Talking Gold with Andrew Maguire

58

The dollar is sinking like a stone. Paper gold and silver are rallying and above their major moving averages. Physical metal demand continues to accelerate worldwide. What a perfect time to get an update from our friend, Andrew Maguire.

This was recorded Friday morning US time, between 11:00 amd and 11:30 am EDT, so it's about as current as you can get. Over the course of this discussion, Andy addresses:

  • the changes to the London Fix process
  • unallocated London gold still affects price but the coming Allocated Bullion Exchange will have a significant impact
  • how London is still able to settle physical trades and the news this morning that England showed a net export to Switzerland of nearly 100 metric tonnes for the month of March
  • in the absence of published GOFO, how Andy computes tightness and/or backwardation in the gold market
  • his current price targets and projected resistance levels

I think you'll find this podcast to be great fun and quite informative. Today's action in the metals and the dollar sets us up for a very interesting end of the month. This "interview" could not have come at a more opportune time.

TF

www.tfmetalsreport.com/freetrial

  58 Comments


May 15, 2015 - 8:03pm

@ Arch Stanton

Yes, I am enjoying the rain... and the snow in May

We have been talking about El Nino today.

Safety Dan
May 15, 2015 - 10:03pm

45 Years Silver Chart: Breakout

Commodities update: This could be the most important time in years

From Chris Kimble at Kimble Charting Solutions:

Commodities have had a rough few years!

The chart below takes a look at the Thompson Reuters Commodities Index from 1984 to today, with commodity sentiment from SentimenTrader.com applied.

CLICK ON CHART TO ENLARGE

The decline over the past four years has taken this commodity index down to a support line that has been influential to this index for the past 25 years.

This long-term line now represents a key long-term test of support.

As the same time support is being tested, commodity bulls are hard to find. At this time, only 37% of investors are bullish commodities, which is near the lower end of levels over the past 15 years.

What assets could benefit if this support line holds?

CLICK ON CHART TO ENLARGE

This chart shows silver has tanked over the past four years, falling 65% at one point in the past year. Silver hit a long-term Fibonacci support level at (1) above and created a bullish reversal pattern at this key Fib line. Now silver is making an attempt to break above three-year falling resistance at (2).

This is a huge test for silver, as it has failed to breakout the past few times it has hit this resistance line!

For the commodity space, this is one of the most important tests of support in the past few decades. Should commodities rally off this support line, it would surprise the majority of investors!

SS121
May 16, 2015 - 12:12am

re: The dubious bullion banks

The bullion banks are suspect to say the least.

Turd has pointed out several occasions where the numbers and reports provided appear to only reflect fiat Gold.

Then today in this interview Turd asked about an earlier report of the Swiss taking in 90 metric tonnes. Andy detailed the paper process by which it might have occurred, but no source/delivery of actual physical Gold, as he doesn't likely have visibility of such.

So the Central Banks report holdings, and the bullion banks run what is considered to be the Gold Market, but they provide no visibility to actual physical Gold.

If anybody has time this weekend, please watch this video-

Bernie Madoff on the modern stock market

Bernie Madoff on the modern stock market

​This video is 7 or 8 years old, and that's the beauty of it. It's the now completed picture similar to the bullion bank / Central Bank saga that we are currently in the middle of.

Bernie made this video about 1 year before confessing to what turned out to be a multi-DECADE 100% Ponzi.

In this video Bernie describes the stock market. He talks about how he uses Algos for trading and a multitude of super complex processes. Just like the bullion banks claim to be doing today in their precious metals market.

Bernie hadn't bought one share of stock in decades when this vid was made. Give this video a watch and see if you would ever have believed he was running a ponzi.

He's got all his stories down cold. It's very similar to what we hear out of JPM and the Central Bank reports. Very insightful, imo.

Hammer
May 16, 2015 - 7:30am

Germans pile into gold amid

Germans pile into gold amid Greek eurozone default fears

Economic uncertainty in Europe and fear of a Greek default are turning people to buy gold bars and coins

https://www.telegraph.co.uk/finance/personalfinance/investing/gold/11604...

Safety Dan
May 16, 2015 - 8:44am

Banks Rule the World, but Who Rules the Banks?

Banks Rule the World, but Who Rules the Banks?

Read more at: https://wakeupfromyourslumber.com/banks-rule-the-world-but-who-rules-the...

Who exactly are the shareholders of the Federal Reserve’s shareholders?

To begin with, let us take a good look at the leading US banks. Six banks currently represent the core of the US banking system. The ‘big six’ includes Bank of America, JP Morgan Chase, Morgan Stanley, Goldman Sachs, Wells Fargo, and Citigroup. They occupy the top spots in US bank ratings in terms of indices such as amount of capital, controlled assets, deposits attracted, capitalisation and profit. If we were to rank the banks in terms of assets, then JP Morgan Chase would be in first place ($2,075 billion at the end of 2014), while Wells Fargo is in the lead in terms of capitalisation ($261.7 billion in the autumn of 2014). In terms of this index, incidentally, Wells Fargo came out on top not only in America, but in the world (although in terms of assets, the bank is only fourth in America and does not even figure in the world’s top twenty).

There is some shareholder information on the official websites of these banks. The bulk of the big six US banks’ capital is in the hands of so-called institutional shareholders – various financial companies. These include banks, which means there is cross shareholding.

At the beginning of 2015, the number of institutional shareholders of each bank were: Bank of America – 1,410; JP Morgan Chase – 1,795; Morgan Stanley – 826; Goldman Sachs – 1,018; Wells Fargo – 1,729; and Citigroup – 1,247. Each of these banks also has a fairly clear group of major investors (shareholders). These are investors (shareholders) with more than one per cent of capital each and there are usually between 10 and 20 such shareholders. It is striking that exactly the same companies and organisations appear in the group of major investors for every bank. Table 1 lists the major institutional investors (shareholders).

Table 1. Major institutional shareholders of US banks and their percentage of the share capital of each bank (as of 31 December 2014)

Leading institutional shareholders Main US banks Bank of America JP Morgan Citigroup Wells Fargo Goldman Sachs Morgan Stanley Vanguard Group 5.13 5.46 5.02 5.22 4.91 3.87 State Street Corporation 4.55 4.71 4.61 4.23 5.60 7.50 FMR (Fidelity) 3.67 3.48 2.85 3.14 – 2.44 Black Rock 2.63 2.75 2.64 2.46 2.59 2.05 Northern Trust 1.24 1.53 1.37 1.35 1.29 – JP Morgan Chase 1.71 – 1.56 1.99 – 2.96 Source: finance.yahoo.com

As well as the institutional investors identified in Table 1, the list of shareholders of the leading US banks also includes the following organisations: Capital World Investors, Massachusetts Financial Services, Price (T. Rowe) Associates Inc., Mitsubishi UFJ Financial Group, Inc., Berkshire Hathaway Inc., Dodge & Cox Inc., Invesco Ltd., Franklin Resources, Inc., The Bank of New York Mellon Corporation and several others. I have only named those organisations that appear as shareholders of at least two of the six leading US banks.

The institutional shareholders listed in the financial statements of leading American banks are various financial companies and banks. Separate records are maintained with regard to shareholders such as individuals and mutual funds. In a number of Wall Street banks, a substantial proportion of the shares are owned by the employees of these banks. Obviously these are top managers rather than ordinary employees (although ordinary bank workers may also have a symbolic amount of shares). With regard to mutual funds1, many of these fall within the sphere of influence of exactly the same institutional shareholders listed above. A list of the largest shareholders of the US bank Goldman Sachs that qualify as mutual funds may be given by way of example (Table 2). Table 2.

Read more at: https://wakeupfromyourslumber.com/banks-rule-the-world-but-who-rules-the...

Safety Dan
May 16, 2015 - 8:49am

Gold Bullion Buying In

Gold Bullion Buying In Germany Surges Due To Growing Risk

- Global gold demand marginally lower but robust – WGC
- Gold investment demand surges 63% as jewellery demand falls
- German gold demand spikes 20% in first quarter
- France, Switzerland and Austria see “double digit” rise in demand
- Fear of conflict with Russia, ‘Grexit’ and currency debasement
- Indian gold demand rises 15%
- Germany knows lessons of history and Weimar hyperinflation


Global gold demand remains robust as seen in the latest quarterly figures from the World Gold Council released yesterday. Q1, 2015 gold demand was just 1% lower year on year but was 3% higher quarter on quarter due to a surge in investment demand which was 4% higher year on year and a whopping 63% surge in investment demand quarter on quarter.

European investors increased their purchases of gold during the first quarter according to the report. Increase in demand was highest in Germany while investors in France, Switzerland and Austria also showed strong interest in acquiring the precious metal, with “double digit” increases in demand.

The WGC says that German demand for gold coins and bars “spiked” by 20% in the first quarter of 2015 compared to the same period last year.

CNN reported that it is unusual that there should be such strong demand out of Germany given the strength of the economy.

Although this ignores the strong cultural affinity that Germans have with gold and the fact that they are consistently, along with the Austrians and Swiss, the largest buyers of gold in Europe. What has changed is that more German people are buying gold and they are buying larger amounts due to the various risks challenging Europe and indeed the world.

France, Switzerland and Austria all saw strong demand for gold and it is known that in Greece, demand for gold bullion storage and gold sovereigns in particular was strong too during the quarter.

The first quarter saw the exacerbation of the Greek crisis with the election of Syriza, the initiation of QE by the ECB, massive currency volatility with the breaking of the Swiss Franc peg to the Euro, the failure of Austria’s bad bank and very tense relations between the West and Russia over Ukraine.

“The first three months of 2015 represented the strongest start to a year for European gold demand since 2011” when the European sovereign debt crisis was at its peak.

Gold Demand Trends Q1 2015 – World Gold Council

Germans are very concerned about inflation, currency debasement and devaluation due to Mario Draghi’s QE program. Germany had put up strong resistance to ECB euro ‘printing’ but in the end the ECB prevailed when Germany was assured it would not be liable for less reliable government bonds bought by other central banks.

Italian banker Mario Draghi said yesterday that the quantitative program has “proven so far to be potent, more so than many observers anticipated.” At a speech to the IMF at headquarters in Washington the ex-Goldman banker said that “while we have already seen a substantial effect of our measures on asset prices and economic confidence, what ultimately matters is that we see an equivalent effect on investment, consumption and inflation.”


Draghi’s QE has not achieved any of its stated objectives. His pronouncement that

https://www.goldcore.com/us/gold-blog/gold-bullion-buying-in-germany-sur...

Safety Dan
May 16, 2015 - 8:52am

SoT Ep 26 Chris Powell: Gold

SoT Ep 26 Chris Powell: Gold Is The Deadly Threat to All Governments

See more at: https://thedailycoin.org/?p=29308#sthash.Vu3l2QgP.dpuf

Video unavailable

from The Daily Coin

We open this podcast with Charlie Chaplin’s speech from “The Dictator.“ It is one of the most powerful speeches ever given. It ranks with the likes of Dr. King’s “I have a Dream” and a handful of other truly great speeches that were designed to uplift the spirit, free the mind and announce to the world we are all sovereign human beings created to do great things with our lives.

For over 15 years, Chris Powell – the co-founder of GATA – has been in the trenches exposing the corruption deeply embedded in our financial and political system. Chris has been a staunch promoter of free markets and reduced Government power. The cornerstone of democracy and true freedom begins with honest money. Gold stands alone a honest because it does not rely and counterparty risk and it can not be printed and devalued.

Because of this inherent nature in the use of gold as currency, gold stands as threat to a Government’s ability to dictate.

Gold is the deadly threat to all governments, including the Chinese government. Gold is a free market independent currency and puts all government currency at risk. Is China really working in the gold market for free markets and democracy and individual liberty around the world? No, I don’t think so. China, I think, is mainly working to hedge it’s stupid U.S. dollar exposure. – Chris Powell, Shadow of Truth

The gold community, in general, is very excited about the prospects of China and the new gold fix that will be launched sometime in 2015. Most of the speculation is around the September timeframe, but most assuredly before years end. After speaking with Chris about China and this seemingly important change in the global pricing mechanism, our optimism is waning. Let’s just say there has been a dose of reality served up.

I don’t kid myself that China is working for the benefit of us goldbugs here in the West. I think China is working for power for the Chinese government. Now, does the Chinese government want a higher gold price or a lower gold price or does the Chinese government just want to control the gold price as much as Western governments want to control it for different reasons? In 1974 Kissinger and his Deputy Secretary Thomas Enders discussed how the United States must persuade the European countries to keep moving gold out of the world financial system because whoever has the most gold controls it’s valuation and whoever controls golds valuation controls the valuation of government currencies. – Chris Powell, Shadow of Truth

This is an incredible interview with Chris Powell. Dare we say that he was “on fire.”

- See more at: https://thedailycoin.org/?p=29308#sthash.Vu3l2QgP.dpuf

See this deadly threat..

Strategist: Asset Classes Around the World Have Been Infected With a Highly Contagious Disease

A trio of profitable trades over the past year – long U.S. dollar, long Treasuries, and long European equities – have taken a big hit in the second quarter of 2015.

Over at Jefferies, chief market strategist David Zervos puts his finger on the source of these sell-offs: German debt.

Zervos writes:

The Dollar, the U.S. bond market, and the European stock market have all recently become infected with a highly contagious disease. The source of this nasty fever appears to be coming from none other than the sleepy old German bond market.

The yield on 10-year German sovereign debt has spiked from below 0.1 percent in mid-April to 0.635 percent as of publishing. That's the kind of move you'd expect to see about once every six decades.

The yield on the German 10-year bund has surged since mid-April

Source: Bloomberg

Investors who bought bunds, Zervos argues, bet on the wrong horse following the introduction of quantitative easing by the European Central Bank.

“When QE begins folks sadly get excited about front running central bank duration purchases, and then they take a very rich asset and make it stupid rich,” he writes. “And when they all convince themselves to be mega-long at the wrong price, the market inevitably cracks.”

The sell-off in bunds began at a time when European credit growth was beginning to turn up, the economy began to improve, and a pair of fixed income legends, Jeffrey Gundlachand Bill Gross, offered some very bearish commentary on German bonds. The sell-off also came at a time of extreme positioning in major markets.

According to Zervos, the toppling of this domino is currently rippling through other asset classes. He considers this a period in which all these popular trades will get hit as the market purges the good QE trades from the poor ones.

“Right now we have to get through this nasty period of contagious spring fever in Europe, or what the Germans would call Frühjahrsmüdigkeit,” he writes. “I honestly don’t know how long this fever will last (or how to pronounce that crazy German word), but none of this nasty price action dissuades from believing in the long-term QE-induced reflationary trend for European risk assets.”

See also: Five charts that explain the bond rout

https://www.bloomberg.com/news/articles/2015-05-15/strategist-asset-classes-around-the-world-have-been-infected-with-a-highly-contagious-disease

Safety Dan
May 16, 2015 - 9:13am

Bo Polny – It’s All Down from

Bo Polny – It’s All Down from Here, Except Gold and Silver
Read more at https://investmentwatchblog.com/bo-polny-its-all-down-from-here-except-gold-and-silver/#QLHgWdSet6830e6z.99

NSA shares raw intelligence including Americans' data with Israel

https://www.theguardian.com/world/2013/sep/11/nsa-americans-personal-data-israel-documents

Peru reopens probe into mass sterilizations of over 300,000 indigenous people

Get short URL

People hold a sign reading: 'For the 300,000 sterilized women, no to Keiko', referring to the sterilization of thousands of Andean women during the former Peru's president Alberto Fujimori's government, during a protest against Peru's presidential candidate Keiko Fujimori in Lima, May 20, 2011. (Reuters/Pilar Olivares)

https://rt.com/news/259125-peru-mass-sterelization-probe/

What Happened After One Family Went Organic For Just Two Weeks

https://www.huffingtonpost.com/2015/05/14/the-organic-effect_n_7244000.html

SECRET PROGRAM IDENTIFIED: VA Sending Medical Records To FBI To Strip Veterans’ Gun Rights

VA Sending Medical Records To FBI To Strip Veterans’ Gun Rights - News Brief


Read more at https://investmentwatchblog.com/secret-program-identified-va-sending-medical-records-to-fbi-to-strip-veterans-gun-rights/#bJyvFzJeQYIHuSoq.99

How to keep the DEA from taking all your cash

https://govtslaves.info/how-to-keep-the-dea-from-taking-all-your-cash/

Venezuelan currency tanks; inflation seen near 100%

Venezuela’s black market exchange rate weakened below a key level on Thursday, as the bolivar’s decline steepened in the face of hyperinflation and a rapidly shrinking economy.

The unofficial exchange rate for the bolivar has fallen sharply in recent weeks, so that on Thursday, one dollar would get you 300.72 bolivars, according to widely used rate-tracking website dolartoday.com.

https://govtslaves.info/venezuelan-currency-tanks-inflation-seen-near-100/


May 16, 2015 - 11:19am

This is from Tuesday

turned out pretty well. Brief, concise, to the point: https://www.kereport.com/wp-content/uploads/0516-2-1.mp3

arch stanton
May 16, 2015 - 11:37am

I can verify

the truth of the above video about veterans gun rights. My youngest son did two tours as an infantryman in Iraq. He was blown up more times than he can count. He returned home and was diagnosed with severe PTSD and traumatic brain injury. He had about a year of real tough times, but with family support he is doing fine now. The VA gave him absolutely no help even though I personally took him to the VA hospital several times with appointments but they blew off all the appointments. I raised hell with the VA and my elected people to no avail. He's working a good job and going to school full time and has money. He went down the other day to buy a gun and turned up on the list of Do Not Sell. Why? Because he put his ass on the line because he believed it was the right thing to do. Now unfortunately he has been double fucked by his government.


May 16, 2015 - 11:46am

arch

My apologies on behalf of a grateful nation.

tyberious
May 16, 2015 - 11:57am

@arch

I second that!

My nephew, whom is 16, is considering the military as a way to pay for college. It seems that my insistence that he NOT go into debt for a education has sunk in. Anyway, I and the rest of the family are adamantly opposed to any branch of the military, as I have worked with many veteran and the system treats them as disposable!

The lies they tell I just cant support what they do in our name, let alone to what they do to our own people!

silver66
May 16, 2015 - 12:32pm

arch stanton

I am glad to hear your family was able to provide support and your son is doing better.

Over the last couple of years when a thread gets to military and treatment of soldiers and whether a son should join or not it can go off the rails quick into name calling and emotionalism. I would like to point out that your country and your government are not the same thing. In fact you can support one and not the other. Politicians like to join the two and confuse the issue (shocking I know).

I have told my son I do not think the military is a viable option today. Not because it is a dishonorable thing to do but that politicians have co-opted the profession and made the military duties dishonorable today. I know, they have been through out history, but not always.

One other thought for you to ponder arch stanton. If they did not make you, then they can't make you.

Silver66

arch stanton
May 16, 2015 - 12:39pm

Tyberious

So that you don't misconstrue my words. I am not denigrating the military or military service. The males in my family have all served in the military going back to the civil war. Military service is tough no matter what branch, but young men need a dose of tough to get them ready for the reality they will face for the rest of their lives. The benefits accrued from active duty are fantastic (depending on were you are). My oldest ( navy) will graduate in three weeks from a good university with no debt. My youngest will graduate from ASU next March with no debt in very expensive medical degree. My bitch is the utter failure of the VA. The army had a terrific program of mental health and reorientation before my youngest got off active duty. They had a formal handoff to the VA for continuing care which the VA ignored. As far as your nephew, think hard before discouraging him. The military takes care of its own but I would recommend the USAF or the Navy. He can learn a skill he can't learn anywhere else and will develop as a person more than you can believe, and won't have bullets whizzing past his ear. I was an air force pilot for six years and my personal motto was we will fight any war any time as long as we have maid service.

tyberious
May 16, 2015 - 1:01pm

@arch

A liitle background from me: I hold a BS in Biology, Post Bachelor Cert in Clinical Research and Masters in Public Health.

I worked for the VA located here in Seattle, in various research positions. I have worked with a wide spectrum of the veteran populations, from Korea to Iraq. Most of our soldiers came from joint base Lewis-Mccords, some from Everett and Bremerton and a lot were homeless. Having worked with these distinguished and honorable men, they help me form my position. It would be unfair to use blanket statements to describe the active duty servicemen, but I will insist that TPTB see these men and women as disposable and pawns.

I'm glad you and your family's experience has been positive. Trust me many have not been as lucky or privileged.


May 16, 2015 - 2:17pm

C&P from Vault thread

BECAUSE THERE'S DELIBERATE MISINFO OUT THERE AND TO BE CERTAIN WE ARE ENTIRELY CLEAR!

Re: This did turn out pretty well...

Submitted by Markedtofuture on May 16, 2015 - 12:48pm.
Turd...isn't this that Purple Haze guy... that bashed you on other sites. Why does he have such an ax to grind?

On May 16, 2015 at 7:38 am,
Rex says:

Good stuff overall, thanks.
Maybe next time you can get Turd to explain the difference in his steadfast assertions that physical gold in Londons vaults are low to empty.
I saw recently where Andrew Maguire completely changed his tune and years long claims of empty London bullion vaults when he stated…”These vaults are FULL of gold…”

https://kingworldnews.com/andrew-maguire-stunning-update-hsbc-london-gold-vault-closures/

I see Turd had Maguire on his blog recently and no one there is mentioning this relevant quip from Maguire at KWN about vaults that are FULL of gold.

Seems like a fair question to ask why the sudden turnaround by Maguire and Turds views on the physical gold supply in London.

https://www.kereport.com/2015/05/16/28787/

On May 16, 2015 at 11:00 am,
Markedtofuture says:

Rex, that March 10th article was discussing HSBC closing their gold vaults down. The gold belonged to private citizens not central banks. Germany has been buying a lot lately.

People in Germany are going crazy for gold https://money.cnn.com/2015/05/14/investing/gold-germany-europe-ecb/

Andrew Maguire: “HSBC customer relations and PR are now commenting about the 7 vault closures seen in an email from a sub-custodian on Thursday, March 5th. Keep in mind, Eric, that HSBC is closing down 7 vaults that contain gold. But to avoid trouble, HSBC is now calling them ‘retail safe deposit facilities.’ What does that mean? You put gold in a vault for safekeeping….

“These vaults are full of gold and the customers now have only 60 days to find a new vaulting service. I’m saying the fact that they are now avoiding calling them ‘vaults,’ and instead calling them ‘retail safe deposit facilities,’ is preposterous.”

TO WHICH I RESPONDED:

A couple of things

Submitted by Turd Ferguson on May 16, 2015 - 1:12pm.
MODERATOR

I'm not sure what happened to Mike. I think he's got a couple of screws loose, maybe. He went from regular contributor here to full-blown critic and I was never sure why.

Re Andy and "vaults full of gold"...this is a complete horseshit and a BS straw man argument that ignores context. Andy was clearly referring to the 7 HSBC facilities with client gold in them. He was clearly NOT referring to the much larger, by orders of magnitude, unallocated London gold vaults that Ken Hoffman told us were "empty" back in late 2013. Listen to the discussion yesterday. We both address that we have no idea from where all of the gold is currently coming. Andy maintains that its mine supply flow. I call it living "hand to mouth".

THERE IS NO INCONSISTENCY HERE. THERE IS ONLY DELIBERATE LACK OF CONTEXT, which is exactly what guys like DPH and EricO specialize in with their efforts to defame this site.

rxman
May 16, 2015 - 4:24pm

turk mine supply flow

Mentioned in recent kwn that gold jumped one day BC London was closed and there was no mine supply.rxman

Swineflogger
May 16, 2015 - 7:03pm

@arch

Please accept my sincere respect and gratitude for what your son and your family are doing to manage a difficult situation. My son in law just returned from his second tour and I found out today, and NOT from him, that he came home with commendations way above ARCOM. He isn't talking about them and I am not going to disrespect him by honking a horn that is not mine to honk. I wish I could have more meaningful and in-depth conversations with him about several key current events, but it is a bridge I can not cross right now. I hope that will change. Stay safe. And be well.

lakedweller2
May 16, 2015 - 7:58pm

Pre-Emptive Strikes....

tortue and out of country prison camps not subject to the Constitution. Who did these things to the military? That is the source.

Pitchfork
May 17, 2015 - 2:13am

Turd you're all time!!!!  I

Turd you're all time!!!! I feel like a du

mb ass all the time trying to rationalize these crazy manipulative price swings. But with your help I'm feeling same once again.

James Crighton lakedweller2
May 17, 2015 - 2:16am

@lakedweller2 - Govt / CIA / Media

America has been hijacked by the government, the CIA and the media - and you know who owns those entities.

Know your enemy and act accordingly.

jc

infometron
May 17, 2015 - 8:17am

just a gentle reminder...

This rather salient point from Mr. Goodman's article:

"Signeurage is the revenue arising out of creating money. This is because it costs nearly nothing to print paper money, and even less to "print" its electronic version. Yet, this money can be used to buy real things, like oil, houses, cars, plant and equipment. As the printer of the world's reserve paper currency, the USA receives a huge signeurage payment every year. The dollars are printed, used to pay for stuff purchased from foreign lands, and then stored overseas in various places, including central bank vaults, and the mattresses of Russian babushkas.

"Every nation and person buying dollars and/or dollar denominated bonds gets to pay, in part, for America's social programs, newest aircraft carriers, stealth fighter jets, drones etc.. Worldwide financial instability since 2008 resulted in the absorption of about $3 trillion dollars newly printed by the Federal Reserve, for one example. The US government has had the benefit of the equivalent of hundreds of billion dollars every year. It will be hard, maybe impossible, to replace that income."

https://www.tfmetalsreport.com/blog/6845/guest-post-real-reason-china-bu...

Sound Money Minnow
May 17, 2015 - 11:28am

Arch thank your son for me

I totally understand the comments above. I followed my Dad, who was a WW2 Veteran of the US Navy. I never once regretted my service, even when Jimmy Carter was the POTUS. It is a different time now. As we label the warriors of this country the enemy, if by nothing more than how we treat them when they return, I can not ask my son to step up to be canon fodder for the neo cons. The empty words of this President mean nothing, whether at the Law Enforcement Memorial or a commemoration of our war veterans. I judge his actions, not his words. Obama is an enemy to most everything good in this country. That being said my nephew is going off to the Air Force in July. He worked hard towards being accepted, and will have my gratitude and prayers of thanksgiving.

I pray we have a change of leadership in this country, and also the leadership in the military. We have too many sell outs in high places for personal gain in the upper echelons of the military and urban law enforcement. It makes me extremely sad to say that our leadership can't be trusted to act in the best interest of the common good American citizen, and the world as a whole. Wow...I never thought i would say something like that. I sometimes feel I should be flying the flag upside down, as we are a nation in distress because we are devoid of principled leadership and character.

Rant off.

lakedweller2
May 17, 2015 - 1:22pm

@soundmoneyminnow

The leadership of the country and the military reflect the decline of leadership at the highest levels. The decay of US institutions begins in the White House/Congress/Supreme Court and trickles down. It is one of the few areas where the "trickle down" theory affects everything below.

Our military volunteers join for a greater purpose than greed or power. But when they see the lack of purpose in what they are required to do by our civilian leadership, without the opposition of military leadership...along with the unnecessary death, destruction, human rights violations and theft and pillage...it gets difficult. Thus PTSD, unemployment, suicides, depression, substance abuse, etc.

Granted military leadership is not to publicly confront civilian leadership while on active duty...but where are the loud voices among the retired or fired. Granted again, the media is controlled by the same ones who buy the government, but....

where are the voices?

Safety Dan
May 17, 2015 - 1:43pm
Lucy Sadie
May 17, 2015 - 11:36pm

Priceless!

Thank you Dan!

tyberious
May 17, 2015 - 11:39pm

Where's the DEA?

Where's the DEA?

Sound Money Minnow lakedweller2
May 18, 2015 - 12:19pm

lakedweller2 reply

I couldn't agree more sir. You ask the same questions I do. I know law enforcement, and the military, isn't perfect, but devoid of principled leadership we are a mess. SMM

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6/25 10:00 ET New Home Sales
6/25 1:00 pm ET Chief Goon Powell
6/25 5:30 pm ET Goon Bullard
6/26 8:30 ET Durable Goods
6/27 8:30 ET Q1 GDP final guess
6/28 8:30 ET Personal Income and Consumer Spending
6/28 8:30 ET Core Inflation
6/28 9:45 ET Chicago PMI

Key Economic Events Week of 6/17

6/18 8:30 ET Housing Starts and Building Permits
6/19 2:00 ET FOMC Fedlines
6/19 2:30 ET CGP presser
6/20 8:30 ET Philly Fed
6/21 9:45 ET Markit flash June PMIs

Key Economic Events Week of 6/10

6/11 8:30 ET Producer Price Index
6/12 8:30 ET Consumer Price Index
6/13 8:30 ET Import Price Index
6/14 8:30 ET Retail Sales
6/14 9:15 ET Cap Ute and Ind Prod
6/14 10:00 ET Business Inventories

Key Economic Events Week of 6/3

6/4 All day Fed conference in Chicago
6/4 10:00 ET Factory Order
6/5 9:45 ET Markit Services PMI
6/5 10:00 ET ISM Services PMI
6/6 8:30 ET US Trace Deficit
6/7 8:30 ET BLSBS
6/7 10:00 ET Wholesale Inventories

Key Economic Events Week of 5/28

5/28 10:00 ET Consumer Confidence
5/30 8:30 ET Q1 GDP 2nd guess
5/31 8:30 ET Personal Income and Consumer Spending
5/31 8:30 ET Core Inflation
5/31 9:45 ET Chicago PMI

Key Economic Events Week of 5/20

5/20 7:00 pm ET CGP speech
5/21 10:00 ET Existing Home Sales
5/22 2:00 ET FOMC minutes
5/23 9:45 ET Markit PMIs
5/24 8:30 ET Durable Goods

Key Economic Events Week of 5/13

TWELVE Goon speeches through the week
5/14 8:30 ET Import Price Index
5/15 8:30 ET Retail Sales and Empire State Manu. Idx.
5/15 9:15 ET Cap. Ute. and Ind. Prod.
5/15 10:00 ET Business Inventories
5/16 10:00 ET Housing Starts and Philly Fed
5/17 10:00 ET Consumer Sentiment

Key Economic Events Week of 5/6

5/9 8:30 ET US Trade Deficit
5/9 8:30 ET Producer Price Index (PPI)
5/9 10:00 ET Wholesale Inventories
5/10 8:30 ET Consumer Price Index (CPI)

Key Economic Events Week of 4/29

4/29 8:30 ET Pers Inc, Cons Spend, Core Infl
4/30 8:30 ET Employment Costs
4/30 9:45 ET Chicago PMI
5/1 8:15 ET ADP jobs report
5/1 9:45 & 10:00 ET Markit and ISM Manu PMIs
5/1 10:00 ET Construction Spending
5/1 2:00 ET FOMC Fedlines
5/1 2:30 ET CGP presser
5/2 8:30 ET Productivity and Unit Labor Costs
5/2 10:00 ET Factory Orders
5/3 8:30 ET BLSBS
5/3 9:45 & 10:00 ET Markit and ISMServices PMIs

Key Economic Events Week of 4/22

4/22 10:00 ET Existing Home Sales
4/23 10:00 ET New Home Sales
4/25 8:30 ET Durable Goods
4/26 8:30 ET Q1 GDP first guess