stimulus package which has helped the housing market by keeping long term mortgage rates at historic lows for the last few years. This should come as no surprise as the KCM Blog has been warning of this likelihood over the last several months.
Above are the most recent projections of where rates will be at the end of 2014 by the four major agencies. However, we believe that the government is not afraid to shoot right past these levels.
China’s exports unexpectedly tumbled in February, swinging the trade balance into deficit and adding to fears of a slowdown in the world’s second-largest economy despite the Lunar New Year holidays being blamed for the slide.
The sharp drop in exports follows a series of factory surveys since the start of 2014 that point to weakness in economic activity as demand falters at home and abroad.
Exports in February fell 18.1 percent from a year earlier, following a 10.6 percent jump in January, the General Administration of Customs said on Saturday.
Imports rose 10.1 percent, yielding a trade deficit of $23 billion for the month versus a surplus of $32 billion in January.
truthingold.blogspot.com / BY DAVE IN DENVER / FRIDAY, MARCH 7, 2014
The crisis in Crimea won’t keep President Barack Obama from forging ahead with a weekend getaway with his wife and daughters in the Florida Keys…The vacation is Obama’s third of the year – The Washington Post - LINK
The U.S. and Russia are inching toward a serious confrontation over the U.S.-led coup of the Ukrainian Government and Russia’s move to protect its interests in Crimea, millions of people in this country struggle to make ends meet and Barack and Joe decide to take their families on a warm-water vacation.
For the past few weeks we have seen stock markets surge as macro-economic data has collapsed around the world. The ‘excuse’ given for this apparent dichotomy – weather. But now it seems “weather” is to blame for other problems in the world too. As Russia Today reports, in its latest Quadrennial Defense Review, theUS Department of Defense (DoD), stressed threats to global stability and American hegemony posed by climate change warning that that an erratic climate will likely cause increased “terrorist activity,” among other impacts…“The pressures caused by climate change will influence resource competition while placing additional burdens on economies, societies, and governance institutions around the world…these effects are threat multipliers.”
Like the 2006 and 2010 versions, the 2014 Quadrennial Defense Review (QDR) – a report released every four years on US military strategy and the challenges to its global operations – highlights threats, some more predictable than others, that global climate change will present to human civilization.
“The impacts of climate change may increase the frequency, scale, and complexity of future missions, including defense support to civil authorities, while at the same time undermining the capacity of our domestic installations to support training activities,”states the 64-page report, published Tuesday.
testosteronepit.com / by wolf richter / SATURDAY, MARCH 8, 2014 AT 1:04AM
California is at it again. It released its employment and jobs reports today, in parallel with the national reports released by the Bureau of Labor Statistics. What a doozie.
The national reports indicated that 175,000 jobs had been created around the country in January, though the unemployment rate ticked up to 6.7%. Be that as it may, in California the opposite happened: the unemployment rate ticked down to 8.1% in January from 8.3% in December, but the state, despite gorgeous weather, lost 31,600 jobs.
Is the California boom already over?
Governor Jerry Brown just declared that he’d run for reelection. “I like working,” he explained. He’d ride to victory on his economic success record of having turned a gaping budget sinkhole fiasco into what is now called a “surplus.” As asset prices from homes to startups rocketed into the stratosphere, inflated by the trillions the Fed has been dumping on the land, newly printed billionaires and multimillionaires started paying capital gains taxes on their miracles – and tax revenues jumped. A good thing because we don’t want to constantly deal with IOUs the government issues when it runs out of real money [read....California MUST Have Magnificent, Endless Bubbles in Housing, Stocks, And IPOs – Or Go Broke Again].
But this boom in California is a boom in certain coastal areas. The rest is struggling. The unemployment rate in San Francisco County was 5.3% in January. In Los Angeles County it was 9.0%. And in Colusa County (on I-5 about an hour north of Sacramento), it was 25.9%.
charleshughsmith.blogspot.com / CHARLES HUGH SMITH / SATURDAY, MARCH 08, 2014
A quiche makes a nice meal for special occasions. It’s too time-consuming to be regular fare, but a quiche makes a nice meal for special occasions. For those who have making a pie crust down, it’s no big deal, but for the rest of us it requires some real effort.
The filling is basically vegetables, eggs and a sprinkling of cheese. Here’s one ready to go in the oven:
Speaking at a press conference today Russian President Vladimir Putin warned that any invasion of Crimea by forces loyal to the pro-West Ukrainian government will be met with strategies once used in the Soviet Union by the likes of Lenin and Stalin in which civilians would be put ahead of the defending army.
The video, with Vladimir Putin speaking in Russian, has been translated by several organizations.
Listen to me. Listen to me carefully. I want you to correctly understand me.
If we reach that decision, only if we reach that decision, it will only be for the defense of Ukrainian citizens, let anyone from the military dare shoot at their own people which we will be behind, not in front but behind, let them try and shoot at women and children.
Let me see who in the Ukraine will give such an order. (Translation viaFrontpage Mag)
Japan’s government said Bitcoin isn’t a currency amid calls for its regulation a week after the bankruptcy of Mt. Gox, the Tokyo-based exchange that was once the world’s biggest.
There is no law to define Bitcoin and relevant ministries are gathering information on it, Prime Minister Shinzo Abe’s cabinet said in a statement in response to questions from an opposition party lawmaker. Bitcoin transactions can be taxed, according to the statement obtained by Bloomberg News.
Japan isn’t the only country grappling with the regulation of Bitcoin amid reports of hacking into exchanges including Mt. Gox and concern that the virtual currency can be used for money laundering. In the U.S., states are wrestling with how digital-currency businesses could be regulated as money transmitters, while Russia has said Bitcoin is illegal under current law and Finland plans to treat it as a commodity.
The head of Kirby Analyticssays that the Fed is merely a puppet of a more nefarious institution, the Exchange Stabilization Fund (ESF). Run by the US Treasury, the ESF controls not only global interest rates, but the US equities markets and theprecious metals markets, in fact any index of its choice. He agrees with John Williams from Shadowstats, that hyperinflation is inevitable, resulting with a lofty silver price zenith of as high as four digits.
Puru Saxena of Puru Saxena Wealth Management says, now that gold, silver and related equities have moved above their respective 200 day moving averages, he’s turned bullish on the precious metal sector, due in part to US dollar weakness. The money manager thinks that silver will significantly outperform gold once investors regain their affinity for the metals.
The dismal news overnight that a Malaysian Airlines jet, carrying over 200 passengers and crew, had “gone missing” appears to have become considerably more troublesome. News this morning of pools of oil off the Vietnam coast – suggestive of a crash – are dreadful but, as NBC News reports, perhaps more crucially, U.S. officials told NBC News on Saturday they are investigating terrorism concerns after two people listed as passengers on the missing Malaysia Airlines jet turned out not to be on the plane and had reported their passports stolen (while in Thailand).
Treasuries fell for a fourth day, while oil and the dollar rose after stronger-than-forecast jobs growth fueled optimism in the American economy. U.S. stocks were little changed as Russia said it may cut Ukraine’s gas supplies.
Treasury yields increased five basis points to 2.79 percent as of 4 p.m. in New York. The Bloomberg Dollar Spot Index was up 0.2 percent, while the ruble headed for a fourth weekly decline of more than 1 percent. The Standard & Poor’s 500 Index rose less than 0.1 percent. Copper futures capped the biggest loss in more than two years, while West Texas Intermediate crude increased 1 percent.The Labor Department said employers added 175,000 jobs in February, topping the median forecast of economists for 149,000 and signaling the economy is starting to bounce back from a weather-induced setback. Russia said Ukraine must pay off almost $2 billion it owes it for natural gas by today and signaled it may cut supplies, ratcheting up the pressure on its cash- strapped neighbor.
Earlier today, photos were distributed showing the latest military convoy reinforcements heading into the Crimea, accompanies by a Police car demonstrating Moscow license plate numbers, most likely providing further support to the pro-Russian forces in the peninsula.
Total nonfarm payroll employment increased by 175,000 in February, and the unemployment rate was little changed at 6.7 percent, the U.S. Bureau of Labor Statistics reported today. Employment increased in professional and business services and in wholesale trade but declined in information.
That’s an uptick on the rate, although they claim “little changed.” The knee-jerk reaction was a massive move down in the 10 year bond futures (spiking the TNX up to 2.67%) and a fairly-serious move in the Yen/Dollar cross. The latter is a bit curious, as the change against the Euro was far more-muted. This, of course, correlated with a spike higher in equity futures.
With stocks rising to record high after record high, and with even Goldman’s clients now asking “When does the party end?” as noted by Goldman’s David Kostin overnight, the answer is simple: nothing has changed. Specifically, between the Fed’s ongoing monetization of tens of billions monthly in bonds, the missing piece to the equation is also a known one – corporate buybacks. In fact as Goldman admits, “February was the busiest month in our buyback desk’s history.” (which surely is Chinese walled off from Goldman’s prop trading desk). Why? Because as Reuters reported previously, this was the second-busiest week ever recorded for high-grade bond issuance. And with the use of proceeds certainly not going to capex, companies continue to buyback their shares in record amounts to mask the decline in actual cash earnings by lowering the amount of shares outstanding and thus keeping EPS rising or flat.
But aren’t companies leery of buying back their shares at all time highs?
Well, not if in the process of purchasing they can get the momentum chasing algos and what little retail dumb money is left to piggyback along, and generate additional upside, which then allows companies to use their overvalued equity as M&A currency. Confirming precisely that corporations now see their stocks as the most highly valued ever, is that the share of M&A primarily paid for in stock is now at an all time high!It’s ok though – nothing quite like issuing record amounts of debt (as we said would happen back in 2012) to buy back one’s stock so that the same stock can hit record levels and then be used as currency to purchase other companies – as Homer Simpson would say, a “tidy little package.”
traderdannorcini.blogspot.com / by Trader Dan / Saturday, March 8, 2014
Most of you who are regular readers of this site are aware of my view that Western investment demand for gold can be gauged by tracking the reported holdings in the big gold ETF, GLD. While physical demand out of Asia is critical to the well-being of the gold market, I have maintained that without a correspondingly STRONG Western-based demand, gold cannot mount a sustained rally. Asia buying has bottomed or put a floor under the gold market for many years now but it is Western origin speculative demand that has driven gold strongly higher in the past.
That being said, as of the close of trading Friday, reported gold holdings in GLD are at 805.2 tons. While this is up 1.5 tons from the last numbers (which were steady for the previous 8 trading days) it is still down from this year’s peak of 806.25 back on February 13. Interestingly enough, the price of gold at the Comex closed at $1300 on that date. From that point on, it has ground higher before hitting a wall near the $1350 level. Yet the tonnage is lower.
What to make of this?
My view is that gold’s recent rally has been driven PRIMARILY by short covering ( note – I am not using the word, ‘solely’ ).
Here is a chart drawn from this week’s Commitment of Traders report:
With 40% of the portfolio in cash and having returned $4 billion to clients at year-end, Seth Klarman’s Baupost Group has “drawn the line in the sand” as they reflect on the diminished opportunities in the so-called “Truman Show” market we see today. In the face of mixed economic data and at a critical inflection point in Federal Reserve policy, Klarman notes, the stock market, heading into 2014, resembles a Rorschach test – “what investors see in the inkblots says considerably more about them than it does about the market.” From “born bulls” to “worry genes” and from Bitcoin to flash-mob-speculation, “there is a growing gap between the financial markets and the real economy…and the overall picture is one of growing risk and inadequate potential return almost everywhere one looks… as every ‘Truman’ under Bernanke’s dome knows the environment is phony.”
Excerpted from Baupost Group’s Seth Klarman letter,
In the face of mixed economic data and at a critical inflection point in Federal Reserve policy, the stock market, heading into 2014, resembles a Rorschach test. What investors see in the inkblots says considerably more about them than it does about the market.
If you were born bullish, if you’ve never met a market you didn’t like, if you have a consistently short memory, then stock probably look attractive, even compelling. Price-earnings ratios, while elevated, are not in the stratosphere. Deficits are shrinking at the federal and state levels. The consumer balance sheet is on the mend. U.S. housing is recovering, and in some markets, prices have surpassed the prior peak. The nation is on the road to energy independence. With bonds yielding so little, equities appear to be the only game in town. The Fed will continue to hold interest rates extremely low, leaving investors no choice but to buy stocks it doesn’t matter that the S&P has almost tripled from its spring 2009 lows, or that the Fed has begun to taper purchases and interest rates have spiked. Indeed, the stock rally on December’s taper announcement is, for this contingent, confirmation of the strength of this bull market. The picture is unmistakably favorable. QE has worked. If the economy or markets should backslide, the Fed undoubtedly stands ready to once again ride to the rescue. The Bernanke/Yellen put is intact. For now, there are no bubbles, either in sight or over the horizon.
A choppy week in the end for markets with leading stocks really not doing much for the most part which has me thinking we do need some consolidation at these levels here.
Every dip has been relatively short-lived and bought heavily for well over a year so I’ll be watching closely for a quick turnaround.
While the leading stocks weren’t doing much, the good news is many smaller, very cheap stocks are moving huge and are very trade-able, especially on an intraday basis.
There is almost always a place to make money, it’s just a matter of finding it at the right time.
As for gold, is had a choppy week as well and is resting and consolidating nicely here but it could see some limited downside in the coming week before it makes its next move higher. Let’s take a look at the pretty gold chart.
goldscents.blogspot.ca / BY TOBY CONNOR / SATURDAY, MARCH 8, 2014
Trying to predict short term direction is notoriously difficult, especially in the volatile metals market, but I’m going to take a stab at it today.
First off let me start with the big picture: For almost a year now I’ve been saying that the inflation that’s been stored in the stock market for the last three years is eventually going to start leaking into the commodity markets. You can see in the next chart that process has begun as smart money investors begin to move capital out of an overvalued and overextended stock market that is destined to top some time during the first half of this year, and into undervalued commodity markets where they are getting a better return on their investment.
While the stock market is up 10% over the last month and a half, the CRB is up 12%. But that’s not the whole story. Gold is up 14% in the last two months, oil 15%, wheat 20%, corn 23%, sugar 27%, and the big winners, coffee at 90%, and natural gas at one point over 100%.
The Labor Department reported that nonfarm payrolls rose by 175,000 in February after an upwardly revised gain of 129,000 in January and the jobless rate increased from 6.6 percent to 6.7 percent as more workers entered the labor force but were not able to find jobs.
Including the modest gain of 84,000 in December, recent job creation marked the lowest three-month total since mid-2012 when the unemployment rate was over 8 percent.
The jobless rate rose for the first time since January of last year as the number of unemployed persons rose from 10.24 million to 10.46 million. The labor force increased by 264,000, however, those counted as employed rose by only 42,000 while those currently looking for jobs increased by a much larger 223,000. The labor force participation rates was unchanged at 63.0 percent, not far above the recent multi-decade lows.
We read almost daily about the division between ‘Left’ and ‘Right’; between ‘Conservatives’ and ‘Liberals’ in America. Many are wondering what is happening to our country today; why the GOP isn’t conservative as it once was…and why electoral politics isn’t helping at all. The reason is that in American politics, ‘conservative’ has never meant what you think it means, and electoral politics has never made a lasting (positive) change in American life.
Many years ago, I founded four classical Christian schools in three states. With each board formed, we rehashed philosophy of education, and especially curriculum. In later years, as I began developing a 12-year classical Christian curriculum, I discovered that the real purpose of Lincoln’s war — the second most important event in American history — is being missed, even by constitutionalists.
First, get the name right
For generations, not only the history books, but most politicians and all of the media have referred to the conflict as the ‘Civil War’.
Then, in retaliation, statesmen from the deep South use the term ‘War of Northern Aggression’ or at best, ‘War for Southern Independence’. But as I explain in my book This Bloodless Liberty, the most accurate name for that war is ‘The War to Enslave the States’ because it was the smokescreen behind which our federal servant became the master of its creators, the formerly sovereign States. And there’s even more to the story that textbooks haven’t told you.
doctorhousingbubble.com / By Dr. Housing Bubble / March 8, 2014
There is little bragging that goes on when a poor financial decision is made. You rarely hear about the person that invested a sizeable portion of their retirement account into AOL at the peak or going all in on Enron. The same applies to housing. We are seeing chatter reflect that of 2005, 2006, and 2007. Justifications are different but some people seem to feel they bought at the “perfect” time. Just for the sake of curiosity I ran the numbers of total foreclosures since the crisis began with the housing peak in 2006. In total, 7 million Americans have been served with the bitter taste of foreclosure. On the flipside, since we know that roughly 30 percent of all purchases have gone to investors and Wall Street, we can say that probably over this same period 2,000,000 homes are now in the hands of some sort of investors (i.e., big money, small money, foreign money, and second homes). You also have to wonder how many of these people that lost their homes in foreclosure are itching to get back on the horse and buy again. Credit standards are fairly tough for getting a loan today even though rates are low. And those with the credit and income are battling it out in flippervilles where “all cash” is dominating the scene. There are likely some permanent structural changes that are a result of a stunning 7 million foreclosures.
The 7 million club
From reading the mainstream press all you hear are glorious signs of housing resurrection! Come one come all into the house of real estate where the almighty Fed will allow no harm to occur. Just sign and pray and the next thing you know you’ll be the next Donald Trump. The flipping, rehabbing, and housing shows are once again filling the space on a cable station near you. The perception of the Fed being this almighty protector of housing makes a bit of sense but where was the Fed in 2007? Last time I checked the Fed came into existence in 1913, over 100 years ago. Frankly, the Fed on their list of priorities has: to keep member banks afloat, keep financials steady, a deep attempt to protect the bond market, and more importantly keep interest rates low on our massive $17+ trillion national debt that will never be paid back. Housing is low on the list of priorities especially with many of the foreclosures now shifting to “stronger” hands.
You wouldn’t know it but since the peak in 2006 we have witnessed 7 million foreclosures:
I have dealt with many governments in my life and I have come to understand you CANNOT and SHOULD NEVER put your opponent in a box publicly for his own political livelihood is then on the line and he MUST respond or be overthrown. This is simple common sense in international politics and I have preferred to be an observer rather than a player.
I have sat is meetings with governments in Asia to Europe and the ONLY reason I have done so, is because I understand that cardinal rule. I once had to advise a head of state that he had no choice but to devalue his currency. I was told that was impossible because it was a campaign promise that would not happen. I had to craft the words to say the currency would float to seek its OWN LEVEL. That was “politically” acceptable since it was not a decreed “official” devaluation despite the fact the free markets would do the same thing.
I have NEVER in my entire life witnessed such BRAIN-DEAD decisions coming from the Obama Administration in any government in the world or former administrations. To impose “sanctions” on Russia is absolutely INSANE!!!! That puts Putin in a box that he cannot escape from for if he relaxes he is then seen as weak at home and the hardliners will eat him alive. Obama has just made the crisis far worse.
On the heels of of the US Dollar Index breaking the key psychological level of 80, today Egon von Greyerz warned King World News about the Ukraine crisis, black swans, and a terrifying global economic meltdown. Egon von Greyerz, who is founder of Matterhorn Asset Management out of Switzerland, also discussed the implications for investors around the world.
March 8 (King World News) - Ukraine Crisis, Black Swans & A Global Meltdown
Greyerz: “Eric, we have discussed many times the unprecedented risks in the world today. These risks are the result of the century-long mismanagement of the world economy, based on credit and printed money. So we now have a world resting on the edge of a black hole….
"The best raw material to hold in my opinion is silver. That’s what I felt 30 years ago and is what I feel today. Silver one of the very few commodities that the average person is capable of holding in his own possession. In particular, the US Mint makes the most beautiful and popular coin in the world in the form of the US Silver Eagle. So popular is this coin that I am still convinced that someday the US Mint will not be able to keep up with demand and the premiums on these coins will explode when the US Mint stops producing them. The way the world is going it appears that all the trends point towards greater silver demand. It looks to me that everything in the future will run on electricity, of which silver is the best conductor. Throw in the tremendous appeal and growth of solar panels and it’s hard to foresee how silver won’t be a raw material superstar." - Israel Freidman