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Thursday Conversation - Holiday Jackass


It's not a full holiday weekend as the US markets will be open on Friday. Regardless, it's tradition around here to check in with Jim Willie for a mid-summer update so here you go.

As usual, we mainly tried to discuss three, major themes...though, as usual, the conversation often veered off to cover other areas, as well. For this podcast, those themes are:

  1. The recent news of the EU's INSTEX system and how this is the next stage in the decline of the petrodollar. What is INSTEX? See here: https://www.forbes.com/sites/francescoppola/2019/06/30/europe-circumvent...
  2. The global bond market. Will the entire world eventually move to zero or negative rates or will the "bond market bubble" finally burst?
  3. With gold finally breaking out of a six-year trading range, what should we expect next? And what about silver?

As always, major thanks to The Jackass for his willingness to share his valuable time. After all we've been through...and with where we are currently...there has never been a more important time to consider a subscription to The Hat Trick Letter. You can find out more information here:

Have a great day!



Jul 5, 2019 - 8:32am

And so, if you take away the imaginary statistical bullshit...

... but wage growth disappoints: 0.2%, Exp. 0.3%; YoY: 3.1%, Exp. 3.2%

— zerohedge (@zerohedge) July 5, 2019
Jul 5, 2019 - 8:31am



Given the ADP numbers, I'm sure this is almost entirely birth/death adjustment nonsense.

June payrolls 224K, Exp. 160K

— zerohedge (@zerohedge) July 5, 2019
Jul 5, 2019 - 8:15am

Friggin London Monkeys

Two days in a row. Getting more predictable. Which is fine, I guess, as it's a bull market pattern of behavior.

Jul 5, 2019 - 6:08am


Silver Recliner Report 85
Joseph Warren
Jul 5, 2019 - 12:05am

Happy Independence Day

To all my fellow Americans

May we come to live up to the sacrifices of those who came before us

- JW

Jul 4, 2019 - 10:01pm

Rickshaw re: great Panther

haven't seen this. Source please. IKN??


PS- did a web search and this July 2, 2019 notice is nowhere to be found save on this one IKN source.

Jul 4, 2019 - 9:19pm


God bless you and keep you! My sister tried to take care of my divorced mother as long as she could when my mother had dementia. God bless you! I will add you to my prayers.

Jul 4, 2019 - 8:18pm

Picked wrong weekend to visit Ridgecrest

Was up visiting my aunt today.Experinced the largest earthquake of my 40 years in SoCal.I live in Del Mar near San Diego. The quake was centered less than 12 miles from Ridgecrest.We had a 4.5 sharp jolt and then a massive 6.4 twenty minutes later.It shook Rockn Rolled for about 90 seconds. We are still sweeping up glass as several vases and pictures fell. Power just got restored 5 hours later. It is 106 degrees so power is a necessity. We continue to have some large aftershocks and all the grocery stores will be down for awhile as shelves were dissimated. I'm glad I'm here for my aunt as she is rightfully freaking out.There is a China Lake Naval Base outside town and they are warning employees that they think it might get worse as they feel the pressure has not been fully relieved.Time will tell. If u dont hear from me again it has been a pleasure to be part of this site. I'm ready to meet my maker if need be but I wish my junior miners would have exploded before so I wish could have had some fun with my winnings before checking out. I say this half in jest but u never know :😁👍

Jul 4, 2019 - 8:00pm

At Home With A Wife That Has Dementia

Not a great thing to happen to anyone but the love is still there and we are still in our own home.

Happy Independence Day

Silver Recliner Report 85

Jul 4, 2019 - 7:47pm

China stability

If China's economy goes south, it could definitely get unstable. The Party did a decent job of transitioning China out of what was purely a third world country. But they're also control freaks (censorship, ranking citizens on their behavior, restricting internet access, and so on). It's most unbecoming and would be prima facie unnecessary for a group that truly consisted of wise leaders. If Pooh Bear wants to live out his life as Emperor, he'd better keep the shit show together.

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Key Economic Events Week of 9/21

9/21 8:00 ET Goon Kaplan
9/21 10:00 ET Goon Evans
9/21 Noon ET Goon Brainard
9/21 6:00 pm ET Goon Williams & Goon Bostic
9/22 10:30 ET Chief Goon Powell on Capitol Hill
9/22 Noon ET Goon Barkin
9/22 3:00 pm ET Goon Bostic again
9/23 9:00 ET Goon Mester
9/23 9:45 ET Markit flash PMIs for September
9/23 10:00 ET Chief Goon Powell on Capitol Hill
9/23 11:00 ET Goon Evans again
9/23 Noon ET Goon Rosengren
9/24 1:00 pm ET Goon Bostic #3
9/24 2:00 pm ET Goon Quarles
9/24 10:00 ET Chief Goon Powell on Capitol Hill
9/24 Noon ET Goon Bullard
9/24 1:00 pm ET Goon Barkin again & Goon Evans #3
9/24 2:00 pm ET Goon Bostic #4
9/25 8:30 ET Durable Goods
9/25 11:00 ET Goon Evans #4
9/25 3:00 pm ET Goon Williams again

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

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