As I mentioned in The Wrap in yesterday's column, once the big short covering rally in gold got capped during the New York lunch hour on Wednesday, it continued to get sold down almost with a break going into the London open yesterday morning. This trend continued until the low was in a hair after 10:30 a.m. EST. The subsequent rally lasted until shortly before noon, and then got sold down again starting around 2 p.m. in the New York electronic market.
The high and low were recorded by the CME as $1,243.20 and $1,216.30 in the February contract.
Gold closed in New York at $1,225.10 spot, down $18.20 from Wednesday, giving up virtually its entire gain from that day. Net volume was pretty hefty at 161,000 contracts.
The chart pattern in silver was very similar, with the inflection points coming at the same time as the ones in gold. And after getting sold back down in electronic trading, the silver price didn't do much after that.
The high and low in the March contract were reported as $19.60 and $19.27.
Silver finished the Thursday trading session at $19.435 spot, which was down 28 cents from Wednesday's close. Net volume was a very healthy 47,000 contracts.
The platinum price didn't do much yesterday, but for the second day in a row, palladium was the star of the day after it rallied briefly in mid-morning trading in New York. Here are the charts.
The dollar index close late Wednesday afternoon in New York at 80.64, and then traded basically sideways until around 1 p.m. Hong Kong time. Then it dipped down to 80.40 during the next couple of hours, and then rallied back to around unchanged by shortly after 9 a.m. in London trading. The index spiked up to its high of the day [80.80] at 8:30 a.m. in New York, and then fell all the way down to 80.25 by 11:35 a.m. After that it traded flat for the remained of the Thursday session. The index finished the day at 80.26, which was down 38 basis points from Wednesday's close.
There was zero correlation between the currencies and the precious metal price action yesterday.
The gold stocks never got a sniff of positive territory. They gapped down at the open, rallied along with the gold price between 10:30 an 11:45 a.m. in New York, and then sold off for the rest of the day, as the gold price rolled over. The HUI finished down 2.74%, finishing on it's low of the day, and giving back everything it gained on Wednesday, plus a bit more. The daily HUI chart is M.IA., so here's the 5-day chart, and it's pretty ugly.
It was a very similar chart pattern for the silver equities, but they only gave back about half of what they gained on Wednesday. Nick Laird's Intraday Silver Sentiment Index closed down 2.17%, and virtually on its low as well.
Looking at these equity charts, you have to ask yourself one question, dear reader; and that is "whose buying all these precious metal shares that have been falling off the table for the last year or so", as somebody owns them.
The CME's Daily Delivery Report for Day 5 of the December delivery month showed that 199 gold, along with 169 silver contracts were posted for delivery within the Comex-approved depositories on Monday. In gold, the short/issuers were of no particular importance. What was important, but no surprise, was the fact that the only long/stopper of note was JPMorgan Chase in its in-house [proprietary] trading account, with 193 of those contracts.
In silver, the largest short/issuers of note were Jefferies and HSBC USA, with 82 and 75 contracts respectively. JPMorgan stopped 121 of those contracts, of which 116 contracts were for its in-house [proprietary] trading account. The link to yesterday's Issuers and Stopper Report is here.
Joshua Gibbons, the "Guru of the SLV Bar List", updated his website for the goings-on inside SLV for the past reporting week, and this is what he had to say -- "Analysis of the 04 December 2013 bar list, and comparison to the previous week's list: 819,078.4 troy ounces were removed (all from Brinks London), no bars were added or had a serial number change.
"The bars removed were from: Doe Run (0.3M oz.), Met-Mex (0.2M oz.), and five others. As of the time that the bar list was produced, it was overallocated 737.6 troy ounces. All daily changes are reflected on the bar list." The link to Joshua's website is here.
The U.S. Mint had another sales report yesterday. They sold another 8,500 troy ounces of gold eagles; and 1,000 one-ounce 24K gold buffaloes.
It was rather quiet day for gold in the Comex-approved depositories on Wednesday. They reported receiving only 6,365 troy ounces, and didn't ship any out All of the activity was at Brink's, Inc., and here's the link.
For a change, it was even quieter in silver, as nothing was reported received, and only 1,456 troy ounces were reported shipped out. The link to that activity is here.
I have a decent number of stories again today and, as usual, the final edit is up to you.
As we reported earlier, while on the surface the headline revised Q3 GDP number was a stunner coming at 3.6%, the reality is that more than 100% of the growth from the initial estimate came from a revised estimate of how many private Inventories were stockpiled in the quarter. The reality was that of the $230 billion in total increase in SAAR GDP, $146 billion of this, or over 63%, was due to inventory stockpiling.
But where the scramble to accumulate inventory in hopes that it will be sold, profitably, sooner or later to buyers either domestic or foreign, is seen most vividly, is in the data from the past 4 quarters, or the trailing year starting in Q3 2012 and ending with the just released revised Q3 2013 number. The result is that of the $534 billion rise in nominal GDP in the past year, a whopping 56% of this is due to nothing else but inventory hoarding.
The problem with inventory hoarding, however, is that at some point it will have to be "un-hoarded." Which is why I expect many downward revisions to future GDP as this inventory overhang has to be de-stocked.
That's about all there is to this Zero Hedge story from yesterday, but the embedded charts are definitely worth your time...and I thank Manitoba reader Ulrike Marx for today's first news item.
Treasury Secretary Jacob J. Lew will assert on Thursday that the Obama administration’s vast overhaul of the financial system is close to accomplishing its goal of shielding society from the dangers posed by giant banks.
In a broad policy speech intended to signal the administration’s views on financial regulations, Mr. Lew will also make it clear that more measures may be needed to strengthen the global system. In comments that will most likely upset foreign governments, he will call on overseas regulators to make their rules tougher.
Earlier this year, I said if we could not with a straight face say we ended ‘too big to fail,’ we would have to look at other options,” he says. “Based on the totality of reforms we are putting in place, I believe we will meet that test, but to be clear, there is no precise point at which you can prove with certainty that we have done enough.”
Mr. Lew’s comments come as regulators are scheduled to meet next week to finally approve the Volcker Rule, a cornerstone of the overhaul that tries to stop banks from speculatively trading with depositors’ money and other funds. In recent months, the Treasury Department has pressed the five agencies that worked on the rule to finish it before the end of the year.
This article was posted on The New York Times website two minutes after midnight on Thursday morning in New York...and I thank Phil Barlett for finding it for us. It's worth reading.
As we have been covering for the past year and a half, most explicitly in "A Record $2 Trillion In Deposits Over Loans - The Fed's Indirect Market Propping Pathway Exposed", when it comes to the pathway of the Fed's excess deposits propping up risk levels, it has nothing to do with reserves sitting on bank balance sheets as assets, and everything to do with excess deposits (of which there are now $2.4 trillion thanks to the Fed) which are used as Initial collateral by banks such as JPM and then funding such derivatives as IG9 in a failed attempt to cover a segment of the corporate bond market. These deposits originate at the Fed as a liability at the commercial banking sector to the excess reserve asset.
That much is clear and undisputed, and was admitted by none other than JPM itself.
Which is why the news overnight from the WSJ that the Volcker Rule (if and when it is implemented) will do away with such "portfolio hedging" trades may have truly major, and potentially very risk adverse, consequences.
The WSJ reports: "In a defeat for Wall Street, the "Volcker rule" won't allow banks to enter trades designed to protect against losses held in a broad portfolio of assets, according to people familiar with the rule. The practice, known as portfolio hedging, has become a focal point of regulators drafting the rule, a controversial plank of the 2010 Dodd-Frank financial law that seeks to prevent banks from putting their own capital at risk in pursuit of trading profits.
But it won't contain language permitting portfolio hedging, which has been "expunged" from earlier drafts of the rule, according to a person familiar with the matter. Regulators decided to remove portfolio hedging from the rule after J.P. Morgan Chase disclosed billions of dollars in losses from its so-called London whale trades in 2012."
This Zero Hedge piece from yesterday is a bit of heavy reading, but is definitely worth your time if you have it. It's the second offering of the day from Ulrike Marx.
Three Wall Street trade groups sued the U.S. Commodity Futures Trading Commission on Wednesday to stop tough overseas trading guidelines that they fear could hurt markets and reduce their profits.
The groups accused the CFTC in their lawsuit of circumventing a more rigorous rule making process by issuing its cross-border regulations as "guidance.'
They also said they filed the lawsuit to stop the CFTC from what they described as an "unceasing effort'' to regulate the global swaps market through unpredictable advisory documents instead of formal rules.
This short article, along with an embedded 43 second video clip was posted on the cnbc.com Internet site on Wednesday shortly after the markets closed...and I thank West Virginia reader Elliot Simon for sending it our way.
It wasn't long after three former General Electric Co. executives were convicted of rigging auctions for municipal-bond investment contracts that they received the ultimate sendoff: A 7,400-word torching in Rolling Stone magazine by Matt Taibbi, the writer who branded Goldman Sachs Group Inc. with the nickname "vampire squid."
"Someday, it will go down in history as the first trial of the modern American mafia," Taibbi began his June 2012 opus about Dominick Carollo, Steven Goldberg and Peter Grimm. "Over 10 years in the making, the case allowed federal prosecutors to make public for the first time the astonishing inner workings of the reigning American crime syndicate, which now operates not out of Little Italy and Las Vegas, but out of Wall Street."
Then came a surprise last week, right before Thanksgiving. A federal judge ordered the men released from prison. An appeals court had reversed their convictions the day before, without explanation. An opinion would be issued "in due course," it said. Bloomberg News ran a short story this week. The rest of the news media barely noticed.
This rather short op-ed piece by Jonathan was posted on the Bloomberg website yesterday morning...and is definitely worth skimming. I thank Washington state reader S.A. for sending it along.
"There are going to be consequences to central bank balance sheet expansion all over the world," Kyle Bass tells Steven Drobny in his new book, The New House of Money, adding "It’s a beggar-thy-neighbor policy, but everyone is beggaring thy neighbor." The Texan remains concerned at QE's effects on wealth inequality and worries that "at some point this is going to ignite and set cost pressures off." While Gold-in-JPY is his recommended trade for non-clients, his hugely convex trades on Japan's eventual collapse remain as he explains the endgame for his thesis, "won't buy back until JPY is at 350," and fears "the logical conclusion is war."
This commentary by Kyle is embedded in another Zero Hedge story...and this one was filed on their website late yesterday afternoon EST. I thank Ulrike Marx for sending this one our way as well.
The National Security Agency and its allies face a long, painful drip of classified documents relating to their intelligence operations.
The quantity and range of leaks facilitated by Edward Snowden have become clear in recent news stories.
First, The Australian reports that Edward Snowden stole as many as 20,000 Aussie signals intelligence files from the NSA's systems. Australia's attorney general called the disclosures the most damaging in the country's history.
This news item was posted on the businessinsider.com Internet site yesterday morning EST...and I thank Roy Stephens for his first offering of the day.
The Channel is getting ever wider. While George Osborne plans to push Britain's retirement age to 70, Europe's big two are going the other way.
The German coalition deal has pencilled in a cut in the retirement age from 65 to 63, for those who have put in 45 years of contributions. (The overall plan to push the pension age gradually up to 67 remains in place.)
President François Hollande has cut the reversed Nicolas Sarkozy's rise in the retirement age to 62 in France. Workers with 41 years of contributions can now retire at 60.
This Ambrose Evans-Pritchard blog was posted on the telegraph.co.uk Internet site yesterday sometime...and it's the second contribution in a row from Roy Stephens.
France's unemployment rate rose to a 16-year high of 10.9 percent in the three months to September, the INSEE national statistics agency said Thursday, adding to pressure on President Francois Hollande in his battle to tackle France’s unemployment.
The jobless rate rose 0.1 percentage points from the previous three months, the new data showed.
The unemployment rate for metropolitan France, which excludes overseas territories and is more closely watched domestically, also rose by 0.1 percentage point in the same period to 10.5 percent.
This story appeared on the france24.com Internet site yesterday sometime...and I thank Roy Stephens for sliding this into my in-box in the wee hours of this morning.
Europe is one shock away from a deflation trap. A surprise anywhere in the world is all that it needs: an upset in China as the credit bubble pops, or a global bond shock as the US Federal Reserve winds down monetary stimulus.
Producer price inflation (PPI) fell to -1.4pc in the eurozone in October. This is how deflation becomes lodged in the price chain.
"Prices are sticky for a while as you approach zero inflation, but once you break through the ice into deflation things can move fast, as we've seen in Greece," said Julian Callow, global strategist at Barclays. "The European Central Bank needs to act before the horse has already bolted."
This longish commentary is also by Ambrose Evans-Pritchard...and it's definitely worth reading. It was posted on The Telegraph website late Wednesday evening GMT...and it's another offering from Roy Stephens.
From Mario Drahgi's perspective, the euro zone has already been split for some time. When the head of the powerful European Central Bank looks at the credit markets within the currency union, he sees two worlds. In one of those worlds, the one in which Germany primarily resides, companies and consumers are able to get credit more cheaply and easily than ever before. In the other, mainly Southern European world, it is extremely difficult for small and medium-sized businesses to get affordable loans. Fears are too high among banks that the debtors will default.
For Draghi and many of his colleagues on the ECB Governing Council, this dichotomy is a nightmare. They want to do everything in their power to make sure that companies in the debt-plagued countries also have access to affordable loans -- and thus can bring new growth to the ailing economies.
The only problem is that all those low interest rates have so far barely been put to use. Lending to companies in the euro zone is still in decline. In October, banks granted 2.1 percent less credit to companies and households than in the same period last year.
In addition to a further cut in interest rates to zero percent, the central bankers are considering new, drastic measures to combat the negative trend. Some of them are likely to be hotly debated when the Governing Council meets this Thursday in Frankfurt.
This must read article was posted on the German website spiegel.de early yesterday afternoon Europe time...and it's courtesy of Roy Stephens once again.
Mario Draghi said the ECB is studying what happened in Japan at the onset of its Lost Decade in the 1990s, insisting that Europe is unlikely to go the same way.
The European Central Bank has cut its inflation forecast for the next two years and promised “powerful artillery” to boost the eurozone economy if necessary, but offered no concrete measures to halt the drift towards deflation.
The euro punched to a five-week high of nearly $1.37 against the dollar and £0.84 against the pound as traders bet that the ECB’s governing council is too divided to take decisive action. Yields on 10-year Italian and Spanish bonds jumped seven basis points as credit tightened across the board.
This is another offering from Ambrose Evans-Pritchard. This story was posted on the telegraph.co.uk Internet site very late yesterday afternoon GMT...and is the final contribution of the day from Roy Stephens.
Russia voiced outrage Friday at charges in the United States against 49 current and former Russian diplomats and their wives over a $1.5 million fraud, saying it could not understand why the US had gone public with the allegations.
Deputy Foreign Minister Sergei Ryabkov said in a statement to Russian news agencies that Moscow had many claims against the behaviour of US diplomats in Moscow but had preferred not to bring them into the public sphere.
"We categorically reject the charges against the staff of Russian diplomatic institutions in the United States," he was quoted as saying by the ITAR-TASS news agency, saying it was "illegal" for diplomats to have been watched by the authorities in this way.
This AFP news item was posted on the france24.com Internet site early this morning Paris time...and I thank South African reader B.V. for sending it our way earlier this morning. It's certainly a must read for all students of the New Great Game.
1. Pierre Lassonde: "This Will Trigger Next Leg of the Gold Bull Market". 2. Dr. Stephen Leeb: "China Mining Some Gold for a Staggering $2,500 an Ounce". 3. John Ing: "Shanghai Exchange Has Delivered More Gold Than Fort Knox!".
[Please direct any questions or comments about what is said in these interviews by either Eric King or his guests, to them, and not to me. Thank you. - Ed]
The London Metal Exchange (LME) faces a tough job as it gears up to provide more data about long and short positions, including delivering what many investors crave - information on flows of speculative money that move markets.
The LME, the world's biggest and oldest marketplace for industrial metals, has launched consultations after last month promising to boost transparency at the same time it announced new proposals to cut backlogs at warehouses.
The exchange, owned by Hong Kong Exchanges and Clearing Ltd, is in a two-track process to provide detailed reports on positioning in metals futures as well as more data on warehouse inventories.
This Reuters story found a home over at the mineweb.com Internet site yesterday...and it's another contribution from Ulrike Marx.
Deutsche Bank AG pulled the plug on its global commodities trading business on Thursday, cutting 200 jobs as it becomes the first major bank to exit the once lucrative sector due to toughening regulations and diminished profits.
Germany's largest bank, which was one of the top-five financial players in commodities, said in a statement it will cease trading in energy, agriculture, base metals, coal and iron ore, retaining only precious metals and a limited number of financial derivatives traders.
The cuts are expected to largely fall on its main commodity desks in London and New York.
One has to wonder whether the Dodd-Frank regulations will still allow precious metal trading by the big U.S. banks once its passed next week. It sure wouldn't surprise me if JPMorgan Chase, HSBC USA and Citigroup were allowed to keep trading the monetary metals. We'll find out soon enough, I suppose. I found this Reuters story in a GATA release yesterday.
This 22-minute audio interview with Marc was done by Patrick MonesDeOca...and was posted over at the Equity Management Academy website about ten days ago. I haven't had the time to listen to the whole thing, but the parts I did hear were mostly precious metals related...and is the reason that this interview is posted in the precious metals section of the Critical Reads. I thank reader Ken Hurt for digging it up for us.
Is gold still in a bull market or a bear market? Opinions differ but in reality the answer to both questions could well be yes. It all depends where you start from! Over 12 years gold has risen from $250 to around $1,230 at the time of writing – definitely a bull market then? Over the past two and a bit years gold has fallen from around $1,900 to $1,220. That looks as though it may be a bear market then? Well yes – or is this just a major correction in a secular bull market? To an extent it depends on whether you are a gold bull or a gold bear as to which viewpoint you take.
It was thus interesting to listen to some of the views expressed at the Mines & Money conference in London which has just ended. Speakers were perhaps more biased to the major correction in an ongoing bull market angle and they certainly had some strong historical evidence to support their viewpoints. Whether history will again repeat itself is obviously the major question here, but it does have the uncanny ability to repeat itself and one suspects it will do so yet again with the markets and gold – the only real question being how much further will gold fall before the market turns, and then how far and fast it will rise when it does.
The question of "how far and fast" should be directed to JPMorgan Chase and two other U.S. bullion banks, as they are totally in command of the precious metal pricing structure in the Comex futures market...and until they say so, or are instructed to step aside, this price management scheme will continue unless the physical market dictates otherwise. This commentary by Lawrence was posted on the mineweb.com Internet site yesterday...and once again I thank Ulrike Marx for bringing this article to our attention. It's worth the read.
The world's most valuable jewellery retailer Chow Tai Fook, which counts Cartier and Tiffany & Co as competitors, is on a quest to conquer the hearts of China's future big spenders. Its weapons of choice: Hello Kitty and Winnie the Pooh.
Superman and the Angry Birds team also feature in Chow Tai Fook Jewellery Group's range of fashionable, and affordable, pieces which the company hopes will win over the millions of Chinese who live outside major cities but who are reaping the benefits of a rapidly growing economy and who remain enamoured by the gleam of gold.
Chow Tai Fook's fashion jewellery, which costs between HK$200 and HK$2,000 ($26 and $260), is a far cry from the luxury offerings that have traditionally accounted for over 80 percent of sales, and which on average cost about 10 times as much.
But the shift to expand mass-market retail is already paying off. Chow Tai Fook saw its net profit rise by a forecast-beating 92.3 percent in the six months ended September, with same-store sales growing 33.2 percent.
Between the time I read this Reuters story yesterday afternoon...and then got around to posting in today's column at 3:02 a.m. EST this morning, the original link had become inactive. I did a Google search of the headline, and it's obviously had a "Page 1 rewrite" in the interim. That's what you're seeing here, and I have no idea what changes were made between the two stories. I thank Ulrike Marx for her final contribution to today's column.
It has been a difficult year for silver investors with the metal falling by 36% year-to-date. While the Federal Reserve balance sheet continues to expand, ‘taper’ discussions by the Federal Open Market Committee have weighed heavily on the price performance of all the precious metals this year. By our calculations, over the last five years silver has a beta to the gold price of 1.5. This implies that price changes in gold are magnified in silver. Combine this with an 80% correlation in the price action between gold and silver over the same time frame and it’s easy to see that where the price of gold goes, the price of silver goes faster. As we break down the fundamentals for silver, market developments this year give rise to a curious conundrum – how can the case for silver be stronger while the price continues to languish?
Sprott's David Franklin, the author of this report, concludes his comments with this sentence..."The most curious part of this fundamental case for silver is why the price isn’t higher." David knows perfectly well why, as does everyone at Sprott, and that's because JPMorgan et al are sitting on the price. This commentary was posted on the sprottglobal.com Internet site yesterday...and it's definitely worth reading.
Interviewed by GATA consultant Koos Jansen, Anglo Far-East Bullion Co.'s Alex Stanczyk discusses his recent trip to a Swiss gold refinery whose managing director told of an unprecedented shortage of metal as China consumes it all.
The interview is headlined "Alex Stanczyk: Physical Supply Has Never Been Tighter" and it's posted on the Swiss Internet site ingoldwetrust.ch...and it's an absolute must read and today's most important story. I found it posted on the gata.org Internet site early yesterday morning.
Skyharbour Resources Ltd. (TSX.V: SYH) owns a 100% interest in approximately 400,000 acres of land between seven uranium properties in the uranium rich Athabasca Basin region in northern Saskatchewan.
Six of the properties consisting of approximately 388,000 acres of prospective ground are strategically located near the Alpha Minerals (TSX.V: AMW) and Fission Energy (TSX.V: FIS) Patterson Lake South (PLS) uranium discovery area. The properties were acquired for their proximity to the PLS discovery and interpreted favourable geology for the occurrence of PLS style uranium mineralization. Skyharbour's land position is now one of the largest in the Patterson Lake area. The Athabasca Basin hosts the world's largest and richest high-grade uranium deposits accounting for approximately 20% of global primary uranium supply. There are still areas in the region that are highly prospective and underexplored as illustrated by the new 49.5 metres of 6.26% U3O8 discovery at the Patterson Lake South property. Please visit our website for more information.
Completing the December delivery intrigue is copper, where no deliveries have been made yet and a clear backwardation has developed. Just as a reminder, JPMorgan is very long copper futures. Is there any market these crooks don’t seek to dominate? The ironic aspect is that the Volcker Rule is set to be finalized by the CFTC next Tuesday, December 10. I say ironic because if either a legitimate Volcker Rule or position limits were established, JPMorgan would not be allowed to dominate the markets as it does. Who knows – maybe JPMorgan sees the handwriting on the wall and that is why they positioned themselves for an upside price explosion. - Silver analyst Ted Butler: 04 December 2013
Wednesday's short covering rallies in both gold and silver ended up being flashes in the New York pan, as nothing happened in any of the world's precious metals markets during the following 24 hours. Instead, it was followed by the same price pressure that we've become accustomed to, interrupted only briefly by a smallish rally in mid-morning trading in New York that got capped shortly before lunch.
Since today is the first Friday of the new month, we get the jobs report at 8:30 a.m. EST, and I expect that JPMorgan et al will do the dirty with their high-frequency traders starting milliseconds before the numbers are actually released, because I'm sure that they'll be given the "heads up".
I'd love to be wrong, of course. But using the past as prologue, I have to place my bet on that outcome.
We also get the latest Commitment of Traders Report, along with the monthly Bank Participation Report which strips out the Comex futures positions of all the banks [both U.S. and foreign] and for that one day a month we get to see how dominant the U.S. banks really are in all four precious metals.
As far as the COT Report is concerned, I'm expecting more improvements in the Commercial net short positions in the precious metals, especially after the hammering they took at the hands of "da boyz" on Monday. Gold, silver and platinum all set new lows for this move down on that day, and gold and silver set marginally new lows again on Tuesday as well. So if the numbers are reported in a timely manner, all this data should be in today's report.
Nothing much happened during early trading in the Far East on their Friday, and the tiny rallies in gold, silver and platinum in the afternoon session got sold back to unchanged about 45 minutes before the London open.
London has been open an hour as I type this paragraph, and nothing much is happening there, either. I would suspect that traders are waiting for the jobs numbers just as we are. Volumes in both gold and silver are extremely light, and the dollar index is up about 10 basis points.
And as I fire this off to Stowe, Vermont at 5:15 a.m. EST, all four precious metals continue to languish, and volumes are still very subdued. The dollar index is not doing much, either.
Before heading out the door, I note that Doug Casey’s new book Right on the Money will be released on December 16.
Right on the Money is the second book in the Conversations with Casey series. This time, the conversations focus on speculating, economics, investing, politics, and how to profit in times of political and economic chaos.
“In it, famed speculator and New York Times best-selling author Doug Casey tackles investing head on. In his typical no-holds-barred style, Doug shares his philosophical views on economics, politics, and life itself… and his tools to turn them into actionable investment ideas.
This book is nothing less than a speculator's guide to profiting from the Greater Depression… a set of keys to a potential fortune, available only to contrarians who are brave enough to use them during a time of chaos and volatility gripping our world.”
If you want to learn more, or find out how you can order it, all you need to know is at this link here.
That's all I have for today, and considering what might [or might not] transpire at 8:30 a.m. EST in New York, nothing will surprise me when I power up my computer later this morning.
Enjoy your weekend, or what's left of it if you live west of the International Date Line, and I'll see here tomorrow.