• Tag Archives Law
  • Stocks and Precious Metals Charts – Building a Dream

    “Seek the Lord, all you humble of the land,
    who have observed his law;
    Seek justice, seek humility;
    And perhaps you will be sheltered
    on the day of the Lord’s justice.
    This was the triumphal city, high and mighty,
    Saying to herself, ‘I am the one, and none dare stand beside me.’
    How desolate now has she become, a place fit only for wild beasts.
    Those who pass by her scoff, and shake their heads at her ruin.”
    Zephaniah 2:3,15
    I have a feeling that we are going to be seeing some real fireworks in the precious metals before the end of the year.
    But feelings really do not count in markets. But it is there, tempting my trading discipline. I know that you have never experienced that. lol.
    Stocks bobbled a bit today. I also think we will be seeing a slide in stocks. But let’s see how the earnings come out, and what the Fed does about their bloated balance sheet.
    While I am not so sure yet about where gold and silver and stocks are going, here are three things that I am pretty sure about.
    1. There is no sustainable recovery. Basic items like housing and healthcare are fast outstripping the growth in real wages.

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

  • Turkey gold imports still riding very high — Lawrie Williams

    By our reckoning, Turkey has imported some 174 tonnes of gold in the first half of the current year. This reflects a degree of political turmoil both before and after the April referendum, which gave President Erdogan sweeping additional powers, but also Erdogan’s advice late last year that citizens should buy gold or Turkish lira rather than dollars in converting foreign currency or as a hedge against future uncertainties. It looks as though his advice has been well heeded as far as gold is concerned.
    This year’s imports to date have already exceeded the 106 tonnes imported in full year 2016, which in turn was more than double the amount imported in 2015. Thus this year’s figures represent an enormous increase on prior years’ figures and probably puts Turkey currently in place as the world’s third largest net importer of gold, after China and India.
    With Chinese gold demand remaining reasonably strong and Indian demand hugely up in the first half of the year ahead of the new GST imposition, gold flows from the West to the Middle East and South and East Asia have been very strong in the first half of the year and have probably accounted for just about all of the world’s new mined gold, which puts physical metal in short supply in the west.

    This post was published at Sharps Pixley


    The Democratic Party is pushing for a federal $15 minimum wage as part of its recently revealed ‘Better Deal’ economic platform, despite paying its own field organizers significantly less than that during the 2016 election cycle.
    The new platform, announced Monday at a press conference in Berryville, Va., aims to ingratiate the Democratic Party with blue collar voters through populist economic messaging focused on prioritizing the interests of workers over those of corporate interests.
    However, the same party pushing the dubious $15 minimum wage chose not to implement the policy itself during the 2016 election.
    A group of roughly 40 field workers filed a class action lawsuit against the Democratic National Committee (DNC) and six state party organizations in May, alleging that they were not fairly compensated for their work during the 2016 campaign. The field organizers claim to have been paid $3,000 per month while consistently working 80 to 90 hours per week.
    Justin Swidler, the attorney representing the workers, described their treatment as ‘obscene.’

    This post was published at The Daily Sheeple on JULY 26, 2017.

  • North Carolina Governor Signs Bill Eliminating Sales Tax on Gold and Silver

    North Carolina Gov. Roy Cooper has signed a bill into law exempting the sale and purchase of gold and silver from state sales taxes. This removes one barrier from buying gold, silver and platinum. It will also help encourage their use and take the first step toward breaking the Federal Reserve’s monopoly on money.
    Rep. Dana Bumgardner (R-Gastonia) and Rep. Jeff Collins (R-Rocky Mount) introduced House Bill 434 (H434) in March. The legislation exempts precious metals in various forms from state sales tax, including investment metal bullion, US Mint-produced gold and silver, investment coins and non-coin currency.
    The House passed H434 on second reading by a 104-8 vote in May. It then gave final approval on the third reading by a voice vote. The Senate concurred with a vote of 35-13 on June 27. With the governor’s signature, the law went into effect retroactively to July 1, 2017.

    This post was published at Schiffgold on JULY 26, 2016.

  • German police make arrests in March heist of giant Canadian gold coin

    Police in Germany have arrested individuals in connection with one of the most brazen and famous recent coin heists in the world.
    Law enforcement officials in Berlin detained four suspects in the March 2017 theft of the 100-kilogram gold Canadian coin with a face value of $1 million from the Bode Museum in Germany’s capital.
    The 2007 coin was minted from 100 kilograms of 0.99999 fine gold, one of six made by the Royal Canadian Mint. A Coin World correspondent from Germany, who is a numismatic journalist there, has confirmed that 13 suspects were targeted in raids in Berlin’s Neukoelln district. The raids were announced July 12.
    All four suspects detained are under the age of 21, and according to multiple European news reports, are from a large Arab family with connections to organized crime.

    This post was published at Coin World

  • Against Irredeemable Paper – Precious Metals Supply and Demand

    The Antidote
    Something needs to be said. We are against the existence of irredeemable paper currency, central banking and central planning, cronyism, socialized losses and privatized gains, counterfeit credit, wealth transfers and bailouts, and welfare both corporate and personal.
    When we write to debunk the conspiracy theories that say manipulation is keeping gold from hitting $5,000 (one speaker here at Freedom Fest claimed gold will go to $65,000), we are not trying to defend the Fed. When we discuss the flaws in predicting that kind of price, and the error in expecting to profit from it, we are not expressing a pro irredeemable dollar view.
    We are saying there are good arguments against the regime of irredeemable paper currency – but this is not one of them. Irredeemable currency has two fatal flaws. One is the interest rate is unhinged.
    It can skyrocket as it did from the end of WWII through 1980, or collapse as it has been doing since then. Two is there is no extinguisher of debt. Debt grows – must necessarily grow – exponentially. As it has been doing for many decades.

    This post was published at Acting-Man on July 25, 2017.

  • Russian central bank still adding to its gold reserves — Lawrie Williams

    Unlike the other big central bank buyer of gold, China, Russia is continuing to add to its gold reserves and reporting its increases. China has not reported any reserve increases since last October, but the general belief is that it is almost certainly adding to its gold reserves big time regardless and only reporting its increases when it deems it opportune to do so. Certainly known gold flows into the country, together with its own gold output as comfortably the world’s No. 1 gold producer, suggests this as China’s estimated gold consumption probably only accounts for around half of that being absorbed by the country on an annual basis, and this disregards any gold being imported from unknown sources that may not find its way into official data.
    In June Russia added a further 300,000 ounces (9.33 tonnes) of gold to its reserves according to the regular monthly statement of its gold holdings by the Russian Central Bank. This brings its current total holdings to some 1,716 tonnes – still the world’s sixth largest national holding as reported to the IMF – and continuing to close the gap with the official Chinese figure of 1,842.6 tonnes. The June additions are much smaller than those reported for May (700,000 ounces or 21.8 tonnes), but more than the 6.2 tonnes it added in April. Russian gold reserve additions do fluctuate on a month by month basis, but recently it has been adding to its gold reserves at around 200 tonnes annually. For H1 2017 the total to date is 100.9 tonnes so the nation is right on track to add a similar 200 tonne amount to its official gold reserves in the current year.

    This post was published at bloomberg

  • BoJ Keeps Rates Unchanged, Postpones 2% Inflation Deadline

    The Bank of Japan kept its monetary stimulus program unchanged even as it pushed back the projected timing for reaching 2 percent inflation for a sixth time.
    The downgraded price outlook will raise more questions about the sustainability of the BOJ’s stimulus at time when other major central banks are turning toward normalizing their monetary policy. The European Central Bank, which is said to examine options for winding down quantitative easing, concludes its own governing council meeting later on Thursday.
    By again delaying the timing for hitting its price goal, the BOJ acknowledged the need to continue easing for at least several more years, probably beyond 2020 because of a sales-tax increase scheduled for late 2019, said Hiromichi Shirakawa, chief Japan economist at Credit Suisse Group AG and a former BOJ official.
    “Going forward, there will be even more attention on the sustainability of the stimulus from market participants and lawmakers,” Shirawaka said.
    BOJ Governor Haruhiko Kuroda said it was regrettable the central bank needed to push back its inflation goal again, saying it hadn’t intentionally made its forecasts too optimistic. He noted that central banks in the U.S. and Europe had also overestimated inflation.

    This post was published at bloomberg

  • U.S. Mega Banks Are This Close to Breaking Their Profit Record

    The last time big U.S. banks made so much money, the financial world was heading toward the brink of collapse. This time, it’s stiff regulation that’s in danger.
    Ten of the nation’s biggest lenders including JPMorgan Chase & Co. and Bank of America Corp. together made $30 billion last quarter, just a few hundred million short of the record in the second quarter of 2007, according to data compiled by Bloomberg. The achievement comes just as the industry’s long campaign against post-crisis rules finds traction with the Trump administration.
    Banks have been decrying regulations aimed at curbing risk, blaming them for hurting capital markets and discouraging lending to consumers and companies. President Donald Trump, echoing those complaints, has asked regulators to find ways to ease off. But in this year’s second quarter, banks saw their profits propped up by lending operations even after a surge in revenue from more volatile trading units subsided.
    ‘It shows that the legislation we passed in no way retarded the ability of the banks to make money,’ said Barney Frank, the former congressman whose name is on the 2010 law tightening industry oversight. Banks are supporting the economy, he said. And ‘very specifically, it refutes Trump’s claim that we cut into lending. How do banks make record profits if they can’t lend — especially when they’re down in trading?’
    The second quarter wasn’t a fluke. Even looking at the past 12 months, profits are still near the same level as 2007.

    This post was published at bloomberg

  • Detroit Is Demolishing Homes With Federal Money Meant “To Save Them”

    Contrary to popular perception, not all of the money approved as part of the federal government’s emergency effort to save the American financial system in the fall of 2008 went to the big banks. Some of it – nearly $10 billion, all told – went to support the government’s ‘hardest hit’ program, meant to help forestall foreclosures in 18 states.
    And unsurprisingly, nearly a decade after the program was signed into law, government investigators are finding that much of this money was squandered by state governments. Money initially earmarked to help troubled homeowners struggling with underwater mortgages was instead spent on demolitions meant to boost prices of surrounding homes and help ward off crime in city neighborhoods. Except the money was often squandered by state governments, disproportionately robbing poor citizens in cities like Detroit of a program meant to save them from homelessness.

    This post was published at Zero Hedge on Jul 23, 2017.

  • Macron’s Approval Rating Plunges, Only Chirac Was Worse

    Macron, deuxime plus forte chute de popularit en trois mois aprs Chirac pic.twitter.com/MGqywBGCic
    — Le JDD (@leJDD) July 23, 2017

    A Ifop poll released on Sunday showed that the approval rating of France’s new President Emmanuel Macron tumbled by 10 points, hitting 54% in his third month in office, as voters were “either confused by plans for the tax system, shocked by a dispute with the head of the army or unsettled by upcoming labor laws reform”, according to Journal dy Dimanche.
    According to Bloomberg calculations, the 10 point slump for Macron, elected in early May, was the second-biggest decline for a French president so soon after election. Jacques Chirac dropped 15 points from his May 1995 election to July, the Paris-based pollster said. The survey for JDD was conducted by phone and online July 17-22 among 1,947 respondents.

    This post was published at Zero Hedge on Jul 23, 2017.

  • Did The Dutch Central Bank Lie About Its Gold Bar List?

    Head of the Financial Markets Division of the Dutch central bank, Aerdt Houben, stated in an interview for newspaper Het Financieele Dagblad published in October 2016 that releasing a bar list of the Dutch official gold reserves ‘would cost hundreds of thousands of euros’. In this post we’ll expose this is virtually impossible – the costs to publish the bar list should be close to zero – and speculate about the far reaching implications of this falsehood.
    Recap This story started a couple of years ago. As I am Dutch and concerned not only about my own financial wellbeing but of my country as well, I commenced inquiring my national central bank about the whereabouts and safety of our gold reserves in late 2013. One of my first actions was submitting the local equivalent of a Freedom Of Information Act – in Dutch WOB – to De Nederlandsche Bank (DNB) in order to obtain all written communication of the past decades between DNB and the Federal Reserve Bank Of New York (FRBNY). In 2013 I knew a large share of the Dutch gold was stored at the FRBNY, which I deemed to be an unnecessary risk. In a crisis situation, for example, the US government would be able to confiscate Dutch gold stored on American soil. Unfortunately, DNB responded it’s exempt from certain WOB requests under the banking law from 1998, article 3. (I thought the WOB hit a dead end, though recent developments have changed my mind regarding the legitimacy of the rejection. In a forthcoming post more on my WOB from 2013.)

    This post was published at Bullion Star on 23 Jul 2017.

  • Congress’s Radical Plan to End Illegal Money

    What Constitution?
    One of the many downfalls of being the United States Secretary of the Treasury is the requirement to place one’s autograph on the face of the Federal Reserve’s legal tender notes. There, on public display, is an overt record of a critical defect. A signature endorsement of a Federal Reserve note by the Treasury Secretary represents their personal ratification of unconstitutional money.
    There it is, plain as day. The former treasury secretary clearly put his signature on money with highly dubious legal credentials. Evidently he must have found it agreeable though. [PT]
    If you recall, Article I, Section 8, of the U. S. Constitution empowers Congress – not the Federal Reserve – to coin money and regulate its value. What’s more, Article I, Section 10, specifies that money be coined of gold and silver and cannot consist of bills of credit – such as paper legal tender notes.
    As far as we can tell, paper dollars are illegal money on two counts. First, they’re issued by the Federal Reserve. Second, they’re bills of credit with no ties to gold or silver.
    What gives? Isn’t the U. S. Constitution supposed to be the supreme law of the land? Don’t be silly. Anyone with half their wits about them knows the U. S. Constitution has been reduced to a mere artifact of history. Does this bother you?

    This post was published at Acting-Man on July 21, 2017.

  • Congress’ Radical Plan To End Illegal Money

    Authored by MN Gordon via EconomicPrism.com,
    One of the many downfalls of being the United States Secretary of the Treasury is the requirement to place one’s autograph on the face of the Federal Reserve’s legal tender notes. There, on public display, is an overt record of a critical defect. A signature endorsement of a Federal Reserve note by the Treasury Secretary represents their personal ratification of unconstitutional money.
    If you recall, Article I, Section 8, of the U. S. Constitution empowers Congress – not the Federal Reserve – to coin money and regulate its value. What’s more, Article I, Section 10, specifies that money be coined of gold and silver and cannot be bills of credit – such as paper legal tender notes.
    As far as we can tell, paper dollars are illegal money on two counts. First, they’re issued by the Federal Reserve. Second, they’re bills of credit with no ties to gold or silver. What gives? Isn’t the U. S. Constitution supposed to be the supreme law of the land?
    Don’t be silly. Anyone with half their wits about them knows the U. S. Constitution has been reduced to a mere artifact of history. Does this bother you?
    It bothers us. To be clear, we don’t take the recline and flail of the U. S. Constitution lightly. But we also can’t ignore the pervasive truth of its sad state.
    Of course, the dollar has other problems besides the major technicality of being illegal. For example, its payment qualities are suspect.

    This post was published at Zero Hedge on Jul 21, 2017.

  • Stocks and Precious Metals Charts – One Day In Texas

    ‘Beware the Jabberwock, my son!
    The jaws that bite, the claws that catch!
    Beware the Jubjub bird, and shun
    The frumious Bandersnatch!’
    Lewis Carroll
    “Grigory Yefimovich Rasputin –
    spiritual advisor to the Romanovs.
    In 1916, at a dinner in his honor,
    he was poisoned, shot stabbed,
    clubbed, drowned, and castrated.”
    Hellboy, 2003
    “A shudder in the loins engenders there
    The broken wall, the burning roof and tower
    And Agamemnon dead.
    Being so caught up,
    So mastered by the brute blood of the air,
    Did she put on his knowledge with his power.”
    W. B. Yeats
    Tomorrow is a stock options expiration.
    Next week there will be a precious metals option expiration on the Comex and an FOMC meeting.
    If the metals can make it past these, then the path to a breakout may be clear.
    Stocks look toppy. Wait for it.

    This post was published at Jesses Crossroads Cafe on 20 JULY 2017.

  • Chapter 40: Minimum Wage Law

    Christian Economics: Teacher’s Edition
    ‘For the kingdom of heaven is like a master of a house who went out early in the morning to hire laborers for his vineyard. After agreeing with the laborers for a denarius a day, he sent them into his vineyard. And going out about the third hour he saw others standing idle in the marketplace, and to them he said, ‘You go into the vineyard too, and whatever is right I will give you.’ So they went. Going out again about the sixth hour and the ninth hour, he did the same. And about the eleventh hour he went out and found others standing. And he said to them, ‘Why do you stand here idle all day?’ They said to him, ‘Because no one has hired us.’ He said to them, ‘You go into the vineyard too.’ And when evening came, the owner of the vineyard said to his foreman, ‘Call the laborers and pay them their wages, beginning with the last, up to the first.’ And when those hired about the eleventh hour came, each of them received a denarius. Now when those hired first came, they thought they would receive more, but each of them also received a denarius. And on receiving it they grumbled at the master of the house, saying, ‘These last worked only one hour, and you have made them equal to us who have borne the burden of the day and the scorching heat.’ But he replied to one of them, ‘Friend, I am doing you no wrong. Did you not agree with me for a denarius? Take what belongs to you and go. I choose to give to this last worker as I give to you. Am I not allowed to do what I choose with what belongs to me? Or do you begrudge my generosity?” (Matthew 20:1 – 15).
    Analysis’Am I not allowed to do what I choose with what belongs to me?’ This verse is the most powerful affirmation of property rights in the New Testament. The context of the statement is Jesus’ parable of the employer who hires men at various times throughout the day. At the end of the day, he pays all of them the same. He broke no contract. They had all agreed to work for him for a full day. They had agreed at various times during the day. But those who had worked all day complained. Clearly, those laborers who were hired late in the day received a much higher payment per hour of work.
    In response, the employer affirmed the right of contract and also the right of ownership. But this affirmation applied to them, too. They had possessed the both the ability and opportunity to work for a wage. No one compelled them to accept his offer. As owners of their labor, they had the right to decline the offer. They did not decline. But after a day’s work, they compared their hourly wages with late-comers’ hourly wages. They grew discontented. They wanted more.

    This post was published at Gary North on July 19, 2017.

  • The Feds Just Expanded Civil Asset Forfeiture ‘Laws’ Nationwide

    When you’re a government agency, asking for a tax increase is always a hassle. As Ryan McMaken notes, for the most part, taxpayers don’t like taxes, and if asked if they want to pay more, they’re likely to often say “no.” Moreover, when public officials pass tax increases, they may face the wrath of taxpayers at the ballot box. For this reason, governments are always looking for ways to get revenue without having to use tax revenue.
    One such ‘hidden’ method of seizing wealth from the taxpayers is through what is now called “civil asset forfeiture.”
    This occurs when a law enforcement agency seizes the assets – including real estate, cars, cash, and other valuables – from private citizens based merely on the suspicion that the person has committed a crime with the assets in question. No due process is necessary. No conviction in a court of law need occur. While it is technically possible to sue a government agency to reclaim one’s possessions, this requires immense amounts of time and legal fees to pursue. Needless to say, civil asset forfeiture has become a lucrative source of income for law enforcement agencies. And, over the past 30 years, the practice has become widespread.
    As Martin Armstrong detailed, between 1989 and 2010, U. S. attorneys seized an estimated $12.6 billion in asset forfeiture cases. The growth rate during that time averaged +19.4% annually. In 2010 alone, the value of assets seized grew by +52.8% from 2009 and was six times greater than the total for 1989. Then by 2014, that number had ballooned to roughly $4.5 billion for the year, making this 35% of the entire number of assets collected from 1989 to 2010 in a single year. Now, according to the FBI, the total amount of goods stolen by criminals in 2014 burglary offenses suffered an estimated $3.9 billion in property losses.

    This post was published at Zero Hedge on Jul 19, 2017.

  • Judge Halts Shkreli Trial

    The trial of former Turing Pharmaceuticals CEO Martin Shkreli has been temporarily halted by Judge Kiyo Matsumoto after Shkreli’s lawyer objected emphatically as the prosecution planned to show jurors documents it claims are evidence of fraud committed by Shkreli, without calling witnesses to back them up, according to CNBC.
    The documents allegedly detail payments that Shkreli’s drug company made to investors in two hedge funds he ran, as well as supposedly bogus consulting agreements he signed with some of his former investors entitling them to a salary and shares in Retrophin, a pharmaceutical company he co-founded and briefly led, according to CNBC. Jurors were given the rest of Wednesday off, as well as Thursday, to allow both the defense and prosecution time to file legal briefs on their arguments for and against requiring witnesses for the relevant documents. Testimony is expected to resume Friday, CNBC reported.
    Benjamin Brafman, the celebrity defense attorney representing Shkreli, said denying him the opportunity to cross examine people involved with the documents would be tantamount to denying Shkreli his constitutional right to confront witnesses against him.

    This post was published at Zero Hedge on Jul 20, 2017.

  • Chapter 39: Price Controls

    Christian Economics: Teacher’s Edition
    ‘Bad, bad,’ says the buyer, but when he goes away, then he boasts (Proverbs 20:14).
    AnalysisEveryone wants to buy cheaper. Everyone is looking for a better deal. If I can buy it for less, I retain more of my money. More money is better than less money. Furthermore, there is the modern adaption of Ben Franklin’s aphorism: ‘A penny saved is up to 1.4 cents earned, depending on your tax bracket.’
    In modern economies, most sales are by computerized bar codes. It is not possible to save money by negotiating with the person at the check-out register. Prices and quantities are computerized. The person at the check-out register cannot modify prices. Everything is set up to let buyers go through the line rapidly.
    There are still products that are still sold by negotiation. Automobiles are sold this way. So is most real estate. But where items are all the same, unlike real estate, they are usually sold without any negotiating.
    This is a modern development. Throughout most of history and in most societies, buyers and sellers negotiated prices and the terms of sale if credit was involved. They negotiated face to face. There was no court to enforce a law that said negotiations could not involve deception. There was no such law. Everyone assumed that there would be verbal deception. It is a mark of capitalism’s mass market sales that deception has become a matter of court cases.
    The proverb provides an example of verbal deception: ‘Bad, bad.’ The buyer is trying to negotiate a lower price. He is offering a reason why he is unwilling to pay the seller’s initial asking price. There is an advertising strategy called ‘reasons why’ selling. This verse tells us that there is a comparable strategy for buying. This proverb tells us what we already know: a person may say ‘bad, bad’ when he is thinking: ‘Good, good . . . and even better if I can get it at a lower price.’ Even when he can’t, and he pays the asking price, he brags to others that he got a terrific deal. What he said in one setting is the opposite of what he said in another setting.

    This post was published at Gary North on July 18, 2017.

  • Asian Metals Market Update: July-18-2017

    Lack of news resulted in a weaker US dollar and the continued rise in metals and energies. Trump and his never ending controversies implies stalemate among US lawmakers to pass new legislation. Only war legislations have been passed by republicans. Global safe haven demand has been on the rise. The internet is filled with speculation that the Russia-China energy deal will result in an end to the petrodollar. Tensions in the South China Sea and a NATO expansion in eastern Europe will increase in all kinds of trade between Russia and China. We might see a new cold war3 with Russia-China on one side and NATO and its allies on the other. NATO has used trade sanctions first to alienate a nation and if trade sanctions did not work, then use force or create an armed rebellion in that nation. NATO’s tried and tested ways to rule will not work with the Russia-China axis. Russian and Chinese governments have been continuously increasing their gold reserves. One needs to closely watch NATO’s tactics with the Russia-China axis. The Taliban, the Islamic state, the mujahedeen’s, one can call by whatever name are all termites created by NATO for an opposing nation. Philippines great leader Duterte opposed NATO and the Islamic state terror has been unleashed to him. No one is invincible. I believe that the controlling power of NATO will fall over the coming years. Physical gold is still not a bad very long term investment.

    This post was published at GoldSeek on 18 July 2017.