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Silver Investor Community Discussion Forums - SilverSeek.com - SilverSeek.com Articles http://forums.silverseek.com/ Public comments on articles published on SilverSeek.com en Fri, 22 Mar 2019 18:16:40 GMT vBulletin 60 http://forums.silverseek.com/images/misc/rss.png Silver Investor Community Discussion Forums - SilverSeek.com - SilverSeek.com Articles http://forums.silverseek.com/ Court orders precious metals dealer to pay more than $2.3 million for fraud http://forums.silverseek.com/showthread.php?69475-Court-orders-precious-metals-dealer-to-pay-more-than-2-3-million-for-fraud&goto=newpost Wed, 20 Mar 2019 02:06:45 GMT *Washington, DC – The Commodity Futures Trading Commission (CFTC) today announced that the U.S. District Court for the Southern District of New York... Washington, DC – The Commodity Futures Trading Commission (CFTC) today announced that the U.S. District Court for the Southern District of New York entered an Order of Default Judgment (Order) and Permanent Injunction against Royal Metals Group, LLC (RMG), and its member, manager and part owner, Chelsea Gless (Gless) of Iowa (collectively, defendants) for fraudulent misrepresentations and the misappropriation of customer funds in a precious metals scheme.

The court’s Order requires the defendants to jointly pay restitution of $584,549.84 to defrauded customers, as well as a civil monetary penalty of $1,753,647. The Order also permanently bans the defendants from trading regulated commodities and registering with the CFTC and prohibits them from violating provisions of the Commodity Exchange Act, as charged.

Director of Enforcement James McDonald, stated: “As this case shows, the CFTC will work tirelessly to detect and vigorously prosecute commodity fraud, enforce the anti-fraud provisions of the Commodity Exchange Act and to hold wrongdoers accountable for their misconduct.”

The Order, entered on January 25, 2019, stems from a CFTC Complaint filed on September 14, 2018 in the U.S. District Court for the Southern District of New York (see CFTC Complaint and Press Release 7791-18).

The Order finds that from at least March 2016 to present (the “relevant period”), the defendants defrauded at least eight clients in connection with precious metals transactions and fraudulently obtained more than $617,000 from these clients. This resulted in the clients losing a total of $584,549.84.

Specifically, the Order finds that during the relevant period, the defendants fraudulently obtained funds from at least four of these eight clients after the defendants and/or their agents represented to these clients that they would deliver precious metals in return for their funds. The defendants failed to deliver all of the precious metals as represented and instead only made a small delivery of coins and returned a small portion of their funds causing these four clients to suffer losses in excess of $402,000. According to the Order, defendants also fraudulently obtained precious metals, including gold and silver, from at least four of these eight clients after defendants and/or their agents represented to these clients that they would be paid in full for their precious metals. The defendants instead kept the clients’ precious metals and only returned a small amount of funds to one of these clients causing these four clients to suffer losses in excess of $181,000.

Instead of delivering the precious metals and paying the clients as represented, the Order finds that the defendants misappropriated their clients’ funds and their precious metals. Clients’ funds deposited into RMG bank accounts were used by defendants for their own purposes including, in part, the payment of airline fees, purchases at Walmart and transfers to accounts controlled by Gless and other third parties. In addition, the Order finds that in order to perpetuate and/or conceal this scheme, defendants provided clients with invalid delivery tracking numbers for their precious metals and/or funds and provided the clients with unsigned checks and checks that could not be cashed due to stop payment orders and/or insufficient funds.

The CFTC cautions that Orders requiring repayment of funds to victims may not result in the recovery of any money lost because the wrongdoers may not have sufficient funds or assets. The CFTC will continue to fight vigorously for the protection of customers and to ensure the wrongdoers are held accountable.

CFTC Division of Enforcement staff members responsible for this action are Janine Gargiulo, Alben Weinstein, Judith Slowly, Steven Ringer, Lenel Hickson and Manal Sultan.



* * * * * * *



CFTC’s Precious Metals Customer Fraud Advisory

The CFTC has issued several customer protection Fraud Advisories that provide the warning signs of fraud, including the Precious Metals Fraud Advisory, which alerts customers to precious metals fraud and lists simple ways to spot precious metals scams.

Also, before investing or trading with a firm, check the firm’s registration status and disciplinary history, if registered, with the National Futures Association. A company’s registration status can be found at www.nfa.futures.org/basicnet.

Customers can report suspicious activities or information, such as possible violations of commodity trading laws, to the CFTC Division of Enforcement via a Toll-Free Hotline 866-FON-CFTC (866-366-2382) or file a tip or complaint online
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Keynes Was a Vicious Bastard http://forums.silverseek.com/showthread.php?69474-Keynes-Was-a-Vicious-Bastard&goto=newpost Tue, 19 Mar 2019 01:23:15 GMT *My goal is to make you mad. Not at me (though I expect to ruffle a few feathers with this one). At the evil being wrought in the name of fighting... My goal is to make you mad. Not at me (though I expect to ruffle a few feathers with this one). At the evil being wrought in the name of fighting inflation and maximizing employment. And at the aggressive indifference to this evil, exhibited by the capitalists, the gold bugs, and the otherwise-free-marketers.

So, today I am going to do something I have never done. I am going to rant! I am even going to use vulgar language (which is totally justified).

In researching several recent articles, I re-read old passages from Keynes. Consider these snippets:

“For a little reflection will show what enormous social changes would result from a gradual disappearance of a rate of return on accumulated wealth.”

“In short, the aggregate return from durable goods in the course of their life would, as in the case of short-lived goods, just cover their labour-costs of production plus an allowance for risk and the costs of skill and supervision.

Now, though this state of affairs would be quite compatible with some measure of individualism, yet it would mean the euthanasia of the rentier, and, consequently, the euthanasia of the cumulative oppressive power of the capitalist to exploit the scarcity value of capital.”

Keynes wrote this crap in The General Theory of Employment, Interest, and Money in 1936. Before I pick it apart, I want to cite again what he said 14 years earlier, in The Economic Consequences of the Peace.

“Lenin is said to have declared that the best way to destroy the Capitalist System was to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. By this method they not only confiscate, but they confiscate arbitrarily; and, while the process impoverishes many, it actually enriches some. The sight of this arbitrary rearrangement of riches strikes not only at security, but at confidence in the equity of the existing distribution of wealth. Those to whom the system brings windfalls, beyond their deserts and even beyond their expectations or desires, become “profiteers,” who are the object of the hatred of the bourgeoisie, whom the inflationism has impoverished, not less than of the proletariat. As the inflation proceeds and the real value of the currency fluctuates wildly from month to month, all permanent relations between debtors and creditors, which form the ultimate foundation of capitalism, become so utterly disordered as to be almost meaningless; and the process of wealth-getting degenerates into a gamble and a lottery.”

“Lenin was certainly right. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose.”

“…the fatal process which the subtle mind of Lenin had consciously conceived.”

So this fucker (that’s wanker in English), in 1922, clearly describes how to overthrow capitalism. At that time, he couched it behind Lenin’s alleged words (it’s controversial whether Lenin really did say this). But it’s clear that he understood it, much more clearly than his latter day critics.

Then in 1936, he writes of “enormous social changes” of a “gradual disappearance of a rate of return on accumulated wealth.” No longer does he hide behind Daddy Lenin.

And to what social change would he be referring? Would it be “to destroy the Capitalist System”? And what the hell does a “gradual disappearance of a rate of return mean”? This means pushing the rate of interest down to zero.

http://news.goldseek.com/GoldSeek/1552928706.php
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Is The Stock Market Finally Topping? http://forums.silverseek.com/showthread.php?69473-Is-The-Stock-Market-Finally-Topping&goto=newpost Tue, 19 Mar 2019 01:19:44 GMT *Many investors maintain beliefs about the stock market which often have them looking the wrong way at the market turns. In fact, I can no longer... Many investors maintain beliefs about the stock market which often have them looking the wrong way at the market turns. In fact, I can no longer count how many comments I see about how the Fed is what directs our stock market action, and it just makes me scratch my head.

The main argument by Fed watchers is that the Fed’s easy money drives the stock market. Yet, the Fed's balance sheet peaked at $4.52 trillion in January of 2015 and is down over 12% from that peak. Yet, the stock market has added over 40% since the Fed’s balance sheet peaked. Remember how often we were told by the Fed watchers that a shrinking Fed balance sheet would lead to a stock market crash? Well, it certainly did, but not in the direction most expected.

But, the stock market is clearly not going to top based upon the Fed’s balance sheet. Nor will it top based upon stock earnings. Nor will it top based upon the economic fundamentals. Rather, the stock market will top when the bulls run out of money.

You see, stock markets top due to a lack of buying. When market sentiment is at extreme bullishness, then it means the bulls are “all-in” and there is no more money that is going to push the market marginally higher. And, when the there is nothing left in the bull’s tank, there is only one direction for the market to go – and that is down. At this point, the market seems to be approaching such a point.

First, as I have mentioned so many times before, since the market is made up of stocks, our StockWaves analysts at Elliottwavetrader.net have told me that the great majority of the stocks they follow are still very much within an overlapping b-wave structure.

Next, Luke Miller, who runs our Bayesian service at Elliottwavetrader.net (which analyzes options pricing to determine probabilistic market direction) had his computers calculate the probabilities of us topping in a b-wave at 70%. His specific words to me were that it “looks bad under the hood.”

http://news.goldseek.com/GoldSeek/1552906632.php
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No Free Lunch: Valuation Determines Return http://forums.silverseek.com/showthread.php?69472-No-Free-Lunch-Valuation-Determines-Return&goto=newpost Tue, 19 Mar 2019 01:17:16 GMT *Theories and Realities **Valuation Matters * *Why Average Rarely Happens **New York, Cleveland, Austin, and Dallas* *Last week, I described the... Theories and Realities Valuation Matters
Why Average Rarely Happens New York, Cleveland, Austin, and Dallas
Last week, I described the enormous challenges retirees face. One reason for that, aside from insufficient savings, is that markets haven’t delivered the returns many experts said we could plan on.
Back in the late 1990s, we were told that the long-term average return (~10%) was a reasonable long-term assumption—even if the market cooled down from the tech boom. Instead, the S&P 500 index gained about 3% annually since 1999 with total return just over half of the historical average. As a result, Baby Boomers are having to work longer and harder to retire, as well as save more of their income.
Nonetheless, hope still springs eternal for historically average returns. In this week’s letter, longtime friend Ed Easterling joins me as co-author to explore the reasons that so many analysts and product purveyors pitch such hopeful expectations. (Longtime readers will know Ed and I do this periodically.) We’ll show how the long-term average is a longshot bet in almost any market environment. Most of the time, returns over a decade or two are well-above or well-below average.
Most of all, it’s fairly predictable which side of average will occur. This has serious implications, yet there’s a lot that you can do to still achieve investment success. This is also something you will not hear from many in the investment business. “Predicting” less than historical average returns in the future is not exactly a great sales pitch. But as I think Ed and I will demonstrate, it is the most honest and accurate way to talk about potential performance of the future.
Ed founded Crestmont Research in 2001 to research and explain secular stock market cycles. You can find a treasure trove of fabulous charts and articles on cycles and market returns at his www.CrestmontResearch.com website. I’m a big fan of Ed’s work and highly recommend both of his books, especially Unexpected Returns.

http://news.goldseek.com/MillenniumW...1552817093.php
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<![CDATA[GoldSeek Weekly Radio: CEO Kenneth Lewis, Bob Hoye & Robert Ian]]> http://forums.silverseek.com/showthread.php?69471-GoldSeek-Weekly-Radio-CEO-Kenneth-Lewis-Bob-Hoye-amp-Robert-Ian&goto=newpost Tue, 19 Mar 2019 01:14:33 GMT *http://news.goldseek.com/radio/1552803753.php* http://news.goldseek.com/radio/1552803753.php ]]> SilverSeek.com Articles valerb http://forums.silverseek.com/showthread.php?69471-GoldSeek-Weekly-Radio-CEO-Kenneth-Lewis-Bob-Hoye-amp-Robert-Ian GoldSeek Radio Nugget Interview: Kenneth Lewis http://forums.silverseek.com/showthread.php?69470-GoldSeek-Radio-Nugget-Interview-Kenneth-Lewis&goto=newpost Tue, 19 Mar 2019 01:09:08 GMT *http://news.goldseek.com/radio/1552664846.php* http://news.goldseek.com/radio/1552664846.php ]]> SilverSeek.com Articles valerb http://forums.silverseek.com/showthread.php?69470-GoldSeek-Radio-Nugget-Interview-Kenneth-Lewis COT Silver Report - March 15, 2019 http://forums.silverseek.com/showthread.php?69469-COT-Silver-Report-March-15-2019&goto=newpost Tue, 19 Mar 2019 01:06:29 GMT *http://silverseek.com/commentary/cot-silver-report-march-15-2019-17602 For anyone not able to see the complete COT report or would prefer to see... http://silverseek.com/commentary/cot...-15-2019-17602

For anyone not able to see the complete COT report or would prefer to see the combined Gold and Silver COT reports

http://news.goldseek.com/COT/1552678420.php
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Is The Brexit Debacle Going To Crash The Market ... Again? http://forums.silverseek.com/showthread.php?69468-Is-The-Brexit-Debacle-Going-To-Crash-The-Market-Again&goto=newpost Tue, 19 Mar 2019 01:00:25 GMT *We are often directed to think that the market reacts in the same manner as Newtonian physics. We believe that a news event which accompanies a... We are often directed to think that the market reacts in the same manner as Newtonian physics. We believe that a news event which accompanies a market move was certainly the “cause” of that market move. But, how often have we seen markets react in the exact opposite manner in which the substance of the news event suggests?

While science has moved away from Newtonian physics, stock market analysts have not.

Wednesday, we saw a perfect example of this conundrum.

For most of the day on Wednesday, the media was warning us about the disastrous effects that a failed Brexit vote would have on markets around the world. We were told all day about how devastating the impact of a failed vote would be on financial systems that need stability. And, when the vote failed, market participants around the world held their collective breaths and braced for the worst.

Yet, the market has rallied 30 points (as of my writing this update) after this supposedly “devastating” occurrence the prior day. How is this possible?

In August 1998, the Atlanta Journal-Constitution published an article by Tom Walker, who conducted his own study of 42 years’ worth of “surprise” news events and the stock market’s corresponding reactions. His conclusion, which will be surprising to most, was that it was exceptionally difficult to identify a connection between market trading and dramatic surprise news. Based upon Walker's study and conclusions, even if you had the news beforehand, you would still not be able to determine the direction of the market only based upon such news.

Until the times of R.N. Elliott, the world applied the Newtonian laws of physics as the analysis tool for the stock markets. Basically, these laws provide that movement in the universe is caused by outside forces. Newton formulated these laws of external causality into his three laws of motion: 1 – a body at rest remains at rest unless acted upon by an external force; 2 – a body in motion remains in motion in a straight line unless acted upon by an external force; and 3 – for every action, there is an equal and opposite reaction.


However, as Einstein stated: “During the second half of the nineteenth century new and revolutionary ideas were introduced into physics; they opened the way to a new philosophical view, differing from the mechanical one.”

Yet, even though physics has moved away from the Newtonian viewpoint, financial market analysis has not.

R.N. Elliott presented this perspective quite well back in 1946:

http://news.goldseek.com/GoldSeek/1552658921.php
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Ever Wonder Why No Bankers Go To Jail? http://forums.silverseek.com/showthread.php?69467-Ever-Wonder-Why-No-Bankers-Go-To-Jail&goto=newpost Tue, 19 Mar 2019 00:58:15 GMT *“The sovereign in the U.S. is supposed to be ‘We The People’- first three words in The Constitution. It’s not ‘We The People.’ The sovereign power... “The sovereign in the U.S. is supposed to be ‘We The People’- first three words in The Constitution. It’s not ‘We The People.’ The sovereign power of the U.S. is a criminal global banking cartel. Period. Full stop.”
“Criminal immunity is tantamount to Sovereignty. Any entity that has criminal immunity has Sovereign power. For example, you don’t need the Constitution to coin money and regulate the value thereof. You can simply counterfeit money and rig markets. And in fact, rigging markets is what they did.”
“Collateral Consequences.” It was a term introduced to the Executive branch of Government, which includes the Justice Department by Eric Holder during the Clinton Administration. This paved the way for Justice Department prosecutors to let bankers off the hook for obvious criminal behavior.
In a 1999 memo entitled “Bringing Criminal Charges Against Corporations” (section IX on page 9) written when Holder was deputy U.S. attorney general, Eric Holder argued that government officials could take into account “collateral consequences” when prosecuting corporate crimes. By this he meant prosecutors should take into account the effect prosecuting a corporation or corporate individual will have on “innocent third parties.” That principle right there gave the keys to to the kingdom to the banks. It also explains why the SEC is so reluctant to prosecute Elon Musk.
This “consider collateral consequences to innocent 3rd parties” is what led to the bailout of the banks in 2008 and the absence of any criminal prosecutions against bank executives despite the overwhelming evidence of culpability. Oh by the way, Eric Holder just happened to be appointed Attorney General in 2009 by Obama to make sure that Section IX of Holder’s 1999 memo held up during the period of time when the banks and their CEO’s should have been held accountable and sent to jail.
My good friend an colleague, John Titus, is back and better than ever with the introduction of a new V-Log series called, “Mafiocracy,” The short intro is entertaining as well as informative, as John has taken his graphics and cinematics to new level:

Make sure to watch the prequels to Mafiocracy, which you can access here: John Titus – Best Evidence

http://news.goldseek.com/GoldSeek/1552497331.php
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Beware The Signs Of Recession/Deflation http://forums.silverseek.com/showthread.php?69466-Beware-The-Signs-Of-Recession-Deflation&goto=newpost Tue, 19 Mar 2019 00:55:36 GMT *As I now provide analysis to over 5000 subscribers between my services on Elliottwavetrader, The Market Pinball Wizard, and FATrader, I am the... As I now provide analysis to over 5000 subscribers between my services on Elliottwavetrader, The Market Pinball Wizard, and FATrader, I am the beneficiary of much feedback from various segments of the financial markets. In fact, since we have over 500 money manager clients, I see a lot of what the predominant thinking is on “the street.”

Of late, I have been pointing to the potential for the dollar to rise to the region of 99-100DXY and TLT to take us up towards the 131-136 region. And, it seems many on “the street” are on the wrong side of the boat on this one. In fact, when I wrote a recent article on the TLT potentially rallying quite strongly in the coming months, I experienced quite a bit of pushback in the comment section to that article.

But, that is what normally happens at inflection points, and I suppose this one will be no different.

Moreover, I still see strong potential for the market to drop down to the 2100-2200SPX region in the coming months. And, many will associate the “bad times” of deflationary periods with a rising dollar, a dropping yield, and dropping asset prices. And, that is exactly what my charts suggest we can see over the next several months.

Now, I know that many believe that dropping yields suggest a flight to safety and bearish market conditions. This is how the media and pundits “spin” a rising bond market. But, I do have to ask if these people even bothered looking at rates over the last 30+ years, as they dropped alongside the stock market rallying? But, I digress.

So, should a dropping yield, rising dollar and dropping asset prices over the coming months concern you?

Well, in my humble opinion, I don’t believe it should concern you in the bigger picture. While I do think we have potential for the stock market to drop back down to the 2500-2600SPX region, and even drop as deep as the 2100-2200SPX region in the coming months, I do not think this will end the bull market which began in 2009.

http://news.goldseek.com/GoldSeek/1552483088.php
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Bunnies, Bombers, and Butter http://forums.silverseek.com/showthread.php?69465-Bunnies-Bombers-and-Butter&goto=newpost Tue, 19 Mar 2019 00:53:30 GMT *The welfare people and the warfare people control congress, appropriations, corruption and national policies. Implications are grim.* *If a nation... The welfare people and the warfare people control congress, appropriations, corruption and national policies. Implications are grim.
If a nation subsidizes butter, it will get more butter. The U.S. and most other western governments subsidize welfare and warfare. Those expenses inevitably increase and are inescapable, like the mathematics of debt.
The U.S. federal and state governments created a huge network of government programs, giveaways, entitlements and public assistance. The welfare people have increased the number and cost of those programs every decade. Giveaways will expand next decade when the U.S. elects a welfare-oriented politician as President. She will push for Universal Basic Income, Medicare for all, guaranteed jobs, free tuition, wealth taxes and more.
The symbol for the welfare people could be the Easter Bunny, who distributes free goodies.

The U.S. warfare people have bombed or invaded many countries and spent $trillions since 1945. The symbol for the warfare people could be the B-2 Bomber.

SO WHAT?

Welfare and warfare are expensive! The U.S. government can’t raise taxes enough to pay for welfare and warfare expenses, so the government increases debt. It borrows from future generations to pay for current welfare and warfare, payoffs, giveaways, and essential programs.

http://news.goldseek.com/GoldSeek/1552482083.php
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Federal Borrowing Crosses the Rubicon http://forums.silverseek.com/showthread.php?69464-Federal-Borrowing-Crosses-the-Rubicon&goto=newpost Tue, 19 Mar 2019 00:49:28 GMT *A year ago, Republicans in control of Congress suspended the cap on federal borrowing. The limit was automatically re-imposed on March 1st.... A year ago, Republicans in control of Congress suspended the cap on federal borrowing. The limit was automatically re-imposed on March 1st. Politicians now have a few months to hammer out legislation to raise the cap as the Treasury employs “extraordinary measures” to fend off default.

The federal deficit is mushrooming once again. The 2017 tax cuts have taken a bite out of receipts at the IRS and economic growth has not met expectations.

This year’s borrowing to fill the gap between government tax revenue and expenditures may reach a trillion dollars for the first time since 2012.

If Washington politicians follow the usual script, we can expect Republicans to posture as fiscal conservatives and then relent either just before or just after a federal shutdown.

Democrats will chastise the GOP for playing politics with America’s sacred responsibility to pay its bills.

This drama has played out dozens of times over recent decades and is therefore likely to repeat once more this fall.

Perhaps it won’t, though. The Associated Press notes that there just aren’t many people in the Capitol who even pretend to care anymore when it comes to deficits.

The AP quoted former senator Judd Gregg from New Hampshire on Sunday: “The president doesn’t care. The leadership of the Democratic Party doesn’t care.” He should also have included Republican leadership, including Senate Majority Leader Mitch McConnell, who have reliably supported metastasizing federal debt.

http://news.goldseek.com/GoldSeek/1552413088.php
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Modern Monetary Insanity And The Three Stooges http://forums.silverseek.com/showthread.php?69463-Modern-Monetary-Insanity-And-The-Three-Stooges&goto=newpost Tue, 19 Mar 2019 00:46:51 GMT Jerome Powell [was] wheeled out on CBS’s 60 Minutes Sunday night, like a cigar store Indian at an antique fair, so vividly sculpted and colorfully adorned you could almost imagine him saying something. Maybe it was an hallucination, but I heard him say that “the economy is in a good place,” and that “the outlook is a favorable one.” Point taken. Pull the truck up to the loading dock and fill it with Tesla shares! I also thought I heard “Inflation is muted.” That must have been the laugh line, since there is almost no single item in the supermarket that goes for under five bucks these days. But really, when was the last time you saw a cigar store Indian at Trader Joes? It took seventeen Federal Reserve math PhD’s to come up with that line, inflation is muted.
What you really had to love was Mr. Powell’s explanation for the record number of car owners in default on their monthly payments: “…not everybody is sharing in this widespread prosperity we have.”
And so it went on 60 Minutes on Sunday evening. I strongly recommend reading Kunstler’s entire essay: Ides and Tides…The Fed and the FOMC are not mandated to set monetary policy to stabilize employment and inflation. The Fed’s role is to help the banks maximize profits. That’s it in a nutshell.
The best way to fight and protect yourself from the Fed’s mandate is to own physical gold. Phil Kennedy of Kennedy Financial invited Bill “Midas” Murphy and I to discuss the gold market and where it’s going from here:
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<![CDATA[GoldSeek Radio: Dr. Stephen Leeb, Ryan Walsh Ph.D & Robert Ian]]> http://forums.silverseek.com/showthread.php?69462-GoldSeek-Radio-Dr-Stephen-Leeb-Ryan-Walsh-Ph-D-amp-Robert-Ian&goto=newpost Tue, 19 Mar 2019 00:40:46 GMT *http://news.goldseek.com/radio/1552338973.php* http://news.goldseek.com/radio/1552338973.php ]]> SilverSeek.com Articles valerb http://forums.silverseek.com/showthread.php?69462-GoldSeek-Radio-Dr-Stephen-Leeb-Ryan-Walsh-Ph-D-amp-Robert-Ian A Week in the Life of a Topsy-Turvy Wildly Whirling World http://forums.silverseek.com/showthread.php?69461-A-Week-in-the-Life-of-a-Topsy-Turvy-Wildly-Whirling-World&goto=newpost Tue, 19 Mar 2019 00:33:08 GMT *Let’s review this past devilishly whacky week to see if we can divine the way the world is turning and why the markets are churning. It was 2019’s... Let’s review this past devilishly whacky week to see if we can divine the way the world is turning and why the markets are churning. It was 2019’s worst week in stocks and, well, just about everything economic all across this crazily spinning planet. Volatility lifted its head back out of the water like Loch Ness’s monster while the citizenry took flight to treasury safe havens, bringing treasury yields down again to the five-year’s lowest point of the year. North Korea’s Rocketman returned to his rocketry, and the Chinese threw up their hands and ran as far from Mar-a-Lago as they could … or maybe they just threw up from too much chocolate cake.

The China syndrome is back

Most notably all over the world, bad news finally moved back to just being bad news, even as it arrived in cloudburst after cloudburst. Gold popped as money dropped and China flopped. Chinese exports fell 20%, outstripping the worst prediction four fold. The central bank of the billions of people of China mainlined major yuan jolts into the Xi dynasty’s tiring economy, and yet the Sino stock market fell off the mountain, taking a full panda bear plunge in one week. Apparently the nouveau riche Chinese ghost-city dwellers are wising up to all this easing and just realized talk of more of the same as far as the eye can see simply means the economy is finished more than it means refreshed hope waits on some distant horizon.

Trump talked and China walked. The best boast Trump could biggly bluster from his tweet blaster was that the stock market would rise again if China would only deal; China chose, instead, to cancel Chairman Xi’s second coming at Mar-a-Lago. Most market makers are saying the Chinese trade wars now have more downside than upside. Markets have priced in Trump’s repeated wafting of wistful hopes that a deal will be struck any day. His twittering about had the lightness of ether this week. If it happens that China does sign a grand bargain, the market money is already riding on that deal, so it won’t bring a lot more lift. If it doesn’t happen, on the other hand, the table cloth gets pulled out from under the Mar-a-Lago gold settings, and one can only hope all the crystal doesn’t shatter as Xi xings away without his chocolate cake.

Central banksters on parade

The European Central Bank joined all other major central banks in twirling away from the tightening it had just promised and rushing back to renewed rounds of easing via mega loans to banks because it got schooled in a hurry to the awakening that it cannot ever unwind its balance sheet. It made this stunning pivot when reality forced it to admit the European economy is stalling. The ECB forecast prerecessionary growth of just 1.1% for 2019. To finish the dance, reports came in after Chairman Draghi’s announcement that some ECB thinksters didn’t think their central bank downgraded the economy far enough!

And, so, the bank that once promised it would do anything to save the Franco-German Empire will return to doing what hasn’t worked so far. As happened in China, this new round of promised profligacy was not greeted with the now customary market ecstasy. Exasperated European investors dwelled, instead, on what the ECB’s flash reversal revealed about Europe’s economy.

And, so, the old regime returned in which bad news is just bad news. It was almost as if exhausted investors felt Central Bankster Draghi’s sudden ankle twist indicated central bankers are clueless since only a couple of weeks ago Draghi was boldly certain his central bank needed to torque up financial tightness. Suddenly, he and his bankster troop were break dancing on their bonnets in the streets of Belgium.

How appropriate that this carnival took place in the same week as Mardi Gras in the US. Speaking of which …

The Fed goose-stepped to the same tune, singing from sea to shining sea its reiterated message that tightening is over now. Boston Fed head, Eric Rosengren, indicated the Fed is dead in its tracks, saying it could take many meetings before the Fed recaptures a sense of where this spinning economy is now going in order to figure out what to do with interest rates:

http://news.goldseek.com/GoldSeek/1552337664.php
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