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Archive for the ‘Uncategorized’ Category

Jim Grant: "Gold Is An Investment ‘In’ Monetary Disorder"

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By Tyler Durden

In an interview at the 2016 Mauldin Economics Strategic Investment Conference, legendary investor Jim Grant noted, “Cash simply enables one to retain wealth, with an eye towards being opportunistic.”

Raising cash and reducing your exposure to volatile financial markets in turbulent times obviously make sense. The key, of course, is finding a safe, profitable investment opportunity to deploy your cash.

The founder of Grant’s Interest Rate Observer believes gold may be that investment. In the interview, he went on to say, “Gold isn’t so much a hedge against Armageddon… as it is against monetary shenanigans.”

He also noted he expects gold to continue moving up: “When the economic establishment encourages the idea that gold is ‘good for nothing,’ it’s almost always a good time to buy [gold].”

…read more

Source: Jim Grant: "Gold Is An Investment ‘In’ Monetary Disorder"

    

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Fireworks: Silver SOARS … Gold Roars!

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By lemetropole

July 4 – Gold $1350.40 up $13.70 – Silver $20.40 up 86
cents
(Last prices over prior Comex close)


Fireworks: Silver SOARS … Gold Roars!



“The gold
price manipulation scheme will go
down as the biggest financial market scandal in U.S.
history.”
— Bill Murphy, Chairman of the Gold Anti-
Trust Action Committee

Brad Hoppmann
Publisher, Uncommon Wisdom Daily


Simply click
this link for all the details
.



GO
GATA!

Last night was something else and a sign of the times for
what will be standard fare for the precious metals over the
months ahead.

After the briefest of dips, silver popped a dime and then
began to steadily move up to take out $20 an ounce. Once
that level was breached, all heck broke loose. Silver began
a run higher rarely ever seen. Its price moved up and up and
then began trading EXACTLY like gold did the evening
following the Brexit vote, shooting up ten cents at a click.
Just as gold soared to only pennies less than a gain of $100
an ounce at that time, silver rose $1.50 over its prior
Comex close and blew through $21 to $21.13 in the process.

Excitement would be an understatement. Gold was acting
sluggish at the time, but then caught some fire, as silver
finally did briefly following that gold post Brexit run, by
rising to $1356. Both precious metals corrected, giving up
most of their gains, but then began to move right back up
again as the trading hours in London progressed. In a
relative blink silver was back to $20.50 with gold back
above $1350.

“Can’t tell the players without a scorecard,”
is an old sports expression we used as kids.

While watching the action last night in the silver price
arena was exhilarating, it probably is no surprise to
Café members in that it has all been laid out over
the past two weeks. Now that what has been discussed is
playing out almost as part of a script, it is time to really
pound the table about what the silver price is in the
process of doing, and that is a historic move towards $100
an ounce and probably at lightening speed. The lack of
comprehension and enthusiasm by the general public of what
is occurring is astounding.

Some retro MIDAS comments for focus purposes:

June 23 – Gold $1261.20 down $6.80 – Silver $17.35 up 4
cents

An emphasis in this column for some time now has been on
the “whacked out” silver price action. Never seen anything
like it over the past 40 years. And now, after all that
focus, the silver OI confirms that something “wacky”
(profound?) is indeed making itself felt in the silver
market … and that STRANGE is being reflected in the silver
open interest itself.

I was very fortunate in my early commodity trading days
to be a part of spotting situations such as what I think I
see developing in the silver market via the genius of some
big time …read more

Source: Fireworks: Silver SOARS … Gold Roars!

    

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A MeSSaGe To ViCHY DC FRoM LaDY LiBeRTY…

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By williambanzai7

A MESSAGE FROM LIBERTY

…read more

Source: A MeSSaGe To ViCHY DC FRoM LaDY LiBeRTY…

    

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"The World Is A Violent, Terrible, Scary Place" – LGBT Gun Group Memberships Spike After Orlando Shooting

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By Tyler Durden

After the terrorist shooting in Orlando, we have reported that gun sales are taking off, and that overall gun sales in 2016 are on pace to shatter 2015 numbers.

It turns out that gun sales aren't the only thing that has been increasing in the aftermath of Orlando, because as the Chicago Tribune reports, memberships have picked up in LGBT pro-gun rights organizations as well.

Matt Schlentz, president of the Utah chapter of the Pink Pistols, a national pro-gun LGBT organization says that membership has grown from 1,500 to 4,000 since the Orlando shooting.

“It's really a sad thing that something on this scale had to happen for people to realize this is a need for our community. But the reality is we still get attacked for kissing our partners or holding hands in public. We get windows smashed for having an equality sticker on them.” Schlentz said, adding “Obviously, as a gay man, I have to have some liberal views socially. But on this one point, I have very conservative views. The reality is what it is – the world is a violent, terrible, scary place, and people do wish me harm based on who I love.“

Pink Pistols organized in 2000 in response to a series of violent incidents like the murder in Wyoming of a gay college student Matthew Shepard, and some early slogans for the group were “Queers bash back” and “Pick on someone your own caliber” the Tribune reports.

Another pro-gun LGBT group that is seeing a boost after Orlando is Stonewall Shooting Sports of Utah.

“As awful as Orlando is, I feel like this is a huge-eye opener for a lot of people that the world is not a perfect place, especially for a group that's at risk for this kind of violence. Security should be armed at all gay nightclubs, and all employees should run through a defensive shooting course once a year. When you think about supremacist groups, a gay bar is an easy target. And the shooter knew that. It was like shooting fish in a barrel.”

* * *

Sadly, this is where we are as a society. It's nice to see these groups exercising their 2nd Amendment rights, because eventually the brutal reality will reach most Americans (and everywhere else) that when there is social unrest, it will undoubtedly be too late to wait for help.

…read more

Source: "The World Is A Violent, Terrible, Scary Place" – LGBT Gun Group Memberships Spike After Orlando Shooting

    

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Hillary’s Closest Aide Admits Clinton ‘Illegally’ Burned Daily Schedule

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By Tyler Durden

Just two weeks after we exposed the fact that Hillary Clinton's official calendar is “missing” a lot of entries, more 'illegal' allegations are being exposed from her reign as Secretary of State.

In a deposition last week, NYPost reports that Hillary Clinton's cloests aide – Huma Abedin – revelaed that her boss destroyed at least some of her schedules as secretary of state — a revelation that could complicate matters for the presumptive Democratic nominee, who, along with the State Department she ran, is facing numerous lawsuits seeking those public records.

Huma Abedin was deposed in connection with a Freedom of Information Act lawsuit into Clinton’s emails — but her admission could be relevant to another lawsuit seeking Clinton’s schedules.

“If there was a schedule that was created that was her Secretary of State daily schedule, and a copy of that was then put in the burn bag, that . . . that certainly happened on . . . on more than one occasion,” Abedin told lawyers representing Judicial Watch, the conservative organization behind the emails lawsuit.

Abedin made the surprising admission in response to a question about document destruction at the Department of State. A lawyer for Judicial Watch asked: “And during your tenure at the State Department, were you aware of your obligation not to delete federal records or destroy federal records?”

Clinton has admitted to destroying “private personal emails” as secretary of state. But Abedin’s admission that she used so-called “burn bags” — a container that material is placed in before it is destroyed — for some of her schedules is the first time anyone close to her has disclosed destroying public records.

A former State Department official told The Post it was unprecedented for a diplomat to destroy a schedule like this.

“I spent eight years at the State Department and watched as four US ambassadors and two secretaries of state shared their daily schedules with a variety of State Department employees and US officials,” said Richard Grenell, former diplomat and US spokesman at the United Nations.

“I’ve never seen anyone put their schedule in the burn bag — because every one of them had a state.gov email address and therefore their daily schedules became public records, as required by law.”

Others said Clinton’s careful approach to her schedule further highlights her recklessness in using a personal server for all her email communications.

“This shows, in my opinion, a skewed sense of security. The Clinton people would dispose of the secretary’s schedule in the same manner as if it were classified yet those same safeguards were not in place with regard to email communications.”

While former department officials as well as government records experts said that secretaries of state have wide latitude in keeping their schedules, despite federal laws and agency rulings overseeing the archiving of calendars and warning against altering or deleting records.

“It's clear that any outside influence needs to be clearly identified in some way to at least guarantee transparency. That didn't happen. These discrepancies are striking because of her possible interest at the time in …read more

Source: Hillary’s Closest Aide Admits Clinton ‘Illegally’ Burned Daily Schedule

    

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What Is It We’re Celebrating, Exactly?

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By Tyler Durden

Submitted by Eric Peters via EricPetersAutos.com,

The Fourth of July has become like Christmas – a kind of ersatz celebration with forms but not much significance.

What is it we’re celebrating, exactly?

A historical event – the successful separation of the colonies from the British empire.

The secession of the colonies. Their rejection of the arbitrary authority of the British king and parliament.

Good for the colonists.

What about us?

Do we not also live under the authority of arbitrary government? A president and Congress?

An endless conga line of bureaucrats and apparatchiks?

Sometimes, we get to vote for some of them. Our vote made effectively meaningless by the thousands – the hundreds of thousands and tens of millions of other votes.

The king or parliament would issue an edict and the colonists were legally required to obey it. Are we not legally required to obey whatever edicts the Congress pass and president decrees?

Can anyone explain the difference?

Moral law no longer governs. Only the law. And that can be anything. There are no limits whatsoever on what may be done to us; only that a law be enacted (and not even that).

We are bound to obey, regardless.

The king’s men could simply take our things, search our persons on whim. The colonists objected to such treatment and cited such treatment among the reasons for their decision to secede.

Is it not a fact that the government’s men (and women) can simply take our things? Search us on whim? Have you traveled recently?

Can anyone explain the difference?

The colonists under the king and parliament could own property. Meaning really own it. They were not required to send annual/regular payments in to the king in order to be permitted to remain in homes for which they’d paid or carriages they’d purchased.

We are.

The colonists – under the king and parliament – had an unquestioned right to own and bear (carry on their persons) firearms. Without permission.

Are we allowed such freedom?

The king and parliament did not concern themselves with the colonists’ “safety.” If a colonists wished, he could ride his horse as fast as he liked, eat what he liked, smoke what he liked. No authority pestered him about his choices. He was not told with whom he must do business, or forced to build his house a certain way or forbidden from planting a vegetable garden on his property. He was not compelled to purchase insurance of any kind whatsoever.

How about today?

In most parts of the Land of the Free, you and I are not even free to purchase fireworks to celebrate our supposed freedom. We’re allowed “safe” sparklers and such. But nothing that flies or explodes. To possess or use such constitutes a crime in most states.

The irony of this is lost on most people.

So, celebrating our freedoms strikes me as hollow and pathetic. Like holiday greetings instead of merry Christmas!

I plan to stay home and read a book.

Italian Banks Tumble, Monte Paschi Plunges To Record Low After ECB Letter

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By Tyler Durden

The pain for Europe’s banks, and especially those in Italy, continues this morning following the latest news surrounding the Italian bank sector.

As a reminder, the Euro Stoxx Banks index was down -0.88% last week and is nearly 19% down from its pre-referendum levels. Italian Banks are at the heart of that weakness with the likes of Unicredit, Intesa, Banco Monte dei Paschi and UBI down -9.78%, -3.44%, -15.79% and -6.11% respectively last week, in the process sending Italian stocks to levels not seen since Draghi’s famous “whatever it takes” speech.

As we documented recently, there has been plenty in the press about possible liquidity guarantees and recaps for Italian Banks (not to mention yet another quiet Atlante-funded bailout on Friday) and it looks like this one still has plenty of room to run. Following reports that Italy was planning either a direct €40BN liquidity injection, a plan reportedly shot down by Merkel, as well as an EU cleared proposal for a €150 billion liquidity backstop, last night the FT ran a story suggesting that Italy PM Renzi is prepared to defy Brussels to inject public funds into the banking system should it come under severe systematic stress, and so break the bail-in principles of EU regulation following the upcoming European stress tests which, at least based on Italy’s panicked response, suggest many Italian banks will fail.

That story, however, was denied today when La Repubblica reported that Renzi will respect European Union rules on state aid for banks, an Italian official said on Monday. It remains to be seen he will stick to this commitment especially if the collapse in Italy’s banking sector continues. Overnight DB also said that, “while UK politics has dominated headlines for the last few weeks it feels like the health of Italian Banks could well takeover in the near term.“

Which brings us to the latest catalyst, namely reports that the ECB has asked perpetually troubled, insolvent and repeatedly bailed out Banca Monte dei Paschi di Siena, the world’s oldest bank, to draw up a plan for tackling its bad-loan burden, asking the lender to reduce its load of soured debt to 14.6 billion euros ($16.2 billion) in 2018 from 24.2 billion euros at the end of 2015, Italy’s third-biggest bank said in a statement Monday.

As a result, Monte Paschi was halted after tumbling for yet another day to fresh new record lows, while the Italian bank sector tumbled in Milan on Monday amid fresh concerns the country’s lenders are under pressure to raise capital to bolster their finances.

Seven of the 10 biggest decliners in the STOXX 600 Banks Index were Italian lenders, with Monte Paschi dropping 8.2 percent as of 9:40 a.m., while UniCredit SpA fell 3.3 percent. The benchmark index, which tracks 48 banks, dropped 1.1 percent.

Cited by Bloomberg, Vincenzo Longo, a strategist at IG Markets in Milan said that selling such a large stock of soured loans “could lead the …read more

Source: Italian Banks Tumble, Monte Paschi Plunges To Record Low After ECB Letter

    

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Precious Metal Pandemonium – Silver Spikes Limit-Up, Gold Surges As China FX Basket Hits Record Low

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By Tyler Durden

Update: Silver just exploded above $21 – up almost 8% – its biggest single day surge since September 2013. Silver is limit up on SHFE as Gold is also surging back towards Brexit highs near $1360… China's CFETS Renminbi basket just hit a record low..

All of this is happening as China's currency collapses to a record low since it began being published against a broad basket of majors…

As we detailed earlier, e xtending Friday's gains, Silver futures just broke above $20 for the first time since August 2014…

And Gold topped $1350 once again…

Following silver's best week since August 2013, dramatically catching up to gold's recent performance, it appears, despite the volumeless meltup in stocks, that Brexit has sparked huge demand for the safety of precious metals.

For a second straight week, funds boosted their net-long futures and options positions in the two metals to the highest since the data begins in 2006.

Money managers have been piling in on demand for havens and speculation that interest rates will stay low as central bankers around the world struggle to contain the economic fallout from the U.K.’s vote to quit the European Union.

But what happens next?

As a reminder, on April 21st PIMCO's Harley Bassman suggested “The Fed should monetize gold”…

In “Rumpelstiltskin at the Fed“, Bassman goes down the well-trodden path of proposing Fed asset purchases as the last ditch panacea for the US economy, however instead of buying bonds, or stocks, or crude oil, Bassman has a truly original idea: “the Fed should unleash a massive Fed gold purchase program that could echo a Depression-era effort that effectively boosted the U.S. economy.“

He is of course, referring to FDR's 1933 Executive Order 6102, which made it illegal for a citizen to own gold bullion or coins. Americans promptly sold their gold to the government at the official price of $20.67, with the resulting hoard of gold was then placed in Fort Knox.

The Gold Reserve Act of 1934 raised the official price of gold to $35.00, a near 70% increase. It also resulted in an implicit devaluation of the US dollar. As Bassman points out, over the three years from January 1934 to December 1936, GDP increased by 48%, the Dow Jones stock index rose by nearly 80%, and most salient to our topic, inflation averaged a positive 2% annually, despite a national unemployment rate hovering around 18%.

In short, a brief economic nirvana which was unleashed by the devaluation of the dollar confiscation of gold. In fact, we have frequently hinted in the past that another Executive Order 6102 is inevitable for precisely these reasons. However this is the first time when we see a “respected economist” openly recommend this idea as a matter of monetary policy.

Bassman …read more

Source: Precious Metal Pandemonium – Silver Spikes Limit-Up, Gold Surges As China FX Basket Hits Record Low

    

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Old Men Start Wars, Young Men Die In Them

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By Tyler Durden

Submitted by Laurence Vance via LewRockwell.com,

“Older men start wars, but younger men fight them.” ~ Albert Einstein

“Older men declare war. But it is the youth that must fight and die.” ~ Herbert Hoover

“I’m fed up to the ears with old men dreaming up wars for young men to die in.” ~ George S. McGovern

One hundred years ago – on July 1, 1916 – thousands of young men died after older men decided, again, to send them to war. On the first day of the Battle of the Somme, the British army suffered 57,470 casualties, of which 19,240 were deaths, the French had 1,590 casualties, and the Germans had over 10,000. It was the single greatest day for casualties in British military history. By the time the Battle of the Somme ended in November, the British had around 420,000 casualties, the French about 200,000, and the Germans about 500,000.

One would think that when almost 20,000 of your young men in the prime of their life die in one battle on one day that the British would simply say “enough is enough” and just tell the army to quit fighting and go home. But no, the British army continued to execute men for desertion like the hundred or more that suffered that fate in the two years before the Battle of the Somme.

It is senseless slaughter like the Battle of the Somme that led Ernest Hemingway, who was an ambulance driver in Italy toward the end of World War I, to say:

They wrote in the old days that it is sweet and fitting to die for one’s country. But in modern war there is nothing sweet nor fitting in your dying. You will die like a dog for no good reason.

Never think that war, no matter how necessary, nor how justified, is not a crime.

Over 115,000 American soldiers would go on to die like dogs for no good reason after the United States foolishly and senselessly entered World War I in April of 1917. The thousands of U.S. troops who in more recent times died in Iraq and Afghanistan likewise senselessly died in vain and for a lie.

How do you prevent such senseless slaughter? How do you stop young men from dying in vain? How do you prohibit young men from dying for a lie? How do you stop making widows and orphans? How do you thwart young men dying like dogs? How do you stop young men from dying for no good reason? How do you end the war once and for all?

It is an uphill battle.

Governments, presidents, politicians, and military officers will continue to send young men to fight and die.

The military establishment will continue to want more money and more weapons of war to try out.

Legislatures will continue to fund bloated military budgets.

Defense contractors—merchants of death—will continue to lobby for more armaments, more military interventions, and more wars.

Uber-patriots, neocons, armchair warriors, just war theorists, progressive hawks, reich-wing nationalists, red-state fascists, pro-lifers for mass …read more

Source: Old Men Start Wars, Young Men Die In Them

    

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Silver Spikes Over $20 As Post-Brexit Panic Sends Precious Metals’ Positioning To Record Highs

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By Tyler Durden

Extending Friday's gains, Silver futures just broke above $20 for the first time since August 2014…

Following silver's best week since August 2013, dramatically catching up to gold's recent performance, it appears, despite the volumeless meltup in stocks, that Brexit has sparked huge demand for the safety of precious metals.

For a second straight week, funds boosted their net-long futures and options positions in the two metals to the highest since the data begins in 2006.

Money managers have been piling in on demand for havens and speculation that interest rates will stay low as central bankers around the world struggle to contain the economic fallout from the U.K.’s vote to quit the European Union.

But what happens next?

Source: Bloomberg

…read more

Source: Silver Spikes Over $20 As Post-Brexit Panic Sends Precious Metals’ Positioning To Record Highs

    

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