Gobble Up Some Jackass

136

It's a market holiday weekend so you know what that means....fresh Jackass for your listening pleasure!

In this wide-ranging conversation, The Jackass and I discuss:

  • the U.S. election results
  • the roiling global markets post-election
  • what the turmoil in the currency markets may suggest
  • how changes in global interest rates will impact the global economy and markets
  • the impact higher rates are having on hyper-levered balance sheets
  • AND MUCH, MUCH MORE.

Enjoy and Happy Thanksgiving to all!

TF

  136 Comments

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Rvrider
Nov 28, 2016 - 7:10pm

Question for Mr. Willie

If a Metric Ton of gold costs $3000/Troy Ounce, why not go long on the Comex and stand for delivery?

Markedtofuture
Nov 26, 2016 - 8:09pm

Iran Loses Nuclear Device, Sparks GCC Concerns

The Gulf Cooperation Council (GCC) is concerned over a missing radioactive device from Iran’s Bushehr nuclear reactor, Saudi-owned Arab newspaper Asharq al-Awsat reported on Thursday.

Furthermore, as OilPrice.com's Tsvetana Paraskova notes, aside from the security concerns, at the forefront in the GCC’s mind is what impact the radioactive device - wherever it may be today - could have on water supplies.

According to the newspaper, the device went missing after the car transporting it was stolen. Thankfully, the vehicle was recovered, but the radioactive nuclear device was not so lucky.

The GCC has contacted the International Atomic Energy Agency (IAEA) over the incident - both organizations are concerned that Iran’s nuclear program may pollute the waters in the Gulf, Asharq al-Awsat quoted GCC Emergency Management Center chairman, Adnan al-Tamimi, as saying.

Most members of the GCC – which includes Saudi Arabia, Kuwait, the UAE, Qatar, Bahrain, and Oman – desalinate sea water from the Gulf. If contamination from the device were to reach desalination stations, an already critical situation becomes even more critical.

The missing device is set to lose half of its power after 74 days of inactivity, Tamimi said, noting that it still should be handled with care even after that period.

Speaking to Asharq al-Awsat, the Arab official criticized Iran’s low security and safety levels at the Bushehr reactor, adding that the lack of Iranian transparency about its nuclear program adds further concerns and anxiousness for the Arab Gulf states.

Iran’s nuclear program has recently entered the spotlight again after Donald Trump won the U.S. presidential election.In March of this year, Trump said in a speech addressing the American Israel Public Affairs Committee:

“My number-one priority is to dismantle the disastrous deal with Iran.”

If Trump were willing and able to deliver on that promise by tearing up the deal, Iran would once again impact the oil market, dragging down Iran’s oil exports from the near-pre-sanctions levels it has almost reached in recent months.

Last week, the U.S. House of Representatives voted overwhelmingly in favor of extending the Iran Sanctions Act (ISA) from 1996 through December 31, 2026. The act—adopted long before the most recent international sanctions against Tehran—was aimed at punishing investments in the Iranian energy industry and deterring the country from pursuing the development of nuclear weapons.

Last week’s bill to extend the ISA after its expiry next month still needs Senate approval and President Obama’s signature to become law.

https://www.zerohedge.com/news/2016-11-26/iran-loses-nuclear-device-spar...

CC Horses
Nov 26, 2016 - 2:42pm

MrV 2017 USA Calendar

A nice Christmas gift for PM investor.

A different coin for each month.

Mr V 2017 Calendar 33% off 11/25th Only: Use Code BFRIDAY33

Sorry we missed the Black Friday deal. Just found it on You-Tube.

Danforth Coxwell
Nov 26, 2016 - 11:57am

Castro, Manley and Trudeau…..

Just a complete and utter disasters for their respective countries. Yet Canada saw fit to elected to elect Trudeau's son as our current Prime Minister!

ratioarbitrage
Nov 26, 2016 - 11:08am

@ Dr P

My take on why does SGE normally follow London/NY is that there are a whole bunch of possibilities:

1) Both are genuinely physical and stay close because if they did not, an arb window would open up.

- This is the mainstream media orthodoxy. Unlikely in my view.

2) Both are manipulated and it suits both not to have an arb

- I actually think this is rather likely since I see London/NY politicos as maintaining the status quo and China politicos as wanting to accumulate metal quietly. In this scenario the arb has opened up because a) Chinese politicos have decided that US politicos are going to stop the flow so they are accelerating it for the last couple of months or b) Chinese politicos are flexing their muscles /testing the waters or c) metal has dried up in London/NY and Chinese politicos have reached the limit of their local mkt tolerance of manipulation (overwhelming demand).

3) London/NY is manipulated but not SGE

- I would say this is the most widely held view in the gold blogosphere, although 2) is popular too. In this scenario, the reason for an arb suddenly opening up would be failure of physical supply in London which is needed to stop the arb window from opening and killing London/NY. China is mostly seen as passively enjoying the low prices.

4) SGE is manipulated but not London/NY

Could be the next mainstream media orthodoxy? I have seen too much evidence to believe this (or 1).

My vote is for 2) and for the reason as a) or b). I don't think metal in London has dried up yet and I don't think buying pressure in China is out of control... I think this is more about the balance of power. I would further say that if the arb tends to close it is b), if it goes wide open it is a).

TheGuyFromSweden
Nov 26, 2016 - 11:00am

Jackass

Gotten a bit fatigued over the markets lately, and have been skipping a lot of podcasts and reading comments....it feels in someway pointless, the manipulation goes on regardless of exactly everything, including Trump.

But i will use this glorius Jackasspodcast as a comback-kickoff, and try to whip up some enthusiasm again!

henry
Nov 26, 2016 - 10:47am

"Still Calling It News"

Clint Black - Still Calling It News
Markedtofuture
Nov 26, 2016 - 10:43am

Jill Stein Getting Rich Off of Exploiting The Election

Posted Nov 26, 2016 by Martin Armstrong

The Green Party presidential nominee Jill Stein officially handed in a petition Friday asking election officials in the battleground state of Wisconsin to perform a recount of its general election results, the state confirmed. She is trying to stop Trump before the Electoral College votes. Clinton has not joined her because there was not enough claims of voter fraud in those states so the Democrats are keeping their distance letter Stein carry the ball.

Yet Stein has raised nearly $5 million, but has cleverly made it clear there are no guarantees and she will keep the money. Her website says:

We cannot guarantee a recount will happen in any of these states we are targeting. We can only pledge we will demand recounts in those states.

If we raise more than what’s needed, the surplus will also go toward election integrity efforts and to promote voting system reform.

Stein seems to be tapping into the division in the US created by the elections. She is using this to raise money for the Greens while pretending this is about integrity. Her site says:

If we raise more than what’s needed, the surplus will also go toward election integrity efforts and to promote voting system reform.

She has raised more than is necessary already, and if the state decline to do a recount, she keep the whole pot. So this is a win-win for her anyway we slice it. The likelihood of this changing the outcome is not very high. If it did, this would unleash real civil unrest on a magnitude never seen in the USA. To exploit the division in the country like Stein is doing is highly disruptive and very dangerous for the nation.

This shows that the left is not interested in debate, this is all about oppression. They are only interested in subjugating anyone who disagrees with them. This is laying the seeds for the break-up of the United States by 2036.

https://www.armstrongeconomics.com/international-news/north_america/2016...

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vonburpenstein
Nov 26, 2016 - 10:42am

Based on my time in the Metals World....

....Nobody knows nuthin for sure, and that is a straight up fact! Nobody!

The thought I hang onto is the fact that 1964 and before silver coins are still worth about what they were more or less in 1964

Somehow that gives me comfort...really, all the rest, although interesting but surely maddening, is in a word....noise

Orange
Nov 26, 2016 - 10:36am

Thanks guys

I think I will go out for a Sunday lunch today and enjoy some fish on the coast with 76 degrees (24 C) and sunny.

And the again on Sunday, just to appreciate Mother Earth, my wife and rescue dog.

Of course looking forward to Turdville on Monday.

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