March 13/TRUMP FIRES TILLERSON AS SEC. OF STATE AND REPLACES HIM WITH POMPEO/GOLD RISES ON THAT NEWS: GOLD UP $6.25 ON THE DAY TO $1326.75/SILVER RISES 10 CENTS TO $16.62/UK THREATENS RUSSIAN OVER THE POISONING SCANDAL/ RUSSIA RESPONDS/RUSSIA THREATENS USA OVER SYRIA/HUNGARY ASKS LONDON TO REPATRIATE ITS 3 TONNES OF GOLD BACK TO BUDAPEST/SWAMP STORIES/ March 13, 2018 · by harveyorgan · in Uncat
GOLD: $1326.75 UP $6.25
Silver: $16.62 UP 10 CENTS
Closing access prices:
Gold $1326.50
silver: $16.61
SHANGHAI GOLD FIX: FIRST FIX 10 15 PM EST (2:15 SHANGHAI LOCAL TIME)
SECOND FIX: 2:15 AM EST (6:15 SHANGHAI LOCAL TIME)
ON APRIL 1 2018 I WILL NO LONGER PROVIDE THE LONDON FIXES AS THEY ARE MANIPULATED AND THEY WILL BE PROVIDED 36 HRS AFTER THE FACT AND THUS TOTALLY USELESS TO US!!
LONDON FIRST GOLD FIX: 5:30 am est $1318.70
NY PRICING AT THE EXACT SAME TIME: $1317.75 ??
LONDON SECOND GOLD FIX 10 AM: $1322.75
NY PRICING AT THE EXACT SAME TIME. $1326.80???
For comex gold:
MARCH/ NUMBER OF NOTICES FILED TODAY FOR MARCH CONTRACT: 0 NOTICE(S) FOR nil OZ.
TOTAL NOTICES SO FAR:4 FOR 400 OZ
For silver:
MARCH 6 NOTICE(S) FILED TODAY FOR 30,000 OZ/
Total number of notices filed so far this month: 4834 for 24,170,000 oz
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX Bitcoin: BID $8934/OFFER $9,003: DOWN $155(morning) Bitcoin: BID/ $9023/offer $9093: DOWN $65 (CLOSING/5 PM)
In silver, the total open interest ROSE BY A CONSIDERABLE SIZED 2228 contracts from 196,956 RISING TO 199,184 DESPITE YESTERDAY’S SMALL 8 CENT FALL IN SILVER PRICING. WE OBVIOUSLY HAD ZERO COMEX LIQUIDATION. HOWEVER, WE WERE AGAIN NOTIFIED THAT WE HAD ANOTHER SMALL SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP : 598 EFP’S FOR MAY AND ZERO FOR ALL OTHER MONTHS AND THUS TOTAL ISSUANCE OF 598 CONTRACTS. WITH THE TRANSFER OF 598 CONTRACTS, WHAT THE CME IS STATING IS THAT THERE IS NO SILVER (OR GOLD) TO BE DELIVERED UPON AT THE COMEX AS THEY MUST EXPORT THEIR OBLIGATION TO LONDON. ALSO KEEP IN MIND THAT THERE CAN BE A DELAY OF 24-48 HRS IN THE ISSUING OF EFP’S. THE 598 CONTRACTS TRANSLATES INTO 2.990 MILLION OZ WITH THE RISE IN OPEN INTEREST IN SILVER AT THE COMEX.
ACCUMULATION FOR EFP’S/SILVER/J.P.MORGAN’S HOUSE OF BRIBES, / STARTING FROM FIRST DAY NOTICE/FOR MONTH OF MARCH:
20,061 CONTRACTS (FOR 9 TRADING DAYS TOTAL 20,061 CONTRACTS OR 100.305 MILLION OZ: AVERAGE PER DAY: 2229 CONTRACTS OR 11.145 MILLION OZ/DAY
TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER: SO FAR THIS MONTH: 100.305 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 14.28% OF ANNUAL GLOBAL PRODUCTION
ACCUMULATION IN YEAR 2018 TO DATE SILVER EFP’S: 592.78 MILLION OZ.
ACCUMULATION FOR JAN 2018: 236.879 MILLION OZ
ACCUMULATION FOR MONTH OF FEBRUARY: 244.945 MILLION OZ
RESULT: WE HAD A CONSIDERABLE SIZED GAIN IN COMEX OI SILVER COMEX OF 2228 DESPITE THE SMALL 8 CENT FALL IN SILVER PRICE. WE ALSO HAD A SMALL SIZED EFP ISSUANCE OF 598 CONTRACTS WHICH EXITED OUT OF THE SILVER COMEX AND TRANSFERRED THEIR OI TO LONDON AS FORWARDS. SPECULATORS CONTINUED THEIR INTEREST IN ATTACKING THE SILVER COMEX FOR PHYSICAL SILVER . FROM THE CME DATA 598 EFP’S FOR THE MONTH OF MAY WERE ISSUED FOR A DELIVERABLE FORWARD CONTRACT OVER IN LONDON WITH A FIAT BONUS. WE GAINED 2826 OI CONTRACTS i.e. 598 open interest contracts headed for London (EFP’s) TOGETHER WITH A INCREASE OF 2228 OI COMEX CONTRACTS. AND ALL OF THIS HAPPENED WITH THE FALL IN PRICE OF SILVER OF 8 CENTS AND A CLOSING PRICE OF $16.62 WITH RESPECT TO YESTERDAY’S TRADING. YET WE STILL HAVE A GOOD AMOUNT OF SILVER STANDING AT THE COMEX.
In ounces AT THE COMEX, the OI is still represented by just UNDER 1 BILLION oz i.e. 0.998 BILLION TO BE EXACT or 142% of annual global silver production (ex Russia & ex China).
FOR THE NEW FRONT FEBRUARY MONTH/ THEY FILED: 6 NOTICE(S) FOR 30,000 OZ OF SILVER
In gold, the open interest ROSE BY A HUGE SIZED 10,222 CONTRACTS UP TO 505,991 DESPITE THE FALL IN PRICE YESTERDAY ( LOSS OF$3.00) HOWEVER FOR TODAY, THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED AN GOOD SIZED 4161 CONTRACTS : APRIL SAW THE ISSUANCE OF 4161 CONTRACTS, JUNE SAW THE ISSUANCE OF 0 CONTRACTS AND THEN ALL OTHER MONTHS ZERO. The new OI for the gold complex rests at 505,991. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S. THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY. THEN THEY ORCHESTRATE THEIR PRIVATE EFP DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. DEMAND FOR GOLD INTENSIFIES GREATLY AS WE CONTINUE TO WITNESS A HUGE NUMBER OF EFP TRANSFERS TOGETHER WITH THE MASSIVE INCREASE IN GOLD COMEX OI TOGETHER WITH THE TOTAL AMOUNT OF GOLD OUNCES STANDING FOR FEBRUARY COMEX. EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES. IN ESSENCE WE HAVE A GOOD OI GAIN IN CONTRACTS: 10,222 OI CONTRACTS INCREASED AT THE COMEX AND A GOOD SIZED 4161 OI CONTRACTS WHICH NAVIGATED OVER TO LONDON.THUS TOTAL OI GAIN: 14,383 CONTRACTS OR 1,438,300 OZ =44.73 TONNES
YESTERDAY, WE HAD 6847 EFP’S ISSUED.
ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF MARCH : 79,804 CONTRACTS OR 7,980,400 OZ OR 248.22 TONNES (9 TRADING DAYS AND THUS AVERAGING: 8867 EFP CONTRACTS PER TRADING DAY OR 886,700 OZ/ TRADING DAY)
TO GIVE YOU AN IDEA AS TO THE HUGE SIZE OF THESE EFP TRANSFERS : SO FAR THIS MONTH IN 9 TRADING DAYS IN TONNES: 248.22 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2017, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 2555 TONNES
THUS EFP TRANSFERS REPRESENTS 248.22/2550 x 100% TONNES = 9.73% OF GLOBAL ANNUAL PRODUCTION SO FAR IN MARCH ALONE.
ACCUMULATION OF GOLD EFP’S YEAR 2018 TO DATE: 1498.56 TONNES
ACCUMULATION OF GOLD EFP’S FOR JANUARY 2018: 653.22 TONNES
ACCUMULATION OF GOLD EFP’S FOR FEBRUARY: 649.45 TONNES
Result: A HUGE SIZED INCREASE IN OI AT THE COMEX DESPITE THE FALL IN PRICE IN GOLD TRADING YESTERDAY ($3.00 LOSS). HOWEVER, WE HAD ANOTHER FAIR SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 4161 CONTRACTS AS THESE HAVE ALREADY BEEN NEGOTIATED AND CONFIRMED. THERE OBVIOUSLY DOES NOT SEEM TO BE MUCH PHYSICAL GOLD AT THE COMEX AND YET WE ALSO OBSERVED A HUGE DELIVERY MONTH FOR THE MONTH OF DECEMBER. I GUESS IT EXPLAINS THE HUGE ISSUANCE OF EFP’S…THERE IS HARDLY ANY GOLD PRESENT AT THE GOLD COMEX FOR DELIVERY PURPOSES. IF YOU TAKE INTO ACCOUNT THE 4161 EFP CONTRACTS ISSUED, WE HAD A NET GAIN IN OPEN INTEREST OF 14,383 contracts ON THE TWO EXCHANGES:
4161 CONTRACTS MOVE TO LONDON AND 10,222 CONTRACTS INCREASED AT THE COMEX. (in tonnes, the GAIN in total oi equates to 44.73 TONNES).
we had: 0 notice(s) filed upon for nil oz of gold.
– Gold Protects As Cashless Society Threatens Vulnerable – Women’s Pension Crisis Highlights Dangers To Savers – London Property Sees Brave Bet By Norway As Foxtons Profits Plunge – Gold Does Not Fear Interest Rate Hikes – RaboDirect Closing – Gold May Protect From Irish Banks Going “Belly Up Again” – Finuncane – Silver bullion will likely outperform gold bullion going forward – Gold $10,000? Goldnomics Podcast Quotations and Transcript – Trump Risks Trade and Currency Wars – Protectionism and Economic War Loom – Four Key Themes To Drive Gold Prices In 2018 – World Gold Council – Is The Gold Price Going To $10,000? (Goldnomics Podcast 3) – Gold Corridor From Dubai to China Sought By China – Digital Gold Provide the Benefits Of Physical Gold? – Weekly Briefing: Currency Wars – ECB Warns Re Trump, Russia and Turkey Buy Gold and BOE Bitcoin Warning
Let catch up on Monday if you have time. We have billions in the hopper ready to be allocated on the 1st day of trading. The paper market days are over.
Congressman criticized the USA mint for inaction on the counterfeiting of gold/silver coins.
The mint states that it is not significant enough to warrant action
(courtesy GATA./Ein Presswire.com) Congressman criticizes U.S. Mint for inaction on counterfeit precious metal coins
Submitted by cpowell on Mon, 2018-03-12 23:02. Section: Daily Dispatches
From EIN Presswire.com via WVUE-TV8, New Orleans Monday, March 12, 2018
WASHINGTON — U.S. Rep. Alex Mooney, R-West Virginia, criticized the United States Mint for its “disappointing and concerning” lack of awareness or action on the growing problem of high-quality counterfeits of U.S. precious-metals coins entering the country from China and elsewhere.
In a letter dated March 6, Rep. Mooney took the U.S. Mint to task on its perfunctory one-page response to a prior letter that he and Rep. Frank Lucas sent last October asking for information as to whether and to what extent the U.S. Mint has taken steps to protect the integrity of America’s minted coins, including reviewing and implementing the anti-counterfeiting measures already put in place by certain foreign government and private mints.
“The U.S. Mint’s response dated November 17, 2017, seemed to suggest a belief that the problem was not significant,” Mooney wrote in his March 6 letter.
“However, the U.S. Secret Service has since briefed my office about the extent of this activity and its frustration with a lack of supportive actions by other agencies, including the U.S. Mint.” …
end xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
Bulletin Headline Summary from RanSquawk
European bourses marginally in the green with newsflow relatively quiet. JPY weakens across the board, USD/JPY back above 107.00 Looking ahead, highlights include US CPI, UK Spring Statement and a speech from BoC Governor Poloz Market Snapshot
S&P 500 futures up 0.2% to 2,795 STOXX Europe 600 up 0.07% to 379.48 MXAP up 0.2% to 178.92 MXAPJ up 0.2% to 590.82 Nikkei up 0.7% to 21,968.10 Topix up 0.6% to 1,751.03 Hang Seng Index up 0.02% to 31,601.45 Shanghai Composite down 0.5% to 3,310.24 Sensex down 0.3% to 33,808.49 Australia S&P/ASX 200 down 0.4% to 5,974.71 Kospi up 0.4% to 2,494.49 German 10Y yield unchanged at 0.632% Euro down 0.04% to $1.2329 Brent Futures down 0.3% to $64.78/bbl Italian 10Y yield fell 0.7 bps to 1.746% Spanish 10Y yield fell 1.5 bps to 1.39% Brent futures up 0.2% to $61.1/bbl Gold spot down 0.4% to $1,317.70 U.S. Dollar Index up 0.2% to 90.07
Top Overnight News
The EU could get an exemption from U.S. steel and aluminum tariffs if the union was to be considered a reliable partner in fighting over capacities, among other criteria, Politico reports, citing three unidentified people Italy’s League senior lawmaker Giancarlo Giorgetti tells state television network RAI that the chance that the nation will have to hold a second elction this year is “more than 50%” Japanese Finance Minister Taro Aso says it seems the documents were changed to fit the parliamentary testimony of a MOF official. On being asked why we won’t resign he replied that he feels it’s his responsibility to find out what happened and prevent a repeat incident CNBC personality Larry Kudlow has emerged as President Donald Trump’s favorite to replace Gary Cohn, the outgoing director of the White House National Economic Council, two people familiar with the matter said Treasury’s $28 billion three-year note sale, which was $4 billion larger than two months ago, offered the highest yield for that maturity at auction since 2007, while the strength of demand as measured by the bid-to-cover ratio dipped to the lowest since November. Purchasers of the $21 billion in 10-year debt demanded a rate unseen since 2014, and the appetite for that auction was around the average for the past two years With his swift rejection of Broadcom Ltd.’s hostile takeover ofQualcomm Inc., Trump sent a clear signal to overseas investors: Any deal that could give China an edge in critical technology will be swatted down in the name of national security China is giving its central bank the power to write the rules for the financial sector, as part of a sweeping overhaul aimed at closing regulatory loopholes and curbing risk in the $43 trillion banking and insurance industries. The China Banking Regulatory Commission and the China Insurance Regulatory Commission will be merged in the biggest industry overhaul since 2003 Trade wars are bad but President Donald Trump’s steel and aluminum tariffs won’t have much direct impact on the U.S. economy unless the situation escalates, according to a new survey conducted by Bloomberg News. Roughly two-thirds of the 35 economists polled by Bloomberg expect the tariffs that Trump signed last week would cause a small decrease in jobs and a small drop in U.S. economic growth Prime Minister Theresa May publicly accused Russia of a chemical weapon attack on British soil and warned of retaliatory measures that will further strain relations between the West and the Kremlin
Asia stocks were mixed following a similar varied lead from Wall St where S&P 500 and DJIA finished negative as Trump tariff overhang weighed heavily on industrials, while the Nasdaq outperformed amid tech resilience to post a 7th consecutive gain and fresh record high. Furthermore, trade across the Asia-Pac region was quiet in which stocks lacked any significant drivers for price action. As such, ASX 200 (-0.4%) was subdued as mining and commodity-related stocks dragged on Australia, while the largest weighted financials sector was also lower as the royal commission began hearings on mortgage fraud. Nikkei 225 (+0.7%) spent most the session in negative territory, but later coat-tailed on a rebound in USD/JPY. Elsewhere, Hang Seng (-0.1%) and Shanghai Comp. (-0.2%) were choppy with trade indecisive after the PBoC kept its liquidity efforts tepid. Sector-wise, the Hang Seng Telecom Index underperformed following some downward broker moves, while banking names benefitted from proposals to consolidate regulatory agencies and after ‘Big 4’ AgBank reported preliminary earnings as well as a private placement to raise as much as USD 15.8bln. Finally, 10yr JGBs lack demand and retreated below the 151.00 level amid a late recovery in Japanese stocks and following mixed 5yr auction results which attracted reduced interest than prior. PBoC injected CNY 30bln via 7-day reverse repos and CNY 30bln via 28-day reverse repos.
Top Asian News
China’s Central Bank Gains More Power in Xi’s Regulatory Shuffle $103 Billion Quant Firm Piles Into China as Foreigners Welcomed Billionaire Agarwal’s Vedanta Jumps After Record Dividend Payout Qatar Stocks Surge Amid Steps to Raise Foreign Ownership Limit
European equity open followed the mixed sentiment seen in Asia as investors focus on the pending US inflation data. Sectors are mixed with energy among the outperformers as oil prices recover from yesterday’s losses, despite the rise in US crude output whilst sector heavyweight Total (+1.4%) at the top of the CAC 40 following an upgrade at Barclays. Likewise, BP (+0.9%) and Royal Dutch Shell (+0.6%) are moving in sympathy. Telecom sector is underperforming after France’s Iliad (-5.7%) slumped after the company FY 2017 results miss forecast, whilst Mediaset (-3.1%) is at the foot of the FTSE MIB following a downgrade at JP Morgan. Elsewhere, German utilities company E.ON (+5.7%) is again performing strong amid reports of the company expecting as many as 5000 job cuts and EUR 600mln to EUR 800mln of synergies as part of its asset swaps with RWE (+1.3%).
Top European News
Steinhoff Seeks About $322 Million From KAP Share Placement Greencore Will Miss Profit Expectations as U.S. Woes Grow Paschi Names Rovellini CFO After Mele Unexpectedly Resigns French Connection Says No Formal Offer After Approach Last Year German Utility Deal Turns Coal Veteran Into Green Giant; EON to Cut 5,000 Jobs in Deal to Overhaul German Utilities
In FX, the DXY is still straddling 90.000, with the Usd largely rangebound vs G10 majors aside from the Jpy and Nzd that have broken out of Monday’s narrow bands in opposite directions. Usd/Jpy saw importer demand in the low 106.20 area and then short covering from leveraged accounts on the way up towards offers at 106.90 before eclipsing yesterday’s peak and retesting highs just over 107.00 seen after Friday’s NFP release. Follow through buying pushed the pair up to and just over nearest resistance around 107.20. Conversely, the Kiwi is looking to consolidate and build on gains above 0.7300 with the aid of some upbeat minor NZ data overnight (land prices), and ahead of tonight’s top tier Q4 GDP and current account updates. Aud/Usd continues to encounter resistance/offers in advance of 0.7900, and will look for further direction from RBA Assistant Governor Kent later. Eur/Usd remains in a tight band above 1.2300, and with a key Fib still limiting dips below the handle (1.2266), while the 30 DMA (1.2350) provides a near term cap. Cable is sticking close to the 1.3900 handle awaiting the UK Budget and any further Brexit news after some positive reports about transition implementation on Monday, while Usd/Cad is slightly firmer above 1.2850 after comments from Canada’s PM claiming that exemptions of US import tariffs are not contingent on NAFTA negotiations. Note, BoC Governor Poloz is due to speak this afternoon, and staying with Central Banks the January BoJ minutes will be released shortly before midnight.
In commodities, oil prices are taking a breather, with WTI and Brent trading with marginal gains, the latter back above USD 65/bbl from the sell-off seen yesterday fuelled by a Genscape build in stockpiles and the relentless rise in US Crude output reported by EIA. US April shale output is expected to hit record highs at 6.95mln bpd. In the metals complex, Iron ore continued the longest stretch of losses since 2016 whereas gold prices are creeping lower awaiting the US CPI data to gauge the outlook for inflation.
US Event Calendar
6am: NFIB Small Business Optimism, est. 107.1, prior 106.9 8:30am: US CPI MoM, est. 0.2%, prior 0.5%; Ex Food and Energy MoM, est. 0.2%, prior 0.3% 8:30am: US CPI YoY, est. 2.2%, prior 2.1%; Ex Food and Energy YoY, est. 1.8%, prior 1.8% 8:30am: Real Avg Weekly Earnings YoY, prior 0.44%; YoY, prior 0.8%
Venezuela urged to save itself by becoming a U.S. colony
Submitted by cpowell on Tue, 2018-03-13 22:28. Section: Daily Dispatches
Why not switch its currency to gold? Venezuela has plenty of it in the ground.
* * *
One Idea to Stop Venezuela's Downward Spiral: Switch to the U.S. Dollar
By Patrick Gillespie CNN, Atlanta Tuesday, March 13, 2018
Venezuela's currency, the bolivar, lost nearly all its value last year as the country spiraled into an economic crisis. One solution gaining popularity: Get rid of the bolivar and replace it with the U.S. dollar.
The idea is called dollarization. Ecuador, El Salvador, and some small island nations have done it. Now it could be coming to Venezuela, widely considered the world's worst economy not mired in an armed conflict.
Venezuela has a presidential election this spring, and Henri Falcon is seen as the top opposition candidate to the incumbent, Nicolas Maduro. Francisco Rodriguez, a former Wall Street economist who advises Falcon, says he would shift the nation to the dollar to cure its biggest problem, soaring inflation. ...
Monetary Metals' Weiner refuses to see anything wrong in the gold market
Submitted by cpowell on Tue, 2018-03-13 15:38. Section: Daily Dispatches
11:45a ET Tuesday, March 13, 2018
Dear Friend of GATA and Gold:
These days there aren't many denials of gold market manipulation by governments and central banks.
As the documentation has piled up, most of the former deniers have fallen silent or struck the pose of 321Gold's Bob Moriarty, who these days writes that all markets are manipulated and everyone should just get over it, as if the identity of the manipulators, their capacity for manipulation, and the degree of their manipulation are of no practical or moral concern.
Have central bankers been undertaking all these activities thoughtlessly, in their sleep, so that Weiner can assert (along with Franco-Nevada's Pierre Lassonde) that central bankers never think about gold?
Weiner is in the gold arbitrage business and complaints of manipulation of the gold market by governments and central banks may be bad for that business, just as such complaints may be bad for the gold mining business. For such complaints caution gold investors about what they are up against. But such complaints may be bad for business only because the manipulation itself is worse for business.
Better to expose, challenge, and try to defeat the manipulation, creating good conditions for the gold business and restoring free and transparent markets everywhere, than to pretend that nothing is wrong.
Congressman criticizes U.S. Mint for inaction on counterfeit precious metal coins
Submitted by cpowell on Mon, 2018-03-12 23:02. Section: Daily Dispatches
From EIN Presswire.com via WVUE-TV8, New Orleans Monday, March 12, 2018
WASHINGTON -- U.S. Rep. Alex Mooney, R-West Virginia, criticized the United States Mint for its "disappointing and concerning" lack of awareness or action on the growing problem of high-quality counterfeits of U.S. precious-metals coins entering the country from China and elsewhere.
In a letter dated March 6, Rep. Mooney took the U.S. Mint to task on its perfunctory one-page response to a prior letter that he and Rep. Frank Lucas sent last October asking for information as to whether and to what extent the U.S. Mint has taken steps to protect the integrity of America's minted coins, including reviewing and implementing the anti-counterfeiting measures already put in place by certain foreign government and private mints.
"The U.S. Mint's response dated November 17, 2017, seemed to suggest a belief that the problem was not significant," Mooney wrote in his March 6 letter.
"However, the U.S. Secret Service has since briefed my office about the extent of this activity and its frustration with a lack of supportive actions by other agencies, including the U.S. Mint." ...
INSIDER ALERT: What’s Going On With 90% Constitutional (Junk) Silver Is Mind-Blowing
The refiner/wholesaler is now melting down 90% silver coinage because the silver is worth more as melt than it is as silver coins sold in the open market!
"Businesses invest to meet anticipated or actual demand. Not because they have more money. Why is there little demand, not business investment, is the real question. Demand is weak because there is little increase in disposable income for all but the wealthy and high end professionals
Isn't it rather premature to render such evaluation at this point? Maybe. Spokesmen for corporate America confirming to White House thus far primary use of corp tax cuts will be buybacks and dividends. White House did not expect that outcome, should have asked SEC to have fresh look at SEC reg 10b-18 to curb execs use of buybacks at time of tax cuts...
Ultimately the key question ahead for Fed & other Central Banks is how to manage deleverage of economies and financial markets w/o a market crash from such a high level of debt--or at least moderate a downslide."
Dr. Harald Malmgren, twitter 3/13/18
The big news was when President Trump fired his Secretary of State Rex Tillerson.
Trump and Tillerson disagreed on a number of points, particularly the current accord with Iran, and the general approach of using diplomacy and partnering with allies, rather than beating the war drums and trying to go it alone. I think there are points to make for and against both approaches.
The manner in which Tillerson was fired by a public tweet while he was out of country was about as low class a form of management that you might see. He did not even get a personal phone call until around noon.
This management style is unworthy of anyone occupying such an important position.
I could not see anyone with real world accomplishments and self-respect wanting to sign on for this Cabinet, unless it is for some specific purpose or ambition. You know, like Gary Cohn sticking around only long enough to help pass huge tax breaks for his cronies.
And speaking of unworthy opportunists, Trump's choice of Larry Kudlow as his Chief Economic Advisor is mind-boggling. Kudlow is not an economist, being primarily a spokesmodel for Wall Street and a media personality.
The markets took all this disarray in the most powerful government in the world a bit hard. And so stocks gave up any pretensions of a higher leg up today, and dropped with some conviction and volume for a change.
The Dollar also dipped, giving a little boost to the precious metals.
The CPI number came out mild, and within expectations. I don't think this will have any impact on the FOMC, which wants to raise rates for its own purposes. I think we are on course for three rate hikes unless the wheels fall off the stock market. The FOMC will raise rates 25 bp next week.
There will be a stock option expiration this Friday, so we might expect more gimmicky market moves as the Street continues to suck the life out of the American economy and the mechanisms of capital formation and distribution.
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