APRIL 11/GOLD AND SILVER ADVANCE SMARTLY: GOLD UP $20.00 AND SILVER UP 34 CENTS/SILVER OPEN INTEREST REFUSES TO BUCKLE ON THE RAID FRIDAY AND MONDAY/WAR DRUMS BEATING ON TWO FRONTS: I) ON NORTH K…

Gold: $1271.30 UP $20.00
Silver: $18.23 UP 34 cents
Closing access prices:
Gold $1274.50
silver: $18.33!!!
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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)
SHANGHAI FIRST GOLD FIX: $1266.82 DOLLARS PER OZ
NY PRICE OF GOLD AT EXACT SAME TIME: 1254.85
PREMIUM FIRST FIX: $11.97
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SECOND SHANGHAI GOLD FIX: $1268.89
NY GOLD PRICE AT THE EXACT SAME TIME: 1256.90
Premium of Shanghai 2nd fix/NY:$11.99
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LONDON FIRST GOLD FIX: 5:30 am est 1255.30
NY PRICING AT THE EXACT SAME TIME: 1256.35
LONDON SECOND GOLD FIX 10 AM: 1265.90
NY PRICING AT THE EXACT SAME TIME. 1265.10
For comex gold:
APRIL/
NOTICES FILINGS TODAY FOR APRIL CONTRACT MONTH: 13 NOTICE(S) FOR 1300 OZ.
TOTAL NOTICES SO FAR: 621 FOR 62,100 OZ (1.9315 TONNES)
For silver:
For silver: APRIL
103 NOTICES FILED TODAY FOR 515000 OZ/
Total number of notices filed so far this month: 744 for 3,720,000 oz
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This post was published at Harvey Organ Blog on April 11, 2017.

What Tesla’s ‘Inexplicable’ ‘Ponzi Scheme’ Valuation Says about the Stock Market

In fact, it’s not ‘inexplicable’ at all.
Tesla shares rose to $313.38 this morning, giving the company a market capitalization of about $51 billion, surpassing GM for a moment as the most valuable American automaker. This left some industry insiders wondering about tulip bulbs.
‘It’s either one of the great Ponzi schemes of all time, or it’s all going to work out,’ mused Mike Jackson, CEO of AutoNation, the largest dealer group in the US. He was speaking at a conference hosted by the National Automobile Dealers Association and J. D. Power. ‘It’s totally inexplicable, as far as its valuation,’ he said.
But he was wrong. It’s not ‘inexplicable’ at all. It’s very explicable.
Tesla makes some nice cars, as you’d expect from a company that charges an arm and a leg for them. But Jackson’s statement wasn’t about its cars, their quality, or electric versus internal combustion engines. It was about Tesla’s market capitalization of $51 billion.

This post was published at Wolf Street by Wolf Richter ‘ Apr 11, 2017.

BEWARE THE DOGS OF WAR: IS THE AMERICAN EMPIRE ON THE VERGE OF COLLAPSE?

Of all the enemies to public liberty war is, perhaps, the most to be dreaded because it comprises and develops the germ of every other. War is the parent of armies; from these proceed debts and taxes… known instruments for bringing the many under the domination of the few…. No nation could preserve its freedom in the midst of continual warfare. – James Madison
Waging endless wars abroad (in Iraq, Afghanistan, Pakistan and now Syria) isn’t making America – or the rest of the world – any safer, it’s certainly not making America great again, and it’s undeniably digging the U. S. deeper into debt.
In fact, it’s a wonder the economy hasn’t collapsed yet.
Indeed, even if we were to put an end to all of the government’s military meddling and bring all of the troops home today, it would take decades to pay down the price of these wars and get the government’s creditors off our backs. Even then, government spending would have to be slashed dramatically and taxes raised.
You do the math.
The government is $19 trillion in debt: War spending has ratcheted up the nation’s debt. The debt has now exceeded a staggering $19 trillion and is growing at an alarming rate of $35 million/hour and $2 billion every 24 hours. Yet while defense contractors are getting richer than their wildest dreams, we’re in hock to foreign nations such as Japan and China (our two largest foreign holders at $1.13 trillion and $1.12 trillion respectively).

This post was published at The Daily Sheeple on APRIL 11, 2017.

As Stocks Sink, This Is What RBC Is Looking For

Despite the panicky “reverse engines!” dynamic last Friday in the US rates market – with popular ‘reflation’ trade expressions (which had been seeing vicious unwinds) suddenly breathing new life as Fed’s Dudley clarified his “misconstrued” comments on “little pause” with short-term rates hiking – RBC’s head of cros asset strategy Charlie McElligott points out that 5y5y inflation remains stuck, EDZ7/8 curve is flattening again, and the EDZ789 butterfly too is again fading.
Nominal UST yields continue to be gravitationally ‘held’ around this low 2.30s level, ahead of today’s 10Y sale later…
SUMMARY:
Last Friday’s ‘rates reversals’ post Dudley ‘clarification’ not driving ‘reflation’ follow-through across-assets. Still strong / expansive data (although signs of mean-reversion with regards to fewer ‘beats’ / more ‘misses’) proving unable to break the rates ‘range trade.’ Fiscal / tax policy sentiment trending ‘worse,’ supporting UST ‘bid’ in conjunction with geopolitics. Crude the lone ‘reflation’ stand-out but unable to single-handedly lift risk-assets higher against this backdrop. Key proxies going-forward: $/Y ‘breaking lower’ again will be a key ‘leading indicator’ with regards to risk-appetite, especially with regards to Asian sentiment and its impact on US rates–while 5Y breakevens are indicating lack of ‘belief’ in US inflation ‘stickiness.’ Both led S&P ahead ahead of its August / September ‘fade’ last year as well.

This post was published at Zero Hedge on Apr 11, 2017.

The Biggest Asset Bubble in History is about to Pop | Michael Pento

The following video was published by FinanceAndLiberty.com on Apr 11, 2017
The global bond market is the biggest asset bubble in history, says economist Michael Pento. By taking interest rates below 1% for 100 months, the Fed has deformed not only the bond market, but other assets such as real estate and the stock market. Many other central banks have held interest rates artificially low, sometimes taking interest rates negative. Today, the world has $14 trillion of negative yielding sovereign debt. Pento forecasts another crisis will hit later this year or early next year. At that time, he says the Fed will start ‘Helicopter Money.’

Stocks and Precious Metals Charts – I See Them Long Hard Times To Come

“Governments can err, Presidents do make mistakes, but the immortal Dante tells us that divine justice weighs the sins of the cold-blooded and the sins of the warm-hearted on different scales. Better the occasional faults of a Government that lives in a spirit of charity, than the constant omission of a Government frozen in the ice of its own indifference.”
Franklin D. Roosevelt
Today was a ‘risk off’ day, although stocks managed to take back much of their losses after the European close.
Gold and silver went out near their highs.
The precious metals are jammed up against overhead resistance.

This post was published at Jesses Crossroads Cafe on 11 APRIL 2017.

Alabama Governor Resigns, Charged With Two Misdemeanors

Alabama Governor Robert Bentley was booked at Montgomery County Sheriff’s Office Monday afternoon on two misdemeanor charges. Although last week the Alabama Ethics Commission found reason to believe he had committed four felonies, Bentley has only been charged with ‘failure to disclose information on [a] statement of economic interest’ and ‘failure to file campaign finance reports.’
Bentley has resigned from his position as governor and has been replaced by lieutenant governor Kay Ivey, Alabama’s 54th governor and second female governor.
The now-former state leader has been embroiled in a year-long scandal that revolves around Bentley having sordid relations with Rebekah Mason, who was employed in the governor’s office as a senior political advisor. Mason was referred to internally as ‘Flim-Flam.’


This post was published at Zero Hedge on Apr 11, 2017.

U.S. Airstrikes on Syria Signal More Military Spending, Deficits, Higher Gold Prices

Mike Gleason: It is my privilege now to be joined by a man who needs little introduction, Marc Faber, editor and publisher of The Gloom, Boom and Doom Report. Dr. Faber has been a long-time guest on financial shows throughout the world and is a well-known Austrian school economist and an investment advisor and it’s a tremendous honor to have him on with us today.
Dr. Faber, thank you so much for joining us again and how are you?
Marc Faber: My pleasure, thank you.
Mike Gleason: Well, to start out here Dr. Faber, before we get into some other stuff I wanted to hear your comments on the state of the U. S. economy. Now, it appears the Federal Reserve has finally gotten serious about moving rates higher at least modestly. U. S. equity markets seem to be discounting that fact, focusing instead on the so called Trump trade. Markets are pricing in a huge infrastructure spending program and tax cuts stimulates that could overwhelm any modest tightening at the Fed. Now that efforts to reform healthcare seem to be failing we expected some of the optimism surrounding president Trump’s other initiatives would leak out of the stock market but so far that hasn’t happened.
Stocks remain near record highs and there isn’t a whole lot of interest in safe haven assets including precious metals. So what are your thoughts here Marc? Is now a time to take some profits and move towards safety or is there still some good upside in equities?
Marc Faber: Well, I think that in terms of the economy I don’t think the economy is as strong as people believe or as the statistics would show and recent trends have rather been indicating some weakness is auto sales, not a particularly strong housing market and we have several problems as a result of excessive credit. So I think that the economy is not going to do as well as people expect and concerning the huge infrastructure expenditure that Mr. Trump has been talking about, it is about a trillion dollars over ten years, maximum. In other words a hundred billion a year.

This post was published at GoldSeek on 11 April 2017.

China Car Sales Growth Slumps In March As Tax Incentives Removed

As U. S. auto OEM’s deal with ‘plateau-ing’ sales domestically, it appears increasingly likely that they’re also about to suffer the consequences of some volume pull forward in China that artificially boosted 2016 sales.
As the Wall Street Journal points out this morning, Chinese auto sales growth has slowed materially so far in 2017, with passenger car sales up just 0.59% in March versus 15% growth in 2016, after auto ‘purchase taxes’ were raised to 7.5% from 5% last year. The tax cut was implemented in 2016 to boost slowing car sales and it seems to have worked ‘beautifully.’ The tax is expected to return to it’s normal level of 10% at the end of 2017…unless more stimulus is deemed necessary in the interim, of course.

This post was published at Zero Hedge on Apr 11, 2017.

UK Man Finds $2 Million in Gold in Kuwait-Era Military Tank

A collector of military tanks from the United Kingdom got a pretty good return on his $37,000 investment when he found gold bars worth more than $2 million dollars inside its fuel tank. Nick Mead is the owner of Tanks-A-Lot, a company that provides tanks and other armored vehicles for driving classes, private events, and movies.

Mead acquired the Iraqi army tank on eBay in a trade for an Abbot self-propelled howitzer and a British army truck. During the restoration process, he and his mechanic found five gold bars weighing about 12 pounds each tucked away inside the tank’s diesel tank. The gold was most likely looted from Kuwait during the Iraqi invasion in 1990. In 1991, Iraq returned 3,216 gold bars to Kuwait.

This post was published at Schiffgold on APRIL 11, 2017.

Saxo Warns Reflation Trade Ends In Q2 With “Healthy Correction”

The reflation trade that started before Donald Trump’s victory in the US presidential elections accelerated in Q1 as global economic data improved and surprised against expectations. Global equities are up 6.5% in dollar terms with markets such as Hong Kong, emerging markets, and Brazil the clear outperformers.
In its Q2 2017 Outlook report, Saxo Bank warns that the reflation trade will end in Q2 with a healthy correction in global equities.
The biggest perception-versus-reality gap remains this risk of recession. While the market at large sees less than a 10% chance of recession, we at Saxo -together with our friends at South Africa’s Nedbank – see more than a 60% chance.

This post was published at Zero Hedge on Apr 11, 2017.

Gold and Silver Market Morning: April 11 2017 – Gold firm below resistance $!

Gold Today – New York closed at $1,254.30 yesterday after closing at$1,254.60 Friday. London opened at $1,256.30 today.
Overall the dollar was stronger against global currencies early today. Before London’s opening:
– The $: was stronger at $1.0608 after Friday’s $1.0638: 1.
– The Dollar index was stronger at 100.90 after Friday’s 100.71.
– The Yen was almost unchanged at 110.66 after Friday’s 110.65:$1.
– The Yuan was weaker at 6.9012 after Friday’s 6.8992: $1.
– The Pound Sterling was weaker at $1.2416 after Friday’s $1.2465: 1.
Yuan Gold Fix
The Shanghai Gold Exchange was trading at 281.60 towards the close today.
This translates into $1,269.16. New York is trading at a $14.86 discount to Shanghai and London opened at a $12.86 discount to Shanghai.

This post was published at GoldSeek on 11 April 2017.

Are Corporate Pensions About To Start Dumping Their $1 Trillion In Equity Holdings

Several large public pensions around the country are in serious trouble and, after several years of paying out more in distributions than they take in (which is the textbook definition of a ponzi scheme, btw), many are just one more equity market crash away from completely running out of cash. In fact, we recently wrote about how Chicago’s largest pension fund could run out of cash within 4 years if such a scenario played out (see “How Chicago’s Largest Pension May Run Out Of Cash In As Little As 4 Years“).
And while we hate to be pessimistic, lets just take a look at what happens if, by some small chance, today’s market gets exposed as a massive bubble and we have another big correction in 2018.
Such a correction would force the fund to liquidate over $1.5 billion in assets in 2018 alone….

This post was published at Zero Hedge on Apr 11, 2017.

How to cut your taxes no matter what your situation

On the plane ride back to Chile last night, I was sitting next to a particularly chatty woman who wanted to know my whole life story and what I was doing in Mexico.
I played along and explained to her that I had been on a cruise for the past week speaking at an investment conference.
‘Oooooooh,’ she said, and then inquired what I had been speaking about.
That’s when the conversation became just a little bit uncomfortable.
I walked her through the big picture, explaining how the US government is totally bankrupt, that Social Security is running out of money, and that the Federal Reserve is rapidly engineering its own insolvency.
That didn’t seem to be the idle chit-chat she was looking for.
Then I told her how we educate people about ways to distance themselves from the consequences, and how to make better investments that generate strong returns while taking minimal risk.
Things became really unglued when I arrived to the topic of taxation.

This post was published at Sovereign Man on April 11, 2017.

Art Cashin And “The Myth Of The Good Friday Market Crash”

For those looking toward the end of the week, today is “pro-forma” Wednesday, because this is a four day week as U. S. equity markets are closed for Good Friday. And, as Art Cashin writes in his overnight note, as “every year, the Good Friday close produces lots of erroneous theories about why we close. So, once again, we offer the explanation we wrote a few years back”
The Myth Of The Crash That Caused The Stock Market To Close On Good Friday – In the over five decades that I’ve been in Wall Street, each Easter season sees the re-blooming of an old – and erroneous – myth.

This post was published at Zero Hedge on Apr 11, 2017.

Asian Metals Market Update: Apr-11-2017

Traders and everyone are on the sidelines due to uncertainty over Trump’s policies. Unless something very serious happens in Syria, bullion will not zoom. Mass genocide is something which has been ignored by markets. Gold and silver are still on the way to test key resistances. I prefer to ignore interest rate moves by the Federal Reserve. There has been too much hype over the same over the past few years. The US economy is robust. Interest rates will be hiked. Gold bulls will be able to overcome interest rate hikes by the Federal Reserve and other central bankers. But it is difficult to project the pace of rise.
Physical demand and premiums on physical gold and silver in Asia (Hong Kong, Singapore, Mumbai and Dubai are the key centers) should determine the pace of rise of gold and silver. In the short term, demand will be volatile just as the prices. Price sentiment will determine demand for gold and silver. Intraday trading could be a nightmare.

This post was published at GoldSeek on 11 April 2017.