Silver Stackers Can End The Silver Manipulation And Stop The Criminal Banksters
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People are already taking the expected financial recession pretty badly.
There are literally millions of people in the United States who’ve become deeply entrenched in a struggle to find or hold a good job, while keeping expenses covered on the income they do make.
But most people assume they will shielded from the worst of it, that at some point things will pick up.
Sadly, the forecast is much darker, and the next financial collapse much deeper than almost anyone has prepared for. The outlook from this global strategist at the Macquarie Group is beyond doom and gloom – it is a literal existential crisis.
zerohedge.com / by Tyler Durden / Aug 25, 2016 1:12 PM
And just like that the rate market’s perception has shifted. Following two stellar auctions earlier this week, namely a blockbuster auction of 2Y and 5Y bonds, which saw such strong demand we concluded that nobody appeared to be concerned about tomorrow’s Yellen testimony at least in the primary bond market. That, however changed moments ago when the Treasury sold $28 billion “belly”, 7Y bonds, at a yield of 1.423%, tailing the When Issued by 1.3 bps, the first tail in this tenor since February.
The University sent a letter to all students who will be attending their college this year, which states “You will find that we expect members of our community to be engaged in rigorous debate, discussion, and even disagreement. At times this may challenge you and even cause discomfort.”
The Danish mortgage model is regarded as being one of the best of its kind in the world.
It consists of a unique balance principle, match funding and a market-based prepayment system. These features ensure that the Danish mortgage credit market is characterised by transparency, competitiveness and stability.
The interest rate of a mortgage loan and the prepayment price directly reflect the price of the mortgage bonds funding the loan. The interest rates mirror the prices investors pay for the bonds. The bond rates are public and are published in the newspapers and on the mortgage banks’ web sites on a daily basis.
The European Consumer Organisation has lauded the option of prepaying a loan on favourable terms as a smooth and efficient solution. The EU Commission singled the Danish prepayment system out in its White Paper on mortgage lending.
zerohedge.com / by Tyler Durden / Aug 25, 2016 3:54 PM
At long last, the presidential race between Trump and Hillary has devolved to its to its lowest common denominator: mutual accusations of racism, paranoia, neonazism, conspiracy theories, and of course the Ku Klux Klan.
Earlier today, a video released by Hillary Clinton’s campaign suggested that Donald Trump is the candidate of racists, white supremacists and neo-Nazis. “The reason a lot of Klan members like Donald Trump is because a lot of what he believes, we believe in,” a robed man identified as the Imperial Wizard of the Rebel Brigade Knights of the Ku Klux Klan says at the top of the video, followed by images of a Confederate flag fluttering in the wind, Trump waving after a speech, and a man performing a Hitler salute at what appears to be a Trump rally.
milesfranklin.com / by Andrew Hoffman / Aug 25, 2016
When I think of all the vacations, holidays, and market “slow periods” the Cartel has deprived me peace of mind during, by attacking when everyone else is taking it easy; over a 15-year period, no less; you can see why I have never been angrier. That said, per what I wrote earlier this week, I have no regrets about my career or investment decisions – and frankly, have never been less worried.
This week is a perfect example – as heading into today’s COMEX options expiration, a Cartel desperate to inflict “maximum pain” on those that still buy short-dated gold and silver calls knew full well that an enormous amount of “open interest” existed at the $1,300 and $1,310 levels – which not only would cause great financial loss if exercised deep in the money, but could catalyze a run on the extremely thin supply of actual, available-for-delivery inventory. That, and the barrage of “PM bullish, everything-else-bearish” headlines that relentless rain down on their historic price suppression scheme, which with each passing day hangs by a thinner and thinner thread.
It started with Friday’s surreal $0.40/oz smash of silver, for no reason other than to “get the ball rolling” on this week’s COMEX expiration; and hopefully, enable them to cover some of their historic, off-the-charts short position. Next, the $0.40/oz Sunday night silver smash – at the open, with not a shred of news anywhere; followed by massive capping efforts Monday and Tuesday; yesterday’s COMEX-opening dump of $1.5 billion of paper gold (followed by an additional $1.0 billion in the ensuing ten minutes); and finally, this morning’s “2:15 AM” and COMEX-opening waterfall declines – the first, for absolutely no reason; and the second, “covered” by a supposedly “strong” durable goods report.
Which, just like any of the (extremely scarce) “better than expected” economic reports of recent years, was due entirely to accounting chicanery. As it turns out, the headline gain only “beat expectations” because last month’s figure was revised lower. Moreover, core durable goods orders were down for the month; and for the second straight month, down nearly 10% year-over-year. This, including the data-goosing “seasonal adjustments” that the government itself just admitted to be flawed, regarding both their GDP and personal income calculations. And by the way, isn’t it funny how no one is discussing yesterday’s “four for four” economic data misses – of existing home sales, mortgage applications, the FHFA home price index, and DOE oil inventories?
harveyorganblog.com / by harveyorgan / August 25, 2016
Gold:1320.40 down $4.30
Silver 18.48 down 7 cents
In the access market 5:15 pm
For the August gold contract month, we had a huge sized 214 notices served upon for 21,400 ounces. The total number of notices filed so far for delivery: 14,100 for 1,410,000 oz or tonnes or 43.866 tonnes. The total amount of gold standing for August is 43.788 tonnes.
In silver we had 11 notices served upon for 55,000 oz. The total number of notices filed so far this month: 501 for 2,505,000 oz.
Options expiry for the gold and silver contracts ends today August 25. Options for the OTC and London’s LBMA contracts expire August 31.
In silver, the total open interest FELL BY ONLY 419 contracts DOWN to 205,845. The open interest hardly fell DESPITE THE FACT THAT THE SILVER PRICE WAS DOWN 36 CENTS IN YESTERDAY’S TRADING .In ounces, the OI is still represented by just over 1 BILLION oz i.e. 1.029 BILLION TO BE EXACT or 147% of annual global silver production (ex Russia &ex China).
In silver we had 11 notices served upon for 55,000 oz
In gold, the total comex gold fell 7077 contracts as the price of gold FELL BY $16.20 yesterday . The total gold OI stands at 565,896 contracts.
But it’s not just institutions that are buying into negative-yield bonds – retail investors are, too. And there are several reasons why…
Don’t Miss: The best dividend stocks continue to raise their payouts. The best of the best do so for 50 years in a row… like these “dividend kings”…
First, someone might buy a negative-yield bond to profit from a rising currency. For instance, an investor in Switzerland might buy a German one-year Treasury bond because they think the euro will appreciate against the Swiss franc. Since the Swiss investor’s home currency is lower in value, a big enough gain in the euro would offset the negative yield.
Second, anxious investors might prefer to take a small loss on government bonds than bigger losses elsewhere. This mostly pertains to Europe, where negative interest rates have often compromised traditional outlets for money, like savings accounts. For instance, a smallcommunity bank in southern Germany is now charging a fee of 0.4% on deposits of more than 100,000 euros in accounts. This was in direct response to the European Central Bank’s negative-interest-rate policy.
zerohedge.com / by Tyler Durden / Aug 25, 2016 3:13 PM
There was a troubling development at the end of July, when as we noted at the time, the largest US subprime auto lender delayed its Q2 earnings released due to “Accounting matters”, an event which promptly raised red flags not only over the fate of the company (whose stock plunged as a result), but the entire US subprime auto space.
This is what SC said as justification for its 10-Q filing delay:
Santander Consumer USA Holdings Inc. (NYSE: SC) (“SC” or the “Company”) announced today that it will delay the release of its Q2 2016 financial results, previously scheduled for Wednesday, July 27, 2016, because the Company’s financial statements for the quarter have not yet been completed.
The Company is in discussions with its current and previous independent accountants regarding certain accounting matters, primarily related to the Company’s discount accretion and credit loss allowance methodologies. The resolution of these matters may impact prior period financial statements and the timing of the filing of the Company’s quarterly report on Form 10-Q for the quarter ended June 30, 2016 (the “Form 10-Q”).
The Company is working diligently to file the Form 10-Q and schedule its earnings call as soon as practicable.
In a recent Reason-Rupe Survey, 58 percent of Americans ages 18–24 said they viewed socialism favorably. However, when asked if they favored a free market economy or a government-managed economy, 64 percent of Millennials said they favored the free market. How is it possible for Millennials to favor both a socialist government and a capitalist economy? The answer is simple, Millennials simply do not understand what either of these words really mean, especially capitalism.
The word capitalism is generally unpopular on college campuses around the country. In pop culture, it is rare, though not impossible, to find a story where the capitalist ends up being the hero. All day long we are bombarded with anti-free market propaganda. Oddly enough, most of this anti-capitalist rhetoric is available to us through mediums that exist only because of the free market. For example, every time a young, enthusiastic socialist tweets about the injustices of capitalism from his or her iPhone, they are living proof that Millennials love the free market.
If there is one thing the Millennial generation struggles with, it’s patience. We have grown up in a world where everything has been available to us with the click of the button. We have never had to use encyclopedias or spend hours doing research in a library. Instead, we Google whatever it is that we were looking for and in a matter of seconds, we have a plethora of sources. Socialism is not generally associated with quick results. Instead, extreme bureaucracy usually tends to make things take even longer than they otherwise would, much like a government bread line. Likewise, a government-run healthcare system usually results in longer waiting periods even for simple office visits. Millennials hate waiting. I am willing to bet that if these self-proclaimed socialists were to spend some time in a socialist country, they would not last very long.
zerohedge.com / by Tyler Durden / Aug 25, 2016 1:20 PM
Last night Hillary was pressed by CNN’s Anderson Cooper on potential conflicts of interest created by the Clinton Foundation during her tenure as Secretary of State. As we pointed out in a recent post (see “Over Half Of Hillary’s Private Meetings As Secretary Were With Donors Who Paid $156 Million“), at least 85 of 154 people from private interests who met or spoke to Clinton while she led the State Department, donated to her family charity. Moreover, donations by those 85 private interests were found to have donated as much as $156 million in aggregate to the Clinton Foundation.
Meanwhile, Trump has grown increasingly critical of the Clinton Foundation’s work in recent days calling for an“expedited investigation by a special prosecutor.” Per the Washington Post, earlier this week Trump referred to the Clinton Foundation as a “corrupt enterprise” and said that it should “shut down immediately.”
davidstockmanscontracorner.com / By The Economist /
THE most dramatic moment of the global financial crisis of the late 2000s was the collapse of Lehman Brothers on September 15th 2008. The point at which the drama became inevitable, though—the crossroads on the way to Thebes—came two years earlier, in the summer of 2006. That August house prices in America, which had been rising almost without interruption for as long as anyone could remember, began to fall—a fall that went on for 31 months (see chart 1). In early 2007 mortgage defaults spiked and a mounting panic gripped Wall Street. The money markets dried up as banks became too scared to lend to each other. The lenders with the largest losses and smallest capital buffers began to topple. Thebes fell to the plague.
Ten years on, and America’s banks have been remade to withstand such disasters. When Jamie Dimon, the boss of JPMorgan Chase, talks of its “fortress” balance-sheet, he has a point. The banking industry’s core capital is now $1.2 trillion, more than double its pre-crisis level. In order to grind out enough profits to satisfy their shareholders, banks have slashed costs and increased prices; their return on equity has edged back towards 10%. America’s lenders are still widely despised, but they are now in reasonable shape: highly capitalised, fairly profitable, in private hands and subject to market discipline.
The trouble is that, in America, the banks are only part of the picture. There is a huge, parallel structure that exists outside the banks and which creates almost as much credit as they do: the mortgage system. In stark contrast to the banks it is very badly capitalised (see chart 2). It is also barely profitable, largely nationalised and subject to administrative control.
zerohedge.com / by Tyler Durden / Aug 25, 2016 1:43 PM
Having short-squeezed crude oil prices higher on the back of a hope-filled statement, the Saudi energy minister just dropped another tape-bomb, warning that “no discussions of substance” have taken place on OPEC production levels, adding that he “does not believe any significant intervention in market is necessary.”
RTRS: SAUDI ENERGY MINISTER AL-FALIH SAYS NO ‘DISCUSSIONS OF SUBSTANCE’ YET ON OPEC PRODUCTION LEVELS
SAUDI ENERGY MINISTER AL-FALIH SAID DOES NOT BELIEVE ANY SIGNIFICANT INTERVENTION IN MARKET NECESSARY
SAUDI ENERGY MINISTER AL-FALIH SAID DEMAND IS ‘PICKING UP NICELY’ AROUND THE WORLD – RTRS INTERVIEW
jessescrossroadscafe.blogspot.com / 25 AUGUST 2016
The equity markets are bouncing along support on the lower bound as they wait to hear what Chairman Yellen has to say about the Fed’s perspective tomorrow and what else is said over the next few days at Jackson Hole.
As for gold and silver, they went down in honor of the option expiration on the Comex for the most part this week, and today is just the anti-climax.
Traders claim to be ‘confused’ about what the Fed is up to. So for their benefit and yours, here is a brief cheatsheet.
The Fed is very close to the zero bound on their key interest rates. They have been here for a very long time, with most of it proving fruitless at best, and increasing asset price inflation and income inequality for the most part. And that goes double for any of their QE programs which just inflate specific financial assets even more directly.
The ‘theory’ here is that if you cram enough money into the banks and the wealthy, that some of it will fall through to the lesser beings in the real, as opposed to the financialized, economy. It is not a new idea, not at all.
As J.K. Galbraith put it, “trickle-down theory – the less than elegant metaphor that if one feeds the horse enough oats, some will pass through to the road for the sparrows.”
The Fed would very much like to raise rates off this lower bound. Their reasons have nothing to do with the real economy or inflation. And when they make the case that they want to head off ‘wage inflation’ in particular I really think someone should just tell them to shut up.
zerohedge.com / by Tyler Durden / Aug 25, 2016 2:07 PM
Yesterday, we reported that four Iranian ships carried out a “high speed intercept” of a US destroyer, the USS Nitze, in the Strait of Hormuz, an incident that the official dubbed “unsafe and unprofessional”, cited by Reuters. The four vessels belonging to the Islamic Revolutionary Guard Corps “harassed” a U.S. destroyer on Tuesday by carrying out a “high speed intercept” in the vicinity of the Strait of Hormuz, a U.S. Defense official said on Wednesday.
Moments ago, CNN reported that in a separate incident, A US Navy ship fired three warning shots after a “harassing” Iranian fast-attack craft approached and circled two U.S. Navy ships and a Kuwaiti vessel in the northern Gulf on Wednesday. It said the U.S. ship fired the shots into the water after the Iranian ship did not leave after a brief radio conversation, according to U.S. officials.
The Iranian ship reportedly circled the U.S. ships, coming within 200 yards of the vessels, and would not leave the area. The U.S. Navy ships then fired several warning flares and attempted to make radio contact with the Iranian ship. After a brief radio exchange, the Iranians refused to leave, CNN reported, forcing the U.S. Navy ships to follow defensive maritime procedures and fire three warning shots at the Iranian vessel.
mises.org / Rodion GiniyatullinVincent Steinberg / Aug 26, 2016
The Western welfare states know many ways to get rid of their enormous sovereign debt — at great cost of their citizens. Once the debt burden becomes unbearable, the government simply reforms the currency. Then, the government debt will be “adjusted” with the private wealth of the citizens. This is when the citizens will notice that their government’s sovereign debt is their own debt.
But the government does not always need to make use of these large torture devices. More subtle ways, such as financial repression, are possible.
What Is Financial Repression?
“Financial repression” describes a set of tools with which the government can intervene in the market and keep its refinancing cost (the interest on its debt) artificially low. As a consequence, savers and investors are suffering from negative real interest rates because the nominal interest rates are below the inflation rate. The mathematical difference between the savers’ nominal interest rates and the inflation rate is the loss of wealth, the rate at which savers and investors are forced to contribute to the debt financing of their governments.
Under normal circumstances, increasing amounts of government debt would cause a rise in interest rates. But due to the mandated artificially low interest rates, the government merely needs a small nominal growth in order to slowly get rid of its debt – at the cost of savers and investors. Using financial repression, wealth is being redistributed in a covert manner — away from the savers and investors and towards the government.
The negative real interest rates are caused by, among other things, the politically mandated low interest rate policies of the central banks since the sovereign debt crisis, and the actions to save the euro. At the same time, investors’ money flows from the crisis countries to those states which are (still) considered to be safe, which causes their interest rates on money to decline further.
The often-made claim that low interest rates are revitalizing growth and the business cycle has been proven to be wrong in reality.
zerohedge.com / by Tyler Durden / Aug 25, 2016 2:41 PM
We have been following the latest melodrama involving a “greedy” Mylan, and numerous “humanistic” US politicians, all the way up to the Democratic presidential candidate, exchange blows over the company’s dramatic price increases of its EpiPen anti-allergy medication, with a healthy dose of amusement for one simple reason: if Congress wants to crack down on someone, it should crack down on itself.
After all, the only reason Mylan has been able to pass the kinds of price increases that Congress is now blasting it for, is because of US laws and regulations; laws which incidentally, have been determined in Washington’s backroom bribe parlor, i.e. the corner offices of thousands of local lobby organizations dispensing with billions of dollars in “client” funds.
Clients such as the companies listed below.
Which brings us to this question: dear Congress, have you received millions in lobby dollars from the US pharmaceutical industry.
Or perhaps Congress denies that virtually every single pharmaceutical company operating in the US has spent millions on influence peddling pardon lobbying, in recent years? Perhaps, just like in the case of the Clinton foundation defense, that money was not used to buy favors and influence legislation, but was purely for humanitarian reasons?
Boston resident have been noticing military helicopters flying awfully low over the downtown area several nights this week in a hush-hush Department of Defense exercise the agency is running in conjunction with the Boston Police Department.
Both agencies have refused to discuss the drill, other than to claim it isn’t related to any “world events”.
Supposedly a “community alert” was sent out, whatever that is and however that’s done, but it would seem many of the residents didn’t get the message.
Pritchett had no idea that as he spoke, a small Cessna airplane equipped with a sophisticated array of cameras was circling Baltimore at roughly the same altitude as the massing clouds. The plane’s wide-angle cameras captured an area of roughly 30 square miles and continuously transmitted real-time images to analysts on the ground. The footage from the plane was instantly archived and stored on massive hard drives, allowing analysts to review it weeks later if necessary.
Since the beginning of the year, the Baltimore Police Department had been using the plane to investigate all sorts of crimes, from property thefts to shootings. The Cessna sometimes flew above the city for as many as 10 hours a day, and the public had no idea it was there.
Are we citizens, or are we subjects? I think the answer is obvious.
zerohedge.com / by Tyler Durden / Aug 25, 2016 3:45 PM
Last night Fox News aired part 1 of a 2-part interview with Wikileaks founder Julian Assange. Assange noted that they are currently reviewing “thousands of pages of material” related to the Hillary campaign which he described as “significant.” When asked whether the new material will be leaked before the November 8th election, Assange responded “yes, absolutely.
“We have a lot of material, thousands of pages of material. There’s a variety of different types of documents and different types of institutions that are associated with the election campaign, some quite unexpected angles that are, you know, quite interesting, some even entertaining.”
We now know that Assange planned the timing of the previous leaks to correspond with the Democratic National Convention which has since resulted in the dismissal of 5 DNC officials, including Debbie Wasserman Schultz. We assume this leak will also be timed to maximize it’s effectiveness with speculation swirling that it could be released before one of the scheduled debates in October.
When asked whether the next release could be a “game-changer” in the November Presidential election, Assange replied:
"Anyone who claims to stand for free markets, free trade, and limited government but who attempts to defend the existence or importance of the Federal Reserve or central banking is a liar. Either you support free markets and freedom of pricing or you support central bank price-fixing and creeping socialism. There is no third way or middle road — socialism and the free market are mutually incompatible. A little bit of socialism in the form of price-fixing is like a little bit of gangrene, if left unchecked it will eventually infect and kill the whole." - Paul-Martin Foss via The Mises Institute