SEPT 27/GOLD DOWN $13.65 TODAY YET GLD INVENTORY ADVANCES BY 8.57 TONNES/SILVER DOWN 9 CENTS TODAY YET NO CHANGE IN SILVER INVENTORY AT THE SLV/AGAIN AT THE COMEX, THE AMOUNT OF SILVER INCREASES:…

GOLD: $1284.45 DOWN $13.65
Silver: $16.79 DOWN 9 CENT(S)
Closing access prices:
Gold $1282.85
silver: $16.78
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: $1304.39 DOLLARS PER OZ
NY PRICE OF GOLD AT EXACT SAME TIME: $1295.15
PREMIUM FIRST FIX: $9.24 (premiums getting larger)
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SECOND SHANGHAI GOLD FIX: $1300.85
NY GOLD PRICE AT THE EXACT SAME TIME: $1294.55
Premium of Shanghai 2nd fix/NY:$6.30
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LONDON FIRST GOLD FIX: 5:30 am est $1291.30
NY PRICING AT THE EXACT SAME TIME: $1289.60 ???
LONDON SECOND GOLD FIX 10 AM: $1282.55
NY PRICING AT THE EXACT SAME TIME. 1283.40???
For comex gold:
SEPTEMBER/
NOTICES FILINGS TODAY FOR SEPT CONTRACT MONTH: 0 NOTICE(S) FOR nil OZ.
TOTAL NOTICES SO FAR: 93 FOR 9300 OZ (0.2892 TONNES)
For silver:
SEPTEMBER
78 NOTICES FILED TODAY FOR
390,000 OZ/
Total number of notices filed so far this month: 6,538 for 32,690,000 oz

This post was published at Harvey Organ Blog on September 27, 2017.

Global Stock Markets Lifted By Upbeat Yellen Speech

(Kitco News) – World stock markets were mostly firmer overnight. U. S. stock indexes are also pointed toward modestly higher openings when the New York day session begins. Federal Reserve Chair Janet Yellen delivered a speech Tuesday that sounded an arguably hawkish tone on U. S. monetary policy, and an upbeat tone on the U. S. economy. The world equity markets took this as a positive sign that a strengthening U. S. economy and rising inflation will help the other major industrialized countries’ economic growth prospects, as well as reignite some wanted inflation.
Gold prices are lower in pre-U. S.-day-session trading Wednesday. The surging U. S. dollar this week is a bearish element for the precious metals markets, as well as other raw commodity markets.

This post was published at Wall Street Examiner on September 27, 2017.

Fed Stunner: Top 1% Of Americans Are 70% Wealthier Than The Bottom 90%

Today, the Federal Reserve released its triennial Survey of Consumer Finances (SCF) which collects information about family incomes, net worth, balance sheet components, credit use, and other financial outcomes. A superficial flip through the first few pages of the 2016 SCF as most will do, reveals “broad-based gains in income and net worth since the previous time the survey was conducted, in 2013” as the Fed puts it. Unfortunately, reading between the lines reveals that while net worth and income did increase in the past three years, it was exclusively for the “top 10%” of Americans. The “bottom 90%” got virtually nothing of this so-called recovery.
First, here is the report’s summary, taken verbatim and meant to demonstrate just what a great job at “wealth creation” the Fed is doing:

This post was published at Zero Hedge on Sep 27, 2017.

“I Don’t Belong Here” – Ravens National Anthem Singer Quits Because “Fans Don’t Understand”

In the latest sign that the backlash to NFL players kneeling in protest during the National Anthem has been more damaging than players, owners and the league officials had expected, Baltimore Ravens National Anthem singer, and combat veteran, Joey Odoms has announced that he’s resigning just days after about a dozen Ravens players took a knee before a game against the Jaguars in London, the Baltimore Sun reports.
‘We greatly appreciate the work Joey did for us and we thank him,’ said Ravens senior vice president of public and community relations Kevin Byrne.
President Donald Trump has kept up his calls for the league to fire players who ‘disrespect our heritage’ by kneeling during the National Anthem. Meanwhile, fans have burned jerseys, canceled TV packages, decided to cancel their season tickets and – most importantly – tuned out of NFL games as the athletes’ decision to protest has provoked lasting outrage.

This post was published at Zero Hedge on Sep 27, 2017.

THE NFL WILL USE WEEK 4 TO RAISE MONEY FOR PUERTO RICO RELIEF EFFORTS

Texas & Florida are doing great but Puerto Rico, which was already suffering from broken infrastructure & massive debt, is in deep trouble..
— Donald J. Trump (@realDonaldTrump) September 26, 2017

While many Americans are boycotting week 4 of the National Football League because they are offended by players’ kneeling during the national anthem, the organization will be raising money for those who lost everything during the devastation of Hurricane Maria.
It certainly appears that the NFL is taking the high road. The announcement comes after President Donald Trump tweeted on Monday night that food and water were on the way to a devastated Puerto Rico and that the U. S. territories’ debts of ‘billions of dollars’ to Wall Street ‘must be dealt with.’

This post was published at The Daily Sheeple on SEPTEMBER 27, 2017.

Stocks and Precious Metals Charts – The Big Banks Cometh

“While the largest banks can correctly claim that they have offloaded risky assets and bolstered the amount of cash on their balance sheets over the last decade, their business model has become fundamentally disconnected from the very people and entities it was designed to serve. Small community banks, which make up only 13 percent of all banking assets, do nearly half of all lending to small businesses.
Big banks are about deal making. They serve mostly themselves, existing as the middle of the hourglass that is our economy, charging whatever rent they like for others to pass through. (Finance is one of the few industries in which fees have gone up as the sector as a whole has grown.) The financial industry, dominated by the biggest banks, provides only 4 percent of all jobs in the country, yet takes about a quarter of the corporate profit pie.”
Rana Foroohar, How Big Banks Became Our Masters, NYT
Why doesn’t Washington reign in the obvious excesses and blatant frauds and abuses of the Big Banks? I will let you answer that one for yourself.
The Dollar rally and a ‘risk on’ attitude continued to pressure the precious metals today.
Trump and crew have unveiled their tax ‘reform’ plan’s framework. It will be interesting to see how their latest legislative effort actually unfolds. The special interests and Big Money are preparing to storm the swamp.

This post was published at Jesses Crossroads Cafe on 27 SEPTEMBER 2017.

Stocks Hit New All Time High Just After Bullard Says “Valuations Are Stretched”

With the Fed finally admitting it is confused by the “mystery” of inflation, it has also become painfully clear how perplexed it is by the biggest asset bubble in history that the Fed and its central bank peers have blown. But don’t call it a humorless bubble.
Case in point, on Wednesday afternoon, St. Louis Fed president James Bullard, who is best known for i) flipflopping from the Fed’s biggest hawk to its most wimpish dove and ii) invoking QE4 any time the S&P has even a 3% correction, said that while ‘bubble is a strong word”, admitted that “equity valuations may be stretched.’

This post was published at Zero Hedge on Sep 27, 2017.

Watch Live: President Trump Unveils His Already-Widely-Leaked Tax Plan

Moments from now President Trump is expected to the take the stage at the Indiana State Fair to ‘unveil’ a tax plan that was leaked by someone in or around his administration hours ago…which we suspect is somewhat more anticlimactic than he might have hoped. In any event, earlier this morning we covered the details of Trump’s plan to ‘make taxes great again’ in a post entitled “Here Is The Leaked Trump Tax Plan.”

This post was published at Zero Hedge on Sep 27, 2017.

UK Slams Tariffs On Bombardier: “This Is Not What We Expect From A Long-Term Partner”

It appears the Commerce Department’s preliminary ruling, issued late last night, to slap a 220% tariff on Canadian aircraft manufacturer Bombardier could trigger an all-out trade war between the UK and Canada (on one side) and the US (on the other) as public officials in the UK and Canada blasted the ruling and threatened retaliation should the sanctions, which still need to be approved by the US International Trade Commission, become permanent.
Earlier today, the Commerce Department ruled that Bombardier’s jets should face the levy because the company received anticompetitive government subsidies. The ruling comes after Boeing said the Bombardier C-Series jet would not exist without hundreds of millions of dollars in launch funding from the governments of Canada and Britain, or a $2.5 billion equity infusion from the province of Quebec and its largest pension fund in 2015. Boeing brought the complaint after Delta Air Lines agreed in April 2016 to purchase 75 C-Series jets, an order worth some $5 billion.

This post was published at Zero Hedge on Sep 27, 2017.

San Francisco Bay Area Pending Home Sales Plunge, California’s Drop too, and It’s Not a Blip

Housing bubble, affordability crisis ‘pushed the market to a tipping point.’
Pending home sales in California fell in August from a year ago, the second month in a row of year-over-year declines, according to the California Association of Realtors, with the Pending Home Sales Index dropping 3.5% from a year ago, after having dropped 2.6% in July:
‘As August marks the end of the peak home-buying season, the housing market is showing signs of slowing,’ it said. Real estate agents ‘reported fewer floor calls, listing appointments, and client presentations.’
Pending home sales are notoriously volatile, but the pattern has now become well-established in the San Francisco Bay Area where pending homes sales have been plunging in the double digits year-over-year. And now Southern California is gravitating toward a similar pattern.
The drop-offs are large, and are becoming consistent. This turns pending home sales from an otherwise iffy observation into a worrisome indicator that home sales over the next few months will slow substantially compared to last year.

This post was published at Wolf Street on Sep 27, 2017.

“Betrayal”: Drudge Slams Trump Tax Plan, Says “Illusion Of Party Differences Is Finished”

Despite the ubiquitous “tax cuts for billionaires” comments from the likes of Schumer and Pelosi, Matt Drudge has seen enough when it comes to President Trump’s policies. After the leaked details of Trump’s tax plan suggests a ‘surcharge on the wealthiest Americans’, Drudge took to Twitter…
First keep Obamacare, now raise taxes on top earners? At least illusion there is difference between parties is finished once and for all!
— MATT DRUDGE (@DRUDGE) September 27, 2017

His website also led with a scathing headline: “More Betrayal Republican Plan to Raise Taxes.”
Drudge is criticizing the GOP for making concessions to Democrats on taxes and health care, confirming there is no longer an “illusion” of difference between the two major parties…
Something we have discussed numerous times. As Charles Hugh Smith recently exclaimed…

This post was published at Zero Hedge on Sep 27, 2017.

Mortgage Lenders Loosening Credit Standards as Home Prices Spiral Upward

Remember back when mortgage lenders loosened credit standards making it easier to get a loan and blew up a giant housing bubble?
That’s happening again.
According to a report released by Fannie Mae, lenders facing lower profit margins are trying to expand the borrower pool.
Facing constrained mortgage demand and a negative profit margin outlook, more lenders say they have eased rather than tightened home mortgage credit standards, according to Fannie Mae’s third quarter 2017 Mortgage Lender Sentiment Survey. Across all loan types – GSE Eligible, Non-GSE Eligible, and Government – the net share of lenders who reported easing credit standards over the prior three months reached a new high since the survey’s inception in March 2014, after climbing each quarter since Q4 2016.’
To put this in starkest terms, mortgage companies are lending out a lot of money that probably won’t get paid back.

This post was published at Schiffgold on SEPTEMBER 27, 2017.

Reflate Away

Today’s reflation trade on Trump’s tax reform proposal and the durable goods report for August (up 1.7% versus 0.7% consensus) have adjusted a few technical relationships. The first I’d like to mention is the 10-year Treasury.
Ever since the CPI report was released a couple of weeks ago, rates have been creeping higher along with expectations for the Fed to go again in December (from 30% probability before the CPI to currently 76.4%). It appears rates may be bullishly inflecting. Note the blue circle highlighting the breakout above the red declining trendline:

This post was published at FinancialSense on 09/27/2017.

Goldman: Trump Tax Cut “Smaller Than Expected”; Here’s What Can Kill It

Just hours before the Trump tax plan was leaked this morning, Goldman noted that “even if this tentative budget agreement in the Senate becomes official the forthcoming proposal would have to be scaled substantially to fit within the fiscal constraints Congress is likely to impose” which we summarized as follows:
In other words, for all the hype, the final Trump tax cut – if it passes – will be a pale shadow of its initial proposal
Goldman also presented the following comparison table to summarize how the expected plan would fare in context:

This post was published at Zero Hedge on Sep 27, 2017.

Silver Prices Could Climb 30% Before 2018, and This Stock Could Soar

Silver prices are poised to rally 30% to $22 per ounce by the end of the year, according to Money Morning Resource Specialist Peter Krauth. Considering that’s only three months away, it is a bold prediction for the price of silver.
It’s also an excellent profit opportunity if you invest in silver stocks. That’s why we’re bringing you our top silver stock to buy today…
Before we reveal our silver stock pick, here’s why Krauth released such a bullish silver price forecast for the end of the year…
Why We’re So Bullish on Silver Prices Before 2018
We must first warn you that Krauth is waiting for a short-term pullback for silver to run its course. Considering it ran higher by 20% between July’s low through September’s high, a correction is a healthy development here, and so far, his call is right on target.
Silver prices today are trading near $16.80, down roughly 8% from their September high near $18.25.

This post was published at Wall Street Examiner on September 27, 2017.

Hyperbitcoinization? Bitcoin Trades At 85% Premium In Zimbabwe – Priced At $7,200

While bond notes were put forward as a panacea to diminish the flight of wealth from Zimbabwe… (as Steve Hanke noted, it was not)…
The most recent attempt by the government to increase liquidity (the money supply, measured broadly) was the introduction of bond notes in November 2016. Incidentally, in conversations I had with Dr. Kupukile Mlambo, Deputy Governor of the RBZ, in May of 2016, I strongly opposed the introduction of bond notes, indicating that they were inconsistent with orthodox dollarization and would result in a complete disaster.
Although bond coins existed on a small scale since December 2014, the introduction of bond notes was significant. These notes were ‘backed’ by a $200m facility from the African Import Export Bank (Afreximbank) — a bank that some allege is unusually close to the Zimbabwean government. Among other things, it has still failed to publish official documents regarding the bond note facility. The uncertainty surrounding these bond notes has resulted in a black market for dollars, where the bond notes normally trade at discounts ranging from 5-15%. Not surprisingly, banks have attempted to remove these notes from their books, with bank officials reportedly engaging in black market deals for large cash sums at over 20% discounts!

This post was published at Zero Hedge on Sep 27, 2017.