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TFMR Podcast - Tuesday, June 25 - A conversation with Ronni Stoeferle

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If you have an interest in the precious metals, then the annual "In Gold We Trust" report from Incrementum AG is always a must read. As a follow-up, here's your chance to hear directly from one of the report's principal authors, our pal Ronald-Peter Stoeferle.

The compact version of this year's report is embedded below. If you'd like to download the full version, you can do so through this link: https://ingoldwetrust.report

For this podcast, Ronni and I discuss three themes that were primary topics in the 2019 report:

  • The concept of trust and the continuing loss of confidence in global institutions.
  • The notion that "the best track record for recession forecasts is found in the yield curve".
  • Has creative destruction in the mining sector set the stage for a bull market in the shares?

We also discuss these three charts that are taken from the report:

You're going to really enjoy this podcast. Thanks in advance for listening.

TF

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DeaconBenjaminAGXIIK
Jun 26, 2019 - 8:10am

CFPB Joins Justice In Shaking Down Banks For Democrat Activist G

Extortion: The Consumer Financial Protection Bureau is diverting potentially millions of dollars in settlement payments for alleged victims of lending bias to a slush fund for poverty groups tied to the Democratic Party.

We've seen this before at the Justice Department, which Congress earlier this year scolded for "shortchanging" alleged victims of Bank of America and Citibank the same way. Justice funneled at least $150 million into a slush fund for Democratic interests, unconstitutionally avoiding Congress.

Now, a little-noticed item on the CFPB's website reveals the powerful new agency is launching its own scheme to provide backdoor funding for nonprofit urban groups politically aligned with Democrats.

The CFPB plans to create a so-called Civil Penalty Fund from its own shakedown operations targeting financial institutions. Through ramped-up (and trumped-up) anti-discrimination lawsuits and investigations, the agency will bankroll some 60 liberal nonprofits, many of whom are radical Acorn-style pressure groups. It says these organizations will provide "financial coaching" for low-income homebuyers, as well as "housing and social services."

But their activities are more political than charitable. IBD obtained a list of groups eligible for the bank payola, as approved by CFPB Director Richard Cordray and Labor Secretary Thomas Perez. It includes:

• The Legal Aid Society of the District of Columbia, whose directors include senior Democratic National Committee officials; the self-described "policy advocacy" group has lobbied Congress for more welfare spending at least 108 times since Obama took office.

• The Mississippi Center for Justice, whose stated mission is "advancing racial and economic justice" and "attacking predatory lending practices."

• People's Community Action Corp. of St. Louis, which has seated Obama appointees and Democrat lawmakers on its board.

The CFPB says the money will aid these and other left-wing groups in helping 45 million otherwise uncreditworthy, low-income people living in America obtain loans to buy cars and homes.

It complains that these mostly minority and immigrant consumers are "economically vulnerable" and "have limited access to mainstream financial services."

So in effect the government is forcing banks to fork over payola to radical nonprofit groups that exist to shake down banks for high-risk urban home loans — the kind of mortgages that defaulted in droves during the housing crisis. The money also restocks their war chest to lobby Congress for expansion of the disastrous Community Reinvestment Act.

Justice created a similar slush fund from discrimination lawsuits against banks to provide backdoor funding to nonprofit housing groups tied to Democrats, steering huge sums to affordable-housing activist groups approved by HUD, including:

• La Raza, which pressures banks to qualify more low-income Latino immigrants for home loans.

• National Community Reinvestment Coalition, Washington's most aggressive lobbyist for the CRA.

• Neighborhood Assistance Corp. of America, whose director calls himself a "bank terrorist."

• Operation Hope, a South Central Los Angeles group pressuring banks to make "dignity mortgages."

• Mutual Housing Association of New York, or MHANY, a spinoff of an Acorn housing unit.

Now the Consumer Financial Protection Bureau is launching its own scheme to cut Democrat activist groups in on its own multimillion-dollar settlements.

Obama's Department of Housing and Urban Development is also getting in on the act.

In a $200 million settlement with Associated Bank, which the agency accused of lending discrimination, HUD is forcing the Wisconsin bank to funnel tens of millions in "donations" to "community groups."

This is extortion of private business by government. Congress' new leadership must call on the agency's inspector general and the Government Accountability Office to audit these pernicious payola schemes.

https://www.investors.com/politics/editorials/cfpb-diverts-civil-penalty...

Mickey
Jun 26, 2019 - 8:03am

A rather harsh day

or overnight. The 90% done China deal talk from Mnuchin did not help, but gold sold last night 12 hours before Mnuchin spoke.

the trick here is finding the right area to buy. I sold a bit the last few days, but still very long.

The only way this will be fun is to get back in on what i sold at a nice level.

not the preferred way to improve the GS ratio.

c1092227TF
Jun 26, 2019 - 4:29am

Yup, some crazy LT bears come

Yup, some crazy LT bears come out of hibernation very quickly after a 1 day drop . Sure we can have a significant pullback from here when you look at the COT and how overbought gold and miners are. I would not be surprised if we break down the 1360-1370 level, maybe by next week around the illiquid 4th of July days. Doesn't mean it's going to crash big time after that. We very very likely stay in the process of higher highs and lows in this bull market. If we break down 1360-1370 and we approach 1300 / the 200 day again, everybody will think it's going to sink like a stone (but of course not the people here at. TFMR). I will buy at that level as probably many others here. But I will already start buying when we approach 1360-1370, it might not break down.

Jun 26, 2019 - 12:15am

my goodness the years have taken a toll

After all of my time on the road today, I've finally had a chance to get caught up across the interwebs. And to my surprise (NOT), it appears that the sky is falling!

All sorts of alleged experts now expounding on how gold is going to $1320, $1260 and maybe even $1220? Amazing.

So, $12T in negative yielding debt doesn't matter after a few downticks from an extreme overbought level with up to $100 in one week profits to be harvested? And I guess the crumbling global economy doesn't matter, either. Nor do the 3 ff rate cuts that are pending or the eventual move toward QE and NIRP.

Nope, none of that matters amongst the Chicken Littles and pseudo-experts. A couple of downticks and it's all over.

Goodness gracious.

More in the morning.

canary
Jun 26, 2019 - 12:07am

From ZH..Merrill Lynch caught criminally manipulating PMs market

...thousands of times over 6 years.

If that's true....BIS and JP Morgan criminally manipulated PMs market millions of times over longer period.....Just wonder, who is "working" on PMs market tonight?

scoremore
Jun 25, 2019 - 11:36pm

Looks like I picked the wrong week to stop....

Looks like I picked the wrong week to quit smoking...
Key Economic Events Week of 9/14

9/15 8:30 ET Empire State and Import Price Idx
9/15 9:15 ET Cap Ute and Ind Prod
9/16 8:30 ET Retail Sales
9/16 10:00 ET Business Inventories
9/16 2:00 ET FOMC Fedlines
9/16 2:30 ET Powell Presser
9/17 8:30 ET Philly Fed
9/18 8:30 ET Current Acct Deficit

AGXIIK
Jun 25, 2019 - 11:34pm

Is there a FINCO Borin' Muffett invests in that isn't criminal

At what level of ownership in a TBTF FINCO bank, such as Wells Fargo, JPMChase or BAML (Bank of America-Merrill Lynch), where the person leading the company is a direct owner or administers the ownership through a holding company, where they can be charged with a criminal conspiracy?

Warren Buffett either owns or controls high percentages of these 3 banks or his investment company Berkshire Hathaway which owns a disproportionately high percentages. I'm talking about 5-10% of some of these banks.

Wetback surgeon pulled the Zero Hedge article of BAML and the ML precious metals trading desks involved in 6 years of direct price manipulation of precious metals. The article and the charges are dated June 25 2019. This article bears a thorough read.

BAML penalty? $25 million and a non prosecution agreement.

I'm not sure how much these crooks made in these trades but you can be 100% assured that the trade was not to our profit or advantage

Warren Buffett still enjoys rock star status as an investment guru, earning tens of billions for himself and his investors by investing in FINCOs that are little more than a office, desk and lap top, with the shop running like a episode of The Sopranos or Boardwalk Empire.

Maybe he can sleep well at night with the knowledge that the banks he has tens of billions invested, in which he has a substantial say about their management and operations, he prefers to do nothing. That still makes him just as guilty and just as liable as any participant in a criminal enterprise that could and should be prosecuted under RICO statutes.

To say that Buffett should be swinging from a yard arm is the understatement of the decade. I'd refer the stocks followed by the rack then hung drawn and quartered in the city square.

Problem is obvious. It's simple too. Buffett is a made man.

His status was confered by made men who were given their titles as God Fathers, king pins and Capo de Tutti Capis with legions of consiglierie Senators and Congressmen and by those who went before them, going back 120 years to the era of the Robber Barons JP Morgan comes to mind

Someone wake me up when the rule of law is reestablished, because under this oligarchy the cost to all of us is off the freakin' charts and has been for years.

When do we sign up, or maybe I should ask,where do we sign up for reparations? During O'Bozo's reign his consiglieri Holder pulled $200-250,000,000,000 in fines and penalties from these banks.

Did we see a penny. Fuck no.

Where did that money go?

I recall reading that back around 2010 some of the fines from the housing fiasco, where B of A, WFB and their ilk were sued and lost, were forced to disgorge tens of billions in ill gotten gains. A little bit of that trickled down to the first tier of homies who were fucked by these banks.

Then the water was shut off. No more money flowed to those who lost to the banks. None. Show me someone who got anything paid to them from these fines or from the banks directly. I'm still waiting for settlement of the WFB class action law suits of the last 5 years

Since then absolutely not a single penny had flowed to those harmed by the criminal actions of these banks. A few low level bankster bag holders got jail time so a DA could hang a scalp from lodge pole of his federal wigwam. But hundreds of billions in fines was pouring into the sands of the federal prosecutorial desert, never to be seen again

Where are our reparations? Right up there with Elizabeth Warren's native America status and Bernie Sanders claim to be one of us

Want to get your reparations?

Go see that GS 15 drone sitting in a CFTC office. I hear her name is C. Helen Waite

If you want your reparations go to Helen Waite

It's good to hear that Harvey Organ is out there hammering the banksters like Herculesl

J Siefert
Jun 25, 2019 - 11:14pm

Iran Drone Incident according to London Paul

... in his latest podcast on The Sirius Report was caused by an unauthorized rogue US general sending the drone into Iranian airspace close to the flight of a P3 or P8 aircraft. The intention here was that when the Iranians attempted to down the drone they might unintentionally down the plane thereby killing innocent US servicemen and thereby giving the US deep state the excuse to kick off some serious warfare.
If this is true one wonders how long Trump can continue to keep Bolton (who would obviously be behind this incident)

-SilverIsMoney-
Jun 25, 2019 - 11:00pm

Ouch...

The Generals are back and man they're coming back with a force.

Let us hold $1400!

RickshawETF
Jun 25, 2019 - 10:43pm

On Merrill Lynch's Manipulation of Gold & Silver

All you need to know (the final paragraph of the article):

" Oh, and for anyone asking if they will get some of their money back for having been spoofed and manipulated by Bank of America, and countless other banks, into selling to buying positions that would have eventually made money, the answer is of course not. "

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Key Economic Events Week of 9/14

9/15 8:30 ET Empire State and Import Price Idx
9/15 9:15 ET Cap Ute and Ind Prod
9/16 8:30 ET Retail Sales
9/16 10:00 ET Business Inventories
9/16 2:00 ET FOMC Fedlines
9/16 2:30 ET Powell Presser
9/17 8:30 ET Philly Fed
9/18 8:30 ET Current Acct Deficit

Key Economic Events Week of 9/7

9/9 10:00 ET JOLTS job openings
9/10 8:30 ET Initial jobless claims
9/10 8:30 ET PPI
9/10 10:00 ET Wholesale Inventories
9/11 8:30 ET CPI
9/11 9:45 ET Core CPI

Key Economic Events Week of 8/31

9/1 9:45 ET Markit Manu Index
9/1 10:00 ET ISM Manu Index
9/1 10:00 ET Construction Spending
9/2 8:15 ET ADP employment
9/2 10:00 ET Goon Williams
9/2 10:00 ET Factory Orders
9/3 8:30 ET Initial jobless claims
9/3 8:30 ET Trade Deficit
9/3 12:30 ET Goon Evans
9/4 8:30 ET BLSBS

Key Economic Events Week of 8/24

8/24 8:30 ET Chicago Fed Idx
8/25 10:00 ET Consumer Confidence
8/26 8:30 ET Durable Goods
8/27 8:30 ET Q2 GDP 2nd guess
8/27 9:10 ET Chief Goon Powell Jackson Hole
8/28 8:30 ET Pers Inc and Consumer Spend
8/28 8:30 ET Core Inflation
8/28 9:45 ET Chicago PMI

Key Economic Events Week of 8/17

8/17 8:30 ET Empire State Manu Idx
8/17 Noon ET Goon Bostic
8/18 8:30 ET Housing Starts
8/19 2:00 pm ET July FOMC minutes
8/20 8:30 ET Jobless claims
8/20 8:30 ET Philly Fed
8/20 10:00 ET LEIII
8/21 9:45 ET Markit flash PMIs July

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

randomness