Sunday Open Thread

Please scroll through this open public thread. This community has much to share.

290
Sun, Mar 15, 2020 - 12:16pm

Things are moving fast and the Friday podcast thread is nearing a comment overload. So I thought I should start the week with this new post...and make it public for all to read. Please try to share relevant information and updates through the comments section as we are all in this together.

Not sure where to start so I guess we'll begin with the pandemic stuff. A couple of things:

  • From what I've read, it appears that the Case Fatality Rate is higher than thought a few days ago. This is a very concerning development.
  • You DO NOT want to contract the virus, regardless of your age. There are now reports of people as young as 16 being intubated and placed into a medically-induced coma. None of this "might as well get it and get it over with stuff". NOW is the time to begin your own efforts of self-quarantine and social distancing.
  • And self-quarantine is about the only remaining method of controlling the spread. Yesterday, I saw several "suggestions" "asking" people to do this from city and state officials around the US. By later this week, it's very likely these will not just be "suggestions". So, if you need to go somewhere or do anything, don't put it off. The window of free/unlimited travel is closing.

On to the metals....

It is quite clear that the Thursday-Friday attack on Comex Digital Gold was an orchestrated, deliberate event courtesy of the Bullion Banks. As we discussed in Friday's podcast, there is precedent for this type of thing so it's not as if we should be surprised by what happened.

The tell-tale that huge manipulated hit was coming on Friday after the Comex floor opened (see the chart) was the record level of PNT/EFP transactions on Thursday preceded by a price ambush of gold on the LBMA p.m. price fix Thursday.

— Dave Kranzler (@InvResDynamics) March 15, 2020

And recall this link that was revealed by Wikileaks a few years ago. This cable clearly describes the intentions behind creating a gold futures market on 12/31/74. Note the cable was published on 12/10/74: https://wikileaks.org/plusd/cables/1974LONDON16154_b.html

From that cable, the MOST IMPORTANT POINT is underlined below. Read this and then perhaps better comprehend WHY prices were raided so severely last week:

And someone sent me this, too. Here's Trump's closest economic advisor discussing gold in an article from March of 2001:

So EXPECT more official and Bullion Bank intervention tonight and this week.

However, reports are now rampant of exhausted supply of physical metal at both the retail and wholesale level. All of this simply underscores what we've always told you. Namely, that price is determined through the supply and demand of the digital derivatives and futures contracts...NOT the supply and demand of actual physical metal.

On the bright side, as premiums widen and readily-available supplies evaporate, maybe more "experts" and "analysts" will finally come to understand the FRAUD and SCAM of the current digital derivative and fractional reserve pricing scheme. That cable linked above certainly lays this out quite clearly. How anyone willingly fails to understand this is beyond me.

Last week 20% of avg OI went into #EFPs. So in 5 days 122k EFPs were exchanged 'supposedly' for 382t of physical metal, or 11% of annual production. Not possible. Inexperienced are accepting paper promises from banks instead of metal. Do not be one of them. Own physical #gold. pic.twitter.com/yVtZ59nKVD

— James Turk (@FGMR) March 15, 2020

The U.S. Mint announced Thursday that it has temporarily sold out of American Eagle Silver Eagle Bullion coins. Our rate of sale in just the first part of March exceeds 300% of what was sold last month,” the Mint said #coronapocolypse #coronavirus #gold #silver #safehaven #bars pic.twitter.com/gL4puiclvY

— Contrarian (@OfficialMining) March 15, 2020

1/n - Firstly, an apology. I should've been quicker to realise what was happening. The penny dropped yesterday when I looked at prices of physical gold and silver. They haven't been smashed. Not only that, but demand has sky-rocketed and suppliers can't keep up. The gap...

— Northstar (@Northst18363337) March 15, 2020

Already extreme premiums rising from just last night, i.e. over the weekend. Masses are waking up imho. https://t.co/Y24OmVBS5r

— David Brady (@GlobalProTrader) March 15, 2020

UK's #1 Online Bullion Dealer selling a 1oz Silver "Bar" at a premium of 7% to a Silver Maple Leaf "coin" from Sprott Money (which incl own spread!) when adj'd for exchange current exch rates. And this assumes the cheapest price of 14.60 pounds for 1000oz total! So spread ~10%+!! pic.twitter.com/MeMlDdEJs0

— David Brady (@GlobalProTrader) March 15, 2020

JNUG gets a forced redemption. Which means they have to sell GDXJ, which is a big holding of GDX, which in turns holds a number of individual miners. There is no thinking involved.
Purely mechanical.
Need Cash = Sell
Could just as easily have been traditional equity or FI. https://t.co/TkM0I80lqD

— Santiago Capital (@SantiagoAuFund) March 14, 2020

As we mentioned back on Friday, if you want to buy metal NOW and worry about the delivery premium later, OneGold is a great way to do it. Buy/sell/trade, whatever. If you can postpone taking delivery until premiums come back down, then this is a great option. USE THIS LINK, MAKE TF A WHOPPING $5

Lastly, as the Northstar guy mentioned in his tweet...I, too, am profoundly disappointed that I did not warn everyone better regarding the potential of a Bank attack last week. Yes, we stated our concerns last Tuesday but I thought the current situation it would make it too difficult for them to get away with it at this time. Wrong.

That said, the FAR MORE IMPORTANT thing right now is preparation for lockdown. We first discussed this possibility seven weeks ago (my gosh, was it really that long ago?) with Chris Martenson. Nearly everything Chris warned about back then has come to pass so perhaps today you might go back and listen again. As you know, Chris has posted video updates to his YouTube account nearly every day since. You should be sure to monitor that page, too.

DO NOT be surprised if the Comex metals open lower still when things get going again this evening at 6:00 pm EDT. It's going to be LONG and wildly UNPREDICTABLE week with the only certainty being FOMC "fedlines" and Powell press conference like nothing we've ever seen before on Wednesday.

And PLEASE use today wisely. It will likely become imperative (and you may not be given a choice) that you lock down at home...maybe all of the way to mid-April. I pray you've heeded our advice since January to make the sort of personal preparations that will be needed to manage this extraordinary circumstance. If not...it's NOT too late to formulate a plan and secure the supplies you need. Just yesterday, I found plenty of elderberry gummies and other "immune support" supplies at my local Walgreen's. ATMs still have the physical cash you may need and food stocks are still plentiful, too...though you might wait until early tomorrow morning to make another run to the market after shelves are restocked overnight.

Again, use this time wisely and, as always, prepare accordingly.

TF

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DeaconBenjamin
Mar 16, 2020 - 6:10am

France's coronavirus situation ‘deteriorating very fast’

The coronavirus outbreak in France is "very worrying" and "deteriorating very fast", the head of the country's health service said Monday. "The number of cases double every three days," Jerome Salomon said on France Inter.

According to the latest official figures published on Sunday, France has had 127 coronavirus deaths and 5,423 confirmed cases. That was a jump of 36 deaths and over 900 cases in 24 hours. More than 400 people have been hospitalised in a serious condition.

https://www.france24.com/en/20200316-france-s-coronavirus-situation-dete...

DeaconBenjamin
Mar 16, 2020 - 6:05am

Iran Ayatollah Hashem Bathaei-Golpaygani dies of coronavirus

Ayatollah Hashem Bathaei-Golpaygani, a member of Iran’s Assembly of Experts, has died from the novel coronavirus, Iran's state news agency IRNA reported on Monday. Bathaei-Golpaygani was receiving treatment in Qom’s Shahid Beheshti hospital, according to Iranian news agencies. He was initially admitted to the hospital on Saturday.

At least 1,400 Qom citizens have been infected with the coronavirus virus, and four have been hospitalized in Kamkar, Ferghani, Imam Reza, Ali Ibn Abitaleb and Shahid Beheshti hospitals, according to IRNA’s report.

https://english.alarabiya.net/en/News/middle-east/2020/03/16/Iran-Assemb...

DeaconBenjamin
Mar 16, 2020 - 6:01am

Most airlines may go bankrupt by May without govt action

Due to the coronavirus pandemic, most airlines in the world will be bankrupt by the end of May and only a coordinated government and industry action right now can avoid the catastrophe, said global aviation consultancy firm CAPA in a note on Monday. "As the impact of the coronavirus and multiple government travel reactions sweep through our world, many airlines have probably already been driven into technical bankruptcy, or are at least substantially in breach of debt covenants," it stated

Across the world, airlines have announced drastic reduction in their operations in the wake of the coronavirus outbreak. For example, Atlanta-based Delta Air Lines stated on Sunday that it would be grounding 300 aircraft in its fleet and reduce flights by 40 per cent. The US has suspended all tourist visas for people belonging to the European Union, the UK and Ireland. Similarly, the Indian government has suspended all tourist visas and e-visas granted on or before March 11.

https://economictimes.indiatimes.com/industry/transportation/airlines-/-...

DeaconBenjamin
Mar 16, 2020 - 5:58am

BOJ ramps up risky asset buying, doubles ETF, J-REIT purchases

The Bank of Japan eased monetary policy on Monday by pledging to buy risky assets such as exchange-traded funds (ETF) at double the current pace, joining global central banks in combating the widening economic fallout form the coronavirus epidemic. The central bank also decided to create a new loan program to extend one-year, zero-rate loans to financial institutions in an effort to boost lending to firms hit by the virus outbreak.

"The BOJ will take additional monetary easing steps as needed without hesitation with a close eye on the impact from the coronavirus epidemic for the time being," it said in the statement after a hastily called emergency meeting. At the meeting, the BOJ decided to buy ETFs at an annual pace of around 12 trillion yen ($112.55 billion), double the previous amount, until markets stabilize from the recent rout.

https://japantoday.com/category/business/update-1-boj-calls-emergency-po...

Craigo
Mar 16, 2020 - 5:55am

Silver cascade

This is one gigantic fustercluck.

All the silver miners might as well shut down production, go park their trucks outside the Comex and LBMA and buy/arbitrage it somewhere else. That's if they have any physical of course.

DeaconBenjamin
Mar 16, 2020 - 5:52am

Nikkei

down 1300 (7.5%) Dax down 650 (7 %).

joja
Mar 16, 2020 - 5:38am

Silver miners

Time to buy or ?

Benitho
Mar 16, 2020 - 5:36am

12.80$ now

sure, why not ?

Silverhog
Mar 16, 2020 - 5:33am

Record G/S ratio?

Appears the G/S ratio hit 1/110 a few minutes ago. Looks like everybody is bailing out of paper Silver to me.

silverflower
Mar 16, 2020 - 5:23am

Silver

gets slaughtered. Brutal.

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