MEDIA STUDY WARNS: Don’t Trust Us Dummies with Your Gold

The astounding results of a groundbreaking, scientific study just released, the first of its kind we know of, confirms a lot we’ve suspected about mainstream journalists.
Journalists are different than the rest of us.
Researchers found journalists’ brains just don’t work as well as yours and mine.
That’s a polite way of saying journalists are dumber than you and I.
The study flatly says journalists have less brain power than others to ‘regulate emotions, solve complex problems… and think flexibly and creatively,’ although study findings say they are no more stressed than the average worker.
That means they understand less about what’s going on than you and I. It also means they are not as competent to figure out what’s wrong – or how to make it right.

This post was published at GoldSeek on 1 June 2017.

JUNE 1/GOLD DOWN 5 DOLLARS AND SILVER DOWN 13 CENTS BUT WITHSTAND ANOTHER CENTRAL BANK RAID/FOR THE 3RD STRAIGHT MONTH THE AMOUNT STANDING FOR SILVER INCREASES IMMEDIATELY AFTER FIRST DAY NOTICE/…

GOLD: $1267.00 down $5.00
Silver: $17.24 down 13 cent(s)
Closing access prices:
Gold $1265.60
silver: $17.33
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SHANGHAI GOLD FIX: FIRST FIX 10 15 PM EST (2:15 SHANGHAI LOCAL TIME)
SECOND FIX: 2:15 AM EST (6:15 SHANGHAI LOCAL TIME)
SHANGHAI FIRST GOLD FIX: $1274.43 DOLLARS PER OZ
NY PRICE OF GOLD AT EXACT SAME TIME: 1269.75
PREMIUM FIRST FIX: $4.68
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SECOND SHANGHAI GOLD FIX: $1274.41
NY GOLD PRICE AT THE EXACT SAME TIME: 1267.00
Premium of Shanghai 2nd fix/NY:$7.41
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LONDON FIRST GOLD FIX: 5:30 am est $1266.55
NY PRICING AT THE EXACT SAME TIME: $1267.40
LONDON SECOND GOLD FIX 10 AM: $1264.85
NY PRICING AT THE EXACT SAME TIME. $1266.60 ???
For comex gold:
MAY/
NOTICES FILINGS TODAY FOR APRIL CONTRACT MONTH: 308 NOTICE(S) FOR 30,800 OZ.
TOTAL NOTICES SO FAR: 1116 FOR 111,600 OZ (3.4712TONNES)
For silver:
For silver: MAY
18 NOTICES FILED TODAY FOR 90,000 OZ/
Total number of notices filed so far this month: 55 for 275,000 oz
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END
FEDERAL RESERVE BANK OF NY EAR MARKED GOLD REPORT
LAST MONTH WE HAD 7,841 MILLION DOLLARS WORTH OF GOLD VALUED AT 42.22 DOLLARS PER OZ
THIS MONTH: WE HAVE 7841 MILLION DOLLARS WORTH OF GOLD VALUED AT $42.22 PER OZ
AMOUNT OF GOLD MOVED FROM NY: 0

This post was published at Harvey Organ Blog on June 1, 2017.

12 Signs The Economic Slowdown The Experts Have Been Warning About Is Now Here

Since the election there has been this perception among the American public that the economy is improving, but that has not been the case at all. U. S. GDP growth for the first quarter was just revised up to 1.2 percent, but that is even lower than the average growth of just 1.33 percent that we saw over the previous ten years. But when you look even deeper into the numbers a much more alarming picture emerges. Commercial and industrial loan growth is declining, auto loan defaults are rising, bankruptcies are absolutely surging and we are on pace to break the all-time record for most store closings in a single year in the United States by more than 20 percent. All of these are points that I have covered before, but today I have 12 new facts to share with you. The following are 12 signs that the economic slowdown that the experts have been warning about is now here…

This post was published at The Economic Collapse Blog on June 1st, 2017.

Gold Moves Higher but Miners Don’t

Yesterday’s session was yet another one in row when mining stocks underperformed the yellow metal, which continues to have bearish implications. Nonetheless, gold moved to new short-term highs and in today’s alert we’re going to discuss the implications of this move.

This post was published at GoldSeek on 1 June 2017.

Seven Theories Explaining The Recent Dramatic Surge In The Yuan

Back in 2015, when the US Dollar started its striking ascent as the world began repricing the Fed’s upcoming tightening, China – whose currency is pegged to the dollar – had no choice but to gradually, or not so gradually, unpeg the Yuan from the world’s best performing currency as otherwise its exports to the rest of the world would plunge. In fact, it was precisely China’s tumbling exports (coupled with ongoing import weakness by the EU) which prompted us to correctly predict that China would devalue its currency, just days ahead of Beijing’s stunning announcement.
As we said on August 8, 2015, “as global trade continues to disintegrate, and as a desperate China finally joins the global currency war, it will have no choice but to devalue next.”
That’s precisely what it did.
Now, nearly two years later, China – in addition to a host of other problems – is facing the opposite issue: a dollar, to which it remains pegged, that has been rapidly declining in value, and is now not only at the lowest level since last October, the DXY is almost exactly where it was when China devalued in the summer of 2015. This may explain the surprpsing spike in Chinese currency volatility in recent days, coming after a period of unexpected calm and stability in the Yuan market. While the catalyst may have been last week’s Moody’s downgrade of China’s credit rating, followed by China’s decision to once again change its Yuan-fixing mechanism, introducing a “counter-cyclical factor”, or a mechanism allowing the PBOC to largely adjust the Yuan rate at will, the surge in the yuan against the dollar has been nothing short of breathtaking, and as we noted earlier today, the Chinese currency just had its biggest 4-day rally against the greenback in 12 years.

This post was published at Zero Hedge on Jun 1, 2017.

Stocks and Precious Metals Charts – If Only It Was True

“A demagogue must be neither an educated nor an honest man; he has to be an ignoramus and a rogue. You possess all the attributes of a demagogue: a screeching, horrible voice, a perverse, cross-grained nature and the language of the market-place.”
Aristophanes, The Knights
Trump announced the withdrawal of the US from the Paris climate accords today. At the end of the day it was mostly a symbolic act in withdrawing from a largely toothless agreement.
He missed a wonderful opportunity to actually announce something with teeth in it, like major infrastructure initiatives to improve the power grid in the US, and encourage the use of renewable energy and new technologies.
He might even have suggested that the US will start looking at the trade inflows from countries that are major polluters and abusers of human rights with a less favorable eye. That might have some real bite to it. And not a collection of voluntary agreements from politicians who are above all artful liars.
Trump says he is doing this for the average working people of the US. If only this was true.
Doing things for the common people of the US is a fig leaf that the GOP perennially likes to use when they are doing some fairly despicable things in the service of Big Business. If you think that they care about the public, watch what they are doing with healthcare and taxes and fiscal policy initiatives to create living wage employment.

This post was published at Jesses Crossroads Cafe on 01 JUNE 2017.

President Trump Announces US Withdrawal From The Paris Climate Accord

It’s done. Bannon 1 – 0 Kushner.
President Donald Trump announced the U. S. would withdraw from the Paris climate pact and that he will seek to renegotiate the international agreement in a way that treats American workers better.
“So we are getting out, but we will start to negotiate and we will see if we can make a deal, and if we can, that’s great. And if we can’t, that’s fine,” Trump said Thursday, citing terms that he says benefit China’s economy at the expense of the U. S.

This post was published at Zero Hedge on Jun 1, 2017.

Gold and Silver Market Morning: June 1 2017 – Gold consolidating in a tight range!

Gold Today – New York closed at $1,268.20 yesterday after closing at$1,263.10 Tuesday. London opened at $1,267.00 today.
Overall the dollar was weaker against global currencies, early today. Before London’s opening:
– The $: was weaker at $1.1222 after yesterday’s $1.1179: 1.
– The Dollar index was weaker at 97.17 after yesterday’s 97.40.
– The Yen was weaker at 111.15 after yesterday’s 110.84:$1.
– The Yuan was much stronger at 6.8062 after yesterday’s 6.8180:$1.
– The Pound Sterling was stronger at $1.2855 after yesterday’s $1.2791: 1.
Yuan Gold Fix
While the Yuan price of gold continues to dip a little and the Yuan continues to strengthen, Shanghai is now leading the gold price, in New York and London a little weaker, alongside a weaker dollar.
The pattern usually seen in London and New York is for the gold price to go in the opposite direction to the dollar. Because of Shanghai’s influence this pattern is being broken, at the moment. But we do not read too much into this as the moves in the gold price are too small to be conclusive.

This post was published at GoldSeek on 1 June 2017.

The Economy Is Imploding So Quickly That It’s Time To Think About Preparing – Episode 1295a

The following video was published by X22Report on Jun 1, 2017
ADP employment surges despite Challenger reporting a 71% jump in job cuts. Radio Shack, Michael Kors and many other retailers are closing a vast amount of stores. One bank make a forecast and says that a quarter of the malls will close. More stores are slated to close, this is the retail apocalypse. GM reports that their inventories are at the level right before the 2008 crisis. Ford reports fleet sales are down by 15%. US construction spending is down & manufacturing is down. Many of the economic indicators are reporting that we are head towards a major collapse. Soros admit the EU is trouble and the Trump administration is hostile.

One Bank’s Surprising Discovery: The Debt Party Is Finally Over

A recurring theme on this website has been to periodically highlight the tremendous build up in US corporate debt, most recently in April when we showed that “Corporate Debt To EBITDA Hits All Time High.” The relentless debt build up is something which even the IMF recently noted, when in April it released a special report on financial stability, according to which 20% of US corporations were at risk of default should rates rise. It is also the topic of the latest piece by SocGen’s strategist Andrew Lapthorne who uses even more colorful adjectives to describe what has happened since the financial crisis, noting that “the debt build-up during this cycle has been incredible, particularly when compared to the stagnant progression of EBITDA.”
Lapthorne calculates that S&P1500 ex financial net debt has risen by almost $2 trillion in five years, a 150% increase, but this mild in comparison to the tripling of the debt pile in the Russell 2000 in six years. He also notes, as shown he previously, that as a result of this debt surge, interest payments cost the smallest 50% of stocks in the US fully 30% of their EBIT compared with just 10% of profits for the largest 10% and states that “clearly the sensitivity to higher interest rates is then going to be with this smallest 50%, while the dominance and financial strength of the largest 10% disguises this problem in the aggregate index measures.”

This post was published at Zero Hedge on Jun 1, 2017.

Canada Unveils $650 Million Lumber Industry ‘Bailout’ “To Stand Up To US”

Canada’s Natural Resources Minister Jim Carr just announced C$867 million (around $650 million) in financial supports for softwood lumber producers and the communities where they are based…’Canada is standing up to the U. S., Canada is standing up for Canadians.’
On Wednesday, the Conference Board of Canada released a report saying Canadian softwood producers would pay $1.7 billion in duties a year and cut 2,200 jobs and $700 million in U. S. exports over the next two years before the dispute is settled.
And perhaps on the basis of that report, as Canadian Press reports, the package includes loans and loan guarantees to help cushion the blow for forestry companies and to help them exploring new markets and innovations.

This post was published at Zero Hedge on Jun 1, 2017.

The Fed: Stuck Between a Rock and a Hard Place

The Federal Reserve basically has two paths forward.
It can continue raising interest rates and risk popping the stock market bubble (among other balloons) it has inflated over the last 9 years. Or it can hold rates at the current artificially low rates and risk a currency crisis.
That’s it. That’s the corner the Fed and other world central banks have backed themselves into. They’re stuck between a rock and a hard place.
The cycle is pretty clear if you step back and look at it. After a crash, central banks push down interest rates and effectively ‘print’ money through bank credit expansion. As a result, market interest rates fall below natural market levels. This sets the boom in motion. Consumption and investment increase. Jobs get created. The economy expands.
We’ve certainly seen that over the last several years. It’s most obvious in stock markets, which continue to flirt with record levels. As Yahoo Finance reported last spring, analysis shows that 93% of the entire stock market move since 2008 was caused by Federal Reserve policy. Bond markets also appear to be in bubble-mode.

This post was published at Schiffgold on JUNE 1, 2017.

Asian Metals Market Update: June-01-2017

Factors which can affect markets
There are a lot of economic data releases today. There is even the US weekly crude oil inventory today. The next two days are make or break days for metals and energies. Either they rise or there will be a big crash.
In June the factors that I will be looking at are: (a) The impact of May nonfarm payrolls on US interest rate hikes for the rest of the year (b) UK elections. A bad performance by Ms. Theresa May can result in zooming of gold prices on safe haven demand and vice-versa. (c) The situation in Philippines should never be ignored due to its strategic location. If the war with ISIS in Philippines spreads to some geographical area in the nation, gold prices will be positively affected. (d) Direction of bitcoin will also affect gold prices.

This post was published at GoldSeek on 1 June 2017.

US Manufacturing PMI Drops To 8-Month Lows In May: “Sluggish Sales Prompted Firms To Scale Back Hiring”

The last two months have seen a major divergence between PMI and ISM Manufacturing reports (as the former confirmed today at its lowest final print since September). May’s final print of 52.7 was slightly above expectations and the preliminary print.
This is the lowest ‘final’ print for US Manufacturing PMI since September (while ISM rebounds)…
This follows China’s Manufacturing PMI ‘contraction’ overnight…

This post was published at Zero Hedge on Jun 1, 2017.

The Implications of Quantitative Tightening

The secret’s out. The Fed wants to shrink the size of its balance sheet, and they want to begin the process sometime this year. What does this mean for investors? And what does it mean for key variables such as interest rates, inflation, and economic growth? Let’s find out.
For those who may not recall, in the midst of the financial crisis, the Fed embarked on a bond-buying spree known as quantitative easing. This process involved the purchase of trillions of dollars’ worth of long-term Treasuries and mortgage-backed securities in an attempt to 1) suppress long-term rates, 2) inject liquidity into the financial system and 3) remove toxic assets from the balance sheets of public and private institutions.
Quantitative easing was phased out in 2014 but has left the Federal Reserve holding a massive $4.5 trillion balance sheet. This portfolio of bonds has remained steady in recent years as the Fed continues to roll over maturing Treasuries and reinvest the principal payments from the mortgage-backed securities.
In a recent commentary, the Fed has made it clear that it now wishes to begin the ‘unwinding’ of its balance sheet, effectively relinquishing most of these assets back into the marketplace. This process has been dubbed ‘quantitative tightening,’ and will represent another foray by the Federal Reserve into uncharted monetary waters.

This post was published at FinancialSense on 05/31/2017.

The Next Financial Crisis: You Can’t Afford To Be Late | Golden Rule Radio

The following video was published by McAlvany Financial on Jun 1, 2017
This week we discuss gold, silver, platinum, & palladium movements from the previous week. It looks like the Fed will be raising the interest rate in June, could this possibly be the last hike of the year as economic outlooks change? We’ll look at the Stock Market, DOW, Nasdaq, & S&P 500. Why are the FAANGS exploding in value and is it sustainable? Thanks for listening.

Gold on Longest Monthly Win-Streak Since 2010

Gold advanced 0.05% in May, according to the Financial Times of London, finishing the month at $1,268.92 per ounce
That may not sound terribly significant, but put in a broader context, we find gold is on quite the win-streak.
May marked the fifth consecutive monthly advance for the yellow metal. The last time gold went on such an extended run was six-and-a-half-years ago. Year-to-date, gold has advanced a healthy 10.6%.
Safe-haven buying has been one of the primary factors in gold’s surge over the last five months. Pres. Trump’s confusing policy flip-flops, questions about Russian influence in the White House, wars and rumors of war, and global political turmoil have all led investors to seek the historical security offered by gold.
The biggest day for gold last month was May 17 when reports came out asserting US president Donald Trump sought to interfere with a probe into his campaign’s ties with Russia. Many questioned whether this could be Trump’s Watergate. Spot gold rose 2% to $1,261.36 that day, erasing nearly all of the previous losses for the month.

This post was published at Schiffgold on JUNE 1, 2017.