from FinancialSurvivalNet
Bart Chilton who’s a CFTC (Commodity Future Trading Commission) Commissioner appears to be an endangered species; an honest official who wants to protect the public. But besides possibly issuing a blistering minority report, he can’t do much more. The CFTC itself is a complete scam and they couldn’t care less about the public. If that’s not true why haven’t they gone after Corzine and MF Global, which involved huge trading positions financed by stolen customer funds? Why has it taken them 4 years of soul searching to conclude an investigation that any accountant with a spreadsheet and some trading data could have completed in a beer laced weekend? And how could anyone expect a different outcome?
The CFTC should never have been created. While we have no love for the SEC, they already regulate the futures and options traders anyway. The CFTC has been a regulatory backwater, pretty much a toothless tiger, since its 1974 inception. To believe that it would challenge the entrenched financial elite along with the US Government, and somehow blow the lid off of the incessant Silver Manipulators, is as Dr. Johnson said about second marriages, “The triumph of hope over experience.” So get real, the only thing that will dethrone these econo-sociopaths is the ultimate crash, which is coming to a bourse near you in the not too distant future.
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Perhaps you’re unaware, but the unravelling of Europe continues at an epic pace. One half of Europe would like to live at the expense of the other half. And the people paying the bills are quickly getting fed up with the moochers. How much long will Finland put up with it, let alone Germany and the other producing nations that feel like total patsies? Thid is the important question. Usually, as Bob Hoye explained, major collapses take place in the Fall. No one has the appetite to address tragedy in the summer. The Europeans have extended vacations planned and besides, the deposits have already been paid. So what’s a few more months, when your vacation is hanging in the balance?
George Matheis is our go to guy for all matters concerning preparation and self-defense. George has gotten extensive training in these areas and has been teaching law enforcement professionals for many years. Therefore, when he explains how to avoid becoming a target, we all should listen. First, when going out to public events, always map an escape route. This will help you in the event of fires and other emergencies. If you know how to escape, you’re odds of survival go way up. Also, situational awareness is key. Know your surroundings and be aware of potential threats and dangers. And in the event of injury, to yourself or others, some basic first aid can go along way until the paramedics can reach you.
The latest Flash Crash Blast. A lot of stocks got slammed and then came back resoundingly. It happened to big stocks and small stocks alike. Knight, the market maker responsible for it could be facing insolvency as a result. If things are going to wrong, they will go wrong in the fall. The corporate bond market has been rallying like crazy but appears to be getting close to its high. It looks like its time to start lightening up on them and perhaps treasuries as well. It made an Eiffel Tower pattern with a clear downside pattern ahead. The same is likely to happen with the emerging market bonds. People have been chasing yield and looking for it in all the wrong places. Interestlingly commodities may also take a hit. They’ve risen in large measure due to the Midwest drought. There could be trouble this fall. The last 5 crashes going back hundreds of years have always occurred in the autumn. Will this crash be different than the rest?
Dudley Baker is an eternal optimist, but with good reason. Through his service 
Diana Zoppa has been an indispensible part of the Freedom-Based. Libertarian site 
The Mercenary Geologist and I got together for our monthly review of the markets. There was lots of action, but what a difference a day makes. But the important issues of the day far eclipsed the market wrap-up. The Fed basically said nothing, other than they are very concerned about the poor state of the economy and will do what needs to be done, can anyone say money printing? Oh and by the way, the US Postal Service is broke, insolvent and bankrupt. They’re going to miss a $5.5 billion payment towards retiree health benefits that they would like to do away with anyway. There was another major flash crash that took place at major market maker Knights operation. But never fear, the SEC is on the case and heads are not gonna roll.
Casey Research’s Ed Steer joined us for a look at the stunningly blatant manipulation that took place today in the gold and silver markets. The moment Ed hit his send key on today’s gold and silver report, he knew what was going to happen. And as usual, he was not at all disappointed. Ed says that the biggest problem for investors today, is that they have to overcome market psychology and buy the precious metals in a falling market. Very few people have the stomach and the nerve do this. But as a recent guest said, “You’re either a contrarian or you’re a victim.” The choice is yours.
Ed Caccia live in the studio. He’s a big fan of the Financial Survival Network and he’s getting angrier and angrier at Mayor Nanny Mike Bloomberg’s ever more tyrannical and fanatical efforts to dictate every aspect of your life, from how your children get their nutrition, to how many sodas you consume to whether or not you have the right to keep and bear arms as embodied in the Second Amendment. In times of crisis the government is like your un-wanted, un-loved brother-in-law (FBI). He wants to move into your house, live at your expense and then complain that the house isn’t clean and that your wife is a lousy cook. How dare these people! Who do they think they are? Whatever happened to the notion of personal responsibility. Ed and I share a special bond as fellow New Yorkers and Westchesterites. We’re both fed up and the ultimate move out of the People’s Republic of New York gets ever closer.
Jordan Roy-Byrne is a frequent contributor to Financial Survival Network. He’s seeing a definite precious metals’ market bottom and says there’s a number of confirmatory signals that have been flashing as well. Perhaps the most important indicator is that the amount of gold purportedly held in GLD (the Gold EFT) has been declining, at the same time that the gold price has been rising. This is a sure sign that retail investors have capitulated and that the next leg of the bull market is about to begin. And as Jordan indicated, the majority of profits are actually made at the end of the bull market, rather than the early stages. Since this market’s heading higher for 12 years, there’s definitely much more to go. Buckle your seat belt and hold on, it’s going to be quite a ride.
Ranting Andy joined us today for his weekly rant. He believes that there is no finer investment than silver, which will outperform even Apple in the long run. The System has lost all credibility, much as the Tobacco Industry did in the 1990’s, when it became clear that they would be paying out billions in damage verdicts. So too with Liborgate, the financial industry’s potential Waterloo. The propaganda is wearing thin. Nobody believes that recovery is just around the corner. No one believes that happy days are here again. Rather, everyone is shaking their heads wondering how to protect themselves. And that’s perhaps the best reason why silver is the investment of the future.
Chris Duane was with us today, and he’s eased off his economic educational pursuits. He believes the system’s days are rapidly coming to an end, and he’s making plans on what to do when that inevitable day happens. After all, there’s only so much you can say about the collapse and the corrupt system. Now it’s time to get ready for life after the great crash. Do you go to another country, an island, or just stay and fight. These are questions all of us will have to deal with in the near future. Better to start preparing now, than to have to make the decision without adequate thought and time.
Turd Ferguson of 
Adrian Fleming is a serially successful gold miner, and his latest venture looks to be a repeat performance of his last four winning ventures. The company’s property at Kiyuk Lake, Nunavut, Canada looks extremely promising. Right now he’s planning to do a detailed geo-chemical analysis of the entire 590 kilometer property to find the best potential drill sites. This will conserve the company’s capital, of which there’s enough to finish the program and bring the company well into 2013. As we all know, mining issues have been hammered into the dust recently and pessimism is ruling the day. However, while this market may not be like any other, all bear markets eventually give way to bull markets, especially when profits are rising and great new mines remain scarce.
Dr. Charles Nenner is a legend in technical/cycle investing. David Gurwitz is managing director of Charles Nenner Research, and he joined us today for a look at the current state of the markets. CNR has thousands of clients around the world, and their research calls have shown uncanny degrees of accuracy. Right now, Nenner thinks gold will be going up to $2500 and silver will be heading back up to $50 in the not too distant future. He’s waiting for a few more technical indicators to confirm and make the call. We’re going to be checking in regularly with David and Dr. Nenner to keep track of the accuracy of their predictions.
We had a very unexpected surprise this afternoon; David Morgan called in from the road. He was driving to Montana and wanted to touch base over the latest metals ruminations. His take on the upcoming CFTC Silver Manipulation Report is that it will be a a whitewash and will result in no lasting change. In a recent trip to Hong Kong, David discussed the history of empires and how metals always flow to the rising empire and away from the declining empires. We also discussed a quote from ZeroHedge.com’s Tyler Durden, “While the insolvent “developed world” is furiously fighting over who gets to pay the bill for 30 years of unsustainable debt accumulation and how to pretend that the modern ‘crony capitalist for some and communist for others’ system isn’t one flap of a butterfly’s wings away from full on collapse mode, China is slowly taking over the world’s real assets”.
Nick Barisheff of 
Danielle Park, the outspoken money manager par excellence, sat down with us today for our bi-weekly rant about why they haven’t thrown all the b*stards in jail yet. And it looks like a few of them might be paying the price for Liborgate, which is just another word for large banks stealing your wealth one basis point at a time. Danielle likens the current economy to a giant teeter totter, with no adult supervision in site. The result is that someone’s behind is going to get slammed on the ground, and the other people will be left suspended in mid-air, waiting for the system to right itself. Danielle is always informative, knowledgeable, and directly to the point.
Jay Taylor came on our live show today on 1490 WGCH. Insightful as ever, Jay agrees that there is little that can be done to avert the collapse and that the majority of the population is completely oblivious to the inevitable. Much like in Rome during the collapse, people were far more concerned about gladiator games and Christians being fed to the lions to notice their civilization was quickly coming to an end. Hopefully the current fiat money system’s death will not lead to another Dark Ages, which came out of the Fall of Rome. But society is different now. Most of the world’s population lives in cities and life can’t continue on for long without a medium of exchange. Hopefully reason will prevail before it’s too late.
Bron Suchecki, who’s in charge of strategy for the famed Perth Mint, is warning all precious metals investors that the next crisis will lead to heightened precious metals demand so expect shortages and mint rationing. This is exactly what happened in 2008, and the next crisis could very well be worse. Interestingly, the shortages emerged not from a shortage of raw materials, but due to a lack of fabrication capacity. The blanks or planchets that are required to stamp coins are in limited supply. There aren’t a lot of producers around the world, and they have been knwon to invest large amounts of capital towards ramping up production. This is due to the market’s unpredicatable demand curve and the high costs of expansion. The result is that the distribution system works great in times of regular demand, but it quickly breaks down when demand spikes. Remember, we told you it was coming.
Sprott Global’s Kenton Toews joined us to discuss the major acquisitions taking place in North American as well as global resource stocks. The Chinese oil company CNOOC is buying Canadian oil producer Nexen for over $15 billion. This is a huge premium to current market prices. An Egyptian billionaire just bought La Mancha Resources, a gold miner for $500mm, getting gold in the ground at just $50 per ounce. What do these moves have in common? They are ways for Asians and others holding large amounts of fiat dollars and euros to diversify them, without disrupting the markets. This could be just the beginning; as the currency crises worsen, the rush for the exit will only intensify. So look to stock acquisitions as a relatively easy way to accomplish that task.