Thursday Conversation - Chris Powell

47

Chris Powell of GATA joins us for a an interesting and enlightening Thursday conversation.

Over the course of this discussion, Chris and I hit three, primary points:

  • the primary work of GATA and the ongoing central bank interventions in the monetary metals
  • recent efforts to inspire government regulators to look into the mechanisms of price manipulation
  • the ongoing yuan-gold and/or SDR-gold "peg"

Many thanks to Chris for his time and please be sure to support GATA if you can. They are an invaluable ally in the fight against precious metal price manipulation and government-sponsored market intervention, in general.

TF

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cashonly
Oct 12, 2018 - 8:32am
Oct 12, 2018 - 8:31am

trying....

Last is actually $14.72

Hillsie
Oct 12, 2018 - 7:32am

Yuan Gold Peg becoming mainstream

"Furthermore, this 'signal' comes at a time when the yuan is depreciating (in a non-manipulated manner according to US Treasury) against the dollar and as the petroyuan continues to rise in popularity, we are reminded of the apparent 'peg' that has developed between Yuan and gold"

https://www.zerohedge.com/news/2018-10-12/china-should-slash-ust-purchas...

hindsight101
Oct 12, 2018 - 6:29am

Thomas More - GOLD vs. the dow 30

https://stockcharts.com/h-sc/ui?s=$indu:$gold&p=W&yr=3&mn=9&dy=0&id=p35742176404&a=6424864&listNum=1

Above is a chart of DOW vs GOLD....big move this week for gold in support of your thoughts.

The trend may have just changed.....not enough physical to be used to suppress the market?

Lets see if $1220 holds.....bet there is an important moving average near by

https://www.barchart.com/futures/quotes/GCZ18/interactive-chart

Chinese may be about to realize they can't restrain the price of gold in which case a big move is forthcoming.

hindsight101petedivine
Oct 12, 2018 - 6:19am

Great analysis on the Markets - petedivine

"While First Majestic reached a high of $25 in 2011, I wouldn't’t be surprised to see it at least five times higher during the next bull market..." or so ist was written....

I suspect if it ever gets that high I won't either be involved or won't haven't been.

I used to do the math and come up with such bullish numbers myself.,,,but my reservation is the political and social chaos situation in Mexico which I don't think full or fair valuation will ever let materialize.

I am mainly sticking to the metals and north american and australian miners where the rule of law still exists, to some extent, and with the Sprott gold and silver trusts. Good luck for those who venture forth, I'll likely join you near the top, and nearly mark it.....if I am not smart enough (0r worn out enough) to swear such speculations from my style of investing forever.

Thomas More
Oct 12, 2018 - 6:00am

This is similar to previous "crashs" EXCEPT

Premise - that sales of gold and silver on the Comex are used to halt stock market slides. I have been accustomed to watching this ever since 1987 when the stock market rally breaks an important support - Gold is sold to stem the decline. Hence my interest in the SP/GC ratio.

It is my opinion, as stated nicely by Ronnie (on previous threads) and Turd above, that gold will not be contributing to a stock market rally this time.

In Ronnie's case - they don't have enough gold on hand to make a dent in the problem. Ronnie has laid out how smaller precious/strategic metal markets are in an inventory squeeze.

In Turd's case - the USA does not want the Chinese to devalue any more, and the USA has undoubtedly got the message that no more devaluations if USA leaves USD Gold price alone. Plus inventory problem (above).

This morning we are getting a short covering rally in the SP futures - in the past this has always lead to a nasty down day for Gold. I am not expecting this this time (two points above). Plus the following chart gives a strong sell signal which I am NOT expecting to be undone easily. Even in February it took several weeks for the markets to stabilize. Add to that - higher Fed induced interest rates - hmm? Weaker Dollar - hmm?

If my premise is correct, then my second premise is that all of the Central Banks have been playing this same game shorting paper gold buying stock derivatives - ever since their meeting on April 1st 2009 in Dublin. If this is true then who can they possibly sell their SP positions to? Certainly not me!

Addendum

I am reposting my post from Podcast Tuesday October 9th: Oct 10 9:40

I think we all agree that you are onto something. But then you have to add into the mix - your reflection about the BPR Bank Participation Report (above) into your thinking. Because they are going in the same direction as the Chinese. In physics, two waves can can combine to produce a much bigger wave (in amplitude).

Maybe when Pres Trump met with the Chinese Pres, they laid out their wishes - compared notes - to see how both could succeed? Each time the stock market or dollar becomes weaker - Pres Trump threatens China with more tariffs. Then the now familiar cycle of algo reactions kick-in.

As someone has said above - we are in an Alice in Wonderland environment. Our only way out is through painful reality and TRUTH - seeking analysis like your friend Dave Kransler which lays bare the fragile state of our economies of the West.

Monday was an aberration because of Columbus Day. Eventually the US bond market will be what drags us all down as everything is linked to it - on that point Greg Manarrino is correct cf his post of last night.

For my two cents worth - I am watching the SP/GC ratio chart. On Friday October 5th it traded below its 20 day moving average for the first time since Semptember 12th, an island reversal, before that you have to go back to April 16th - around the time of your "awakening". Monday's gold slam got us back above the 20 dma - we are now back below it.

So in the mean time the hour-glass has only so many grains left to fall. More tariffs = higher interest rates ... fill in the dots yourself. I saw this yesterday - maybe someone has already posted it?

Have a good day - hopefully you no longer have "les pieds dans l'eau".

https://www.zerohedge.com/news/2018-10-08/ppgs-horror-quarter-reveals-ni...

Key Economic Events Week of 8/10

8/10 10:00 ET Job openings
8/11 8:30 ET Producer Price Idx
8/12 8:30 ET Consumer Price Idx
8/13 8:30 ET Initial jobless claims
8/13 8:30 ET Import Price Idx
8/14 8:30 ET Retail Sales
8/14 8:30 ET Productivity & Unit Labor Costs
8/14 8:30 ET Cap Ute and Ind Prod
8/14 10:00 ET Business Inventories

procog
Oct 12, 2018 - 5:38am

Sooo.....The Internet is at risk?

Global Internet Could Crash In Next 48 Hours - "Outage Across The World"

Fri, 10/12/2018 - 04:15

The Internet Corporation of Assigned Names and Numbers (ICANN), which oversees the registry of domain names and IP addresses, is planning to perform a Root Zone Domain Name System Security Extensions (DNSSEC) KSKS rollover on Thursday.

"Rolling the KSK means generating new cryptographic public and private key pair and distributing the new public component to parties who operate validating resolvers, including: Internet Service Providers; enterprise network administrators and other Domain Name System (DNS) resolver operators; DNS resolver software developers; system integrators; and hardware and software distributors who install or ship the root's "trust anchor." The KSK is used to cryptographically sign the Zone Signing Key (ZSK), which is used by the Root Zone Maintainer to DNSSEC-sign the root zone of the Internet's DNS.

Maintaining an up-to-date KSK is essential to ensuring DNSSEC-validating DNS resolvers continue to function following the rollover. Failure to have the current root zone KSK will mean that DNSSEC-validating DNS resolvers will be unable to resolve any DNS queries.

The KSK rollover plans were developed by the Zoot Zone Management Partners; ICANN in its role as the IANA Functions Operators, Verisign as the Root Zone Maintainer, and the US Department of Commerce's National Telecommunications and Information Administration (NTIA) as the root zone," said ICANN.

Within the next 48-hours, internet users around the world are at risk for network connection failures as the main domain servers and related infrastructure controlling the internet will be powered down for some time, warned the Russian Times.

https://www.zerohedge.com/news/2018-10-11/outage-across-world-global-int...

As if Turd's update wasn't dicey enough. Good Luck everyone. This could be the major distraction TPTB need, RIGHT NOW!

Somebody please tell me this is not true. I know facebook just deleted many operators. Does this mean I may not be financially liquid? Please tell me. Does this mean I cannot get my money out of Goldmoney? Maybe I should by some junk.....ah, ......like that weird old silver in coin form.

......this must be a dream. I am going to take some more Melatonin and go back to sleep........

Noteriety
Oct 12, 2018 - 2:24am

You Are Free!

Hmm, lets go disrupt some Clinton speeches - named by location - very antifesque.

The US nation is dividing along the lines of Racists vs. Pedophiles. There are Middle Class Americans cheering on the eradication of the Middle Class (Bringing down the Fed LOL!)

And I have a new policy: when I hear a you-tuber or alt-media persona say "Globalist", I stop listening. It is nauseating.

Legitimate Conspiracy concerns (such as the truth our entire existence) are becoming buried under more and more heaps of shit; inaccessible to more and more humans.

All one can do is sit in awe at the unfolding Grand Plan (oh and try to take the near-futile steps to permit the continuation of the bloodline). Amazing.

mavens
Oct 12, 2018 - 1:30am

I'm a huge fan of music.

You know who makes great music? Chris Stapleton. This guy is fantastic. Poetic. Talented. Lyrically exceptional. Frankly, he is a badass motherfucker.

I know, off topic. Sue me.

Go Silver, Go Gold, Go Green.

EDIT: I'm also a HUGE fan of The Flaming Lips. They are uber liberal retards, but they make incredible music.

Lemming
Oct 12, 2018 - 12:10am

Collapsing The Whole Bidstack

Does this sound somewhat familiar to gold and silver traders?

ZeroHedge

"Today was different, because shortly after 2:40pm when a massive selling program emerged as if out of nowhere and sent the Dow Jones plummeting by over 600 points in a manner of minutes, the selling volume was indeed one for the ages.

According to the NYSE TICK, or uptick minus downtick, index, at precisely 2:43pm, the selling order flood was so big it not only surpassed the acute liquidation that was observed around 3PM on Wednesday, but the -1,793 print was one that had not been seen for 8 years"

https://www.zerohedge.com/news/2018-10-11/what-liquidation-panic-looks-b...

Now what fool would have the money to simply destroy the bidstack? Perhaps the same one that regularly does the same in gold & silver?

The Kavanaugh thing didn't work out so well in terms of potential mid term election results. Perhaps this will.....

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Key Economic Events Week of 8/10

8/10 10:00 ET Job openings
8/11 8:30 ET Producer Price Idx
8/12 8:30 ET Consumer Price Idx
8/13 8:30 ET Initial jobless claims
8/13 8:30 ET Import Price Idx
8/14 8:30 ET Retail Sales
8/14 8:30 ET Productivity & Unit Labor Costs
8/14 8:30 ET Cap Ute and Ind Prod
8/14 10:00 ET Business Inventories

Key Economic Events Week of 8/3

8/3 9:45 ET Markit Manu PMI July
8/3 10:00 ET ISM Manu PMI July
8/3 10:00 ET Construction Spending
8/4 10:00 ET Factory Orders
8/5 8:15 ET ADP employment July
8/5 9:45 ET Markit Service PMI
8/5 10:00 ET ISM Service PMI
8/6 8:30 ET Initial jobless claims
8/7 8:30 ET BLSBS for July
8/7 10:00 ET Wholesale Inventories

Key Economic Events Week of 7/27

7/27 8:30 ET Durable Goods
7/28 9:00 ET Case-Shiller home prices
7/29 8:30 ET Advance trade in goods
7/29 2:00 ET FOMC Fedlines
7/29 2:30 ET CGP presser
7/30 8:30 ET Q2 GDP first guess
7/31 8:30 ET Personal Income and Spending
7/31 8:30 ET Core inflation
7/31 9:45 ET Chicago PMI

Key Economic Events Week of 7/20

7/21 8:30 ET Chicago Fed
7/21 2:00 ET Senate vote on Judy Shelton
7/22 10:00 ET Existing home sales
7/23 8:30 ET Jobless claims
7/23 10:00 ET Leading Economic Indicators
7/24 9:45 ET Markit flash PMIs for July

Key Economic Events Week of 7/13

7/13 11:30 ET Goon Williams speech
7/13 1:00 ET Goon Kaplan speech
7/14 8:30 ET CPI for June
7/14 2:30 ET Goon Bullard speech
7/15 8:30 ET Empire State and Import Price Idx
7/15 9:15 ET Cap Ute and Ind Prod
7/16 8:30 ET Retail Sales and Philly Fed
7/16 11:00 ET Goon Williams again
7/17 8:30 ET Housing Starts and Permits

Key Economic Events Week of 7/6

7/6 9:45 ET Markit Service PMI
7/6 10:00 ET ISM Service PMI
7/7 10:00 ET Job openings
7/9 8:30 ET Initial jobless claims
7/9 10:00 ET Wholesale inventories
7/10 8:30 ET PPI for June

Key Economic Events Week of 6/29

6/30 9:00 ET Case-Shiller home prices
6/30 9:45 ET Chicago PMI
6/30 10:00 ET Consumer Confidence
6/30 12:30 ET CGP and SSHW to Capitol Hill
7/1 8:15 ET ADP Employment
7/1 9:45 ET Markit Manu PMI
7/1 10:00 ET ISM Manu PMI
7/1 2:00 ET June FOMC minutes
7/2 8:30 ET BLSBS
7/2 10:00 ET Factory Orders

Key Economic Events Week of 6/22

6/22 8:30 ET Chicago Fed
6/22 10:00 ET Existing home sales
6/23 9:45 ET Markit flash PMIs for June
6/23 10:00 ET New home sales
6/25 8:30 ET Q1 GDP final guess
6/25 8:30 ET Durable Goods
6/26 8:30 ET Pers Inc and Spending
6/26 8:30 ET Core inflation

Key Economic Events Week of 6/15

6/16 8:30 ET Retail Sales
6/16 8:30 ET Cap Ute and Ind Prod
6/16 10:00 ET Chief Goon Powell US Senate
6/16 4:00 pm ET Goon Chlamydia speech
6/17 8:30 ET Housing Starts
6/17 12:00 ET Chief Goon Powell US House
6/18 8:30 ET Initial Jobless Claims
6/18 8:30 ET Philly Fed
6/19 8:30 ET Current Account Deficit
6/19 1:00 pm ET CGP and Mester conference

Key Economic Events Week of 6/8

6/9 10:00 ET Job openings
6/9 10:00 ET Wholesale inventories
6/10 8:30 ET CPI for May
6/10 2:00 ET FOMC Fedlines
6/10 2:30 ET CGP presser
6/11 8:30 ET Initial jobless claims
6/11 8:30 ET PPI for May
6/12 8:30 ET Import price index
6/12 10:00 ET Consumer sentiment

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