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I sold all my bullion a while back, I only want silver eagles now, for barter purposes, they are more trustworthy and easier to sell, harder to counterfeit or tamper with and they are numismatic. Back in the day when Roosevelt confiscated gold, they could not confiscate numismatic coins because it was US minted coinage.
If you are willing to pay the 60% premium, you can get them now for 12,500, the shortage is over hyped, the most you will have to wait is a couple weeks. I just want them for insurance, not to make a profit.
You know they are desperate when the daily double smackdowns start happening, I'd like to pick up a couple monster boxes of silver eagles from Apmex by this fall with some of my mining stock proceeds.
As if that wasn't enough, they just slammed it again another $20+ straight down at noon.
Good job Fed and CONgress...
John, IMO the Coronavirus, although serious, is cover and a catalyst, not the root cause of this crash. The market is still way over-valued, top heavy with debt and pumped up to these levels with stock buy-backs that used to be illegal, 10 years of the Fed directly/illegally buying stocks through it's proxies preventing necessary corrections, record margin debt, 10 years of needlessly low interest rates, recklessly set by the Fed and our politicians to temporarily pump the economy. These low rates have have destroyed any ability to earn a return with traditionally long term investment strategies thus forcing money into risky markets. Basically legalized accounting fraud since 2009 with the advent of relaxed non-gaap standards. Going back another 10 years was the repeal of the Glass Steagall act and the uptick rule. We may see some Fed induced bounces before the election, but after that all bets are off, this is totally unsustainable, I think at the latest, by the end of Trump's second term, the big reset arrives and will not recover to these levels again.
Gold getting hammered yet again, for a third time today at 3:30, -22 so far...
These f**kers are getting desperate, now slamming gold twice in the morning!
Slammed gold -20 at 8:30 recovered, then slammed it again -40 at 11:00 recovering again, absolutely pathetic!
Must watch regarding today's market:
Would have been without all that panic buying in the last 15 minutes surging the Dow 620 points to 25,409, I guess a whole bunch of folk wanted to hold more over the weekend than I would have thought. /sarc
I wonder how many Billions that 600 point ramp job cost the taxpayers and how many insiders were made aware of it before hand?
That would confirm my suspicions about the bid/ask rigging that I've been seeing and calling out for more than a year now. How is it that you have made this connection to VALX as being the culprit?
RNC Minerals Announces New Visible Gold Discovery At Surface And High Grade Intersections Revealed By Ongoing Review Of Historic Higginsville Database; Recent RNC Drilling Extends Boundaries Of Deposits In Open Pit Pipeline
http://www.rncminerals.com/2020-02-27-RNC-Minerals-Announces-New-Visible-Gold-Discovery-at-Surface-and-High-Grade-Intersections-Revealed-by-Ongoing-Review-of-Historic-Higginsville-Database-Recent-RNC-Drilling-Extends-Boundaries-of-Deposits-in-Open-Pit-Pipeline
RNC Minerals Announces New Visible Gold Discovery At Surface And High Grade Intersections Revealed By Ongoing Review Of Historic Higginsville Database; Recent RNC Drilling Extends Boundaries Of Deposits In Open Pit Pipeline
http://www.rncminerals.com/2020-02-27-RNC-Minerals-Announces-New-Visible-Gold-Discovery-at-Surface-and-High-Grade-Intersections-Revealed-by-Ongoing-Review-of-Historic-Higginsville-Database-Recent-RNC-Drilling-Extends-Boundaries-of-Deposits-in-Open-Pit-Pipeline
Pretty good timing there "usgirls"
Yes RNX.TO on the Canadian exchange (TSX) is the parent company, just multiply RNX share price by the exchange rate (currently .75) to get the US (RNKLF) share price. You will find most of the due diligence is done on the RNX ticker, ie: ceo.ca/rnx
Bond Yields Crash To Record Lows As Stocks Suffer Worst Breadth Since DotCom Collapse. Well I guess it "keeps going up until it doesn't"
https://www.zerohedge.com/markets/bloodbath
veloyt, another take I came across:
"The market will close up 900 points today, after its 1000 point decline yesterday.
The 100 point decline is an algo-log sympathy-rhythm thing, just so people don't completely throw in the ******** flag on this ponzi scheme market.
Market will follow through on Wednesday up 200 points.
Friday close up 500 net, and gold monkey-hammered back below 1600 and Silver below 18.
Its Miller Time!"
How much ya wanna bet "everything gets fixed again" and the Dow recovers it's 1000 point loss plus another 300 for "good measure" tomorrow using more helicopter money.
Followed up by a 900 point drop on the Dow, totally unrelated and above suspicion I'm sure, yeah right!
I saw it on kitco live, take a look.
How did ya'all like that Au fake flash crash at the open to $1450, TPTB telegraphing where they would like it to be, ha, ha, good luck assholes!
Eric Sprott re-affirms endorsement of RNC
Eric Sprott 2/7/2020 : « Royal Nickel, Australia, they seem to be doing much better. I think there projection is something like 100,000 ounces this year. Now, I don't really know the market cap right offhand. But, I would suspect that it's probably half of what might be typical of a producer like that. It looks like they have more opportunity there with the acquisition that they had that there might be some interesting places to explore and find and develop quickly. We still haven't come up with the sort of big nugget effect hit in the Beta Hunt mine. That could happen at any time I got to believe there's going to be some rather big hit that can be quite instrumental in changing the fundamentals for that company very quickly. So, I'm a big owner. I haven't bought it in quite a while. But, I like it here. »
Eric Sprott re-affirms endorsement of RNC
Eric Sprott 2/7/2020 : « Royal Nickel, Australia, they seem to be doing much better. I think there projection is something like 100,000 ounces this year. Now, I don't really know the market cap right offhand. But, I would suspect that it's probably half of what might be typical of a producer like that. It looks like they have more opportunity there with the acquisition that they had that there might be some interesting places to explore and find and develop quickly. We still haven't come up with the sort of big nugget effect hit in the Beta Hunt mine. That could happen at any time I got to believe there's going to be some rather big hit that can be quite instrumental in changing the fundamentals for that company very quickly. So, I'm a big owner. I haven't bought it in quite a while. But, I like it here. »
Yeah, sure it is, just like the last time, nothing but kabuki theater for the sheeple.
Yes, It's A Bubble
So now all we need is for Tesla to announce a restatement of earnings...... smiley
Seriously, sort of.
Who remembers 2000? Nobody, right? That would never happen again.
EPS of -$4.92. Yes, that's negative earnings. It has no P/E, selling at 25x the (fantasy land) book and ~7x sales.
Cramer is running his 2020 version of The Winners of The New World. Who remembers this?
Well, if anyone remembers they don't care. Tesla is what parabolic blow-offs look like. You see the stock go up $100 so the next morning you buy it because, well, it went up $100. It goes up another $100 (actually, as I am penning this, $135.)
The company has put on more than 20% in price in two days without a single bit of actual change in its operations. There has been no new ground-breaking product or service. There has no material change in the firm's posture. It made basically all of its operating income by stealing it from taxpayers in the form of subsidy sales (that is "pollution credits" more or less.) It's losing money, specifically nearly $5/share.
When does this end? I have utterly no idea. Manias don't have a reason to end; they just do. They end when everyone wakes up in a cold sweat, realizing that with a third of the float turning over in a day the people who bought it that day are by definition underwater instantly if the price rise does not continue tomorrow. So long as those people are few in number and those who wake up with a raging hard-on and smash the "buy" button outnumber them the run continues -- but it has nothing to do with the company itself.
There will be a triggering event. You likely won't recognize it as such until later, maybe much later. Maybe a month or more down the road. But it will happen, because it always does. When it occurs it will be devastating to everyone insane enough to have gotten into the middle of this and then leveraged it in some way -- which, as the run continues, more and more people do.
Could the entire market pull one of these moves? Yep. It did in 1999, remember? I sat it out -- on purpose. But I also sat out the blowup for that reason; I wasn't in it, I slept perfectly fine through 2000 and 2001, and spent a lot of time fishing and just enjoying life. My stress level was zero while everyone around me had their hair on fire.
If you want to daytrade this, and don't mind the costs and slippage (which are very large folks -- it's hard to make money doing that) be my guest. That's the only sane way to trade something that's behaving like that, however, whether it's a single stock or the market itself. You simply have to have the discipline that every day at the closing bell the only position you hold is cash. Nothing gets carried overnight, you use no leverage, ever, and if you want to shave corners you get up at 0300 and stick things on in the pre-market -- but at 4:00 ET every day, you're back to cash.
It's one thing if you had the stock at $250, but then you ought to be asking yourself -- how greedy are you and how disciplined will you be when it appears that the run might be ending.
And that assumes you get some sort of effective "warning" in price before it all goes to Hell -- which is not guaranteed. Often you get nothing in advance at all.
I wish everyone playing in this box of insanity the best, but I assure you -- there is no fundamental argument that can be made for price moves like this, and when -- not if -- it ends the damage will not be confined to this one firm either.
https://market-ticker.org/akcs-www?post=238055
So you mean Donlin not Dolan?
The Debate Is Over: In Two Months "Not QE" Officially Becomes QE 4
"And when qe4 starts Gold will skyrocket. Right? Right???
Just like it skyrocketed when qe3 started. Oh, wait... it crashed. As long as crimex exists, Gold goes where tptb want it to go.
800,000 open interest! That's DOUBLE the previous "normal" peaks. THAT'S WHY Gold is not at $3000 - there is no market when there is endless "supply"."
https://www.zerohedge.com/markets/debate-over-two-months-not-qe-officially-becomes-qe-4
Ticker please...
Live By The Byte, Die By The Byte.
Peter Schiff has claimed that he has lost all of his Bitcon.
No, he claims he did NOT forget his password -- rather, his wallet has been corrupted in some way and while he has the correct password, it doesn't work and can't be fixed.
This is one of the big problems with encrypted systems -- they're encrypted you idiot!
Take a GELI encrypted disk. It has a password (and an optional key file.) But on the front of the disk is also a block of data that is necessary for the password to work. If that block is damaged -- even by one bit in the wrong place being a "0" where it should be a "1" (or vice-versa) the password is useless.
There's nothing you can do in such an instance. For this reason you must know what the potential "gotchas" are in this regard and you must take steps to mitigate that risk (e.g. by copying the file elsewhere on some sort of basis so if it gets damaged you can at least get some of the contents (as of some given date) back.
This is, fundamentally, the same reason you make backups. When I used to run MCS before it was an Internet company we did, among other things, computer and cabling installations. We would occasionally get calls from someone who was either a client or wanted to be one with a tale of woe about how their disk was unreadable and they had their entire company on that machine.
They either had no backup at all or had never verified that the backups could be restored.
In virtually every such case some and sometimes all of the data involved was just flat gone.
There was nothing I or anyone else could do about it at that point. I was brutally honest with folks that called with that sort of problem -- I was happy to, on a billed-hour basis, come and try to "save the day" -- but the odds were terrible, frequently 100:1 against that I'd be able to get all the data back, and every hour spent trying was one we were going to get paid for, with a retainer up front.
Why a retainer -- in good funds -- up front? Because a good part of the time when that happens to a business the firm fails and your invoice is toilet paper.
Yeah, it's that bad.
Oh well.
Did you learn anything from this experience Peter?
If so what was it?
https://market-ticker.org/akcs-www?post=237925
That was quite a run from 2.80 to 8.30, wish I'd bought at the lows, but didn't expect to see a $300 run up in gold.
Looks like they ramped it up to +8 so the connected could exit before the negative ER...so typical.
Coeur Reports Fourth Quarter and Full-Year 2019 Production and Sales Results
"Very bad report, both for the figures and the description of the development very disappointing, even heartbreaking!
Sales will be in the order of 193M (- 3%) while we expected more than 220M!
No improvement noted at Silvertip and significant impairment of value to be expected!
THE DECEPTION IS HUGE!"
https://stockhouse.com/news/press-releases/2020/01/16/coeur-reports-fourth-quarter-and-full-year-2019-production-and-sales-results
What The HELL Is Going On?
The market is flat-out ignoring what are clearly emergency measures being taken by The Fed.
There's only one thing worse than an emergency, and that's an emergency that people are actively trying to hide.
What am I referring to? That The Federal Reserve has been frantically adding reserves to the financial system in an amount that is utterly stunning, running well north of $400 billion over the last four months.
A quick primer is in order here. "Repo" transactions are undertaken all the time in the financial system. The purpose of them is to balance reserves between banks. Let's say you buy a $250,000 house. On the day you close $250,000 leaves one financial institution (your lender or, if it's a cash deal, your bank) and is wired to the seller (through the title company, which deducts the various fees and such that are due.) That's a large hunk of cash that leaves one place and goes another.
Now on-balance banks tend to be on the "selling" and "buying" side about equally. That is, you're not the only one buying or selling something among their customers and affiliates; lots of people are. Therefore most of the time the net change between these banks is small or non-existent. But not always -- there are, for example, certain dates where very large movements tend to take place, such as tax deposit due dates for estimated taxes, dates for corporate and personal income taxes, and the end of the year when people tend to do an outsized amount of moving things around for tax purposes (either to take advantage of a lower rate on this year's taxes than the anticipated rate next year, or to crystallize a loss, etc.)
If a bank finds itself out of balance with where it wants to be (or worse, where it has to be for regulatory purposes) in terms of reserves it uses a repo operation. Tri-party repos, the most-common, are held ("secured") by the NY Fed which is the custodian and executed between the parties. So if Bank #1 is "heavy" $500 million in cash and Bank #2 is "light" $500 million in cash Bank #2 can post up some sort of collateral, usually Treasury bonds or Mortgages (frequently in securitized form) that it holds with The Fed as collateral and borrows that money from Bank #1. For this Bank #2 pays a fee, typically right about the Fed Funds (overnight) rate, which is of course 1/365th of it assuming that loan matures the next day. When the loan matures the transaction is reversed; the cash is repaid and the securities returned.
The important thing to remember is that this goes on every day and is completely normal. But, there are two facts that together make no sense.
First, there is supposedly $1.3 trillion, more or less, in excess reserves on deposit with The Fed. That's an aggregate amount but it's utterly staggering. This, if it's really there, is free cash that the banks have that they're "storing" with The Fed but do not have to keep on hand, thus the name "excess" reserves. This is distinct from required reserves which the bank may not dip into.
Note that since these are excess reserves and the belong to the bank in question there is no fee involved in grabbing and using them on a temporary basis to balance one's books. It costs nothing to do that, where to go into the Repo Market to obtain those funds costs money. The IOER rate is currently 1.55% where the Fed Funds rate is 1.5 - 1.75%. A Repo transaction typically costs slightly more than the IOER rate.
But, and this is important, unless something severe is wrong it will never be other than slightly different. Why? Well, why would you pay (for example) 5% for an overnight Repo when your opportunity cost on an IOER pull-back is 1.55%?
Put another way how many people do you know who intentionally hold a bonfire out in their back yard and burn $100 bills?
That's what I thought.
Second, repo loans are secured with Treasuries or other very solid collateral. The key point is that the value of that collateral should not change at all during the time of the Repo. If it does one side or the other has an incentive to default on purpose because they can stick the other side with the asset that has moved the wrong way against them. There is no premium built into these transactions to compensate for that and worse, it results in the screwed party winding up with more of what they don't want and less of what they do.
So in September suddenly there was a dislocation in this market that came without warning. The rate for these overnight loans went from around 2% to roughly four times that amount. This is what caused The Fed to start offering Repos on their own, rather than allowing the market to do it as it usually does.
And finally, the amount of liquidity that The Fed has injected in these operations is several multiples of the maximum amount they ever took during the financial panic in 2008 and 2009! In fact the maximum is on the order of four times the maximum ever taken down during the 2008-09 time frame.
The problem is that The Fed has refused to explain why that was necessary and why it still is even today -- that is, who (or more-likely, what set of "whos") was refusing to transact without charging an utterly ridiculous penalty rate and why.
Worse is that The Fed has continued to add to the outstanding repo amounts and now has over $400 billion outstanding.
This last week a small "take back" occurred in that some of the original issues from September forward matured -- but that's the first "take back" that has happened since this "problem" showed up. Up until that point this was a one-way train.
The stock market is ignoring this set of facts, going bat**** crazy to the upside with all this extra "liquidity" in the market which it assumes is a "gift" and so is the bond market. They damn well should not; both parts of said market should demand answers to the following questions and so should you.
1. The Fed claimed this was a short term problem of a couple of days and tried to blame it on tax remittances at the end of September. It is true that corporate tax remittances do come due at that time. However, if it was a couple of day problem for that reason they would have taken it all back in the ensuing weeks and they did not; they instead increased it.
2. The Fed then claimed that a similar event might happen over the end of the year. That's plausible; there is a large funding demand right at the end of the year, as I've pointed out. However, they didn't remove the excess funds in the three month intervening period!
3. There is allegedly $1.3 trillion, or three times plus a bit, the $400 billion The Fed printed out of thin air, on deposit with The Fed in the form of excess reserves. To use a Fed Repo facility you must pay interest. To use your excess reserves it costs nothing other than foregone interest. Why haven't traders, banks, politicians and you demanded that The Fed explain, in detail, why banks would choose to hold a bonfire in the street with $100 bills in the form of interest charges that are higher than the IOER instead of using the excess reserves they already had to meet daily liquidity needs. Is the truth that the $1.3 trillion is a fiction and doesn't actually exist?
4. Who had the problem originally, what was it, and why wasn't the $1.3 trillion in alleged excess reserves sufficient to cover it given that it was cheaper, by a LOT in September, and remains cheaper (by a bit) today to do so? It makes zero sense that this program was "necessary" given the above facts.
SOMEONE IS LYING AND BY DOING SO THEY HAVE ESSENTIALLY CAUSED THE FED TO ACT IN A FORM THAT IS ECONOMICALLY INDISTINGUISHABLE FROM "QE."
If that entity is a financial institution or group of them and they had the money then they have engaged in extortion (a serious federal offense), bank fraud (by claiming to not have reserves when they do; any falsification of a bank's economic condition is a serious felony) and conspiracy to defraud the United States as well everyone in it by forcing The Fed to devalue the currency. Further, if The Fed knew about it originally or learned about it and has not turned over same to the FBI and Congress then the entire FOMC is criminally complicit and must be indicted and imprisoned NOW.
If the entity is a financial institution or group of them and the excess reserves claimed do not exist then (1) The Federal Reserve itself has engaged in massive fraud along with (2) all the entities who claimed to have said excess reserves but do not. In this case exactly how it is that The Fed is claiming these reserves exist when they don't, and the banks claim they exist but they don't, must be explained and everyone involved arrested with the institutions involved seized as they are factually insolvent. In this case everyone involved must be indicted and imprisoned now.
If there was no problem at all and The Fed and the banks conspired together to cause "QE" to be undertaken under false pretense (e.g. to goose the stock market) then everyone involved with either actual or constructive knowledge of same who has said nothing have also committed fraud and, in the case of anyone who has made any official statement on same (e.g. an earnings report, testimony before Congress, etc) they have committed perjury, which is also a felony. In that case imprisonment is far too kind; we're now in flat-out putsch-by-deception territory among a handful of very wealthy banksters and an arm of the government in the form of The Fed and we ought to be talking about 1776.
If there's an alternative explanation I'm all ears -- let's have it.
https://market-ticker.org/akcs-www?post=237886
Reality Versus The Repo Lightening
Check out the first chart tracking daily pre-market Fed repo action against the S&P, absolutely unbelievable! Right out in the open, why the urgency, what are they so damn afraid of? I guess this is the new and improved "greatest economy ever"
https://www.zerohedge.com/health/reality-versus-repo-lightening
All the meanwhile the fed has injected almost 500 billion in liquidity since end of the fiscal year last Sept 30, WOW, the 2008 bail out was only 765 billion.
Fed Injects $82BN In Liquidity As Term Repo Is Most Oversubscribed In One Month
https://www.zerohedge.com/markets/fed-injects-82bn-liquidity-term-repo-most-oversubscribed-one-month
Required listening for all sleeping, distracted, apathetic 401K holding American's...
What is unreal is how fast and far it crashed in 2009.
RNC Exceeds 2H19 Guidance with Production of 51,090 oz After Record December Monthly Production Since HGO Acquisition; Pays Down $3M in Debt Early to Reduce Interest Costs
This is 2H production since restart after completion of 40,000 meter drilling program in June 2019, so it looks like we have a +100K producer here with 34M in the bank and 28% ownership in one of the worlds richest nickel deposits, in Canada (Dumont) for .36 US.
http://www.rncminerals.com/2020-01-08-RNC-Exceeds-2H19-Guidance-with-Production-of-51-090-oz-After-Record-December-Monthly-Production-Since-HGO-Acquisition-Pays-Down-3M-in-Debt-Early-to-Reduce-Interest-Costs
GOLD JUST BROKE THROUGH $1600!
Put some money in one of these instead "10 Top Gold Mining Stocks for 100% Return"
http://smartstocktradingstrategies.com/gold-mining-stocks/10-top-gold-mining-stocks-for-100-return-in-2020/