‘When the rivers and air are polluted, when families and nations are at war, when homeless wanderers fill the highways, these are the traditional signs of a dark age.’ – Pema Chodron, When Things Fall Apart
Those coming of age today will face some of the greatest obstacles ever encountered by young people.
They will find themselves overtaxed, burdened with excessive college debt, and struggling to find worthwhile employment in a debt-ridden economy on the brink of implosion. Their privacy will be eviscerated by the surveillance state. They will be the subjects of a military empire constantly waging war against shadowy enemies and government agents armed to the teeth ready and able to lock down the country at a moment’s notice.
As such, they will find themselves forced to march in lockstep with a government that no longer exists to serve the people but which demands they be obedient slaves or suffer the consequences.
It’s a dismal prospect, isn’t it?

This post was published at The Daily Sheeple on MAY 8, 2017.

Bull Run for Gold Sheer Fantasy or is it forming the base for the next upward leg?

A complex system that works is invariably found to have evolved from a simple system that works.
John Gall
The Gold bugs and Gold experts must be going through hell; almost seven years later and the Gold Markets refuse to follow the path these individuals have laid out for it. Proclamation after proclamation has failed, and the detested dollar much to their angst and surprise has continued to trend higher. Inflation has not taken off as they expected; well at least based on the distorted figures the government issues. The masses believe this data is real and that is all that matters in the end. Truth or a lie is based on a perception and perceptions are driven by emotions, which means that everything is up for debate. What holds true today might not hold true tomorrow or what is deemed valid today might be deemed as rubbish tomorrow.
In Jan of this year, we published an article titled Gold market ready to breakout? A small excerpt is listed below:
Throughout 2016, we stated we did not expect much from Gold, and we stuck to this forecast, even though many experts went out of their way to report that Gold was ready to soar to the Moon or even to the next Galaxy. In fact, since 2011, we have continuously said that until the Trend turns positive, it would be best to play other lucrative markets, such as the general equities market, the US dollar, etc. During this time several experts stated that Gold was ready to surge and some issued insane targets ranging from $20,000-$50,000.
You would think that experts would try to release targets that made some sense. After all, Gold has not even traded past $2,000, so it makes one wonder how any individuals with a shred of common sense could issue a target of over $5,000. Even this target is quite high, and we only envision it being struck under extreme conditions.

This post was published at GoldSeek on 8 May 2017.

Central Banks Prep For The Collpase By Shifting The Narrative – Episode 1274a

The following video was published by X22Report on May 8, 2017
Home Capital Bank is trouble and bank runs are accelerating. Commercial loan delinquencies are rising again. The student loan system is not working, there has been a hold on those who defaulted and these individuals are receiving interest and penalties while an investigation is underway. Bernanke is making a case of why tax cuts are not good at this time, he says the economy is doing well and there is not need. Fed Marsh is worried that the last time the Fed was in agreement the entire system crashed. The Fed is now pushing to create a narrative that the economy is fine while in the background they are prepping the crash.

Mining CEO explains why silver could reach $136.67

His remarks started off like dozens of presentations that I had heard so many times before. . .
‘Without silver,’ began the speaker, ‘our entire society would go back to the Stone Age.’
The speaker was the CEO of one of the largest silver mining companies in the world, and he was a special keynote at the annual closed-door meeting of the Atlas 400.
CEOs of mining companies almost always start their presentations talking about how important their mineral is.
‘If we didn’t have cobalt we would all be cave men again. . .’ or ‘Without molybdenum our modern technology would cease to exist.’
It sounds impressive, but the same story applies to just about every industrial commodity in the world, from copper to lumber to recycled steel.
It’s hardly an original argument and doesn’t impress me enough to be bullish on their mineral.
The real investment thesis about silver is that it’s a precious metal that has industrial qualities and a long-standing tradition of value.

This post was published at Sovereign Man on May 8, 2017.

Household Spending Growth Expectations Crash To Cycle Lows

Despite record high stock prices, soaring consumer sentiment measures, and the constant Fed-spun narrative that incomes will rise amid ‘full-employment’, the latest survey of Americans by The New York Fed signals hope is collapsing for a spending renaissance…
Median household spending growth expectations tumbled from 3.29% in March to 2.58% in April, lowest level in data going back to June 2013..
Still, as long as NFLX, AAPL, AMZN, and GOOG are rallying, this is nothing to worry about, right?

This post was published at Zero Hedge on May 8, 2017.

Stocks and Precious Metals Charts – Hardened Hearts

“Greed, I say, is a great flood; it is a whirlpool that sucks a person down, a constant yearning, always seeking a hold, continually in movement.”
Siddhrtha Gautama
“For this people’s heart has grown callous, their ears are dull of hearing, they have closed their eyes; or else perhaps they might see with their eyes, hear with their ears, and understand with their heart – and then they would turn back again; and I would heal them.’
Matthew 13:15
‘Just as it was in the days of Noah, so will it be with the coming of the Son of Man. People were eating, drinking, marrying and being given away in marriage, up until the very day that Noah entered the ark. Then the flood came, and swept them all away.”
Luke 17:26-27
Volatility continued lower on lightish volumes. VIX fell to 9.77 which is a new low.
Gold and silver were largely unchanged from Friday.

This post was published at Jesses Crossroads Cafe on 08 MAY 2017.

Goldman: “The Last Time Correlations Were This Low Was Just Before The Financial Crisis”

In a note from Goldman’s cross-asset strategist Ian Wright, the bank points out something troubling: on one hand, over the past six months, or rather since the US elections, equity markets around the globe have soared, and returns across regions have been “strong” – S&P 500, Stoxx 600, Nikkei 225 and MSCI EM ($) have returned roughly 11%, 16%, 20% and 11% in local currency price terms, respectively, with MSCI World ($) up 12% over the same period. In other words, everything is up. And yet, while equity indices have rallied across regions, inter-regional equity return correlations have actually fallen materially to their lowest levels since 2000.
Why is this troubling? Because as Wright casually throws out, “the last time correlations were this low was in 2007, just preceding the financial crisis”

This post was published at Zero Hedge on May 8, 2017.


Gold: $1227.70 UP $.50
Silver: $16.27 DOWN 1 cent(s)
Closing access prices:
Gold $xxxx
silver: $xxx
Premium of Shanghai 2nd fix/NY:$10.20
LONDON FIRST GOLD FIX: 5:30 am est $1229.70
For comex gold:
For silver:
For silver: MAY
Total number of notices filed so far this month: 4107 for 20,535,000 oz

This post was published at Harvey Organ Blog on May 8, 2017.

Consumers Slash Spending Growth Expectations to Lowest Level in Fed’s Data

Something embarrassing is happening to the wallet.
Consumer spending – not just retail but also healthcare, housing, tuition, and so on – accounts for 69% of the US economy. Decent economic growth without growth in consumer spending is practically impossible. That’s why everyone is watching consumers. And everyone is praying that they’ll spend.
They’ll have to spend above the rate of inflation for ‘real’ growth (adjusted for inflation) to happen. But that might not be happening over the next 12 months, according to the selfsame consumers.
This isn’t from a wayward blogger spreading some kind of homemade doom-and-gloom gospel, but the New York Fed. It just released its monthly Survey of Consumer Expectations – which covers inflation, the labor market, and household finances, including income and spending expectations. And concerning spending expectations over the next 12 months, it found this embarrassing data point:

This post was published at Wolf Street by Wolf Richter ‘ May 8, 2017.

Trader On Macron Risk-Off – “Today’s Get Rich Quick Scheme Didn’t Work Out So Great”

Well today’s get rich quick scheme didn’t work out so great, writes former FX trader and fund manager Rich Breslow. It turns out that more than a few traders had the idea that they’d go with the huge Macron poll lead and superior debate performance and place a little weekend flutter. After all, not that many other people may have noticed. But whether or not the euro, bund yields and the like behaved as hoped on Macron’s win isn’t really dispositive of anything. Put it all down to noise.
This is noise of a good sort. Markets didn’t gap and die, like they’ve been doing. If you think this election was an unmitigated positive for things Europe then there’s still plenty of time to jump in. If you just know that nothing ever changes and the social and economic ills live on, well most of the first round bounce is still there to be faded.
Counter-intuitively, the post-election wave of implied volatility selling is probably a mistake. Yes, the digital risk of a black-swan event, such as it was made out to be, is gone, but that was more an excuse for people to not trade. If the near or intermediate direction of asset prices is to be decided by economic numbers and projected central bank policy, that’s something you should be comfortable positioning for.

This post was published at Zero Hedge on May 8, 2017.

Texas Gold Bullion Depository Getting Closer to Reality; Will Allow Texans to Do Business in Gold

Last week, the Texas House unanimously passed a bill that would facilitate the establishment and operation of the Texas Bullion Depository; helping to undermine the Federal Reserve’s monopoly on money.
The creation of a state gold depository in Texas represents a power shift away from the federal government to the state, and it provides a blueprint that could ultimately end the Fed. The facility will not only provide a secure place for individuals, business, cities, counties, government agencies, and even other countries to to store gold and other precious metals, the law also creates a mechanism to facilitate the everyday use of gold and silver in business transactions. In short, a person will be able to deposit gold or silver – and pay other people through electronic means or checks – in sound money.
Gov. Greg Abbot signed a law creating a state gold bullion and precious metal depository in the summer of 2015. Since then, the state has moved forward in establishing the depository.
As part of the process, Rep. Giovanni Capriglione (R-Keller) introduced House Bill 3169 (HB3169) in March. The legislation includes various provisions for the operation and administration of the Texas Bullion Depository, to define the roles of depository agents, to direct the appropriation of money from depository fees, charges, penalties, and other amounts related to the depository. The bill also includes provisions to exempt precious metals in the depository from property taxes.

This post was published at Schiffgold on MAY 8, 2017.

Why OPEC Lost The War Against Shale, In Four Charts

Undeterred by earlier failure to jawbone the price of oil higher, moments ago a new barrage of headlines hit courtesy of Reuters reiterating more of the same, and adding a new spin, namely that this time around the oil production cut being considered will last nine not six months, continuing at least through the end of Q1 2018.
OPEC, NON-OPEC OIL PRODUCERS CONSIDERING EXTENDING GLOBAL SUPPLY CUT FOR NINE MONTHS OR MORE – SOURCES IN OPEC, INDUSTRY As Reuters adds, OPEC and non-member oil producers are considering extending a global supply cut for nine months or more to avoid a price-sapping output increase in the first quarter of next year, when demand is expected to be weak. OPEC countries including core Gulf members are discussing internally whether an extension of nine months or longer is needed to give the market more time to rebalance, the sources said. One industry source familiar with the talks said there had been discussions about extending curbs until the end of the first quarter of 2018, when crude demand should be seasonally weak.
“To increase production in those months may have a negative impact (on prices). So we may ask for an extension until the end of Q1 of 2018,” the source said.

This post was published at Zero Hedge on May 8, 2017.

Facebook Deletes Tens Of Thousands Of Accounts Ahead Of UK General Election

Ahead of the British general election on June 8, Facebook has deleted tens of thousands of accounts in Britain in its ongoing battle with “fake news” the AP reports. The campaign is part of Facebook’s evolving response to accusations the group was responsible for influencing the US presidential election, through the spread of fake news stories and ‘filter bubbles’.
‘People want to see accurate information on Facebook and so do we. That is why we are doing everything we can to tackle the problem of false news,’ said Simon Milner, Facebook’s director of policy for the UK. ‘To help people spot false news, we are showing tips to everyone’.’.’.’on how to identify if something they see is false.’
Simon Milner, the tech firm’s U. K. director of policy, says the platform wants to get to the “root of the problem” and is working with outside organizations to fact check and analyze content around the election. Milner added that Facebook is “doing everything we can to tackle the problem of false news.”

This post was published at Zero Hedge on May 8, 2017.


Living in California is already hard enough on those who are being taxed to the hilt. But the Golden State thinks that it needs to make sure they generate more income, and now the socialists in charge want to tax space flights by the miles traveled.
Although this seems like it could be a joke, it isn’t. This is actually being considered in California, and will likely pass based on the state’s history of expanding taxation. The politicians in the state seem to spend their time in two ways – taking away rights and freedom, and finding new ways to tax people. According to Zerohedge, they think they’ve found just the right thing to tax now too.
California wants to collect taxes from space transportation companies based upon, a formula (that the state has invented, of course) of how frequently a company launches space crafts out of the state, and most absurdly, how far a commercial spacecraft travels from California soil. The only thing this will likely ensure is that space companies will run from California taking their money, and any ‘space tax’ with them. This state has serious problems. The voters and politicians are destroying their own economy, and the worst part is, not many of them can even see it.

This post was published at The Daily Sheeple on MAY 8, 2017.

Home Capital Bank Run Accelerates As Company Scrambles To Find Additional Liquidity

Just two work days after we reported that Home Capital had already used up half of its C$2 billion emergency “lifeline” credit facility (yielding 22.5%) and was seeking additional emergency funding, on Monday Canada’s most troubled alt-mortgage lender provided a liquidity update in which it said that it had drawn an addition C$400 million on its loan, leaving just C$600 million available. At the same time, the company confirmed that the bank run at subsidiary Home Trust has failed to slowdown, and as of May 8 “deposit balances are expected to be approximately $192 million.” According to the latest data, another 50% of deposits have been pulled in the past week, and are now down over 90% since March 28.
Additionally, the company announced that its all important Total Guaranteed Investment Certificate (GIC) deposits, including Oaken and broker GICs, stood at $12.64 billion as at May 5, 2017 compared with $12.86 billion as at April 28, 2017. Oaken savings accounts stood at $167 million as at May 5, 2017 compared $222 million as at April 28, 2017. As a reminder, Home Capital’s GICs are the final lifeline that keeps it alive: as they mature, unless replaced with frash liquidity, the company’s day of reckoning gets dangerously close.
Home Capital also said that as of the close of Friday, its total liquid assets stood at $1.160 billion, a number which is shrinking rapidly with each passing day.

This post was published at Zero Hedge on May 8, 2017.

Indians Turn ‘Black Money’ Into Gold

Many Indians have thwarted a government policy to bring the underground economy out of the shadows by converting their ‘black money’ into gold.
Last fall, the Indian government announced a surprise demonetization policy meant to drive so-called black money out of the shadows, declaring current 1,000 and 500 rupee notes would no longer be valid. The suddenly worthless note notes made up 86% of the currency in circulation in the country at the time. The move made virtually all of the cash in India valueless.
The government policy was meant to force Indians to trade in the old notes for new ones. But there was a catch. The government placed limits on the amount of currency Indians could exchange, but no limits on bank deposits until the end of the year. The idea was to push Indians into putting their hoarded cash in the bank – thus bringing it ‘out of the shadows.’ The demonetization policy resulted in severe cash shortages that persist to this day in some areas of the country.

This post was published at Schiffgold on MAY 8, 2017.

Gold and Silver Market Morning: May 08 2017 – Gold bottoming and consolidating!

Gold Today – New York closed at $1,229.30 Friday after closing at$1,239.50 Thursday. London opened at $1,230.00 today.
Overall the dollar was weaker against global currencies, early today. Before London’s opening:
– The $: was weaker at $1.0973 after Friday’s $1.0964: 1.
– The Dollar index was weaker at 98.73 after Friday’s 98.83.
– The Yen was weaker at 112.68 after Friday’s 112.23:$1.
– The Yuan was weaker at 6.9035 after Friday’s 6.8994: $1.
– The Pound Sterling was stronger at $1.2975 after Friday’s $1.2935: 1.
Yuan Gold Fix
The Shanghai Gold Exchange was trading at 275.6 towards the close today. This translates into $1,236.71. New York closed at a $7.41discount to Shanghai’s close yesterday. London opened at a discount of$6.71 to Shanghai’s close today.
Arbitrageur margins are tight at around $7 so, we see the global gold market prices very close, as they all move down roughly in line with each other.
LBMA price setting: The LBMA gold price was set today at$1,229.70 from yesterday’s $1,239.40.
The gold price in the euro was set at 1,124.45 after Friday’s1,130.99.

This post was published at GoldSeek on 8 May 2017.

Key Events In The Coming Week: Inflation, Spending In The Spotlight

With the French election now finally in the rearview mirror, this week’s focus is on global inflation releases, with the spotlight falling on the US and China, as well as retail sales in the US. We also have BoE and RBNZ rates meetings. In other data we note industrial production in the Eurozone, UK and Norway along with US retail sales and Fed speakers.
Key developed market events
Thursday, May 11: New Zealand, RBNZ meeting. GS 1.75%, consensus 1.75%, last 1.75%. Looking to the May meeting, while the RBNZ is likely to remain on hold for now, we expect upgrades to the Bank’s inflation forecasts and – possibly – a more constructive description for the global growth outlook. Thursday, May 11: United Kingdom, BOE meeting. GS 0.25%, consensus 0.25%, last 0.25%. We expect no change in Bank Rate or in other policy settings, yet for the MPC to express some skepticism about the flatness of the forward curve for UK rates. Friday, May 12: United States, CPI (Apr). Core: +0.21% mom, consensus +0.2% mom, last -0.1% mom. We expect a 0.21% increase in April core CPI following last month’s outright decline, reflecting a relatively large state-level tobacco tax increase as well as the waning drag from Verizon unlimited data plans. Friday, May 12: United States, Retail sales (Apr). Core: +0.4% mom, consensus +0.4% mom, last +0.6% mom. We estimate core retail sales (ex-autos, gasoline, and building materials) rose 0.4% in April, reflecting improving sales in mall-based discretionary categories after tax refund-related weakness in February and a likely drag in March from unseasonably cold and snowy weather. At the same time, preparations for Winter Storm Stella likely boosted food and beverage sales (+0.5% in March), and we look for sequential softness in that category.

This post was published at Zero Hedge on May 8, 2017.