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Gold Daily and Silver Weekly Charts – Plus C’est la Même Chose / October 24, 2014

Gold and silver were stopped in their tracks, as the price dominant Comex continues to exert its inordinate influence over the real world economies.

There was apparently little activity in the Comex delivery and so they did not bother to issue a report yet today. In silver there was a rather large deposit of silver bullion of about 2,258,516 ounces into the HSBC warehouse as you can see below.

Next week is a Tuesday precious metal option expiration on the Comex. There is also an FOMC rate decision on Wednesday.

The big changes always take longer than we expect. And once they start, they come much more quickly than we had imagined.

So the most fruitful perspective for the precious metals is that of a long term investor.  Short term traders may find little to interest them here.  And when they do, it may be too late to climb on board.

So we must take the markets as they are. There is no sense to criticize a lifeboat for not being a motorcycle.

Do we need lifeboats? Do you trust the central banks and the politicians to safeguard your wealth and the integrity of the money and the financial system?

Only you can provide the answers for your own peace of mind. But it is hard to think back to the overwhelming wave of global goodwill that the States were riding in the aftermath of 9/11, and compare that with how things are now. How are the mighty fallen.


Vidcast: Uncle Under The Hood / By Eric Peters / October 24, 2014

I wrote the other day about the disappearing V-8 (and also the disappearing six). This Vidcast gets into all of that:

Like a tsunami that hasn’t yet arrived, the seas appear calm. But there is an epic shift under way that will become increasingly obvious over the next several years, as we get within sight of the 2025 model year. That is the year by which – by order of the government – all new cars must average 54.5 MPG (news story here).

This is a near doubling of current federal fuel economy mandatory minimums.

And it will mean The End for cars with engines that have more than four cylinders – and which are larger than about 2.0 liters.

At least, as far as cars for you and I are concerned.

Our Dear Leaders in Washington – and the lampreys in the “private sector” (e.g., Elon Musk) who use government to feed off the productive, tax-paying sector – will continue to have (and be able to afford) the handful of by-then exotic cars still being made with V-8 (and even V-6) engines.


The World Series Of Real Estate / by Tyler Durden on 10/24/2014 19:31

With The Royals and The Giants flip-flopping scores like an HFT-trader on FOMC day, we thought a glance at the two teams’ local real estate markets might give some context for who comes out the weekend the winner… As RealtyTrac notes, the San Francisco Giants may have one of the most Equity Rich real estate regions, but the Kansas City Royals hit a home run with home prices.


The New Homes Sales Report Is A Complete Farce / David Kranzler / 

Gyrating wildly month-to-month, as seen also with the extreme and unstable monthly reporting of the housing-starts series headline August new-home sales rose by an incredible 18.0% for the month. Even more incredible—as to why the Census Bureau even bothers to publish the current detail—a headline monthly gain of that magnitude was not statistically-significant.  – John Williams,

Well guess what? The Census Bureau reported new home sales for September and revised the original number for August down by 38,000, or 7.5%.  Recall, the same thing happened in June, when May’s unbelievably high number reported was pole-axed by almost 10%.   The data collection and seasonal adjustment algorithms produce a monthly statistic that is vomited out by both the Census Bureau and the National Association of Realtors (existing home sales).  Then they compound this grotesque abortion by reporting an “annualized rate” for each month.  It’s a complete and utter farce.

I review this month’s statistical aborticide in this article published by Seeking Alpha:September New Home Sales.

One thing to keep in mind: the data both the NAR and the Census Bureau collect are just samples.


Gold Seeker Weekly Wrap-Up: Gold and Silver End Slightly Lower on the Week / By Chris Mullen / 24 October 2014

The Metals:

Gold edged up to $1234.18 in Asia before it fell back to $1229.42 at about 11AM EST, but it then bounced back higher midday and ended with a loss of just 0.14%. Silver climbed up to $17.356 in early New York trade before it dropped back to $17.145, but it ended with a loss of just 0.17%.

Euro gold fell to about €972, platinum lost $7 to $1246, and copper remained at about $3.03.

Gold and silver equities waffled near unchanged and ended slightly lower.


Europe, or The 28 Stooges

Russell Lee Sharecropper mother teaching children in home, Transylvania, LA. Jan 1939 / by Raúl Ilargi Meijer / October 24, 2014

Europe is fast turning into a freak comedy show. Very fast. Or maybe we should say it’s always been one, and it’s just that the Larry, Curly and Moe moves are only now coming out in droves. Or maybe, what do I know, we’re just starting to understand how much talent for farce and slapstick the boys from Brussels have always had.

Just Wednesday, I wrote in 40% of Eurozone Banks Are In Bad Shape about a Reuters report based on Spanish source Efe, that claimed 12 banks would fail the ongoing stress tests, results of which are due this Sunday at 12pm CET (their daylight savings time will be over by then). I noted how the indignation expressed over the leaked data by Brussels seemed odd, since in 2014 everything leaks.

Then, I cited Pimco’s global banking specialist, Philippe Bodereau, saying he thought 18 banks would fail, and moreover, almost a third would narrowly pass. Something that according to several sources was important than who actually failed. Because all banks have had many many months to shore up their capital positions, and if they’re now still below or just above the dividing line today, that’s suspect at best.

130 banks were supposed to have been tested, and ‘almost a third’ of that is some number north of 40. Add the 12 to 18 sure failures, and you’re north of 40%.

But today Bloomberg reports on a new draft they have obtained, which raises the numbers even further.


Why to Love the Silver Bear Market – Rick Rule Interview

VisionVictory, Published on Oct 24, 2014

Yale Researcher: 12% Of Liberia’s Most Populous County May Have Ebola By December 15 / by Tyler Durden on 10/24/2014 20:00

For all the headline fodder surrounding the arrival of Ebola in the US, or any other developed nation for that matter, the key issue surrounding the worst Ebola epidemic in history has little to do with what the virus is doing on the western side of the Atlantic, and everything to do with containing the source of contagion on the eastern side.

It is this issue that a paper in today’s edition of The Lancet: Infectious Diseases tackles. It’s conclusion:

 The number of beds at EVD treatment centres needed to effectively control EVD in Montserrado substantially exceeds the 1700 pledged by the USA to west Africa. Accelerated case ascertainment is needed to maximise effectiveness of expanding the capacity of EVD treatment centres. Distributing protective kits can further augment prevention of EVD, but it is not an adequate stand-alone measure for controlling the outbreak. Our findings highlight the rapidly closing window of opportunity for controlling the outbreak and averting a catastrophic toll of EVD cases and deaths.

The authors do not specify if the catastrophic toll would impact only Africa, but they don’t have to: as long as the original epidemic continues unabated and in fact grows larger, the risk of a carrier sliding undetected into any developed nation rises exponentially.

The Yale News summarizes the full paper:


NATO Pushes Baltic Front: Canadian Jets Intercept Russian Plane and Sweden’s ‘Russian Sub Hoax’ / OCTOBER 24, 2014

Now that NATO has firmly planted its feed in the southeastern European front by feeding arms and coordinating intelligence and logistics with the CIA-backed Ukrainian government in Kiev, military technocrats in the Belgian city on Mons have their sights set on the crucial northern Baltic front.

According to NATO’s press office this week, Two Canadian CF-18 Hornet jets scrambled Monday from the Siauliai Air Base in Lithuania – to intercept a Russian Ilyushin-20 surveillanceplane. NATO claims the Canadian fighters shadowed the Russian craft for 15 minutes before disengaging.


More nations are trying to get out from under the U.S. dollar, Putin says / By Stepan Kravchenko, Bloomberg News / Friday, October 24, 2014…

MOSCOW — The U.S. is behaving like “Big Brother” and blackmailing world leaders while making imbalances in global relations worse, Russia’s president said.

Current conflicts risk bringing world order to collapse, Vladimir Putin told the annual Valdai Club in the Black Sea resort of Sochi. The Cold War’s “victors” are dismantling established international laws and relations, while the global security system has become weak and deformed, with the U.S. acting like the “nouveau riche” as global leader, he said.

“The Cold War has ended,” Putin said. “But it ended without peace being achieved, without clear and transparent agreements on the new rules and standards.”

Russia has clashed with the U.S. over conflicts from Syria to Ukraine, sending relations between the two countries to levels not seen since Soviet times. Putin, whose nation is on the brink of recession because of U.S. and European sanctions over Ukraine, also offered asylum to fugitive American government intelligence contractor Edward Snowden in 2013.

“Global anarchy” will grow unless clear mechanisms are established for resolving crises, Putin told the invited group of foreign and Russian academics and analysts. The U.S.’s “self-appointed” leadership has brought no good for other nations and a unipolar world amounts to a dictatorship, he said.


New York, New Jersey Begin Mandatory Quarantines In Ebola Response / by Tyler Durden on 10/24/2014 17:13

Despite the constant confirmation that New York “is prepared, and has been prepared for months” for an Ebola outbreak (that is extremely difficult to catch apparently), it appears Governor Cuomo and NJ’s Christie are more concerned than they are letting on. Having earlier admitted that the CDC’s screening guidelines are “insufficient” for New York regions’ population density, Reuters reports that Cuomo and Christie are considering “enhanced screening” where “all healthcare workers will be mandatorily quarantined.” Cue “state of emergency” proclamation and civil liberties ‘interrupted’...


Obama’s Politics and Policies are Indeed on November’s Ballot / by Diane Sori, The Patriot Factor / Oct 24, 2014

Let’s get something straight right upfront…Barack HUSSEIN Obama has NO love for America, Americans, our military or our veterans, Israel or any of our other true allies, nor does he hold any affinity whatsoever for Christians and Jews…period. Barack HUSSEIN Obama is indeed (I believe) a muslim and a supporter of all things islamic… of all things counter to the Judeo-Christian principals, morals, and values upon which this great nation was founded…and the fabric of our American society in his eyes would be better served by prayer rugs extending from one coast of America to the other.

Barack HUSSEIN Obama’s presidency is a failure…a complete and total failure. The man who promised ‘hope and change‘ instead has delivered NOTHING but ‘distrust, stagnation, utter despair, and disgust.’

And his response to the anger building NOT just amongst Republicans and TEA Party members but even amongst some of his own party’s loyal has shown that this man elected tothe highest office in our land…or should I say this man who stole an election through voter fraud and intimidation, machine tampering, and the dead rising from their slumber to vote…has proven time and again that America’s enemies are indeed his trusted friends and allies.

And while the name Barack HUSSEIN Obama might NOT be on the November ballot, know that his politics and policies…both domestic and foreign…sure the hell are.

On the domestic front, we all know Obama’s so-touted economic recovery is anything but…that the jobs numbers released every week are in reality numbers that hide the all important truth that more Americans are dropping out of the work force then ever before or are being demoted to part-time employment.

And need I mention the word ‘ObamaCare‘…the anything but “if you like your doctor you can keep your doctor…if you like your insurance you can keep your insurance” plan, complete with its anything but cost effective continuing to rise premiums…complete with its ‘death panels‘ that some of us have already, unfortunately, witnessed in action.

And lest we forget his plan to grant amnesty through his ‘pen and his phone’ to 34 million ILLEGALS so that they can compete for and take away jobs from mostly the poor and his own core black base. And we know this is being done solely to increase the Democratic voting blockfor generations to come as these people…these now ‘LEGAL ILLEGALS’ will gladly sell their souls and their votes to the Democratic party in exchange for even more freebies and handouts then they now already readily and greedily receive.

Simply put…jobs for Americans be damned…jobs in exchange for votes will become both this administration’s and any future Democratic administration’s mantra as taking jobs away from LEGAL Americans will well fulfill their goal of having our economy limp along until it finally just gives out and crashes.


SWAT Training Drill During Marysville School Shooting? / Friday, October 24, 2014

Marysville shooting occurs less than 2 weeks before Washington voters decide on new gun control measures.

Doesn’t there always seem to be funny business with these alleged school shootings? The latest is the Marysville, Washington active shooter event taking place today.

This post isn’t to discuss the details of the ongoing event, but rather to point out that it appears the Marysville Police were scheduled to run a SWAT training exercise yesterday or perhaps today too. We can’t know for sure because they scraped all references to it from the Internet.

Major props to Lori Price of LegitGov for catching this:

CNN host Brooke Baldwin, covering breaking news of the school shooting in Marysville, Washington, announces that she has a live update regarding the school shooting. Baldwin said she’s been just handed a paper with new information, which she will read on the air. She asks for viewers to, quoting, “bear with her,” as she reads it “cold.” She reads: “Marysville Police will be holding SWAT training today –” Baldwin then interrupts herself, and states, “Oh. This is from yesterday.” Later, the host announces, “initially, students thought this was a fire drill.”

When Googling the SWAT drill in Marysville, the official school district website is the first result:


Gold Rebounds but Gold Miners Struggle / By Jordan Roy-Byrne, CMT / 24 October 2014

Several weeks ago the entire precious metals space was extremely oversold and due for at the least, a reflex rally. Gold was down in nine of twelve weeks with Silver down in eleven of those twelve weeks. The miners experienced a nasty September and were down five consecutive weeks. With Gold rallying from $1185 to $1255, we would expect Silver and the mining stocks to rebound strongly in percentage terms. However, those markets have lagged Gold badly. The mining stocks are essentially back to their lows and Silver hasn’t fared much better. The recent stark underperformance of Silver and the mining stocks especially is a warning sign of further downside.

The weekly candle chart below plots Gold and Silver. We can see how Gold has rallied for a few weeks following its weekly close below $1200. Yet over the past two weeks Gold has tested $1250 and failed to close above it. This week Gold will close near the low of the week and below its 50-day or 10-week moving average. Gold is sitting less than 3% above important weekly support and remains below key short-term moving averages. Meanwhile, Silver has not touched $18 yet, let alone rallied back to previous support.


When The Line Between Halloween & Real Life Terror Gets Blurred / by Tyler Durden on 10/24/2014 18:18

Taking inspiration from the fear of Ebola, AP reports that a Dallas-area man has stacked up barrels marked “biohazard,” surrounded his yard with yellow caution tape and crossed his door and windows with white tape marked “quarantine.”


The Muslim Radical Fear Hitting Western Governments after Canada / By Martin Armstrong / 

The attack inside the Canadian Parliament by a radicalized Muslim born in Montreal has sent shivers down the spin of Western governments in Europe and America based on inside sources. According to Royal Canadian Mounted Police (RCMP), the gunman had recently applied for a passport, planning to travel to Syria to join ISIS. He was Michael Zehaf-Bibeau, 32, and Canadian born in Quebec at Montreal to a father from Libya and a Canadian mother.


5 Things To Ponder: To QE Or Not To QE / Lance Roberts / 23 October 2014

Over the last few weeks, the markets have seen wild vacillations as stocks plunged and then surged on a massive short-squeeze in the most beaten up sectors of energy and small-mid capitalization companies. While “Ebola” fears filled mainstream headlines the other driver behind the sell-off, and then marked recovery, was a variety of rhetoric surrounding the last vestiges of the current quantitative easing program by the Fed. As I have shown many times in the past, there is a high degree of correlation between the Fed’s liquidity programs and the advance in the markets.

This weekend’s reading list is a compilation of views on whether the Fed will end the current QE program at next weeks FOMC meeting or not. In the past, the extraction of their monetary interventions has led to market declines that were halted only once a new program was started. Are the markets, and the economy, finally strong enough to stand on their own? Or, will the end of the current QE program be the start of a bigger correction?

Here is something to consider if you believe that the Fed will end their monetary purchases next week.  The chart below shows the recent sell-off and rebound matched to the Fed’s current monetary interventions.


Spanish Tenants Wake Up To The Horror Of A Wall Street Landlord / by Tyler Durden on 10/24/2014 17:48

Having grown weary of reality in America (after becoming the biggest landlord in the land of the free to borrow cheaply), Wall Street moved into the distressed property purchase ponzi in Spain (as we noted here) and, surprise, the Spanish are not happy with their new slumlords. After Madrid’s local government sold 5,000 rent-controlled apartments to Goldman and Blackstone, having told tenants their rental conditions would remain the same, dozens of people have received demands for higher rent, been told their rents will increase dramatically, been threatened with eviction or moved out to escape the insecurity as old contracts expire.


Rick Santelli Predicts Stunning Victory For Swiss Gold Initiative / October 24, 2014

Today CNBC’s Business News On-Air Editor Rick Santelli surprised King World News when he predicted a stunning victory for the Swiss Gold Initiative.  Santelli also brought up Germany’s struggle to get their gold back from the United States in his powerful interview below.

Eric King:  “Rick, the polling came out (for the Swiss Gold Initiative) and shocked a lot of people, didn’t it?”

Santelli:  “It really did.  This vote will happen on November 30th, and the Swiss National Bank, if this happens, will have to hold 20 percent of their assets in gold.  They will (also) be restricted from liquidating any more gold, and they will be instructed to try to repatriate all the gold they own that is stored in other countries like Britain.  And on a bit of a comical note here, Eric, over the last 5 years Germany has been trying to get some of their gold back from the U.S. and they haven’t had much success. (Laughter)….

Continue reading the Rick Santelli interview below…


ISIS in Lebanon: 20 Militant Gunman Attack Army Post, Repelled by Gov’t Forces / October 24, 2014

21st Century Wire says…

Concerns about the security of Lebanon, particularly the northern area around Tripoli – from a residential ISIS threat spilling over from neighboring Syria – have been lingering for some time now. This latest incident could signal more trouble ahead for the Lebanese…

CBC reports: “Unlike in Syria or Iraq, the al-Qaeda-breakaway Islamic State group does not hold territory in Lebanon. But along with Syria’s al-Qaeda affiliate, the Nusra Front, it has established footholds in remote mountains along Lebanon’s remote eastern border, from where it launches almost daily incursions further afield.”

Already, Jihadist recruitment in poor Sunni areas in northern Lebanon on the increase, and Lebanese Security Forces expect to be busy dealing with this emerging situation.

Lebanese army soldiers patrol a street in in Tripoli, northern Lebanon, May 14, 2012. (Daily Star/REUTERS/Omar Ibrahim)