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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 Sun, 24 Feb 2019 01:54:20 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/ COT Silver Report - February 22, 2019 for February 5th http://forums.silverseek.com/showthread.php?69424-COT-Silver-Report-February-22-2019-for-February-5th&goto=newpost Sat, 23 Feb 2019 11:37:54 GMT *http://silverseek.com/commentary/cot-silver-report-february-22-2019-17586 For anyone not able to see the complete COT report or would prefer to... http://silverseek.com/commentary/cot...-22-2019-17586

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/1550867684.php
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GoldSeek Radio Nugget Interview: Michael Pento http://forums.silverseek.com/showthread.php?69423-GoldSeek-Radio-Nugget-Interview-Michael-Pento&goto=newpost Fri, 22 Feb 2019 15:19:25 GMT * watch the video: https://www.youtube.com/watch?v=ycbN2ja2zrY Highlights •Michael Pento, President and Founder of Pento Portfolio Strategies... watch the video: https://www.youtube.com/watch?v=ycbN2ja2zrY


Highlights


•Michael Pento, President and Founder of Pento Portfolio Strategies LLC returns to Goldseek.com Radio.
•Mr. Pento graciously outlines his current portfolio-strategy in detail for the listening audience.
•One of the few economic pundits to correctly anticipate the market plunge of 2018 on record.
•Gold and utilities remain favorite long positions, while he is comfortable with a short position in long-term Treasuries.
•Mr. Pento crushes the opposition on the trade war debate.
•The Administration's tax increases on imports have actually boosted domestic GDP, contrary to popular consensus.
•Only if the proposed 15% increase in new tariffs on China remains in full effect for a year will GDP suffer.
•Meanwhile, global central banks printed roughly $15 trillion in debt IOUs while plunging real interest rates negative for the first time in recorded history, just to salvage the financial markets from the Great Recession.

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Why Is Central Bank Buying Of Gold So Important? http://forums.silverseek.com/showthread.php?69422-Why-Is-Central-Bank-Buying-Of-Gold-So-Important&goto=newpost Fri, 22 Feb 2019 15:08:02 GMT *There is an old Yiddish expression called a bubbe meise (pronounced my-seh). I guess the closest English interpretation of this expression would be... There is an old Yiddish expression called a bubbe meise (pronounced my-seh). I guess the closest English interpretation of this expression would be a grandmother’s tale, or in the common vernacular, an old-wives' tale.

Of late, I am seeing a bubbe meise about the importance of central bank buying of gold, and it is making its rounds on websites all over the internet.

We have been hearing for many years about how gold is supposed to soar because countries and central banks are buying the precious metal. Most of the fundamentalists in this market are convinced that this is a bullish signal. In fact, one article I read explained that central bank buying “is significant, as central banks are the 'smart money' given their influence on global economics and access to non-public information.”

And, all I can think is that this writer does not know their history.

All we heard between 2011 to 2014 was how bullish the gold market was because China and India were buying huge amounts of gold. Yet, gold topped at the time when central banks began their huge buying spree in 2011 and continued down for years during this buying spree. “Smart money” indeed.

So, unfortunately, the facts do not support the commonly accepted proposition which seems to be making the rounds. In fact, historically, it is more common to see countries selling their gold at the bottom rather than buying.

From 1999-2002, Great Britain sold about half of its gold reserves. But guess what happened after the sales? Yes, gold began its parabolic climb from just below $300 an ounce to over $1,900 within nine years. In fact, that bottom in gold became dubbed the "Brown Bottom," named after Gordon Brown, the U.K. chancellor of the exchequer, who made the decision to sell the gold at that time.


You see, governments are usually the last actors within a sentiment trend. Think about it. Aren't governments enacting new laws to protect investors at the end of bear markets — after all the damage has already been done? So, it is not unreasonable to believe that governments would be the last sellers to the market to conclude a bear market. Moreover, it is common to see them as buyers when markets are near some form of high, such as they seem to have done during 2011-2014. And this is why I was awaiting news of a government selling its gold reserves to represent the culmination of a selling trend several years ago.

Back in 2015, I read an article noting that Venezuela could be selling more than 3 million ounces of gold reserves before year-end. The country had more than $5 billion in maturing debt and interest payments due before year-end without the ability to repay it.

While the 12 million ounces of gold sold by Great Britain at the "Brown Bottom" is clearly more than the 3 million ounces that Venezuela was considering selling, recognize that Great Britain's proceeds from its sale were estimated at around $3.4 billion, whereas the Venezuela sale would have likely netted around $3 billion.

Additionally, back in 2015, the major players within the gold market turned bearish. At September's Denver Gold Forum in 2015, a panel of gold-industry experts came to a consensus that gold is still overvalued and would likely fall below $1,000, perhaps to around $800. Moreover, at the LBMA/LPPM gold conference in Vienna, an expert panel discussion on gold came up with almost an identical consensus. The panel also expected that gold will drop to below $1,000, and perhaps to $800 or less.

Again, more “smart money?”

http://news.goldseek.com/GoldSeek/1550769072.php
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<![CDATA[Jim Willie Interviews Mark O'Byrne – Global Financial Crisis II]]> http://forums.silverseek.com/showthread.php?69421-Jim-Willie-Interviews-Mark-O-Byrne-–-Global-Financial-Crisis-II&goto=newpost Fri, 22 Feb 2019 15:00:20 GMT *To watch the video: https://www.youtube.com/watch?v=81RGI8MyV2E Content in the video: The Global Monetary RESET will see the “Third World”... To watch the video: https://www.youtube.com/watch?v=81RGI8MyV2E

Content in the video:

The Global Monetary RESET will see the “Third World” dollar sharply devalued and paper wealth and assets including stocks, corporate and government bonds become much more volatile and risky

– US Treasuries are no longer a risk free asset as the United States will either “formally default or restructure” the $22 trillion US debt and the $100 trillion to $200 trillion of unfunded government liabilities

– Gold coins and bars are the primary store of value in the coming Currency Wars and the Cashless Society, especially given the likelihood of COMEX gold defaults and collapse of the LBMA unallocated gold market says Mark O’Byrne

– Jim Willie on the coming radical changes in the global gold market and reversion to physical price discovery and new pricing involving premiums on physical gold (kilo gold bars) in major gold trading, storage and liquidity centres such as Zurich, Mumbai, Singapore, Shanghai etc

– Asset allocation and the case for having much higher allocations to gold and silver as safe haven dollar and Treasuries are questioned due to the “Third World finances” of the U.S. Jim Willie recommends higher allocations to physical precious metals and says tongue in cheek, “more like 40% in gold and the rest in silver”

– Key facts about owning gold and silver coins and bars, premiums on gold and silver bullion, the safest vaults and the safest jurisdictions or countries in the world

– Importance of having actual gold & silver coins and bars in your possession or having outright legal ownership of physical bullion in allocated and segregated storage, in bailment and in your name

– Global Financial Crisis II is “going to be much, much bigger” … prepare now
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Fed Chairman Deceives; Precious Metals Mine Supply Threatened http://forums.silverseek.com/showthread.php?69420-Fed-Chairman-Deceives-Precious-Metals-Mine-Supply-Threatened&goto=newpost Fri, 22 Feb 2019 13:03:04 GMT *DOWNLOAD MP3 https://s3.amazonaws.com/ILB_MS_BUCKET/ILB-190215-WeeklyMarketWrap.mp3 Welcome to this week’s Market Wrap Podcast, I’m Mike... DOWNLOAD MP3
https://s3.amazonaws.com/ILB_MS_BUCK...MarketWrap.mp3



Welcome to this week’s Market Wrap Podcast, I’m Mike Gleason.

Coming up Chris Martenson of PeakProsperity.com and famous author of The Crash Crouse and his latest book Prosper! joins me to dissect what’s behind the Yellow Vest movement in France and why the mainstream media and those in power simply don’t want you to know what’s really going on there. Chris also tells us which precious metal he most favors right now. Don’t miss another wonderful interview with the great Chris Martenson, coming up after this week’s market update.

In a recent speech, Federal Reserve chairman Jerome Powell told some real whoppers. We’ll address his misrepresentations head on, in just a bit.

But first, let’s review this week’s market action. Despite drama in Washington over averting a government shutdown and prompting President Donald Trump to declare a national emergency on the border, nothing too dramatic is happening in the gold market.

Prices are trading in a tight range, coming in essentially unchanged from last Friday’s close. Gold currently trades at $1,316 per ounce.

Turning to the white metals, silver is posting a 1.3% decline on the week to trade at $15.66 an ounce. Platinum is off 1.0% to check in at $797. And finally, palladium pushed up to a new record high close on Thursday and is continuing higher this morning… posting a weekly gain so far of 1.8% to trade at $1,436 per ounce as of this Friday morning recording.

Mining industry analysts know that palladium is in a chronic supply deficit that could last for years. The world’s biggest supplier of palladium is South Africa. That country is also a major producer of platinum and gold.

The South African mining industry has suffered a dramatic contraction over the past year. Statistics South Africa reported on Thursday that gold produced by South African mines has declined for 15 straight months. In December, gold output plummeted a whopping 31% from 2017.

http://news.goldseek.com/GoldSeek/1550678189.php
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Downturns and Financial Crises – Sequence http://forums.silverseek.com/showthread.php?69419-Downturns-and-Financial-Crises-–-Sequence&goto=newpost Fri, 22 Feb 2019 13:00:34 GMT Bond Market Turned Down & Interest Rates Up – Check!

  • Two-Year yield bottomed September 2011
  • Five-Year yield bottomed July 2012
  • Ten-Year yield bottomed July 2016
  • The 30+ year bond bull market is done.

Housing Market Turned Down – Check!

  • Mortgage rates bottomed in July 2016.
  • Mortgage applications have fallen hard.
  • London, Vancouver B.C. and Australian prices are down.
  • New York, San Francisco, and Dallas prices are down.
  • Housing Bubble 2.0 is correcting.

Stock Markets Turned Down—Check!

  • Chinese Shanghai peaked January 2018
  • German DAX peaked January 2018
  • U.K. FTSI peaked May 2018
  • U.S. NASDAQ peaked August 2018
  • U.S. Transports peaked September 2018
  • U.S. DOW peaked October 2018
  • All indices are off their highs. New lows lie ahead.

Debt Crisis In Progress—Check!

  • U.S. “official” national debt is $22 trillion
  • Global debt is about $250 trillion
  • Debt is growing exponentially and much faster than the economies which must support the debt. (Trouble ahead!)
  • Debt can’t be repaid unless dollars/yen/euros/pounds are devalued.
  • Default and/or hyper-inflation are visible on the horizon.
  • The coming recession will devastate tax revenues and worsen the debt crisis.
  • We can’t fix a debt problem with more debt


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Will 2019 Be the Year of King Copper? http://forums.silverseek.com/showthread.php?69418-Will-2019-Be-the-Year-of-King-Copper&goto=newpost Fri, 22 Feb 2019 12:58:04 GMT Image: http://news.goldseek.com/2019/20.02.19/1.jpg *Because of its wide availability and exceptional conductivity, copper is found in...


Because of its wide availability and exceptional conductivity, copper is found in everything from consumer products to automobiles to semiconductors. Last year global demand for the red metal stood at 23.6 million tons, and by 2027, it’s projected to reach just under 30 million tons, representing an average annual growth rate of about 2.6 percent.

This phenomenal growth is attributable not just to the rise of middle class consumers. It’s also thanks to our steady rotation into clean, renewable energy such as wind and solar—which is good news for copper demand going forward.

As I’ve shared with you before, renewables require many more times the amount of copper as traditional energy sources. A typical wind farm—those that blanket whole areas of West Texas, California and some other states—can contain as much as 15 million tons of the metal.


2018 Was a Record-Breaking Year for Renewables

Whether you’re a believer in renewable energy or not, the tipping point may have already occurred. Among the fastest growing jobs in the U.S. right now are wind turbine service technician and solar panel installer, for whatever that’s worth. And according to a report by Bloomberg New Energy Finance (BNEF), corporate purchasing of renewable energy more than doubled from 2017 to 2018. Globally, companies bought 13.4 gigawatts (GW) last year, compared to the previous record of 6.1 gigawatts in 2017. Over 63 percent of the purchasing activity occurred right here in the U.S. Facebook alone was responsible for consuming 2.6 GW of renewables, three times as much as the next biggest corporate energy buyer, AT&T.

http://news.goldseek.com/USFunds/1550677581.php
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<![CDATA[It's Blue Skies For The Stock Market As Far As The Eye Can See]]> http://forums.silverseek.com/showthread.php?69416-It-s-Blue-Skies-For-The-Stock-Market-As-Far-As-The-Eye-Can-See&goto=newpost Wed, 20 Feb 2019 04:58:53 GMT *We have all heard it. Many times through history, the hubris of analysts, economists, and market participants has been on display when markets rally... We have all heard it. Many times through history, the hubris of analysts, economists, and market participants has been on display when markets rally extremely strongly. In fact, such hubris often accompanies major market tops. And, history has taught us that most of them are quite severely near sighted.
Allow me to show you some examples.

"We will not have any more crashes in our time."

This was said John Maynard Keynes in 1927, two years before the stock market crash which lead to the Great Depression.
"Stock prices have reached what looks like a permanently high plateau. I do not feel there will be soon if ever a 50 or 60 point break from present levels, such as they have predicted. I expect to see the stock market a good deal higher within a few months."

This was said on October 17, 1929, a few weeks before the Great Crash, by Dr. Irving Fisher, Professor of Economics at Yale University. Dr. Fisher was one of the leading US economists of his time.
"I cannot help but raise a dissenting voice to statements that we are living in a fool's paradise, and that prosperity in this country must necessarily diminish and recede in the near future."
- E. H. H. Simmons, President, New York Stock Exchange, January 12, 1928
"There will be no interruption of our permanent prosperity."

- Myron E. Forbes, President, Pierce Arrow Motor Car Co., January 12, 1928

And, these are just a few of the popular quotes of their day. And, by the way, has anyone heard of the Pierce Arrow Motor Car Company? You have not? Well, that is because they went bankrupt during the Great Depression. But, I digress.

And, let’s not forget Alan Greenspan, who just before the housing bubble burst, was quoted as saying:
". . . a 'bubble' in home prices for the nation as a whole does not appear likely . . . Although we certainly cannot rule out home price declines, especially in some local markets, these declines, were they to occur, likely would not have substantial macroeconomic implications."

This is the same Alan Greenspan who later provided this explanation as to why the 2008-09 financial crisis was “unforeseeable:”
"Regulators who are required to forecast have had a woeful record of chronic failure. History tells us they cannot identify the timing of a crisis, or anticipate exactly where it will be located or how large the losses and spillovers will be."

Yet, history proves that most still exhibit extraordinary hubris just as we are striking major market tops despite the admissions that they are unable to foresee such events.

http://news.goldseek.com/GoldSeek/1550606029.php
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Stacking The Next QE On Top Of A $4 Trillion Fed Floor http://forums.silverseek.com/showthread.php?69415-Stacking-The-Next-QE-On-Top-Of-A-4-Trillion-Fed-Floor&goto=newpost Wed, 20 Feb 2019 04:54:24 GMT *The Federal Reserve is currently communicating to the markets that it will likely pivot, and pause two strategies. The first pivot is to stop... The Federal Reserve is currently communicating to the markets that it will likely pivot, and pause two strategies. The first pivot is to stop increasing interest rates. The second pivot is to stop unwinding the Fed balance sheet.

While the interest rate pause is getting the most attention - the balance sheet pause could be the most important one for investors over the coming years.

As explored herein, the impact of pausing the unwinding the balance sheet is to create a new floor at about $4 trillion in Federal Reserve assets. And if the business cycle has not been repealed and there is another recession - the Fed fully intends to go back to quantitative easing, potentially creating more trillions of dollars to be used for market interventions, and to stack another round of balance sheet expansion right on top of the previous round.





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The Bears Have it Right: Economy went Polar Opposite of Bullish Predictions http://forums.silverseek.com/showthread.php?69414-The-Bears-Have-it-Right-Economy-went-Polar-Opposite-of-Bullish-Predictions&goto=newpost Wed, 20 Feb 2019 04:51:03 GMT *Bears, like myself, picked the meat off market bulls throughout 2018. We scoffed at the start of the year when bulls concocted a narrative that said...
Bears, like myself, picked the meat off market bulls throughout 2018. We scoffed at the start of the year when bulls concocted a narrative that said bears would starve because 2018 was going to be the year of “global synchronize growth.” We bears bawled that this was euphoric nonsense.Global economies fell off a cliff as soon as the bulls’ narrative took hold, and all economies continued to falter for the entire year. The US was the only major economy to get a significant boost, due to absolutely massive tax cuts, which piddled away after two quarters (fourth quarter now estimated at 1.5%).
The more polar opposite from bulls the bears went, the more right they were

I’m going to make my first prediction for 2019; but, first, I’ll offer the following points as proof the bears were completely right for 2018:
  • Global cooling of all economies continued all the way into 2019, with IMF and central banks writing down their future estimates. It turned out to be the year of globally synchronized slowing. This happened largely due to the unwinding of the Fed’s balance sheet, and in spite of massive US tax cuts.



  • The Retail Apocalypse grew worse throughout 2018 just as bears said would be the case for the full year. Retail sales, originally reported by wishfully bulls who hoped December would finally make them right, turned out to have tanked miserably. Just like “globally synchronized growth,” holiday sales flopped on their head.



  • The bears boldly claimed 2018 would be the year of Carmageddon. US auto sales fell so badly that 2018 became the absolutely historic year in which multiple lines of US cars were discontinued for good, and several US auto factories were permanently closed. The country that brought mass manufacturing of cars to the world practically went out of the car business, though SUVs, vans and trucks continue.



  • The US housing market worsened one gradient at a time every single month after the first quarter of the year. Canadian, UK, and Australian housing markets have done about the same.



  • Bears said (cynically to the bovine mind) nearly 100% of tax money repatriated to the US along with money from massive corporate tax breaks would go into stock buybacks, and your most polar of bears right here said, vast as those buybacks would be, they still would not save either the US economy or the US stock market from becoming a train wreck in 2018. Neither would money fleeing out of other economies into the US. Testosterone-hot Bulls thought that was ludicrous because the tax cuts were enormous. However, the Fed’s unwind was just as enormous, so Ursa Major rose in ascendancy throughout the year, and Taurus fell into an icy winter. Emerging market stocks and developed markets all fell. Even the US stock market fell to pieces right at the start of the year and looked like a mess all year.



  • Nevertheless, a deafening chorus of bulls maintained through the year that the US stock market would end the year higher … even after the October surprise (for bulls, not bears) had begun. Bears, on the other hand, held their line and predicted US stocks would end lower than at the start of the year. Bears proved resoundingly correct as the dumbfounded bulls fell silent in the nights of December.



  • Bears, including yours truly, had claimed throughout the decade-long recovery that the Fed would never be able to unwind its balance sheet or return to normal interest rates without crashing its “fake” recovery. Yours truly even said 2018 would be the year this claim proved true. Stepping up to that proof, Jerome Powell volunteered himself for a face-plant in late December, which he reinforced again this January. Having valiantly promised in September that Fed rate increases would continue apace and balance-sheet reduction would continue on autopilot, Powell reversed himself less than three months after his balance-sheet reduction hit full speed. China also moved back to massive easing, and the ECB just indicated it may return to more easing, having only just stopped easing at the end of 2018. The Bank of Japan has simply said it will continue with its quantitative easing program. Central banks appear to be scrambling to stop the wreckage their tightening has already caused.



  • The dialogue about synchronized growth is ancient history, replaced predominantly at the end of 2018 by talk about the possibilities of global recession starting in 2019, which is where I’ve said for two years a bad 2018 will take us, and of late by talk of a “Goldilocks” economy that is just bad enough to re-engage the Fed in economic stimulus but not so bad as to kill the market. Good luck with the replacement narrative. It won’t hold any better than “globally synchronous growth” did last year.


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The Coming Restoration of Silver http://forums.silverseek.com/showthread.php?69413-The-Coming-Restoration-of-Silver&goto=newpost Wed, 20 Feb 2019 04:46:41 GMT *The way I see it, silver has basically two major categories of use. The first and most important use is as a monetary asset. It is only when used as... The way I see it, silver has basically two major categories of use. The first and most important use is as a monetary asset. It is only when used as a monetary asset that it could realize its true (or fair) value.Currently, it is probably as far away (not time wise though) from being used as a monetary asset, as it has ever been. It is for this reason that silver is so under valued and such a must-buy.

The second is really all other uses that is strictly non-monetary. This is how it is currently (materially) being used. Under this scenario it is just another asset that rises in price when excessive credit (including money printing) is created.
You could loosely say that it acts like a commodity when used as non-monetary asset, and of course that it is money when used as a monetary asset.

Now, silver will not just be willingly restored to being a monetary asset, and the masses won’t just go and buy all the silver they can get just for the fun of it.

Instead, what is likely to happen is a collapse of the current debt-based monetary order will bring people back to using silver as money (out of need for financial survival), as well as, stack silver like they stack stocks, bonds and other major investment classes, in order to protect against the fallout from the crisis.

Interest rates play a critical part in identifying when the time for silver being restored to a monetary asset could come (explained here); and over the last couple of years, the bottoming of long-term interest rates has signaled that the time is soon.

http://silverseek.com/commentary/com...n-silver-17582
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COT Silver Report - February 19, 2019 for January 29th http://forums.silverseek.com/showthread.php?69412-COT-Silver-Report-February-19-2019-for-January-29th&goto=newpost Wed, 20 Feb 2019 04:44:29 GMT *http://silverseek.com/commentary/cot-silver-report-february-19-2019-17583 For anyone not able to see the complete COT report or would prefer to... http://<a href="http://silverseek.co...2019-17583</a>

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/1550609108.php
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<![CDATA[Gold Market Update: Like Pavlov's Dog..]]> http://forums.silverseek.com/showthread.php?69411-Gold-Market-Update-Like-Pavlov-s-Dog&goto=newpost Tue, 19 Feb 2019 04:49:29 GMT *Gold has been turned back so many times in recent years from the strong resistance approaching the $1400 level, that most investors have now been... Gold has been turned back so many times in recent years from the strong resistance approaching the $1400 level, that most investors have now been well trained, like Pavlov’s dog, to expect it like clockwork, and as we know, it is just when this mindset prevails that gold is likely to surprise the majority by actually breaking out above this level.

Looking at our latest 10-year chart for gold it’s not hard to see why most investors are defeatist about gold’s chances of breaking out. After all it has made 5 more serious attempts to break above this level since mid-2013 and all have failed. Even if they see what we see on this chart, which is gold approaching completion of a giant complex Head-and-Shoulders bottom, they are still skeptical. They will mutter something about “The Cartel” and their power to clobber gold at will by manufacturing an infinite supply of paper shorts, which they then dump on the market when most of us are asleep – isn’t it supposed to be 300 to 1 leverage now, or is it 3000 to 1? – I’ve lost track. Their dastardly objective, we are told, is to maintain confidence in the fiat money system for as long as possible, because they can point to gold’s feeble performance and say “Look, if it’s so bad, why isn’t gold going through the roof?” This negative outlook towards gold is of course promoted by the MSM (mainstream media), one of whose Prime Directives is to keep the average investor on the wrong side of the trade.

http://news.goldseek.com/CliveMaund/1550513532.php
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Modern Monetary Madness http://forums.silverseek.com/showthread.php?69410-Modern-Monetary-Madness&goto=newpost Tue, 19 Feb 2019 04:30:49 GMT *Modern Monetary Madness •Pet Economists •Can This Really Be a Thing? •Sound Bite Economics •Do Deficits Matter? •Strategic Investment and Life... Modern Monetary Madness
•Pet Economists
•Can This Really Be a Thing?
•Sound Bite Economics
•Do Deficits Matter?
•Strategic Investment and Life Planning
•Dallas, Houston, Cleveland a lot, New York, back to Puerto Rico, Austin, and Dallas



Modern Monetary Madness

Essentially, MMT espouses that the public through the government owns the process of money creation, and that in addition to borrowing and taxing, should simply issue currency as payment for its obligations. This is not the sleight-of-hand that quantitative easing was. This is direct monetization in lieu of borrowing.

If that sounds like printing money, that’s because it is. Upfront and in-your-face as a serious economic proposal. Most of the time when I am talking with my fellow writers and economists, when somebody mentions MMT, everybody smiles, maybe chuckles, and shakes their heads. The problem is, what seems like a joke is actually getting traction.

Let’s get the official definition of MMT from Wikipedia. My comments inserted are in brackets.

In MMT, "vertical" money (money created by the government and spent in the private sector) enters circulation through government spending. Taxation and its legal tender enable power to discharge debt and establish the fiat money as currency, giving it value by creating demand for it in the form of a private tax obligation that must be met. [And thus higher taxes create more demand for the currency and help to maintain the value thereof.]

In addition, fines, fees and licenses create demand for the currency. An ongoing tax obligation, in concert with private confidence and acceptance of the currency, maintains its value. Because the government can issue its own currency at will, MMT maintains that the level of taxation relative to government spending (the government's deficit spending or budget surplus) is in reality a policy tool that regulates inflation and unemployment, and not a means of funding the government's activities by itself. [The more you want the government to spend, the higher the taxes have to be in order to keep from creating inflation, or so the theory goes.]

Proponents argue that unemployment is caused by lack of demand and lack of demand is caused by insufficient money entering the private sector, a problem the government can solve by creating money and spending it in the private sector. Voilà, demand is created and unemployment goes down. Inflation? That can be controlled by higher taxes. Hey, it’s their theory. Don’t ask me to explain it.

Economists advising major presidential and congressional candidates on the progressive and even “moderate” left are more and more openly talking about MMT and its practical applications.

Pet Economists

I have said before that economists are the modern-day equivalent of shamans and priests. Rather than looking at sheep entrails, economists look at “data” and tell the politician (king, emperor, or chief…) what they want to hear. I have been in more than one meeting where a politician is clearly shopping for a rationale for something that they would like to propose and do. Any serious politician is going to have more than a few economic advisors attached in one form or another to their campaign.

Let me quickly state that I am not disparaging the role of economists when they act as political advisors. I have done that myself. It is actually one of the rationales for the discipline. Indeed, it would be strange if that were not the case.


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Silver Market Update: Double Bottom on the 10-year chart.. http://forums.silverseek.com/showthread.php?69409-Silver-Market-Update-Double-Bottom-on-the-10-year-chart&goto=newpost Tue, 19 Feb 2019 04:24:09 GMT *The charts for silver look nowhere near as strong as those for gold, but that is normal for this stage in the cycle, as at the start of major sector... The charts for silver look nowhere near as strong as those for gold, but that is normal for this stage in the cycle, as at the start of major sector bullmarkets investors tend to be cautious and conservative and favor gold over silver. Before going any further note that many of the observations made in the parallel Gold Market update, particularly regarding the dollar and Precious Metals stocks, apply equally to silver so there is no need to repeat them here, which is why the Silver Market update tends to be a lot shorter than the Gold Market update.

Starting with the 10-year chart we see that the giant base pattern in silver appears to be taking the form of a Double Bottom, instead of the complex Head-and-Shoulders bottom that we saw in gold. Silver certainly looks weaker than gold here and is still quite a long way from breaking out of its base pattern, and it will take a break above $22 to finally break clear out of it.




The shorter-term 6-month chart looks more similar to that for gold with the same kind of parabolic slingshot move building. Within this curved uptrend it has tracked sideways since early January, which has allowed its earlier overbought condition to almost fully unwind and the rising 50-day moving average and parabolic uptrend to come into play, setting silver up for another upleg imminently, which is made more likely by the dollar looking set to drop soon, as we saw in the Gold Market update. We have just seen a bullish cross of the moving averages, which helps.

http://silverseek.com/commentary/sil...ar-chart-17581
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