Gold: $1275.80 DOWN 11.60
Silver: $17.85 UP 2 cents
Closing access prices:
Gold $1275.60
silver: $17.93!!!
Premium of Shanghai 2nd fix/NY:$17.26
LONDON FIRST GOLD FIX: 5:30 am est $1271.80
For comex gold:
For silver:
For silver: APRIL
Total number of notices filed so far this month: 906 for 4,530,000 oz

This post was published at Harvey Organ Blog on April 24, 2017.

Stocks and Precious Metals Charts – Risk On! – One Hundred Days – La Grande Trompe-l’il

‘What does love look like? It has the hands to help others. It has the feet to hasten to the poor and needy. It has eyes to see misery and want. It has the ears to hear the sighs and sorrows of men. That is what love looks like.’
Augustine of Hippo
As you most probably have heard the French elections settled on the ‘base case’ candidates, Le Pen and Marchon.
None of the old line, established parties made the cut.
Le Pen is the hard nationalist right and anti-EU. Macron appears to be a political noveau, and a kind of Obama like centrist figure with a very friendly disposition to the status quo.
And so there was celebration on Wall St, since Macron is expected to roundly defeat the radical right’s Le Pen. And thereby the European Union will be preserved from the contagion of Brexit.
Gold and silver were smashed overnight. Interestingly enough silver gained all of its losses back to finish largely unchanged, with a toe in the gains column. There is a silver option expiry on the Comex tomorrow.
Gold gave up about 8 bucks.
Speaking of the buck, the DX index took a dive as happy speculators were piling back into the Euro on the apparent impending victory of the status quo over any kind of change.
Trump’s first 100 days are at an end. And so it is a good time to make some general observations – he is almost incredibly ill-suited to be the President. That is not to say that he could change and surprise us by doing the right things for the broad swath of the public, and the people who voted him into office that are not of the plutocrat class. But that seems increasingly unlikely.

This post was published at Jesses Crossroads Cafe on 24 APRIL 2017.

Rickards: We Are Positioned for Systemic Crisis

Jim Rickards joined Keith McCullough on HedgeyeTV to discuss the economy, his book Death of the Dollar and the systemic crisis risk in the market. Jim Rickards candidate interview on HedgeyeTV is truly a no-punches held back session of economic focus and uncovers what to expect in the future for finance.
When Keith McCullough jumped into the question and answer segment, he began by asking about Rickards recent conversation with former Treasury Secretary Timothy Geithner. Rickards explained, ‘My question to him was, if there was an economic crisis tomorrow – what would the policy response be? Would the government simply go up to eight or twelve trillion on the balance sheets for the Federal Reserve? Would they turn to the International Monetary Fund and the special drawing rights (SDR)? The IMF has a clean balance sheet, they’re leveraged three to one and could print a couple trillion SDR’s. They could just flood the market with those. Geithner surprised me and said neither. That really surprised me coming from someone that worked at the IMF and is one of the few people that truly understands the SDR system.’

This post was published at Wall Street Examiner on April 24, 2017.

Despite “Mega-Relief-Rally”, RBC Warns Beware “The Reflation Trap”

The most widely-expected “base-case” outcome of the first round of the French election occurred… and yet, as RBC’s head of cross-aset strategy Charlie McElligott notes, risk-markets have still screamed-higher in comedic relief rally fashion.
McElligott write, this sounds obvious, but two points:
1) the hedging-flows into the event-risk now come off (i.e. Japanese owners of OATs punting on their EURJPY downside hedges, thus EURJPY 2.7% on day as an example) and
2) we now see general investors ‘unshackled’ and able to add exposure to the region in what has rapidly become the world’s favorite risk-region.
But, now is where it gets interesting though, as the ‘risk-ON’ / ‘bond bear’ catalysts by-and-large are again being priced back into the market, with little thought of downside. This is where expectations are again ripe for an overshoot.
So taking a step back from Euro-phoria for a hot-second… I wanted to touch on a concept that Mark and I have been discussing / working-on – this idea of a tactical ‘US reflation trap.’

This post was published at Zero Hedge on Apr 24, 2017.

We’re Seeing a Healthy Pause Now, Higher Markets Later This Year

Recently, markets have been taking a breather. Are they signaling a temporary stall or something more worrisome? And what comes next?
This time on Financial Sense, we spoke with Tom McClellan, editor of McClellan Financial Publications about his take on current conditions and his expectation for a move higher in the second half of 2017.
Market Fears Aren’t Warranted
Right now, we’re experiencing what McClellan referred to as a healthy pause, which he expected. We’ll see a big rally into May, a swoon right after that into June, and the mother of all uptrends into the end of 2017 and perhaps beyond, he noted.
We shouldn’t listen to the bearish voices and overvaluation scenarios we’ll hear before the second half of the year, McClellan added.
‘The last half of 2017 is going to be a really exciting time for the bulls,’ he said. ‘We’re still wading through choppy waters right now before we get to that big rush. Then it’s going to be time to invest and hold on for all it’s worth.’

This post was published at FinancialSense on 04/24/2017.

The Election Economic Surge Has Faded,Data Shows Something Horrific Is Headed Our Way- Episode 1262a

The following video was published by X22Report on Apr 24, 2017
IMF says Greece needs to sacrifice more. After 50 weeks Caterpillar finally has one week that hit 1% sales and its because of China. The economy is declining rapidly and it will accelerate as we move along into this year. Banks in Spain are insolvent and Deutsche Bank says it was fun while it lasted but the economic election surge is over. The economy is at a point where the hard data is showing we are already in a recession and headed for a horrific collapse.

The Collapse of the Left

Before we begin…
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French voters headed to the polls on Sunday in the first round of France’s presidential election. With the rise of National Front candidate Marine Le Pen, the election raises the question of what is happening to the ‘left.’
We have spent a lot of time analyzing the rise of nationalist and populist politicians, but less time examining the demise of the ‘left.’ We start off by putting this term in quotation marks because it is unclear what the left stands for anymore.
The term originally comes from the French Revolution. Members of the Third Estate – people outside of the clergy and nobility – met at a tennis court in 1789 because their regular meeting hall was closed. Those who wanted to create a democratic republic sat on the left side of the court, and this is how the term “left wing” emerged.

This post was published at Mauldin Economics on APRIL 24, 2017.

Long-term price targets are meaningless

Many commentators like to speculate on where the dollar-denominated gold price is ultimately headed. Some claim that it is destined to reach $3,000/oz, others claim that it won’t top until it hits at least $5,000/oz, and some even forecast an eventual rise to as high as $50,000/oz. All of these forecasts are meaningless.
Long-term dollar-denominated price targets are meaningless because a) they fail to account for – and cannot possibly account for, since it is unknowable – the future change in the dollar’s purchasing power, and b) the only reason a rational person invests is to preserve or increase purchasing power. To further explain by way of a hypothetical example, assume that five years from now a US dollar buys only 20% of the everyday goods and services that it buys today.

This post was published at GoldSeek on 24 April 2017.

Double Data Disappointment Today Follows Worst Macro Week In 6 Years

Following the worst week for US macro data in six years, The Chicago Fed (National Activity) and now The Dallas Fed (regional) have both disappointed and fallen this morning.
It was a rough week for ‘hope’ last week…
And this week has not started well…
March Chicago Fed national activity index printed 0.08 versus an estimated 0.50 (range -0.1 to 0.75) and February was revised lower to 0.27 from 0.34. Furthermore, 48 of the 85 monthly individual indicators made positive contributions, while 37 indicators deteriorated.

This post was published at Zero Hedge on Apr 24, 2017.

A Global Catastrophe Is Being Orchestrated By The Elites: ‘There Are Many Things The President Does Not Know’

Following the money is always the key and crucial element to determining the ‘probable cause/modus operandi’ regarding to globalist actions. Although there are many who believe that President Trump is the panacea to all our problems, even they may perhaps admit that there are forces other than the President that drive our country, as well as the world. The shadowy cabal of globalists, Bilderbergers, bankers, and other secretive organizations bent on a ‘union’ of totalitarian control are almost too numerous to count.
There are many things the President does not know. This is intentional on the part of the moneyed interests that control the very fabric of our society. The interests are corporate, political, and religious: a three-level tier of control over all the facets of human society. Just as one individual person cannot ‘dominate’ one of these sectors, the sectors themselves cannot dominate. They are forced into a symbiotic relationship rooted in commensalism, where each of these ‘parasites’ benefits the other two.
The problem lies in the fact that these interests are elitists who believe in the forced imposition of their philosophies upon the masses. They also believe in ‘culling the herd,’ and maintaining a servile population at minimum levels to carry out all menial labor and industrial production (the Deltas and Epsilons of Huxley’s Brave New World) as they direct. Patiently these elitists have been awaiting the day when their ‘1984’ society is a reality, crafting and shaping it all along throughout the decades.

This post was published at shtfplan on April 24th, 2017.

Investors Rushing for Golden Life Rafts

Hedge funds are betting on gold, boosting gold futures and options to the highest level since last November, as investors scramble for golden life rafts.
Gold has advanced by 11% this year, and investors seem to think the gold bulls will continue to run, according to a Bloomberg report. In addition to betting up futures, investors are also loading up on the yellow metal through exchange-traded funds (ETFs). They poured $487 million into SPIDR Gold Shares last Wednesday. That represented the largest daily inflow into the top gold bullion ETF in seven months. According to Bloomberg, a weakening dollar and rampant uncertainty are driving investors into the safe haven of gold.
‘Gold is shining bright as the dollar trades near the lowest since November, lifting the appeal of alternative assets. At the same time, escalating tensions between the US and North Korea have boosted demand for a haven, while delays in implementation for President Donald Trump’s campaign promises to cut taxes and pursue a pro-growth agenda are clouding the outlook for earnings.’
As Comerica Asset Management Group chief investment officer Peter Sorrentino put it, investors are scrambling to escape a potentially sinking ship.

This post was published at Schiffgold on APRIL 24, 2017.

Don’t Look Now But Bond Yields Are Tumbling

If everything’s so awesome, why are Treasuries so bid?
Heavy demand for Treasuries this morning after two notable data disappointments…
Banks are ripping higher (though some context below may help), even as bond yields roll over…
And despite the collapse in VIX, stocks are flat since the open…

This post was published at Zero Hedge on Apr 24, 2017.

Trump To Order Corporate Tax Rate Cut To 15%, Load Up To $2 Trillion In Extra Debt

Ahead of Trump’s much anticipated tax announcement on Wednesday, the WSJ reports that the president has ordered his (mostly ex-Goldman) White House aides to accelerate efforts to create a tax plan “slashing the corporate rate to 15% and prioritizing cuts in tax rates over an attempt to not increase the deficit” which means that without an offsetting source of revenue, Trump is about to unleash the debt spigots, a proposal which will face fierce pushback from conservatives as it is nothing more than a continuation of the status quo under the Obama administration, and may well be DOA.
The WSJ adds that during an Oval Office meeting last week, “Trump told staff he wants a massive tax cut to sell to the American people” and that it was “less important to him if the plan loses revenue.”
Hoping to add a sense of dramatic urgency – after all his 100 day deadline hits on Saturday – Trump told his team to ‘get it done,’ in time to release a plan by Wednesday.
Translation: Trump’s massive tax cut will be funded by debt, and as a result, will be at best temporary as it will be in breach of the revenue constraints in the reconciliation process; at worst it will never happen as it will now require Democrat votes.

This post was published at Zero Hedge on Apr 24, 2017.

Gold Likely to Stay Elevated on Safe Haven Demand: Economist

This week spot gold closed at $1,284.77, down $3.11 per ounce, or 0.24 percent. Gold stocks, as measured by the NYSE Arca Gold Miners Index, ended the week lower by 3.62 percent. Junior-tiered stocks outperformed seniors for the week, as the S&P/TSX Venture Index off just 1.16 percent. The U. S. Trade-Weighted Dollar Index finished the week lower by 0.62 percent.
All the precious metals were off slightly this week with platinum, gold and palladium off 0.16 percent, 0.24 percent and 0.28 percent, respectively. Treasuries extended their gains earlier in the week as soft inflation data from the U. S. fed into the markets and the dollar dropped, reports Bloomberg. Macro news ranging from inflation data casting doubt on the pace of rate hikes to the U. S. decision not to label any countries as currency manipulators have extended the advance in haven assets. Gold climbed to a five-month high in New York, reports Bloomberg, with the Bloomberg Dollar Spot Index falling 0.3 percent. ‘Gold will likely stay elevated given safe haven demand,’ Barnabas Gan, economist at OCBC, said. ‘I won’t be surprised if gold breaches above its $1,200 handle in the foreseeable future.’ On Friday, gold traders and analysts surveyed by Bloomberg were bullish on the yellow metal’s price outlook for a sixth week. Sberbank, Russia’s largest bank, is looking to finance the direct import of gold to India, according to Aleksei Kechko, Managing Director of the company’s Indian subsidiary. India is the world’s second largest importer of gold, and a direct trade between India and Russia would be beneficial to both countries. Russian officials have already signaled their desire to conduct transactions with BRICS nations using gold, writes Russia Insider. In related news, India’s Trade Ministry is preparing a proposal to cut the gold import duty to 2 percent in two years from 10 percent, ET Now and Newswire reports.

This post was published at GoldSeek on 24 April 2017.

China Threatens Retaliation To Trump’s Steel “Protectionism”

Days after Donald Trump signed an executive order to probe steel imports, mostly from China, Beijing responded warning such a move could trigger a trade dispute between the United States and its major trading partners, who are likely to take retaliatory steps, the official China Daily said in an editorial on Monday.
“By proposing an unjustified investigation into steel imports in the guise of safeguarding national security, the U. S. seems to be resorting to unilateralism to solve bilateral and multilateral problems,” the China Daily said. The probe could result in efforts by the United States to curb imports that will affect the interests of a number of its major trade partners, including China, the editorial warned.
“If the U. S. does take protectionist measures, then other countries are likely to take justifiable retaliatory actions against U. S. companies that have an advantage … in fields such as finance and high-tech, leading to a tit-for-tat trade war that benefits no one,” it said.
The article called on the United States, the world’s top economy, to use the settlement mechanism under the World Trade Organization to resolve the dispute over steel. Reducing imports will not alter the weak competitiveness of U. S. steelmakers, help restore U. S. manufacturing or bring back jobs, as President Trump hopes, it said.

This post was published at Zero Hedge on Apr 24, 2017.

Why The Crude Rally Has Fizzled – Part 2

This is the second of a three-part look at why oil prices have failed to rally despite OPEC’s best efforts at managing supply cuts. Read part 1 here.
So, why is everyone so bullish?
Many oil analysts take as a fait accompli that OPEC-led production cuts thus far are key to balancing the crude market. If this is the case, though, why hasn’t it happened yet?
But the bulls say give it time. In the long run, the market will balance.
Everyone knows what Keynes said about the long run (that we are all dead).
That the market is prime for a rally has become gospel truth. But isn’t something so paradigmatic just a little bit risky?
‘Oil prices will get better, and you can take that to the bank,’ David Purcell, head of macro research at Tudor, Pickering and Holt, said at a recent Dallas conference.
‘The market is under-supplied, inventories are back to normal levels by the end of the year, and if you guys don’t drill the Permian too fast, we’re okay,’ Purcell said.

This post was published at Zero Hedge on Apr 24, 2017.

Retail Bubble Bursts! 8,460 Store Closures Expected in 2017 (Largest In Modern History)

Retail REIT and CMBS investors were pleased with the recovery after The Great Recession when retail commercial real estate prices fell then rebounded. But we are seeing a crucial turn in retail real estate values.
The cause? The 2017 surge in retail store closings.

In terms of square footage, it is anticipated that retail store closings will be the largest in modern history.

This post was published at Wall Street Examiner on April 24, 2017.