Turd & Andy on with Max & Stacy, Part 2

19
Tue, Jun 14, 2016 - 10:06am

In a continuation of the earlier discussion, part two of this interview focuses upon the role China is playing in the global gold market, the new yuan-denominated Fix and the sham of New York/London paper derivative pricing.

As usual, the panel discussion can be found in the second half of this program. All thanks again to Max and Stacy for inviting Andy and I onto the program and allowing these topics to be discussed.

Enjoy,

TF

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turd [at] tfmetalsreport [dot] com ()

  19 Comments

Dirt_Reynolds · Jun 14, 2016 - 10:13am

@3rd

Just finished watching. Again, nice work.

Keep stacking!

Ferd Torgerson · Jun 14, 2016 - 10:13am

I'll Just Watch . . .

. . . . and let someone else claim the "first" thingy.

Ferd

amarula4 · Jun 14, 2016 - 10:15am

OK, my next exciting silver prediction is for $18.03 Fri/Mon

day the 18th. We have upward momentum and should not drop below 17.25 until then, if I am right. So my futures are looking to make a little.

NUGTCALL · Jun 14, 2016 - 10:17am

DB

If DB breaks 14.78. The whole market might take a big dump. That is a freaking huge land mind that we are very close to stepping on. 

NUGTCALL · Jun 14, 2016 - 10:20am

EXACTLY

Was just going to post this chart and you beat me to it. $14.78 was the intraday low of February 9. Below there...well, it might get really interesting. Last is $14.86

AIJ · Jun 14, 2016 - 10:22am

Clif has been preaching this for a while...

clif ‏@clif_high  16h16 hours ago

Ack! BTW: #BTC price action result of first few of 100 million Chinese wanting to buy! Imagine what silver will be like in just a while!

1Bitcoin Bitcoin $ 10,774,807,769 $ 688.1915,656,825 BTC$ 201,344,000 -2.46 %sparkline

2Ethereum Ethereum $ 1,490,122,139 $ 18.3981,010,875 ETH$ 58,464,000 8.08 %sparkline

3Litecoin Litecoin $ 241,688,760 $ 5.2346,220,926 LTC$ 8,822,500 -4.71 %sparkline

4Ripple Ripple $ 233,502,645 $ 0.006697 34,868,679,462 XRP *$ 6,431,160 15.12 %sparkline

5The DAO The DAO $ 196,979,316 $ 0.167960 1,172,775,159 DAO *$ 7,107,430 5.35 %sparkline

https://coinmarketcap.com/

indiana rod · Jun 14, 2016 - 10:44am

That Great Folk Song

Try To Remember

The Clinton Version

Dedicated to the Secret Service Agent's book, "Crises of Character."

Try to remember the kind of September

When life was slow and oh so mellow

Try to remember the kind of September

When grass was green and grain was yellow

Try to remember

The kind of September

When asked about Whitewater

She said, "I can't remember."

Try to remember the kind of September

When you were a young and callow fellow

Try to remember and if you remember

Then follow, follow, oh-oh

Try to remember

The kind of September

The Secret Service fellow

You tried to dismember

Try to remember when life was so tender

That no one wept except the willow

Try to remember when life was so tender

When love was an ember about to billow

Try to remember when life was so tender

The vase you threw at Bill

When he was with the lady

That was on the pill

AIJ · Jun 14, 2016 - 10:47am

From Bix

"You can pick your reason why Deutsche Bank's stock value is imploding today (now below $15/share and falling). The BREXIT vote next week, silver derivative positions, sinking European sovereign debt, class action lawsuits, senior management abandoning the sinking ship - pick you poison but it really comes down to this...

With over $50 Trillion in derivative exposure NOBODY will survive the wreckage...

ALERT: THE DERIVATIVE WEAPON OF MASS FINANCIAL DESTRUCTION IS ABOUT TO DETONATE!!

Since Gold and Silver are still under massive price suppression tactics BITCOIN is now the "Canary in the Coal Mine" for the Global Financial System...and it is absolutely ROCKING in China!

If you want to watch it all happen in "Real Time" check out this website:

www.fiatleak.com

Day or night CHINA IS BUYING bitcoin like it's nobody's business!

Stay tuned.

May the Road you choose be the Right Road.

Bix Weir

www.RoadtoRoota.com"

Captain Scott · Jun 14, 2016 - 10:53am

Thats a bingo!

https://930e888ea91284a71b0e-62c980cafddf9881bf167fdfb702406c.r96.cf1.rackcdn.com/data/tvc_f48cb3f0759f540db1eb7664d9790f45.png

Thats a bingo!

TF · Jun 14, 2016 - 10:54am

And here we are

DB has a last of $14.76

(Captain Scott beat me to it. Thanks for the chart!)

Captain Scott TF · Jun 14, 2016 - 10:57am

Glad to help out!

...thanks for that twitter post from the other day!

AUandAGbull · Jun 14, 2016 - 11:12am

First GDX gap filled

At 25.43, gold bulls better hope 6/3 payrolls gap below 23 isn't next :-(

tyberious · Jun 14, 2016 - 12:00pm

Laughable desperation

Democrats Claim Russian Hackers Stole Their Anti-Trump Research

Russian government hackers penetrated the computer network of the Democratic National Committee and gained access to the entire database of opposition research on GOP presidential candidate Donald Trump, according to committee officials. The networks of presidential candidates Hillary Clinton and Donald Trump were also targeted by Russian spies, but as The Washington Post reports, the intruders so thoroughly compromised the DNC’s system they also were able to read all e-mail and chat traffic.

tyberious · Jun 14, 2016 - 12:07pm

Bix

You can pick your reason why Deutsche Bank's stock value is imploding today (now below $15/share and falling). The BREXIT vote next week, silver derivative positions, sinking European sovereign debt, class action lawsuits, senior management abandoning the sinking ship - pick you poison but it really comes down to this...

With over $50 Trillion in derivative exposure NOBODY will survive the wreckage...

ALERT: THE DERIVATIVE WEAPON OF MASS FINANCIAL DESTRUCTION IS ABOUT TO DETONATE!!

Since Gold and Silver are still under massive price suppression tactics BITCOIN is now the "Canary in the Coal Mine" for the Global Financial System...and it is absolutely ROCKING in China!

If you want to watch it all happen in "Real Time" check out this website:

www.fiatleak.com

Day or night CHINA IS BUYING bitcoin like it's nobody's business!

Stay tuned.

May the Road you choose be the Right Road.

Bix Weir

www.RoadtoRoota.com

PS - Yes, the $20 Hard Copy Bitcoin promotion is still being offered for subscriptions and renewals to the Private Road. Find out more info here:

https://www.roadtoroota.com/public/10.cfm

tyberious · Jun 14, 2016 - 12:11pm

Here we go again!

June 14, 2016

Bangkok, Thailand

Apparently the biggest banks in the US didn’t learn their lesson the first time around…

Because a few days ago, Wells Fargo, Bank of America, and many of the usual suspects made a stunning announcement that they would start making crappy subprime loans once again!

I’m sure you remember how this all blew up back in 2008.

Banks spent years making the most insane loans imaginable, giving no-money-down mortgages to people with bad credit, and intentionally doing almost zero due diligence on their borrowers.

With the infamous “stated income” loans, a borrower could qualify for a loan by simply writing down his/her income on the loan application, without having to show any proof whatsoever.

Fraud was rampant. If you wanted to qualify for a $500,000 mortgage, all you had to do was tell your banker that you made $1 million per year. Simple. They didn’t ask, and you didn’t have to prove it.

Fast forward eight years and the banks are dusting off the old playbook once again.

Here’s the skinny: through these special new loan programs, borrowers are able to obtain a mortgage with just 3% down.

Now, 3% isn’t as magical as 0% down, but just wait ‘til you hear the rest.

At Wells Fargo, borrowers who have almost no savings for a down payment can actually qualify for a LOWER interest rate as long as you go to some silly government-sponsored personal finance class.

I looked at the interest rates: today, Wells Fargo is offering the exact same interest rate of 3.75% on a 30-year fixed rate, whether you have bad credit and put down 3%, or have great credit and put down 30%.

But if you put down 3% and take the government’s personal finance class, they’ll shave an eighth of a percent off the interest rate.

In other words, if you are a creditworthy borrower with ample savings and a hefty down payment, you will actually end up getting penalized with a HIGHER interest rate.

The banks have also drastically lowered their credit guidelines as well… so if you have bad credit, or difficulty demonstrating any credit at all, they’re now willing to accept documentation from “nontraditional sources”.

In its heroic effort to lead this gaggle of madness, Bank of America’s subprime loan program actually requires you to prove that your income is below-average in order to qualify.

Think about that again: this bank is making home loans with just 3% down (because, of course, housing prices always go up) to borrowers with bad credit who MUST PROVE that their income is below average.

[As an aside, it’s amazing to see banks actively competing for consumers with bad credit and minimal savings… apparently this market of subprime borrowers is extremely large, another depressing sign of how rapidly the American Middle Class is vanishing.]

Now, here’s the craziest part: the US government is in on the scam.

The federal housing agencies, specifically Fannie Mae, are all set up to buy these subprime loans from the banks.

Wells Fargo even puts this on its website: “Wells Fargo will service the loans, but Fannie Mae will buy them.” Hilarious.

They might as well say, “Wells Fargo will make the profit, but the taxpayer will assume the risk.”

Because that’s precisely what happens.

The banks rake in fees when they close the loan, then book another small profit when they flip the loan to the government.

This essentially takes the risk off the shoulders of the banks and puts it right onto the shoulders of where it always ends up: you. The consumer. The depositor. The TAXPAYER.

You would be forgiven for mistaking these loan programs as a sign of dementia… because ALL the parties involved are wading right back into the same gigantic, shark-infested ocean of risk that nearly brought down the financial system in 2008.

Except last time around the US government ‘only’ had a debt level of $9 trillion. Today it’s more than double that amount at $19.2 trillion, well over 100% of GDP.

In 2008 the Federal Reserve actually had the capacity to rapidly expand its balance sheet and slash interest rates.

Today interest rates are barely above zero, and the Fed is technically insolvent.

Back in 2008 they were at least able to -just barely- prevent an all-out collapse.

This time around the government, central bank, and FDIC are all out of ammunition to fight another crisis. The math is pretty simple.

Look, this isn’t any cause for alarm or panic. No one makes good decisions when they’re emotional.

But it is important to look at objective data and recognize that the colossal stupidity in the banking system never ends.

So ask yourself, rationally, is it worth tying up 100% of your savings in a banking system that routinely gambles away your deposits with such wanton irresponsibility…

… especially when they’re only paying you 0.1% interest anyhow. What’s the point?

There are so many other options available to store your wealth. Physical cash. Precious metals. Conservative foreign banks located in solvent jurisdictions with minimal debt.

You can generate safe returns through peer-to-peer arrangements, earning up as much as 12% on secured loans.

(In comparison, your savings account is nothing more than an unsecured loan you make to your banker, for which you are paid 0.1%...)

There are even a number of cryptocurrency options.

Bottom line, it’s 2016. Banks no longer have a monopoly on your savings. You have options. You have the power to fix this.

Until tomorrow, 

Simon Black

Founder, SovereignMan.com

Island Teal · Jun 14, 2016 - 2:38pm

TF - re DB

Whoops !!!!

DB at $14.65 !!!!!!

AlienEyes · Jun 14, 2016 - 2:53pm

Looks like Germany might lose its UK tit.

Looks like Germany might lose its UK tit and Deutsche Bank's stock is showing the pain. laugh

DickB · Jun 14, 2016 - 5:15pm

Max's Shoes. Quelle Horreur!

How on earth can Max get away with wearing those shoes in the City? He should have been arrested! As bad as price manipulation.

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