Banking System Broken – Bank FAILURES Ahead | Jim Willie (Part 2)

The following video was published by FinanceAndLiberty.com on Nov 3, 2016
The western banking system is broken. With U. S. treasuries selling off, the banking system will be caught on the wrong side of the trade when it comes to derivatives on interest rate swaps. As the U. S. banks collapse, get ready for foreign banks to take their place. This and much more with this viewers’ questions edition with the one and only Dr. Jim Willie!

How PE Firms Are Flipping Drugs in Price-Gouging Scheme that Cannibalizes the Entire US Economy

But they don’t care. And they’re not required to care.
The ravenous price increases that pharmaceutical companies slap on their medicines are part of the reason the US health care system is eating an ever larger slice of consumer, corporate, and government spending, and why the rest of the economy has trouble moving forward. Some of the price increases have turned into scandals with plenty of mouth-wagging by politicians.
Mylan got raked over the coals in Congress for raising the price of its autoinjector EpiPen seven-fold since buying it in 2007. Last year, Turing Pharmaceuticals, under Martin Shkreli, got into hot water over raising the price of just-acquired Daraprim 50-fold.
Private equity firms have figured this out. You can make a ton of money with a basic formula: Fund a newly created outfit that buys the rights to a prescription drug with little or no competition and with stagnant or declining sales, jack up the price of the drug, then flip the company at an enormous profit.
This has become the latest way of wringing out the American economy without contributing anything to it, and at the expense of everyone else. So Bloomberg dug into the role private equity firms play in these schemes.

This post was published at Wolf Street on November 3, 2016.

Republican Holds Up Handcuffs For Hillary On Live TV

You know you’re in the midst of the best (or most depressing, depending on your perspective) election cycle ever when this happens on live TV:
WATCH: GOP official holds up handcuffs for Clinton during MSNBC interview pic.twitter.com/rNRiiCs54H
— The Hill (@thehill) November 3, 2016

When questioned by MSNBC’s Hallie Jackson over whether North Carolina is intentionally seeking to suppress minority voters, Dallas Woodhouse, the executive director of North Carolina’s GOP, had a rather surprising prop to share with the stunned Jackson. According to The Hill:

This post was published at Zero Hedge on Nov 3, 2016.

Americans Fleeing Expensive, Over-Taxed Metro Areas In Pursuit Of Affordability

Americans have apparently had enough of the excessive home prices, rents and taxes in large metropolitan areas like New York City, Los Angeles and San Francisco and are packing up and moving out by the 1,000s. Not surprisingly, these domestic migrants are flocking to areas with a lower cost of living, lower/no state income taxes, less regulations and higher job growth (aka “Red” states).
Not surprisingly, the dark areas on the map above seem to match perfectly with the dark areas on this map which indicate those with the highest state income tax rates.

This post was published at Zero Hedge on Nov 3, 2016.

Billionaire Fund Manager Expects Stocks to Plummet 80% – But When?

One of the trends TDV watches closely is the inevitable unraveling of markets, especially equity markets. The stock market has been weaponized by disastrously low interest rates and it is only a matter of time before catastrophe occurs.
Just a matter of months, weeks, days or hours. We’re not debating the magnitude of the catastrophe anymore, just the timing.
Of late, the markets have been looking increasingly shaky. In fact the VIX volatility index is up while many major indices are down.
Back in August, here, we mentioned Crispin Odey had begun moving massive portions of his portfolio into gold. Now, the billionaire fund manager believes that U. K. stocks may plummet up to 80% collectively as the economy faces higher inflation and a recession following Brexit.
Odey’s analysis of potential disaster agrees with our own, though he seems to believe in a logical unraveling sooner rather than later. In fact, as stated, this is the only question to ask: When do markets begin their inevitable, catastrophic slide?
It could happen as soon as tomorrow or it could take longer. It could be precipitated ‘naturally’ or it could be triggered by the same secretive cabal that runs the world’s largest central banks. And, yes, triggers could include a Trump victory as we mentioned here.

This post was published at Dollar Vigilante on NOVEMBER 3, 2016.

For Crispen Odey The “Endgame” Arrives After Assets Plunge 60%

One month ago, we wrote that “For Crispin Odey This Is The Engame: Hedge Fund Billionaire Goes All In Betting On “Violent Unwind” Of QE Bubble” in which we noted that while “many financial commentators have warned that current monetary policy has inflated a bubble that will one day violently pop, few of them have risked money betting on the precise manner in which a chaotic unwinding of quantitative easing will play out through financial markets. This makes the portfolio of Crispin Odey, a London-based hedge fund manager, an interesting outlier. Mr Odey is one of only a handful of investors who has backed up his dire prognosis for the global economy with a series of large, leveraged trades designed to pay off in the event of a crash.”
As we noted three months ago, Odey’s bets are predicated on a collapse of Japanese bond prices, a surge in the price of gold and immolation of equities. As the FT put, it, “if it works he may make hundreds of millions of dollars for his clients. If wrong his fund may not survive.” Oh, and it better work quick due to the large cost of carry and rising margin calls: his biggest short bet by value – Tullow Oil Plc – has rallied almost 60 percent.
Indeed, the problem for Odey was that in doubling down for the last time, the hedge fund manager had started the clock on how long central banks have to maintain market stability; alternatively he also launched the countdown to the collapse of his own hedge fund, should his doomsday trade not materialize in time.

This post was published at Zero Hedge on Nov 3, 2016.

The Economy Will Start To Unravel After The Elections, Hold On To Your Seat – Episode 1118a

The following video was published by X22Report on Nov 3, 2016
More companies and retailers are laying off employees before the holidays. US services economy slips and growth remain weak for 3 years. Repositions are on the rise and the very similar to 2008, another indicator the economy is collapsing. US factory orders rise for the holiday season, but this is a temporary bounce. US productivity declines since last year. The economy is about to unravel and it will most likely occur after the elections

Technical Outlook: “Dicey”

The S&P 500 has seen a seven-day string of losses, which picked up steam this week. News headlines cite uncertainties over falling oil prices, a tightening Presidential race, rising global bond yields, and increasing chances for a December rate hike.
For those of you who didn’t have the chance to attend our Investment Strategy Conference last Saturday, our belief is that we are approaching a peak in the US economy and stock market with a possible recession next year. Consequently, given our current outlook, we argued for a more defensive stance toward equities.
Since we spent most of our time looking at macroeconomic data (with well over a hundred slides!), here are some technical charts we are watching, which, as you’ll see, also help to inform our cautious outlook.
Looking at a daily (short-term) chart of the S&P 500, we see the MACD is on a “sell signal” (red line above black line) and has not tipped decisively into an area consistent with major bottoms seen over the past 2-3 years. In terms of Bollinger bands, we are in oversold territory but not to an extreme; same is true for the Stochastics.

This post was published at FinancialSense on 11/02/2016.

FBI Finds Previously Unseen Clinton State Department Emails On Weiner’s Laptop

Crushing the hope-filled “it’s just a backup of what they have already seen” narrative of a campaign clutching at straws to defend their candidate, and confirming Fox News Bret Baier’s earlier reporting, CBS News reports that the FBI has found new, non-duplicate emails related to Hilary Clinton’s tenure as Secretary of State on Anthony Weiner’s laptop.
Sources earlier described to Fox News’ Bret Baier as an “avalanche of evidence…”
And tonight we are getting further clarification, from US Officials, as to what that evidence consists of (via CBS News)
These emails, CBS News’ Andres Triay reports, are not duplicates of emails found on Secretary Clinton’s private server.

This post was published at Zero Hedge on Nov 3, 2016.

NOV 3/FOX NEWS LAST NIGHT: THE FBI ARE MOVING TOWARD AN INDICTMENT ON THE CLINTON FOUNDATION STUFF PLUS OTHERS/TURF WAR BETWEEN THE FBI AND THE DEPT OF JUSTICE ESCALATES/EGYPT DEVALUES ITS POUND …

Gold closed at $1302.10 down $4.70
silver closed at $18.38 or down 28 cents.
Access market prices:
Gold: 1302.50
Silver: 18.36
THE DAILY GOLD FIX REPORT FROM SHANGHAI AND LONDON
The Shanghai fix is at 10:15 pm est and 2:15 am est
The fix for London is at 5:30 am est (first fix) and 10 am est (second fix)
Thus Shanghai’s second fix corresponds to 195 minutes before London’s first fix.
And now the fix recordings:
Shanghai morning fix Nov 3 (10:15 pm est last night): $ 1303.24
NY ACCESS PRICE: $1299.20 (AT THE EXACT SAME TIME)
Shanghai afternoon fix: 2: 15 am est (second fix/early morning):$ 1306.66
NY ACCESS PRICE: 1301.25.70 (AT THE EXACT SAME TIME/2:15 am)
HUGE SPREAD TODAY!! 5 dollars
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
London Fix: Nov 3: 5:30 am est: $1293.00 (NY: same time: $1292.90: 5:30AM)
London Second fix Nov 3: 10 am est: $1301.00 (NY same time: $12.95 , 10 AM) ??
It seems that Shanghai pricing is higher than the other two , (NY and London). The spread has been occurring on a regular basis and thus I expect to see arbitrage happening as investors buy the lower priced NY gold and sell to China at the higher price. This should drain the comex.
Also why would mining companies hand in their gold to the comex and receive constantly lower prices. They would be open to lawsuits if they knowingly continue to supply the comex despite the fact that they could be receiving higher prices in Shanghai.

This post was published at Harvey Organ Blog on November 3, 2016.

Trump Wants Former Goldman Partner And Soros Employee To Serve As Treasury Secretary

Six months ago, Steven Mnuchin became finance chair for the Trump campaign. Having succesfully helped to raise 10s of millions of dollars for the campaign, the former Goldman Sachs partner and Soros Fund management employee is now positioned for something much larger as Donald Trump reportedly told his aides today that he wants Mnuchin to serve as his Treasury Secretary.
Ironically, Trump has often criticized Clinton (and his former competitor Ted Cruz) for their links to the big banks:
“I know the guys at Goldman Sachs. They have total, total control over him. Just like they have total control over Hillary Clinton,’ Trump said in one debate. But as we noted previously, he had no qualms, however, in hiring one of the most prominent Goldman alums to raise money for him.

This post was published at Zero Hedge on Nov 3, 2016.

PARTNERS IN CRIME: Goldman Sachs, The Clintons & Wall Street

The cozy relationship between Goldman Sachs and the Clintons has reached dizzying new heights in recent years, giving the Democratic Party nominee Hillary Clinton an immensely influential partner on Wall Street.
As the public and most of the mainstream media is still processing the political bombshell concerning the newly reopened FBI probe into the Hillary Clinton’s email server case – the global investment banking firm Goldman Sachs quietly endorsed the Democratic presidential candidate this past week.
The financial ties that bind the Clintons and Wall Street banks like Goldman Sachs are nothing new, but never before have the connections been so exposed. Let’s take a trip down collusion lane to review some of the more questionable examples of their political and financial merger formed long ago…

This post was published at 21st Century Wire on NOVEMBER 3, 2016.

Gold Prices Sink, Down 3% vs Surging Pound as UK High Court Says Parliament Must Get ‘Article 50’ Vote Before Brexit

Gold prices whipped $20 per ounce lower Thursday morning in London, dropping 1.5% from near 1-month Dollar highs even as the US currency fell on the FX market amid central-bank forecasts of rising inflation, new opinion polls for Tuesday’s looming US election, and a successful challenge to the UK’s Brexit process in the High Court.
Dollar gold prices then bounced $7 from $1285 per ounce, halving this week’s gains so far.
The British Government said it would appeal the Court’s decision that June’s referendum does not give it the executive power to trigger Article 50 of the Lisbon Treaty on European union – starting the UK’s 2-year legal countdown to leaving the EU – without a vote of approval by Parliament.
Already trading 0.9% higher for the week so far, the Pound jumped 1.5 cents to 1-month highs against the Dollar at $1.2494 after the Inflation Report and Article 50 ruling.
That still left Sterling 28% below its 5-year high of mid-2014.

This post was published at FinancialSense on 11/03/2016.

Another European Bank Becomes a Penny Stock

The growing pile of bailed-out, newly crushed European banks
By Don Quijones, Spain & Mexico, editor at WOLF STREET.
Despite receiving some of the most generous public subsidies in recorded history, Europe’s financial sector continues to hemorrhage. In Italy, the total market value of Monte dei Paschi di Siena, the world’s oldest bank and Italy’s third largest, is a fraction over 500 million, as its shares hover just 23 European cents above zero.
In the EU’s largest economy, Germany, the country’s only G-SIB (Global Systemically Important Bank), Deutsche Bank, has seen its stock plummet close to 90% in the last 10 years, from 117 to 12.30. This year alone it’s down well over 40%.
Take a quick glance at many of Europe’s smaller big banks and things look even grimmer. Four of Europe’s 29 ‘biggest’ banks now share the dubious distinction of being penny stocks: Spain’s Bankia (0.79), Italy’s Monte dei Paschi (0.23), the National Bank of Greece (0.21) and Bank of Ireland (0.20).
These banks all share one thing in common: they have all been – or in the case of MPS will probably soon be – bailed out with public money. Put simply, they are the ugliest zombies on the market, unable to do anything but groan, just waiting for someone to put them out of their misery.

This post was published at Wolf Street on November 3, 2016.

Why Bearish Traders Should Look Good Next Year

By now, you know I’m absolutely crazy about data. I’ve got tons of it – years of price records on the best stocks on the S&P 500… years of earnings data… proven, backtested patterns, and a lot more.
All that data is one of the reasons why we do so well with our trading.
News networks like data, too, but they don’t have the same variety and depth of data I’ve got at my fingertips. Nowadays, they’re focused exclusively on every upcoming jobs and GDP report they can get their hands on.
Here’s the thing – by themselves, those reports aren’t worth paying much attention to, let alone basing your trading decisions on them.
But in the right context, these data can confirm or predict trends. Last week, for instance, I mentioned that quarterly earnings could point the way to a recession by March 2017.
Today I have to tell you that that recession is looming even larger on the horizon, so we’ll want to alter our trading accordingly.
You see, I’m looking at another piece of data, an indicator, used by some of the most successful traders in the business, to see exactly how the economy is doing in real time.
This is incredibly accurate, and you don’t have to have special access to anything to take a read on this powerful indicator, either.
It’s as easy looking out your car window…

This post was published at Wall Street Examiner by Tom Gentile ‘ November 3, 2016.

Gold Daily and Silver Weekly Charts – Markets Flight to Safety From Election Overhang

Gold was up while silver and the US dollar were lower.
Looks like a pretty clear ‘flight to safety’ globally, sparked no doubt by the shadow being cast by the US elections next week.
The delivery reports and warehouses were largely quiet, with the exception of Hong Kong CME warehouses which showed a continuing drain of gold inventory.
Non-Farm Payrolls tomorrow may move markets, but I suspect that the US elections will be casting a bigger footprint.
Congrats to the Chicago Cubs fans for the World Series win. Viewership for the seventh game was amazingly high, and the game held plenty of ‘tension’ in a back and forth struggle from two seemingly exhausted teams.
And a shout out to Cleveland for making it to the series in such a convincing manner. I think both teams will bear watching next year, within the wider range of uncertainty from trades and injuries.
Next weeks election may be equally compelling, but somehow I suspect that the election will be captured again by the status quo, perhaps with a twist or two.

This post was published at Jesses Crossroads Cafe on 03 NOVEMBER 2016.

Gold Prices Hit Monthly High Amid Election Fears

On Wednesday gold prices broke the $1,300 level, their highest since early October as election anxieties brought stocks and the dollar downward. Gold ended the day surrendering half its gains following the release of the Fed’s rate announcement and found support below the $1,300 level with lows just above $1,295.
The Fed’s delay was highly expected and is seen by many as setting the stage for a December move. The probability for an increase Wednesday came in at only 7% while the odds of a December move jumped to 74%. Also suggestive was the fact that FOMC dissenters voting for an immediate hike fell to two, down from three last month.
However, an interest rate hike in December isn’t a foregone conclusion; there’s still the US presidential election to contend with, and there’s still plenty of fear out there among investors. ‘This unbelievable election season we’re going through isn’t exactly engendering confidence,’ stated Richard Sichel, chief investment officer at Philadelphia Trust Co.

This post was published at Schiffgold on NOVEMBER 3, 2016.

Asian Metals Market Update: November-3-2016

The Fed meeting is over. December’s interest rate hike has already been priced in by the markets. Focus shifts to US elections and October nonfarm payrolls tomorrow. Technical is bullish for gold and silver. However for continuity of bullish trend gold and silver need to break and trade over $1309 and $1898. Short sellers are waiting for clues to short. Those who are long in gold and silver are nervous. I will prefer to use a trailing stop loss in gold and silver longs. For short sellers of gold and silver, I will prefer to reverse if key resistances are broken.
Energies are dictated by Opec news and other news. One should use the current fall and further fall (if any) in crude oil to invest for the long term. I expect US crude oil demand to fall from next month as election related travelling gets over. Large democratic nations like India and USA always sees a jump in crude oil consumption in election years. Asian demand for crude oil will rise till next year. Chinese demand for crude oil has bottomed out. Indian crude oil demand will rise. Electric vehicles are yet to get a mass reach. Unless that happens global crude oil demand will only rise.

This post was published at GoldSeek on 3 November 2016.