from RT America
[…] Why are our election choices at the end of the day so often a choice between repugnant and despicable, so often a choice between corrupt narcissists with little difference except for their marketing brand and particular sponsors?
I think most of us already know the answer.
Tomorrow is a stock option expiration for March, which as I recall is not inconsequential.
A surprising number of people contacted me via email to ask if something had happened, as gold rallied but was noticeably lagged by PHYS and some of the mining stocks.
And then later on gold was hit, giving up its gains for the day and the miners et al. knocked down a bit further.
A whopping 11.89 tonnes “added” to our fraudulent GLD vehicle/Japanese exports collapse/China’s shadow banking Peer to Peer lending is imploding/Syrian Kurds to set up their own state on the border with Turkey and thus Erdogan’s worst nightmare/Chaos in Brazil as Judge releases wiretaps indicating Rousseff hired Lula as chief of staff to avoid prosecution: riots on the streets in Brazil/Bellwether Caterpillar guides 2016 earnings down 30%: stock tanks
by Harvey Organ
Harvey Organ’s Blog
[…] At the gold comex today, we had a poor delivery day, registering 0 notices for nil ounces and for silver we had 4 notices for 20,000 oz for the active March delivery month.
Several months ago the comex had 303 tonnes of total gold. Today, the total inventory rests at 211.33 tonnes for a loss of 92 tonnes over that period.
In silver, the open interest rose by 2325 contracts up to 168,505 with silver down by 5 cents yesterday (pre announcement by Yellen). In ounces, the OI is still represented by .843 billion oz or 120% of annual global silver production (ex Russia ex China).
In silver we had 230 notices served upon for 1,150,000 oz.
Ned Schmidt has been bullish on Gold since last summer. He says that the dollar is broken and that’s what will lead to the next phase of the emerging bull market. For the same reason he’s bullish on ag commodities as well. He’s often said, “You should be buying corn, not Apple.” He’s also hot on animal based drug companies, a sector that has seen increased M&A activity. It’s always interesting with Ned!
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John Crestani attempts to answer one of the most burning issues of the day, the rise of the robotic workforce. Many jobs will be affected and or eliminated as a result of this coming revolution. Now robots are invading the white collar world and will be erasing well-paid middle and upper middle class jobs. What new opportunities will emerge that will hopefully more than make up for these losses? It’s just another trend that we’ll have watch unfold to know these answers.
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by Ken Moraif
Do you think you’re a long-term investor who should buy-hold through a bad market? If you are retired and drawing money from your investments, I think that’s a very dangerous idea. In fact, if you had retired 15 years ago and then followed a buy-and-hold strategy, you would now be out of money.
Let’s say you retired in January of 2000 with $1 million. Where would you be today if you took out the frequently prescribed 4% for your cost of living (adjusted for inflation) and rode the market down through the Y2K and the 2008 bears? Let’s look at the numbers.
You began your retired life with $1 million. Each year you took out 4%, or $40,000. You also had to take out 3% more each year to keep up with inflation: In Year 1, the amount you withdrew was $40,000; in Year 2, it was $41,200; in Year 3, $42,436, etc.
by Mike ‘Mish’ Shedlock
The Royal Bank of Scotland fired 220 advisors and instead will use robots to answer customer’s investment questions. To talk to a real person you need £250,000. That’s about $362,000. RBS says this is what customers want.
RBS Fires 220 Advisors
Please consider RBS Cuts Hundreds of Jobs as FCA Approves ‘Robo-Advisers’.
Royal Bank of Scotland (RBS) has announced that it will be switching customer advice services over to automated ‘robo-advisers’ as it cuts 220 face-to-face positions.
The new online service will allow customers to log onto internet banking and receive free, tailored financial advice after answering a number of questions – expected to include ‘What are you saving for?’, ‘How much have you got to invest?’, and ‘How long do you want to invest your money for?’
by Mac Slavo
This GOP official made a brazen admission that, well, voting doesn’t matter.
If you haven’t come to terms with that fact, then it’s probably about time that you did.
Given the complex and deliberately obscure rules that the Republican and Democratic parties create for themselves, it is clear that it is not the voters of this country, but the insider party officials who actually determine who our leaders will be.
This system is hardly a democracy, but it is reality.
Many have surmised as much, as they watch the country going down the tubes year after year, but now their suspicions have been confirmed. CNBC reported:
by Michael Krieger
Freedom? Liberty? Don’t be ridiculous.
It’s been a little while since I’ve updated readers on the shady, shameless surveillance practices of the U.S. government. As usual, it’s worse than we thought.
NEW YORK — The US government has made numerous attempts to obtain source code from tech companies in an effort to find security flaws that could be used for surveillance or investigations.
by Jocelynn Smith
The Sovereign Investor
The Fed has begun the unwieldy process of turning the Titanic.
It didn’t surprise anyone that Janet Yellen chose not to move interest rates at its latest meeting, but it was interesting that she took that first step and acknowledged softness in exports and business investments, while backing off the Fed’s expectations for four interest-rate hikes this year by moving to just two expected rate hikes.
But the Fed has to be careful. Announcing that it was wrong and slashing interest rates would send a massive shock wave through the global markets. And we can’t have that. We’ve got to turn this ship slowly. Yellen starts with reducing expectations on rate hikes and giving little hints that the economy isn’t as rosy as we’ve been led to believe. And then … Bam! Negative interest rates.
from Zero Hedge
JPM’s head quant, Marko Kolanovic, who turned somehwat gloomy in the past few months, has seen some hits and misses in his recent forecasts. On one hand he did accurately predict the surge in gold one month ago, as well as the rebound in oil and Emerging Markets; however on the other he suggested that being long VIX and cash would be a good place to wait out the upcoming market volatility.
Most recently, when looking at the market’s fundamentals which as we pointed out in late February are massively stretched, he also noted that “EPS recoveries that follow 2 consecutive EPS contractions (~20% of times) were typically triggered by some form of stimulus (fiscal, monetary or exogenous). We expect market volatility to stay elevated and investors to remain focused on macro developments such as the Fed’s rates path, developments in China, and releases of US Macro data. Elevated volatility and EPS downside revisions will provide a headwind for the S&P 500 to move significantly higher (via multiple expansion).”
by Karl Denninger
By now you’ve heard that it’s over for Marco.
I expected he would place nowhere “in the money”, and he did not.
The real 900lb Gorilla in the room, however, isn’t there. It’s what these primaries say about Cruz, who got trashed everywhere except where there was a very heavy evangelical presence, and even that wasn’t enough.
In Florida he got destroyed, winning only 17% of the vote (to Trump’s 46%)
He did his best in North Carolina and Missouri, both expected with heavy evangelical presence, but neither was enough to win. He got closest in Missouri, very, very close, but…. no cigar.
by Chris Campbell
Laissez Faire Books
“Over 1,000 children die of neglect or are tortured and murdered each year in the care of an entity where children are up to 600% more likely to die a horrific death.”
Read that line again. We pulled it from a short documentary called Innocence Destroyed.
Now, take a guess what “entity” the documentary is referring to.
Here’s why we bring this up today…
by Andrew Hoffman
I wasn’t planning to write yesterday morning, before traveling to Phoenix for last nights – as it turns out, wildly successful – “Q&A Rap Session.” To that end, we will be announcing new meetings in Houston and Chicago later this week, atop the Ft Lauderdale session already booked for April 21st.
However, the onslaught of bearish PM “newsletter writer” articles in the past week – of how the Fed meeting would validate the “commercials’” extreme short position in gold and silver futures, I felt compelled to awaken at 3:00 a.m., on four hours of sleep, to write “the COT’s don’t matter, Part II.” Which, after the Fed figuratively “wet itself” with its pathetically childish – and decidedly credibility-destroying – policy statement, was validated in spades.
by BCA Research
Donald Trump is clearly the frontrunner for the GOP nomination, but our Geopolitical Strategy service argues that Trump has a serious probability of winning the presidential election. While we would still put our money on Hillary Clinton winning a head-to-head matchup, the probability gap between the two is not as large as predicted by the “smart money.”
[…] What we call Trump’s “White Hype” strategy – of boosting support for the GOP among white voters – could narrow Clinton’s lead in several important swing states. Pursuing a greater share of the white electorate is a far more rational strategy for a GOP candidate than trying to appeal to the minority vote, a long-term GOP goal that cannot win the election in 2016. In addition, Trump is only a recession, major terrorist attack, or explosive Clinton scandal away from broadening his appeal – and these events all have non-negligible probabilities of occurring. On the other hand, Trump still faces numerous headwinds, including an otherwise massive lack of appeal among independent voters.
by David Kranzler
Investment Research Dynamics
Valeant stock is down another 10% today. I’m wondering if some of the Wall Street Journal writers are reading this blog because the WSJ published an article late yesterday in which it reported that VRX could be forced to write-down its goodwill. I published an article two days ago in which I analyzed why VRX’s goodwill “asset” was likely fraudulent.
VRX said it won’t meet the March 15th deadline to file its delayed 10-K. It has until March 30th to file, otherwise it has 30 days before the bank creditors can declare an event of default and demand repayment of the debt. Because VRX’s tangible assets are worth less than the amount of debt outstanding, the most likely scenario is that the banks will grant covenant relief. At that point, VRX will attempt to sell assets in order to help pay down debt.
from King World News
On the heels of the Fed’s decision not to raise rates, today Peter Boockvar sent King World News a fantastic piece discussing the Fed’s decision and the subsequent surge in the gold market.
Peter Boockvar: For the past few years the Fed has been chipping away at the concept that they are driving monetary policy dependent on the data that they see. We know that because they kept changing the rules of the game in that every time a goal was reached the goal was altered. Well, I believe it is safe to say that after yesterday’s FOMC statement, the Yellen press conference and what was said in them, the communication and structural strategy of ‘data dependency’ has been officially neutered. The Fed’s goal is now a perfect world. As we of course will never get there, the rest of us are left flying blind as to what to expect from monetary policy…
by Nick Hodge
Last week, I finally got to take a tour of a lithium property I’ve been meaning to get out to for a few months.
Minor surgery in January kept me sidelined from a group tour to the site. And it turns out that was the trip to be on…
One of the (very) high-net-worth individuals on the trip didn’t feel like making the 3.5-hour drive through the desert, so he rented helicopters and pilots to fly everyone there.
I ended up having to drive. But it was beautiful.
Also beautiful was knowing that, as we made our way northwest from Las Vegas along the Californian border, the company I was there to see had already been making my readers money.
by Mike ‘Mish’ Shedlock
On Tuesday, the Empire State manufacturing region returned to positive territory following seven months of contraction.
Today, the Philadelphia Fed manufacturing region returned to positive territory following five months of contraction.
Is the worst over for manufacturing or is this simply a breather?
by Michael Krieger
[…] This is a theme I’ve been writing about for months now. Many Sanders supporters don’t merely see Hillary Clinton as a slightly watered down version of the Vermont Senator; rather, they accurately see her as both a neocon war criminal and corrupt Wall Street puppet. A significant percentage of them will never vote for her.
According to a recent WSJ/NBC poll, that number is 33%. While I’m not convinced it’ll end up being that high, it could easily end up being at least 25%.
For more, check out the video below:
by Mac Slavo
One part of prepping is gathering and storing lots of useful gear and supplies.
Another part is honing your skills so that you could likely manage without any of those supplies – if you had to.
This video will start you out with some tips on how to whip up some useful devices out of practically nothing.
[…] Tips in this video:
1. Use an aluminum soda can, cut open, to reflect and magnify the light of a candle
2. Use a piece of cloth and two containers to purify dirty water by transferring through the cloth. Then boil.
by Alasdair MacLeod
Last week, the ECB extended its monetary madness, pushing deposit rates further into negative figures.
It is extending quantitative easing from sovereign debt into non-financial investment grade bonds, while increasing the pace of acquisition to €80bn per month. The ECB also promised to pay the banks to take credit from it in “targeted longer-term refinancing operations”.
Any Frenchman with a knowledge of his country’s history should hear alarm bells ringing. The ECB is running the Eurozone’s money and assets in a similar fashion to that of John Law’s Banque Generale Privée (renamed Banque Royale in 1719), which ran those of France in 1716-20. The scheme at its heart was simple: use the money-issuing monopoly granted to the bank by the state to drive up the value of the Mississippi Company’s shares using paper money created for the purpose. The Duc d’Orleans, regent of France for the young Louis XV, agreed to the scheme because it would provide the Bourbons with much-needed funds.
by Pam Martens and Russ Martens
Wall Street on Parade
Democrats sitting on the U.S. Senate Banking Committee at Tuesday’s confirmation hearing to take testimony from President Obama’s two nominees for the Securities and Exchange Commission (SEC) must have felt like they were having an out of body experience — listening to the human personification of billionaire Charles Koch’s money aping his Ayn Rand, anti-regulatory double-talk from a witness seat. What had to be particularly nauseating to them was that this nominee was sent to them by President Obama who ran as a Democrat on a platform of hope and change. While the political makeup of the SEC is prescribed by law, so that one of these two nominees had to be a Republican, why pick this particular Republican?
On October 20, 2015, President Obama announced that his nominee to fill a Republican seat on the SEC would be Hester Peirce, a Senior Research Fellow and Director of the Financial Markets Working Group at the Mercatus Center at George Mason University. According to SourceWatch, the Mercatus Center “was founded and is funded by the Koch Family Foundations.”
by Daily Bell Staff
The Daily Bell
The longer-term effects of Brexit are … likely to be adverse. Most studies suggest that economic growth would suffer. A detailed analysis from the Bank of England in October found that EU membership had benefited the British economy. Attempts to model the consequences of Brexit point to economic damage. Two American banks, Goldman Sachs and Citigroup, recently warned that growth and the pound would fall further after a vote to leave the EU. – Economist
As we can see, above, a recent Economist analysis of Britain’s leave-taking from the EU – Brexit – indicates a variety of negative consequences.
This is generally the tenor of the mainstream media in Britain, one of alarmism tinged with negativity.
The tone probably won’t change but a recent poll is certainly deepening tensions.
Suddenly, Pro-Brexit forces seem to be winning.