• Tag Archives Law
  • Since Seattle Placed A Tax On Guns And Ammunition, The City’s Violent Crime Rate Has Increased

    In recent years, Seattle has developed a reputation for passing asinine laws. Recently the city tried to increase taxes on diet soda, because the drink is more popular among white people. In the past they’ve allowed 6th graders to receive IUDs without parental consent, and have enlisted garbage men to snoop through residential trash in search of compost that is illegal to throw out. Seattle was also the first American city to pass a $15 minimum wage law, which promptly hurt low wage workers.
    So it’s no surprise that sometimes the city passes laws that backfire in very predictable ways. In 2015 Seattle tried to place a tax on gun and ammunition purchases, in an effort to curb some of the costs the city pays for gun violence. However, these taxes didn’t have the desired effect.
    Seattle City Councilman Tim Burgess introduced the tax in 2015. It puts a $25 tax on every firearm sold in the city and up to 5 cents per round of ammunition. The measure easily passed and took effect January 1, 2016. Comparing the first five months of 2017 with the same period before the gun tax went into effect, reports of shots fired are up 13 percent, the number of people injured in shootings climbed 37 percent and gun deaths doubled, according to crime statistics from the Seattle Police Department.

    This post was published at shtfplan on June 21st, 2017.

  • 69 Percent Of Americans Do Not Have An Adequate Emergency Fund

    Do you have an emergency fund? If you even have one penny in emergency savings, you are already ahead of about one-fourth of the country. I write about this stuff all the time, but it always astounds me how many Americans are literally living on the edge financially. Back in 2008 when the economy tanked and millions of people lost their jobs, large numbers of Americans suddenly couldn’t pay their bills because they were living paycheck to paycheck. Now the stage is set for it to happen again. Another major recession is going to happen at some point, and when it does millions of people are going to get blindsided by it.
    Despite all of our emphasis on education, we never seem to teach our young people how to handle money. But this is one of the most basic skills that everyone needs. Personally, I went through high school, college and law school without ever being taught about the dangers of going into debt or the importance of saving money.
    If you are ever going to build any wealth, you have got to spend less than you earn. That is just basic common sense. Unfortunately, nearly one out of every four Americans does not have even a single penny in emergency savings…
    Bankrate’s newly released June Financial Security Index survey indicates that 24 percent of Americans have not saved any money at all for their emergency funds.
    This is despite experts recommending that people strive for a savings cushion equivalent to the amount needed to cover three to six months’ worth of expenses.

    This post was published at The Economic Collapse Blog on June 20th, 2017.

  • 100 Million Dead In US

    Go ahead folks, read this one.
    Accordingly, I must communicate to you at this time the full extent of our dire fiscal straits and the potential disruptions that we face in addressing even our most critical core responsibilities going forward into the new fiscal year. My Office has very serious concerns that, in the coming weeks, the State of Illinois will no longer be able to guarantee timely and predictable payments in a number of areas that we have to date managed (albeit with extreme difficulty) despite an unpaid bill backlog in excess of $15 billion and growing rapidly.
    We are effectively hemorrhaging money as the state’s spending obligations have exceeded receipts by an average of over $600 million per month over the past year. (ed: That’s $7.2 billion/year)
    My cause for alarm is rooted in the increasing deficit spending combined with new and ongoing cash management demands stemming from decisions from state and federal courts, the latest being the class action lawsuit filed by advocates representing the Medicaid service population served by the state’s Managed Care Organizations (MCOs). As of June 15, the MCOs, and their provider networks, are owed a total of more than $2.8 billion in overdue bills at the Comptroller’s Office. There is no question that these obligations should be paid in a more timely manner and that the payment delays caused by the state’s financial condition negatively impact the state’s healthcare infrastructure. We are currently in court directed discussions to reach a workable and responsive payment schedule going forward, but any acceleration of the timing of those payments under the current circumstances will almost certainly affect the scheduling of other payments, regardless of other competing court orders and Illinois statutory mandates.

    This post was published at Market-Ticker on 2017-06-21.

  • Illinois Comptroller: “The State Can No Longer Function, We Have Reached A New Phase Of Crisis”

    With just 10 days to go until Illinois enters its third year without a budget, resulting in the state’s imminent downgrade to junk status and potentially culminating in a default for the state whose unpaid bills now surpass $15 billion, Democratic Illinois Comptroller Susana Mendoza issued a warning to Illinois Gov. Rauner and other elected officials on Tuesday, saying in a letter that her office has “very serious concerns” it may no longer be able to guarantee “timely and predictable payments” for some core services.
    In the letter posted on her website, Mendoza who over the weekend warned that Illinois is “in massive crisis mode” and that “this is not a false alarm” said the state is “effectively hemorrhaging money” due to various court orders and laws that have left government spending roughly $600 million more a month than it’s taking in. Mendoza said her office will continue to make debt payments as required, but indicated that services most likely to be affected include long-term care, hospice and supportive living centers for seniors. She added that managed care organizations that serve Medicaid recipients are owed more than $2.8 billion in overdue bills as of June 15.
    “The state can no longer function without a responsible and complete budget without severely impacting our core obligations and decimating services to the state’s most in-need citizens,” Mendoza wrote. “We must put our fiscal house in order. It is already too late. Action is needed now.”
    Unveiling the most dire langage yet, in her letter Mendoza said “we are now reaching a new phase of crisis” perhaps in an attempt to prompt the Democrats and Republicans to sit down and come up with a comrpomise:

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

  • Barclays, Former CEO Criminally Charged Over Qatar Fundraising

    Two familiar names are in the news this morning, after the UK’s Serious Fraud Office filed criminal charges against Barclays Plc and four former executives, including former CEO John Varley, for conspiracy to commit fraud regarding the bank’s 2008 capital raising from Qatar. The SFO said Tuesday that former Chief Executive Officer John Varley, former chairman of investment banking for the Middle East Roger Jenkins, ex-deputy head of investment banking Richard Boath and ex-wealth chief Thomas Kalaris face charges along with the bank.
    The SFO allegations focus on how Barclays arranged two capital injections from Qatari investors during the 2008 financial meltdown, when the bank raised 11.8 billion ($15 billion) to prop it up and avoid a state bailout unlike peers RBC and Lloyds. Barclays said it paid 322 million in ‘advisory services’ to Qatari investors, which wasn’t initially disclosed after the capital was raised. The SFO charged the individuals and the bank with conspiracy to commit fraud. Two individuals, including its former Chief Executive John Varley, were also charged with the provision of unlawful financial assistance. Additionally, the SFO’s charges also relate to a $3 billion loan facility Barclays made to the State of Qatar acting through the ministry of economy and finance in November 2008, just after its second capital raise.
    The WSJ adds that the case marks the first time that top executives at a U. K. bank face criminal charges for their actions during the financial crisis. If Barclays is found guilty it faces a fine but wouldn’t lose its banking license. Barclays said in a statement it is ‘considering its position in relation to these developments.’
    More from the WSJ:

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

  • Martin Shkreli, Disclosing $70 Million Net Worth In 2015, Says “Doesn’t Have Any Cash” Left

    Ahead of Martin Shkreli’s fraud trial which begins next week, the disgraced biopharma executive appeared in court Monday, asking the judge to cut his bail from $5 million to $2 million, citing a lack of funds and the need to pay for his defense and back taxes. He faced were two problems: as prosecutor Alixandra Smith countered, Shkreli has plenty of cash as per his own relentless twitter boasts, and also his self-disclosed net worth.
    According to Reuters, Smith said at Monday’s hearing that Shkreli had reported his net worth at $70 million when he was arrested in 2015, although as Shkreli’s lawyer, Benjamin Brafman, conceded most of that is locked up in stock: while Shkreli still owned a share of Turing Pharma worth $30 to $50 million he could not sell it without the consent of the other partners in the company.
    And then there are the tweets. In addition to his self-reported assets, Smith said that Shkreli has plenty of cash citing a recent series of boasts he’s made on social media.
    Quoted by Bloomberg, Smith said that in a May 26 post, Shkreli offered a $100,000 bounty to find Seth Rich’s killer. She also said he flaunting purchases like a $2 million Wu-Tang Clan album, an unreleased Lil Wayne album, a Picasso, a World War II-era Enigma code breaking machine and had recently promised a Princeton University student $40,000 for solving a mathematical proof.

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

  • ‘When I say cut taxes, I don’t mean fiddle with the code. I mean abolish the income tax and the IRS, and replace them with nothing’

    The quote in the headline comes from Ron Paul, and it should be the goal of every conservative lawmaker in the entire country. When professional politicians tell you that they are in favor of reforming the tax code or reducing taxes a little bit, essentially what they are telling you is that they are perfectly fine with the status quo. They may want to tweak things slightly, but in general they are content with big taxes, big spending and big government. I spent an entire year getting a Master of Laws in Taxation at the University of Florida Law School, and in my opinion the best thing that Congress could do to the tax code would be to run it through a shredder and put it in a dumpster. As I noted the other day, the tax code is now more than four million words long and it takes Americans about six billion dollars a year to comply with it. Those that believe that they are offering the American people a ‘solution’ by proposing to tinker with this abominable mess are just fooling themselves.
    The only long-term solution that is going to work is to get rid of the entire steaming pile of garbage. Ron Paul understood this, and we would be very wise to take his advice. The following is the full version of the quote from the headline above…
    ‘By the way, when I say cut taxes, I don’t mean fiddle with the code. I mean abolish the income tax and the IRS, and replace them with nothing.’

    This post was published at The Economic Collapse Blog on June 19th, 2017.

  • Chapter 18: Production and Distribution

    Christian Economics: Teacher’s Edition
    About that time there arose no little disturbance concerning the Way. For a man named Demetrius, a silversmith, who made silver shrines of Artemis [Diana], brought no little business to the craftsmen. These he gathered together, with the workmen in similar trades, and said, ‘Men, you know that from this business we have our wealth. And you see and hear that not only in Ephesus but in almost all of Asia this Paul has persuaded and turned away a great many people, saying that gods made with hands are not gods. And there is danger not only that this trade of ours may come into disrepute but also that the temple of the great goddess Artemis may be counted as nothing, and that she may even be deposed from her magnificence, she whom all Asia and the world worship.’ When they heard this they were enraged and were crying out, ‘Great is Artemis of the Ephesians!’ (Luke 19:23 – 28)
    AnalysisDemetrius understood the economic law of supply and demand. He understood that demand for his silver shrines was based on widespread faith in the supernatural power of Artemis-Diana, the goddess associated with the city of Ephesus. The temple was known across the Mediterranean. It is numbered among the legendary seven wonders of the world. This demand for household shrines, meaning idols, was under assault from Paul, who was preaching salvation through faith in Jesus Christ, who was God incarnate. If the new faith spread, it would put Demetrius out of business.
    He called together other craftsmen who supplied him with products. He warned them that their businesses were at risk, just as his was. He sold to final users. He bought support materials from these craftsmen. He understood that maintaining consumer demand was the key. If the producers were not successful in persuading buyers to buy the products of their hands, they would have to go into another market. They would still be competent craftsmen, but they would have to leave their profitable niche markets associated with the goddess, and produce silver goods that were less in demand. Their income would necessarily fall.
    Demetrius understood that consumers direct production, not producers. Consumers own money. They can buy almost anything that is for sale. Producers must subordinate their skills to consumers if they expect to get paid.

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

  • EU Wants to Order All Euro Trading Moved from London to Paris

    The European Union is preparing the legal basis to take over London’s extensive trading business with euro derivatives. This is just another complete failure of bureaucrats to comprehenmd market function. Perhaps they should also outlaw euro trading in the USA and Asia. That would be real smart. Then they can all sit down and play cards with euro themselves and guarantee it will never be anything to anyone else no less convertible worldwide.

    This post was published at Armstrong Economics on Jun 15, 2017.

  • Governor Jerry Brown of California Advocates the Overthrow of USA

    Governor Jerry Brown of California is committing Treason Against the United States. He is leading a confederacy against the Federal Government and should stand trial, but of course that would be controversial. After Trump rejected the Paris Climate treaty, which had never been ratified by the Senate, the European Union announced that it would work with a climate confederacy of secessionist states in the USA. This is clearly Treason and all Federal funds should be cut off from the secessionist governments of California, New York and Washington, who have unilaterally and completely illegally entered into a foreign treaty rejecting the President of the United States on the Paris Accord.
    U. S. Constitution – Article 1 Section 10 Article 1 – The Legislative Branch
    Section 10 – Powers Prohibited of States No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts; pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any Title of Nobility.

    This post was published at Armstrong Economics on Jun 14, 2017.

  • Get Ready for the Fed’s Big Mistake

    America is fully employed, or so say the statistics. Federal Reserve officials think the job market is strong enough to justify higher interest rates. They’re afraid inflation will get out of control.
    But if inflation is a problem, it’s not yet apparent in the average worker’s paycheck. ‘Just wait,’ the inflation hawks say.
    Like many economic dilemmas, this one includes several big assumptions. One is that having a job means you have a steady income. Maybe you want more, but you at least have some kind of reliable baseline.
    A pile of evidence says that may no longer be a good assumption. If so, Janet Yellen and whoever follows her will be making a huge mistake. We all need to get ready for it.
    Persistent Puzzle
    We all know people who are unemployed or underemployed – probably more than the stats say we should. Are the official numbers wrong?
    Yes, they could be flawed. But even if they’re right, it doesn’t mean everyone is happy about it.
    Maybe you lost your job because your company went bankrupt. No other employers in your area need your skills. You can’t sell the house and move because you’re underwater on the mortgage. With no better choices, you take a lower-skilled job at half your former pay.

    This post was published at Mauldin Economics on JUNE 13, 2017.

  • “The Sooner We Do It, The Better”: Congress Should Raise Debt Ceiling Before August Recess, Mnuchin Says

    Treasury Secretary Steven Mnuchin reiterated his preference for the debt ceiling to be raised before lawmakers break for August recess during testimony before the House Appropriations Committee on Monday.
    Here’s Bloomberg’s summary of what was said during the hearing:
    Can’t imagine a scenario that the debt ceiling isn’t raised Mnuchin urges Congress to align the timing of raising the debt cap with the budget process Markets don’t want Congress to wait to raise the debt ceiling ‘The sooner we do it the better, there are events in the world that could make it more difficult to borrow’ The debt ceiling should not be a Republican or Democrat issue, it should be an acknowledgment ‘that we have spent the money, we have to fund the government’ Mnuchin did not give lawmakers a hard deadline for when the debt ceiling needed to be raised but said it could wait until after Congress’s August recess, the Hill reported.

    This post was published at Zero Hedge on Jun 12, 2017.

  • Chapter 10: Money and Wealth

    Christian Economics: Teacher’s Edition
    Now Abram was very rich in livestock, in silver, and in gold (Genesis 13:3).
    AnalysisAbram was rich when God called him to leave Ur of the Chaldees and move to an unknown land. He did not leave his wealth behind. He took it with him (Genesis 12:5). It was portable capital. It continued to grow.
    Gold and silver in Abram’s day were money. This was around 1,900 B. C. These metals were a major form of wealth. This indicates that the division of labor was well advanced. Money is used only in high division of labor economies. Silver and gold were used originally as ornaments, but as economies become richer and more complex, silver and gold were used more in trade than as ornaments.
    Silver and gold bars were units of weight. They were also units of fineness: the same amount of precious metal per weight. They came under the moral law of uniform weights and measures. This law was expressed in the Mosaic law: ‘You shall do no wrong in judgment, in measures of length or weight or quantity. You shall have just balances, just weights, a just ephah, and a just hin’ (Leviticus 19:35 – 36).
    Portability is one of six characteristics of money. The others are these: durability, divisibility, recognizability, continuity of price over time and geography, and a high price in relation to weight and volume. Money can be concealed. It functions over a wide geographical area, preferably anywhere.
    Abram was a wealthy man. He possessed gold and silver. His livestock was semi-monetary. In rural cultures, domesticated animals can function as money. They are durable, portable, recognizable, and divisible, but only once per beast. They are not high price in relation to weight and volume. This limitation is partially offset by the fact that they multiply all by themselves.
    Money is the most marketable commodity. It possesses unique features. It is used to establish prices of all other products and services in a market. But there is no market-based price for money. There are billions of prices for money, matching every product and service. To assess the price of money, economists establish statistical index numbers, but these all have downsides. The average person has a sense that a particular monetary unit is changing in price, i.e., purchasing power, but this sense is in no way scientific.

    This post was published at Gary North on June 09, 2017.

  • China’s ‘official’ gold reserves unchanged for 7th straight month — Lawrie Williams

    Latest reports from the People’s Bank of China for May indicate that the World’s No. 2 economic power has kept its official gold reserve unchanged – at 59.24 million ounces (1,842.6 tonnes) – for the seventh successive month. Indeed China’s officially reported gold reserves have remained unaltered since the Chinese renminbi (or yuan) was confirmed as an integral part of the IMF’s Special Drawing Right (SDR) back in October last year. Currently the Chinese currency accounts for 10.92% of the basket of currencies which make up the SDR – the others are the US dollar 41.73%, the Euro 30.93%, the Japanese yen 8.33% and the pound sterling at 8.09%.
    The IMF notes on its website that the SDR was created in 1969 as a supplementary international reserve asset, in the context of the Bretton Woods fixed exchange rate system. A country participating in this system needed official reserves – government or central bank holdings of gold and widely accepted foreign currencies – that could be used to purchase its domestic currency in foreign exchange markets, as required to maintain its exchange rate. But the international supply of two key reserve assets – gold and the US dollar – proved inadequate for supporting the expansion of world trade and financial flows that was taking place. Therefore it was decided to create a new international reserve asset under the auspices of the IMF.
    Although the idea was to create a new reserve currency as defined by the SDR basket, the composition of which is reviewed every five years, the inclusion of a currency in the basket does lend a degree of acceptance as a potential reserve currency in its own right, which is presumably why China was so keen for the renminbi to become part of the SDR basket. To help achieve this the Chinese central bank began to announce monthly additions to its gold reserves in the interests of transparency. Prior to that it had only announced its gold reserve increases at five or six year intervals saying that this additional gold, which it then moved into its official reserve, had been held in accounts which were outside the purview of its gold reserve reporting to the IMF.

    This post was published at Sharps Pixley

  • Chinese gold demand falling, not rising — Lawrie Williams

    One measure of Chinese gold demand which we follow is the level of gold withdrawals from the Shanghai Gold Exchange. With the publication today of the figure for May of 138.08 tonnes it appears that withdrawals to date this year are marginally down on those of a year ago – and substantially below the record seen in 2015. This is contrary to some other reports which suggest Chinese gold demand is stronger this year than last and may again be approaching record level.
    Even though SGE gold withdrawals may be down on 2016 and 2015, though, they do remain substantial by world levels, being equivalent to around 60% plus of all global new mined gold, and with Indian demand as represented by imports making a strong recovery this year (some reckon the annual Indian total may reach 1,000 tonnes again), these two nations alone will account for around 90% of all new mined gold – and gold flows into Asia as a whole, particularly if one adds in smuggled gold into India which some estimates put at over 200 tonnes, look like exceeding the global new mined total alone.
    With the major gold ETFs adding to their gold tonnage totals so far this year, and taking into account gold consumption throughout the rest of the world – notably in Europe – then we could be heading for a substantial undersupply of new physical gold which, logically, should drive the gold price higher. Scrap supply will probably make up much of this balance, but the major analytical consultancies see this as continuing to drop which should be a positive for gold’s fundamentals.

    This post was published at Sharps Pixley

  • Chats by Ex-Deutsche Bank Metals Trader Reveal Spoofing “Tricks from the Master“

    David Liew was a quick study. Less than a year into his metals-trading job at Deutsche Bank in Singapore, he joked with a colleague about their latest win.
    “Tricks from the … master,” Liew typed in a chat after working with a colleague to move gold futures prices while Liew executed a trade. In the course of a year, Liew and his colleagues used fake orders to try to manipulate prices, an illegal practice called spoofing, more than 50 times.
    After pleading guilty to fraud charges last week and agreeing to cooperate, Liew has become a prime government witness for U.S. prosecutors investigating whether traders at the world’s biggest banks conspired to manipulate prices in silver, gold, platinum and palladium. His chats with colleagues — part of an FBI affidavit filed in Chicago and placed under seal — provide a window into the investigation by the Justice Department, which began looking into such activities at a dozen of the biggest global banks two years ago.
    The U.S. is also looking beyond precious-metals trading and planning more criminal spoofing charges against Wall Street traders, according to people familiar with the matter. Working with the Commodity Futures Trading Commission, prosecutors in the Justice Department’s criminal division in Washington have been developing spoofing cases across markets since the 2010 adoption of the Dodd-Frank financial law, which made the practice illegal.

    This post was published at bloomberg

  • Asian Metals Market Update: June-07-2017

    It seems all terror attacks in democratic nations happen before an election. I rarely find any terrorist attack after an election. I am confident that once UK and German elections are over, Europe will not see terror attacks for quite a long time. In Europe or the UK all terrorists were known to the law enforcement agencies and still they slept. It is very easy to radicalize anyone these days. Give a dissatisfied person/unemployed person a mobile phone with an internet connection and continuously send him links for radicalization. The person will get radicalized very quickly. Some get self-radicalized due to the content provided by facebook, twitter, whatsapp and other social networking platforms. This is a side effect of social networking. This is causing a big demographic change in the world. It is very easy to show all lies as truth in the virtual world. Islamic religious heads are doing the same along with NATO nations. This is also one key reason why gold has to rise in the long run and the US dollar/paper assets needs to be dumped.
    In India social networks (whatsapp, facebook etc) are changing the behavioral aspects of people, demand of any consumer product gets affected by social media. Social media is now a big cause for divorce in India and is growing. Productivity in offices gets reduced due to increased social media usage. However businesses are also lowering selling costs due to social media publicity. Demographic disruptions caused by social media will only increase the demand for physical gold in India.

    This post was published at GoldSeek on 7 June 2017.

  • What Can We Learn from Japanese Gangsters?

    If government regulations are squeezing your business, and you want to avoid the risk inherent in the mainstream financial system, what do you do?
    Buy gold!
    This is true even if your business is – shall we say – not completely above board.
    In fact, Japanese organized crime is reportedly turning to gold as its traditional revenue streams are squeezed by stepped-up law enforcement. Deutsche Welle reports gold smuggling and theft have risen sharply, particularly in southern Japan.
    Obviously, we don’t want to get involved in organized crime, but can we learn something from these Japanese gangsters?
    Jake Adelstein is an expert on Japan’s underworld. He said the country’s organized crime groups, known as ‘yakuza’ have found gold to be a lucrative income stream in recent years. The sudden surge in gold smuggling provides evidence of this trend. Japanese customs detected only eight attempts to smuggle gold into the country in in 2014. That number increased to 294 last year.
    Gangs across the country are desperate for new sources of income after the police began a crackdown on their more traditional sources of income around five years ago. In years gone by, the ‘yakuza’ earned their living largely from extortion and protection rackets, but the new legislation has effectively eliminated those revenue streams. So they have been casting around for a new way of making a living, and the gangs that are dominant in southern Japan have clearly recognized the opportunities that lie in gold.’

    This post was published at Schiffgold on JUNE 6, 2017.

  • Spanish Banking Crisis Spreads As Banco Popular Credit Curve Inverts

    Having told its employees “don’t panic” over the weekend (at the crashing stock and bond prices of Spain’s 6th largest bank), it appears investors are ignoring that message as Banco Popular’s credit curve has inverted for the first time since 2012 in the biggest red flag yet that Spain’s banking crisis is systemic and about to test the EU’s bail-in laws.
    Banco Popular Chairman Emilio Saracho sent a letter to staff assuring them the bank remains solvent after Friday’s stock crash, courtesy of Expansion, google translated:
    “From the management we are aware that the information that is being published affects the work and the spirit of each one of you, but our obligation as professionals is to focus on the day to day and on the clients, since the activity of the bank must continue as it has so far” begins the statement, whose target is the Professional Association of Directors Banco Popular.
    The central message of this letter sent yesterday is the following: “Banco Popular remains solvent and has positive net worth”.
    “Our bank is in a difficult situation,” says Saracho. “For this reason and in order to meet the regulatory requirements that the European Central Bank demands for next year and guarantee our strength and future, we are working on different alternatives.

    This post was published at Zero Hedge on Jun 5, 2017.

  • Asian Metals Market Update: June-05-2017

    The UK terror attack will ensure that Ms. Theresa May gets a thumping majority in the UK elections on Thursday. I believe that these attacks are indirectly state sponsored to ensure Ms. May and her party continue to rule the UK. Everything is fair in love and politics. Even the Manchester suicide bomber and his group were known to UK law enforcement agencies. The Cable can fall first and then rise. There should be higher gold demand as a safe haven from Europe.
    US May nonfarm payrolls and US May private ADP numbers coming in exact opposite directions can confuse investors. Sentiment for gold is bullish and bearish as that of the US dollar. Over the next two weeks gold needs to break and trade over $1309 to get start another bull run to $1476 and more. Silver needs to trade over $1761 to continue its bullish zone.

    This post was published at GoldSeek on 5 June 2017.