A Labor of Love from The Golden Jackass

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As per tradition here at TFMR, our pal Jim Willie stopped by to celebrate the 3-day holiday weekend of Labor Day in the U.S. You should be sure to carve out some time to give this audio a thorough listen.

I decided to change the format a bit for this show. Instead of a list of questions for The Jackass to answer, I thought it would be fun to just simply give him some general topics and then just let him ride a stream of consciousness to wherever his big brain leads him.

Those three topics could be loosely described as:

  • The Fed/Bonds/Derivatives/NIRP/EU Banks. This is the first 20 minutes or so.
  • The G20 meeting in September/The IMF SDR inclusion of the yuan in October/gold. This evolves over the next 15-20 minutes.
  • International rejection of US treasuries/The future of the dollar/Gold-backed bonds/Gold-backed trade notes. This is the final 25 minutes.

So, anyway, have fun listening. I tried to keep my input to a minimum as most subscribers here at TFMR already know what I think on most of these issues. These podcasts are designed to give you access to what The Jackass thinks, instead.

Enjoy,

TF

307 Comments

Brett828's picture

Mickey re-jobs

Don't forget Cisco job layoffs in August. 14,000 jobs!. Not sure if they happened before the BLSBS reporting deadline of the 14th, but this still hardly paints the picture of a thriving economy! 

AlienEyes's picture

China (red) Headed For "Big Trouble In Big China"

The Chinese economy is headed for a major hit.

China : We no take dollars anymore.

US : OK We no buy from China.

China : Why not ?

US : You no take dollars. We no buy your junk.

China : But that hurt our export.

China Factories : We make less junk. US no buy. We send workers home. Save money.

China Shippers : How we ship if you no make junk and US no buy ?

China Factories : You ask government.

China Workers : Where we work now ?

China Factories : You ask government.

China Government : Maybe we attack US. Make them buy junk.

China Factories : What junk ? Them blow up factories. We no can make junk !

China Shippers : So we be broke.

China Government : No problem. No have junk to ship. US blow up factories.

China Workers : Where we work ?

China Government : No problem. Factory workers be blow up with factories. All dead. No need job if dead.

China Citizens : Why US fault ?

China Government : US spend too much money to blow up factories. US big broke. Dollar no good.

China Citizens : Why we care ? We no take dollar anyway. You say.

China Government : How you like go to soccer stadium in new China dump truck ? Get shot ? Your fault 'cause no have job. No need lazy bum. Bang! Bang!

China Citizens : Maybe Hillary send money to help China like they help Japan after all blow up.

China Government : China great power. No take dollar ! Dollar no good anyway. Beside, US people no like lackey ho no more. Take to super bowl. Gut shoot with RPG at half time show. Foreign devils big happy ! Ho head come down in parking lot.

China Citizens : How we know US no invade China ?

China Government : US no invade. Too busy sticking big knife in liberals. Then shoot in head.

China Citizens : Why liberals no fight back ?

China Government : Liberals no like knife or guns. Dumbshits fight with spoons, lies and flowers. Get cut with big knife and shot in head. All big liers and dumb anyway.

And there you have it.

hindsight101's picture

Watch for jobs number to be 225+

Metals and miners will break recent support....

and from there who knows, maybe a big capitulation bottom and bounce

unlikely out come, rather a close on the lows.....

we'll see. 

Silverhog's picture

Election coming

My guess the election is to close for a bad NFP. They know they can bluff their way a couple more months and keep the market smiling. But after the election LOOK OUT no matter who gets in. 

FireMedic76's picture

Willie and BLSBS

Jim Willie is a riot! When I listen to him at home, my lady friend shakes her head and asks why I listen to "that nut." When I listen to him at work, half the time, a tinfoil hat appears beside me at the computer or on my bunk. He is great entertainment with some decent info at times between the bluster and hyperbole!

No matter what the number that is spouted this morning, I'm still in the market, have a little dry powder, and my stack is mine. Bought NUGT and JNUG at the open yesterday and won that dice roll, rolling the dice again this morning in case the number is on the low side.

Stink bids are in place for a little more Oceana, DRD, SEMAFO, CDE, TAHO, AG, and AG calls (since they are very attractive right now). Whether they go through or not, I'm still buying for the long run and stacking as well......August is in the books and there is a lot of blood on the streets

Turd Ferguson's picture

Ahead of the BLSBS

MODERATOR

Just a reminder that this is your single most important chart today.

Orange's picture

Gold

spiking $6 six minutes before the numbers. wow, shouldn't they wait perhaps 30 seconds early.

Mickey's picture

jobs

august is back to school, jobs created

onesong's picture

10 9 8 7 6 5 4 3 2 1 HP reports...

no jobs were created last month... think spaceX... wait what? Never mind, just a middle of the road number so the can will be kicked until it;s NOT! So we wait some more.  I just hope it's like JW said, "They won't make it to the end of the year." Great listening BTW!

LostMind's picture

should be good for gold...

Captain Scott's picture

151 k

Rate hike off - SHOCK!

Sound Money Minnow's picture

151,000 is the number

below estimates. Likely no rate hike...big surprise...not

Blackshook's picture

BLS.. NFP

+151,000 in August 

unemp remained at 4.9 %

Mickey's picture

JNUG

was at 15.04 low--now 21.50

this should not occur, but fiscal and monetary policies and selective enforcement of regulations allows it to occur.

Turd Ferguson's picture

So far, so good

MODERATOR

Response to: Ahead of the BLSBS
Mickey's picture

the question is why

why did they paint it like this.

and while on cnbs they are dissing a guy who says no growth, jut tell me where is the  growth?

Diane Swonk replaced Maryann Kelleher at First Chicago a few decades ago-- Kelleher was THE auto specialist when autos were the most important sector--autos are down now, housing is down, retailis down.

Healthcare is up

if economy is growing at 1%, and healthcare is up 4%-then the rest of the economy sucks

healthcare is 19% of economy--insurance, drugs etc growing by 20% a year--that's a 4% benefit to economy. An economy teh gov is saying is growing at 1% overall.

Yeah, I am a macro type guy.

bently's picture

The Fed

Looks like the Fed now has the cover it needs not to raise -- even after telling everyone they are poised to pull the trigger.   They can have their cake and eat in too. 

In addition, Hillary just held a fundraiser in the Hamptons with her rich liberal benefactors and said -- "I am all that stands between you and the Apocalypse."  Have to believe pressure on the Fed from the establishment will be overwhelming to keep rates where they are. 

LostMind's picture

@Mickey

"They" knew what the numbers would be and ran the price down so they could load up on options and shares. The banks and others in the "know" will make billions TODAY alone!

THEFT!!!!

trx16's picture

BLBS Laxative relief... Feel better now

All this tension and now time to flush the POSX until next time. Whooaa!!!  Labor day weekend we can relax.  Thank you Craig and all of turdville!! 

jwmkratz's picture

B/D Model

106,000 jobs pulled out of their ass...anyone have the household survey numbers?

BIGNASTY's picture

Good question................

Mickey, what ever number they present we know they pulled from their lower orifice. We know already any meaningful rate hike is off the table. More circus as far as I can tell. Seems the green shoots are plastic........

AIJ's picture

Why did they paint it like that

Because they want gold to go up. Maybe its in their interest to do so. G20 meets in China Sunday.

"The big banks will make most of the money in the gold bull market not the gold bugs"

Jim Sinclair

Mr. Fix's picture

My hopes for a Hat Contest win just went up in smoke

Price of Gold

Price of Gold

crying

BIGNASTY's picture

Bammmmmmmmmmm

Hi Ho silver!!!!!!!!!

BIGNASTY's picture

Bammmmmmmmmmm

Hi Ho silver!!!!!!!!!

Mickey's picture

Lost mind

I assure you precious metals is not the most important thing on their mind. It is an important gog in the wheel, but they have bigger fish to manipulate than metals , but metals get in the way. Currency levels get in the way, interest rates etc.

huge amounts will be made in forex, and fixed income --those are massive markets compared to metals.

MRob's picture

WTF?

Can someone explain to me what the hell is going on? USDJPY looks like a bloody battleground. Tanked down to 102.8 and has now rallied back to 103.4 where is started. WTF?! Similar story with the long bond, but the rally back has not gone all the way. Fortunately, looks like gold and silver, after rallying, have not lost their gains. But I am still confused.

Also, will be fun to see Yellen (Fellen!) worm herself out of the next rate hike. Numbers are below expectation but not that far below...

Boxingbuddha's picture

Holding against Yen

169.82 UST Yen 103.37 Gold holding! Silver definitely holding

infometron's picture

@hindsight101 Re: Jobs number will be 225+

I'm pleased to know hindsight101 isn't perfect! ;^))

silverflower's picture

I am curious to hear

what kind of lie the FED goons now invent to raise interest rates?! Don't tell me they won't raise in Sept......lol

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