You are here

Feed aggregator

Three vaccine 'science' fraudsters who should probably be (or already have been) in jail: Poul Thorsen, Paul Offit and Henry Miller

Natural News - Sun, 10/02/2016 - 03:00
(NaturalNews) You know the American justice system is in utter shambles when a non-violent, elderly man is sentenced to life in prison for his involvement with the cannabis plant, while corrupt scientists and drug company CEOs who lie about the safety of pharmaceuticals and vaccines...

Bill and Jim Discuss Brexit–June 25, 2016

JS Mineset - 5 hours 4 min ago

Dear CIGAs, In light of recent events, instead of taking Q&A from readers this week Jim and Bill will discuss the Brexit decision and the effects thereof.

The post Bill and Jim Discuss Brexit–June 25, 2016 appeared first on Jim Sinclair's Mineset.

In The News Today

JS Mineset - 5 hours 14 min ago

  Jim Sinclair’s Commentary Mr. Williams shares with us. - In the Context of Almost-Certain Heavy Central-Bank Interventions, Headline Market Volatility Largely Retrenched from Recent Hype that Brexit Would Lose - Yen and Gold Were Strongest Versus the Dollar Since 2014 - Real Median Household Income Tumbled Anew in May - Ex-Commercial Aircraft, Real Durable... Read more »

The post In The News Today appeared first on Jim Sinclair's Mineset.

George Soros: "Brexit Makes EU Disintegration Irreversible"

Zerohedge - 6 hours 9 min ago

Just four days ago, the "big guns" when George Soros wrote a Guardian op-ed titled  "The Brexit crash will make all of you poorer – be warned" in which he said that "as opinion polls on the referendum result fluctuate, I want to offer a clear set of facts, based on my six decades of experience in financial markets, to help voters understand the very real consequences of a vote to leave the EU." We promptly countered that Soros' set of "facts" may be clouded by his far greater equity stake in interests around Europe, and the globe, which would be drastically impacted by not only a Brexit, but by a European Union which is suddenly on the rocks.  That's precisely what happened when, as we wrote earlier, the world’s 400 richest people lost $127.4 billion Friday following the Brexit vote.

Soros was among them.

However, seemingly unhappy that his generously altruistic warning was so roundly ignored by the peasants, not to mention his sudden concern about the future of the European Union whose collapse would also destroy the premise behind Soros' Open Society globalization initiative, the 85-year-old billionaire has decided to follow up with a case of sour grapes and go all in, making another forecast - since his first one was so clearly rejected - and in what may end up roiling markets even more, moments ago Soros said in his second op-ed of the week that the "catastrophic scenario that many feared has materialized, making the disintegration of the EU practically irreversible. Britain eventually may or may not be relatively better off than other countries by leaving the EU, but its economy and people stand to suffer significantly in the short to medium term. The pound plunged to its lowest level in more than three decades immediately after the vote, and financial markets worldwide are likely to remain in turmoil as the long, complicated process of political and economic divorce from the EU is negotiated. The consequences for the real economy will be comparable only to the financial crisis of 2007-2008."

But while Soros is lukewarm on the UK, his forecast about Europe is far more dire.

But the implications for Europe could be far worse. Tensions among member states have reached a breaking point, not only over refugees, but also as a result of exceptional strains between creditor and debtor countries within the eurozone. At the same time, weakened leaders in France and Germany are now squarely focused on domestic problems. In Italy, a 10% fall in the stock market following the Brexit vote clearly signals the country’s vulnerability to a full-blown banking crisis – which could well bring the populist Five Star Movement, which has just won the mayoralty in Rome, to power as early as next year.

Which, incidentally, is what we warned earlier today when saying that "it appears that the trade now is not to sell Sterling, at least not anymore: one should have done that at 1.50 when everyone was wrong about the Brexit outcome based on manipulated polls as we explained ahead of the event. If anything, sterling will rebound following the positive boost to the UK economy following the devaluation. It's the long EUR trade we would be far more concerned about here."

One can be absolutely confident that Soros, who as revealed earlier this month is short the markets, is very, very short the Euro.

This is what else he said in his Project Syndicate Op-Ed, excerpted:

Brexit and the Future of Europe


Britain, I believe, had the best of all possible deals with the European Union, being a member of the common market without belonging to the euro and having secured a number of other opt-outs from EU rules. And yet that was not enough to stop the United Kingdom’s electorate from voting to leave. Why?


The answer could be seen in opinion polls in the months leading up to the “Brexit” referendum. The European migration crisis and the Brexit debate fed on each other. The “Leave” campaign exploited the deteriorating refugee situation – symbolized by frightening images of thousands of asylum-seekers concentrating in Calais, desperate to enter Britain by any means necessary – to stoke fear of “uncontrolled” immigration from other EU member states. And the European authorities delayed important decisions on refugee policy in order to avoid a negative effect on the British referendum vote, thereby perpetuating scenes of chaos like the one in Calais.


German Chancellor Angela Merkel’s decision to open her country’s doors wide to refugees was an inspiring gesture, but it was not properly thought out, because it ignored the pull factor. A sudden influx of asylum-seekers disrupted people in their everyday lives across the EU.


The lack of adequate controls, moreover, created panic, affecting everyone: the local population, the authorities in charge of public safety, and the refugees themselves. It has also paved the way for the rapid rise of xenophobic anti-European parties – such as the UK Independence Party, which spearheaded the Leave campaign – as national governments and European institutions seem incapable of handling the crisis.


Now the catastrophic scenario that many feared has materialized, making the disintegration of the EU practically irreversible. Britain eventually may or may not be relatively better off than other countries by leaving the EU, but its economy and people stand to suffer significantly in the short to medium term. The pound plunged to its lowest level in more than three decades immediately after the vote, and financial markets worldwide are likely to remain in turmoil as the long, complicated process of political and economic divorce from the EU is negotiated. The consequences for the real economy will be comparable only to the financial crisis of 2007-2008.


That process is sure to be fraught with further uncertainty and political risk, because what is at stake was never only some real or imaginary advantage for Britain, but the very survival of the European project. Brexit will open the floodgates for other anti-European forces within the Union. Indeed, no sooner was the referendum’s outcome announced than France’s National Front issued a call for “Frexit,” while Dutch populist Geert Wilders promoted “Nexit.”


Moreover, the UK itself may not survive. Scotland, which voted overwhelmingly to remain in the EU, can be expected to make another attempt to gain its independence, and some officials in Northern Ireland, where voters also backed Remain, have already called for unification with the Republic of Ireland.


The EU’s response to Brexit could well prove to be another pitfall. European leaders, eager to deter other member states from following suit, may be in no mood to offer the UK terms – particularly concerning access to Europe’s single market – that would soften the pain of leaving. With the EU accounting for half of British trade turnover, the impact on exporters could be devastating (despite a more competitive exchange rate). And, with financial institutions relocating their operations and staff to eurozone hubs in the coming years, the City of London (and London’s housing market) will not be spared the pain.


But the implications for Europe could be far worse. Tensions among member states have reached a breaking point, not only over refugees, but also as a result of exceptional strains between creditor and debtor countries within the eurozone. At the same time, weakened leaders in France and Germany are now squarely focused on domestic problems. In Italy, a 10% fall in the stock market following the Brexit vote clearly signals the country’s vulnerability to a full-blown banking crisis – which could well bring the populist Five Star Movement, which has just won the mayoralty in Rome, to power as early as next year.


That is where we are today. All of Europe, including Britain, would suffer from the loss of the common market and the loss of common values that the EU was designed to protect. Yet the EU truly has broken down and ceased to satisfy its citizens’ needs and aspirations. It is heading for a disorderly disintegration that will leave Europe worse off than where it would have been had the EU not been brought into existence.

Continue reading here.

"Brexit Is A Bear Stearns Moment, Not A Lehman Moment"

Zerohedge - 6 hours 50 min ago

By Epsilon Theory's Ben Hunt of Salient Partners

Waiting for Humpty Dumpty  June 24, 2016

Humpty Dumpty sat on a wall,
Humpty Dumpty had a great fall.
All the king’s horses and all the king’s men
Couldn’t put Humpty together again.

Brexit is a Bear Stearns moment, not a Lehman moment. That’s not to diminish what’s happening (markets felt like death in March, 2008), but this isn’t the event to make you run for the hills. Why not? Because it doesn’t directly crater the global currency system. It’s not too big of a shock for the central banks to control. It’s not a Humpty Dumpty event, where all the Fed’s horses and all the Fed’s men can’t glue the eggshell back together. But it is an event that forces investors to wake up and prepare their portfolios for the very real systemic risks ahead.

There are two market risks associated with Brexit, just as there were two market risks associated with Bear Stearns.

In the short term, the risk is a liquidity shock, or what’s more commonly called a Flash Crash. That could happen today, or it could happen next week if some hedge fund or shadow banking counterparty got totally wrong-footed on this trade and — like Bear Stearns — is taken out into the street and shot in the head.

In the long term, the risk is an acceleration of a Eurozone break-up, which is indeed a Lehman moment (literally, as banks like Deutsche Bank will become both insolvent and illiquid). There are two paths for this. Either you get a bad election/referendum in France (a 2017 event) or you get a currency float in China (an anytime event). Brexit just increased the likelihood of these Humpty Dumpty events by a non-trivial degree.

What’s next? From a game theory perspective, the EU and ECB need to crush the UK. It’s like the Greek debt negotiations … it was never about Greece, it was always about sending a signal that dissent and departure will not be tolerated to the countries that matter to the survival of the Eurozone (France, Italy, maybe Spain). Now they (and by “they” I mean the status quo politicians throughout the EU, not just Germany) are going to send that same signal to the same countries by hurting the UK any way they can, creating a Narrative that it’s economic death to leave the EU, much less the Eurozone. It’s not spite. It’s purely rational. It’s the smart move.

What’s next? Every central bank in the world will step up their direct market interventions, particularly in the FX market, where it’s easiest for Plunge Protection Teams to get involved. Every central bank in the world will step up their jawboning and “communication policy” to support financial asset prices and squelch volatility. It wouldn’t surprise me a bit if the Fed started talking about a neutral stance, moving away from their avowed tightening bias. As I write this, Fed funds futures are now pricing in a 17% chance of a rate CUT in September. Yow!

What’s the result? I think it works for while, just like it worked in the aftermath of Bear Stearns. By May 2008, credit and equity markets had retraced almost the entire Bear-driven decline. I remember vividly how the Narrative of the day was “systemic risk is off the table.” Yeah, well … we saw how that turned out. Now to be fair, history only rhymes, it doesn’t repeat. Maybe this Bear Stearns event isn’t followed by a Lehman event. But that’s what we should be watching for. That’s what we should be preparing our portfolios for.

How do we prepare? I’ve got Five Easy Pieces, five suggestions for surviving these policy-controlled markets, described at length in the Epsilon Theory notes “Cat’s Cradle” and “Hobson’s Choice“. Here’s the skinny:

Bottom line … if you ever needed a wake-up call that every crystal ball is broken and we are in a political storm of global proportions, today is it. That’s at least 3 mixed metaphors, but you get my point. Brexit isn’t a Humpty Dumpty moment itself, and I think The Powers That Be will kinda sorta tape this egg back together. But if there’s one thing we know about broken eggs and broken teacups and broken partnerships, it’s never the same again, no matter how hard you try to put the pieces back together. My view is that a Humpty Dumpty moment, in the form of a political/currency shock from China or a core Eurozone country, is a matter of when, not if. Tracking that “when”, and thinking about how to invest through it, is what Epsilon Theory is all about.

The $555 Trillion Derivatives Debt Implosion Is About to Begin

Zerohedge - 7 hours 1 min ago

The next crisis is here.

The BREXIT or British exit from the EU is this crisis’ Bear Stearns: an unexpected situation that Central Banks will go all out to sweep under the rug.

Whether or not they will succeed remains to be seen. But what has started cannot be undone.

For seven years, the Central Banks have maintained the illusion that all is well. Meanwhile, global leverage has exploded to record highs, with the bond bubble now a staggering $100 trillion in size.

To top it off, over $10 trillion of this is sporting negative yields in nominal terms. Indeed, globally bond yields are at levels not seen since the BRONZE AGE.

The Brexit is just the first jolt to this house of cards. It won’t be the last. Spain, Italy and other EU problem countries will soon be lining up to renegotiate their debt levels with the EU.

At that point it’s GAME OVER.

Globally over $500 trillion in derivatives trade based on bond yields.

This is why EVERY move the Central Banks have made post-2009 has been aimed at avoiding debt restructuring or defaults in the bond markets. Why does Greece, a country that represents less than 2% of EU GDP, continue to receive bailouts instead of just defaulting?


Now that the BREXIT has happened, the restructurings will begin. Previously, the EU could always threaten the perceived financial Armageddon of leaving the EU to problem countries that wanted debt forgiveness.

Not anymore. Britain left the EU and Armageddon didn’t hit. So Spain, Italy and other nations will start threatening to leave if they don’t get debt forgiveness or a restructuring.

The derivatives markets smell this. This is why Deutsche Bank (DB) which sits on the largest derivatives book in the world, is on the verge of taking out a 20 year Head and Shoulders pattern.

This is also why financials in general (the firms sitting on large derivatives books), have taken out their post-2009 bull market trendline.

Again, the next crisis is here. The time to start preparing is now. The BREXIT was this crisis’ Bear Stearns. You don’t want to wit until the “Lehman” moment to prepare.

If you’ve yet to take action to prepare yourself and your portfolio for the next round of the Crisis, we just published a 21-page investment report titled Stock Market Crash Survival Guide.

In it, we outline precisely how the crash will unfold as well as which investments will perform best during a stock market crash.

We are giving away just 1,000 copies for FREE to the public.

To pick up yours, swing by:

Best Regards

Graham Summers

Chief Market Strategist

Phoenix Capital Research




People Around The Globe Are Still Stunned But This Is Really Going To Shock The World

King World News - 7 hours 7 min ago

On the heel of an absolutely wild trading week where we witnessed history being made, people around the globe are still stunned but this is really going to shock the world.

The post People Around The Globe Are Still Stunned But This Is Really Going To Shock The World appeared first on King World News.

Calls For Texas Independence Surge After Brexit Vote

Zerohedge - 7 hours 29 min ago

As expected, it didn't take long after the final Brexit results for demands for referenda to be put forth by the Netherlands, France, Italy and Scotland. While it's easy for Americans to fall into the "it can never happen here" mentality, The Mises Institute put forth a thought experiment that dispelled the notion that even if some states in the US wanted to become independent they would be too small to go it alone.

As a reminder, here is how some of the US states look when comparing state GDP to the GDP of other countries around the world. It's evident from this chart that the idea that some states would be too small to exist on their own isn't valid.

Here is another way to look at things, labeling each state to the foreign country whose GDP it matches.

The article points out that some states would be among the largest economies in the world if they were to leave the US.

Moreover, few Americans appreciate how enormous some American states are, especially the largest four states: California, Texas, New York, and Florida.


In terms of both population and GDP, California is about equal to Canada — and with much better weather. Texas is equal in economy and population size to Australia. Pennsylvania's economy is similar in size to Switzerland.


While secession of American states is often dismissed as absurd, there are few reasons to believe that a state like Texas - to name just one example - could not immediately transition from state to nation-state. With a large economy, port cities, oil, and easy access to European, Latin American, and even Asian economies by sea, economics arguments against such a separation fall flat. And of course, the success of smaller states like Norway, Denmark, and Switzerland illustrate that bigness is truly unnecessary. Naturally, many other states even beyond the biggest states — such as Pennsylvania, New Jersey, North Carolina and others — could do the same. These states would all be among the largest economies on earth were they to leave the US.

With that in mind, we note fact that calls for Texas to become independent have surged in the wake of the Brexit vote.

As Vocativ reports, the site analyzed the use of "Texit" since the beginning of 2016, and found that the phrase exploded when the Brexit results were announced, as more than 5,800 people on Twitter used the phrase, a five-fold increase from the day before. 1,745 people tweeted about Texit between 7am - 8am London time, the hour when the final results were announced.

According to Vocativ, the largest group advocating for secession is the Texas Nationalist Movement (TNM), which has been promoting its own version of Brexit called "Texit" over the past several weeks.

"The vast majority of the laws, rules and regulations that affect the people of Texas are created by the political class or unelected bureaucrats in Washington," said Daniel Miller, president of TNM.

Here is a screen shot from the group's Facebook page

* * *

The point is that as the Mises Institute showed, states such as Texas could in fact survive if ever a secession were to take place. If the UK referendum has taught us anything, it should be that the certainty of "it can never happen here" should now and going forward be taken with a Texas-sized grain of salt.

Here are some other "Texit" tweets from the past few days

Texas is bigger than you think, it deserves it's independence. #Texit

— Jared (@Flintlox) June 25, 2016

Catch the wave. #Brexit #Texit

— J Perry (@jlperry_jr) June 24, 2016

I already have my 1978 #Texit bumper sticker by my desk

— Elise Foley (@elisefoley) June 24, 2016

It's really not that complicated!@GregAbbott_TX #TEXIT

— TNM (@TexasNatMov) June 25, 2016

If the Brits can do it, why can't we? #Texit #Secession2016

— Liberty Hangout (@LibertyHangout) June 24, 2016

Watching a lawless Imperial Presidency and think there's no way out?#Brexit has shown us it's our choice! #Texit

— The Texas Republic (@RogerJordan12) June 24, 2016

Texas was annexed n 1845. Let's take our Republic back! #Texit @BlueWaterDays @JeSuisSylvia @NationalismRise @Ja1861

— Laurie (@BlueAngel807) June 19, 2016

Fortunes Will Be Made & Lost When Capital Flees To Safety

Zerohedge - 8 hours 9 min ago

Submitted by Adam Taggart of PeakProsperity

Fortunes Will Be Made & Lost When Capital Flees To Safety

Little did I realize when creating the short video below how prescient it would quickly become in the wake of last night's Brexit vote...

Its message is simple: there's a preponderance of data that shows the world's major asset markets are dangerously overvalued. And when these asset bubbles start to burst, the 'save haven' markets that investment capital will try to flee to are ridiculously small. Investors who do not start moving their capital in advance of crisis will be forced to pay much higher prices for safety - or may find they can't get into these haven assets at any price:


The aftermath of last night's Brexit vote is providing us with ample validation of the video's thesis. 

Stock prices immediately plunged:

The US dollar surged:

Gold put in a $100/oz reversal (which has since moderated a bit):

And Bitcoin jumped:


And look at the capital fleeing derivatives like sovereign credit default swaps. Losses of over 30% in a matter of hours. Yikes!

Not So Fast: Scotland And Northern Ireland May Have Brexit Veto Rights

Zerohedge - 8 hours 49 min ago

Two days after the shocking Brexit result, the nightmares for the Remain camp - which refuses to accept a democratic reality - will not go away. As a result, it has gotten to the farcical point where disgruntled Remain voters have launched a petition demanding a second EU referendum, having clearly forgotten that it was the dramatically low turnout among their ranks that allowed the Leave vote to have such a knockout victory. To be sure this is a well-known technocrat approach: keep voting and revoting until the desired outcome is finally achieved.

We doubt this particular approach has any hope of success. We also doubt that a call by Labor MP David Lammy, urging for a vote in Parliament to "stop this madness", the madness in question being the will of the majority, which clearly is not appreciated by a member of a "democratically" elected institution. One can spend all day analyzing the amusing ironies in that statement.

Wake up. We do not have to do this. We can stop this madness through a vote in Parliament. My statement below

— David Lammy (@DavidLammy) June 25, 2016


However, while these are merely desperation antics by a group who will do almost anything to hang on to the benefits presented to them by the status quo, regardless of the will of the majority, a curious observation has emerged courtesy of Jim Fitzpatrick, who points out that according to the 28-page government Command Paper laying out "The Process of withdrawing from the European Union", which goes through the infamous Article 50 of the Treaty on European Union (TEU), the first time in history when Article 50 will be invoked, there may actually be a hurdle to the actual Brexit process, in the form of a Scottish and Northern Irish veto to Britain's separation from the EU. To wit:

The role of the devolved legislatures in implementing the withdrawal agreement:


We asked Sir David whether he thought the Scottish Parliament would have to give its consent to measures extinguishing the application of EU law in Scotland. He noted that such measures would entail amendment of section 29 of the Scotland Act 1998, which binds the Scottish Parliament to act in a manner compatible with EU law, and he therefore believed that the Scottish Parliament’s consent would be required. He could envisage certain political advantages being drawn from not giving consent.


We note that the European Communities Act is also entrenched in the devolution settlements of Wales and Northern Ireland. Though we have taken no evidence on this specific point, we have no reason to believe that the requirement for legislative consent for its repeal would not apply to all the devolved nations.

To be sure, this is merely an interpretation and not a legalistic prescription. The basis of this opinion is as follows:

In February 2016, the Government published a Command Paper entitled The process for withdrawing from the European Union, the findings of which have been widely challenged by those campaigning to leave the EU. We wanted to have as clear an understanding as possible of the process whereby the UK would withdraw from the EU, should the electorate so decide on 23 June. We therefore held a public evidence session with two experts in the field of EU law: Sir David Edward KCMG, QC, PC, FRSE, a former Judge of the Court of Justice of the European Union and Professor Emeritus at the School of Law, University of Edinburgh; and Professor Derrick Wyatt QC, Emeritus Professor of Law, Oxford University, and also of Brick Court Chambers.

So is one interpretation of Article 50 on the potential stumbling block behind Brexit sufficient to derail the process? We doubt it: David Cameron has already resigned while Europe has activated the machinery for a British separation (even if it means keeping the UK as an "associated member" as Germany desperately needs the UK market to keep its own economy afloat). Then again, anything is possible and we are certain that thousands of lawyers are working feverishly at this moment to preserve any optionality the Remain group may still have before too much time has passed and enough procedures have been implemented making a return to the status quo impossible.

Further complicating matters is the announcement by Scotland's first minister Nicola Sturgeon who said that a second Scottish independence vote 'highly likely' adding that it was "democratically unacceptable" that Scotland faced the prospect of being taken out of the EU against its will. She said the Scottish government would begin preparing legislation to enable another independence vote.

Whatever the outcome, it is certain that the status quo elites, who already lost hundreds of billions in equity "value" as a result of Brexit, will stop at nothing to prevent the existing globalized system from being deconstructed before their very eyes due to the "unexpected" arrival of democratic forces which demand real change. This will surely mean spending egregious amounts trying to find legalistic loopholes, and doing everything in their power to delay and prevent any incremental steps.

All of that is perfectly expected. That said we wonder if the same elitist minorities, which have already shown boundless disdain for the voice of the majority, will keep their interventionism within a peaceful framework because the last thing the world needs is for a tiny majority to start yet another global war to distract from their accelerating loss of influence and power. Then again, just like in the 1930s when the world was also squeezed in a global depression, the only thing that can boost the fortunes of the 1% is war.

Why is why war is the inevitable outcome that a world saddled with gargantuan amounts of debt, borrowed from a future that has no growth prospects, will get. We can only hope that Brexit is not the spark to this outcome.

Historic, Mind Boggling Rise In Gold Open Interest Friday

Zerohedge - 9 hours 3 min ago

June 25 - Gold $1315.60 - Silver $17.72

"There are no markets anymore, just interventions." … Chris Powell, April 2008


Friday was a historic one for a number of reasons. One of them leaps off the charts this morning in our gold/silver sector world.

Due to the unexpected and stunning Brexit vote, the price of gold began to take off like a cat on a hot tin roof, as you know. At one point gold shot up just pennies shy of $100 an ounce … a price move that my friend John Embry has long said is needed to show The Gold Cartel is in the biggest of trouble. How close that came. Course, the real deal $100 up day has to be on a closing basis.

The jolting uncertainty over how that vote, and developing ramifications, will affect the world economic scene created a surge of interest in gold as the go-to fallout investment play. Zero Hedge reported that on Friday Google showed something like five times the normal hits on gold as a subject matter.

It seems that interest also reverberated into the investment arena.

The gold and silver open interests are tallied on a daily basis. A "Preliminary" tabulation of their changes is usually posted late in the evening with a "Final" number posted mid-morning the following business day. At times the two numbers can be noticeably different, but for the most part, they are in decent sync.

Well, the "Preliminary" gold open interest just released revealed a mind boggling rise of 59,379 contracts to 628,885. The August contract alone was up 49,124 contracts. Throw out the window any over the top adjective you want to describe that number, and what took place on Friday, and it would not do it justice.

A big increase in the gold open interest would be in the 10,000 to 20,000 contract range with a 25,000 increase really registering on the radar screen. For that number to go up nearly 60,000 contracts puts it into seismic earthquake category.

Overnight the gold open interest shot up into multi-year high territory by a huge margin, the latest high being around 608,000. Gold’s all-time high number is around 650,000 when prices were FAR higher than they are at the moment.

Meanwhile, to add to the drama the silver open interest, after soaring into its own all-time high territory by a SIGNIFICANT amount this week, went surprisingly down 636 contracts to 218,343. My expectation was that it would have gone up sharply once again. Scratching head time on that score. However, it is important to keep in mind the silver open interest was already 10% over its latest all-time high number and 15% over its older all-time high set a few years ago. And that is with silver prices in the DUMPSTER!

An explanation perhaps. Thursday is First Notice Day for the July silver contract. The July OI went down 3603 contracts with some spec longs deciding to take some profits ahead of exit time … especially considering the way the silver price was under such obvious JPM/Gold Cartel control on Friday, with the price of gold going bonkers at the same time.

The bottom line: the silver open interest is in all-time high territory, and gold is on its way there, with the prices of both precious metals artificially suppressed to very LOW levels. Simplistically, the gold price is less than half of what it would be if it had kept up with inflation in the U.S. and silver is nearly 1/3 of a price it was able to reach 36 years ago.

The current gold/silver prices of $1315.60 and $17.72 respectively are only that low because of the relentless efforts of The Gold Cartel forces. That their open interest numbers are skyrocketing with prices so low strongly points out the increasingly desperate situation THEY find themselves in.

More simplicity…

*The world financial situation is in a precarious state.
*Quantitative Easing and low/negative interest rates have been undertaken by the world powers to stimulate world economic sluggishness.
*Those efforts have really become stale in the tooth.
*Gold is a barometer of U.S., and world, economic health. Down is good, up is bad. Way up is terrible. Thus the gold price is suppressed over and over again thanks to the elitist/establishment world.
*Silver is allied with gold. It has been put in the penalty box along with gold because a noticeable price dichotomy between the two would attract too much attention to what and why The Gold Cartel is doing to the price of gold.

There have been signs all year that this Gold Cartel is reaching a Tipping Point in which they will be unable to carry on and be effective at the current artificially low gold/silver prices … that they are going to be forced to retreat to MUCH higher price levels to continue their operations … operations which might even not be viable in the years ahead.

As you know, the mantra here this year is that gold and silver will never go up again from current price levels until we get a Commercial Signal Failure … which means The Gold Cartel forces short positions are routed by price explosions … with the weakest cabal members, and followers, forced to cover because the financial pain is too great.

The incredibly high gold/silver open interest numbers strongly suggest that Commercial Signal Failures are getting closer and closer at hand. As those failures manifest themselves, the prices of both precious metals will soar. For if a number of THEM are buying, who in the heck is going to be selling? It certainly won’t be the specs, who based on all of history, will be adding to their positions, like they are doing now.

POINT: the jolting Brexit vote is VERY likely to be the catalyst which finally causes Commercial Signal Failures because of the whopping new interest to buy gold (and silver) all over the world. It is going to be just TOO MUCH for the bums to deal with.

So, no matter what sort of counterattack The Gold Cartel feels compelled to launch in the days ahead, it is going to be overrun and fail. As time goes by these last gasp efforts to keep the gold and silver prices artficially submerged will look both pitiful and pathetic.

The price of gold is going to soar this year.

As for silver, been pounding my thoughts on the table all week. What THEY have done to the silver price is probably unprecedented. As a result, it is a coiled spring that is about to be sprung. Once silver is able to penetrate $18.50 on the upside, it will open Pandora’s Box. The price action at times will be similar to what we saw in gold on Thursday with its $10 higher upticks. Stay tuned!

The price action of the gold/silver shares have been screaming all year that mega upside price moves are in the works for the precious metals prices. The correction in the shares have been few and far between. Big Money (perhaps some of the in-the-know bad guy’s own money) keeps piling in. These savvy investors know what is coming down the pike and many certainly have a clear idea that The Gold Cartel’s jig is soon to be up.

If there ever was a time to be all over the precious metals sector, this is it!
So rule, Britannia -- Britannia, rule thyself


Submitted by cpowell on 02:21PM ET Friday, June 24, 2016. Section: Daily Dispatches

By Chris Powell
Journal Inquirer, Manchester, Connecticut
Friday, June 24, 2016 britannia----br...

Recognizing that the objective of the European project, ever-closer political and economic union, meant the destruction of democracy, sovereignty, and the country's very culture, Britain has voted in a great referendum to withdraw from the European Union.

The majority arose from a remarkable combination of the free-market, limited-government political right, the core of the Conservative Party, with the working-class political left, the core of the Labor Party, both party cores repudiating their leaderships as well as the national elites.
The result has enormous implications for the United Kingdom, starting with whether it can remain united, since Scotland - - formerly the most industrious and inventive province in the world, now perhaps the most welfare-addled -- probably will make a second attempt to secede, figuring that free stuff is more likely to flow through continued association with the EU than with England, which is growing resentful of the freeloaders up north.

But there are enormous implications for the world as well. The EU project never has won forthright ratification by the people of its member states and indeed has sometimes refused to accept rejection by them. Indeed, the whole EU government is largely unaccountable. So the British vote quickly prompted demands for similar referendums in France and the Netherlands, where conservative populist movements have been gaining strength.

The politically correct elites are portraying the British vote as a "xenophobic" response to free movement of labor across the EU and particularly as opposition to the vast recent immigration into Europe from the Middle East and Africa. This immigration is widely misunderstood as being mainly a matter of refugees from civil war. In fact this immigration has been mainly economic and it has driven wages down in less-skilled jobs while increasing welfare costs throughout Europe, which explains the British Laborite support for leaving the EU.

But it is not "xenophobic" to oppose the uncontrolled and indeed anarchic immigration the European Union has countenanced. For any nation that cannot control immigration isnt a nation at all or wont be one for long. Since most immigration into Europe lately has come from a medieval and essentially fascist culture and involves people who have little interest in assimilating into a democratic and secular society, this immigration has threatened to destroy Europe as it has understood itself. Britain has been lucky to be at the far end of this immigration, but voters there saw the mess it has been making on the other side of the Channel. They wisely opted to reassert control of their borders.

Their example should be appreciated in the United States, which for decades has failed to enforce its own immigration law and as a result hosts more than 10 million people living in the country illegally and unscreened. Fortunately few of this country's illegal immigrants come from a culture that believes in murdering homosexuals, oppressing women, and monopolizing religion. But the negative economic and social effects here are similar to those in Europe and properly have become political issues.

The main lesson of Britain's decision may be an old one - - that nations have to develop organically, arising from the consent of the governed and a common culture, and that they can't be manufactured by elites. Having defended its sovereignty and indeed liberty itself against Napoleon and Hitler, Britain now has set out to defend them again. So rule, Britannia -- Britannia, rule thyself.

The nations not so blest as thee
Must in their turn to tyrants fall,
While thou shalt flourish great and free,
The dread and envy of them all.


Chris Powell is managing editor of the Journal Inquirer.


4 Reasons the Twin Towers Could NOT Have Been Brought Down With Explosives On 9/11

Zerohedge - 9 hours 35 min ago

Preface: We've previously shown that 9/11 couldn't have been an inside job, because:

  • 9/11 was thoroughly and exhaustively investigated by the 9/11 Commission, Congress and U.S. scientific agencies
  • No one could have foreseen 9/11
  • Government officials didn't have time to stop the 9/11 attacks, once they realized America was under attack
  • It couldn't have been a conspiracy, because no one could keep such a big conspiracy secret ... someone would have talked
  • Our government wouldn't do anything like that, and
  • Our free press would have reported on anything that outrageous

See for yourself.

But many people still believe that the World Trade Center buildings which collapsed on 9/11 were brought down with controlled demolition. This essay shows they can't possibly be right.

I. No One Could Have Planted Bombs In a Crowded Office Building

Conspiracy theorists don't realize that no one could have planted bombs in a crowded office building like the Twin Towers.

Admittedly, tightrope walker Philippe Petit snuck into the World Trade Center with a friend in 1974 with massive amounts of equipment, smuggled the equipment to the top floor and rigged up a highwire for his tightrope walking stunt without being detected.

And it's true that in 1978, the 59-story story Citicorp building was secretly retrofitted at night over the course of several months without the knowledge of tenants, the general public, or the media:

And in 2009, Raw Story noted:

A Government Accountability Office investigator smuggled live bomb components into a federal building in just 27 seconds, then assembled a bomb in a restroom and ventured throughout the building without being detected, a leaked tape revealed Wednesday. In addition, congressional investigators were able to penetrate every single federal building they probed without any difficulty — 10 in all.

And see this. And we concede that:

  • A tenant of the World Trade Center hired a "sprinkler repairman" shortly before 9/11, and gave him access to 6 underground levels at World Trade Center building 1

The chief electrical engineer who wired the World Trade Centers (Richard Humenn) says that people working on the elevators could have planted explosives:

And mechanical engineer Gordon Ross, in his talk on the destruction of the Twin Towers, pointed out that:

“Those [core] columns which were situated adjacent to and accessible from inside the elevator shafts failed at an early stage of the collapse. Those columns which were remote from the elevator shafts, and not accessible from the elevator shafts, survived the early stages of the collapse."*

Indeed, a top demolition expert says that with access to the elevator shaft, a team of loading experts would have access to the columns and beams:

According to USA Today: "On Sept. 11, ACE Elevator of Palisades Park, N.J., had 80 elevator mechanics inside the World Trade Center". And the U.S. government agency (the National Institute of Standards and Technology) itself says that, on 9/11, "Elevators 6A and 7A were out of service for modernization". (NIST NCSTAR 1-8, p.97). In addition, Ace worked in and around structural steel at the Twin Towers:

A run of approximately 80 vertical feet, employed over 300 running feet of 2-1/2" x 8" and 2"x 2" trough raceway. This run traveled through plaster ceilings, concrete floors and around structural steel.

Indeed, there had been numerous elevator renovation and and asbestos removal projects in the 6 years prior to 9/11 which allowed access to core building structures, including:


But so what?

II. No One Heard Explosions

Conspiracy theorists also ignore the fact that there were no sounds of explosions on 9/11. Well, there were some:

There are literally hundreds of other witnesses who heard explosions.

Indeed, witnesses heard explosions even before the planes hit ...

For example, a hero who saved many people on 9/11, and who was the last person out of the north tower, said that there was a massive explosion from the basement in the North Tower BEFORE the plane hit:

And other witnesses say something similar:

But those videos and witnesses don't count.

III. The Talk of Mysterious "Molten Metal" Is Wrong

The spokesman for the government agency which says that the building collapsed due to fire (the National Institute of Standards and Technology) said there was no molten metal at ground zero:

So that puts that crazy conspiracy theory to rest once and for all...

Sure, there were a few contrary reports:

  • And see witness statements at the beginning of this video
  • Indeed, not only was structural steel somehow melted on 9/11, but it was evaporated. As the New York Times reports, an expert stated about World Trade Center building 7:
    A combination of an uncontrolled fire and the structural damage might have been able to bring the building down, some engineers said. But that would not explain steel members in the debris pile that appear to have been partly evaporated in extraordinarily high temperatures.

    (pay-per-view). Evaporation means conversion from a liquid to a gas; so the steel beams in World Trade Center building 7 were subjected to temperatures high enough to melt and evaporate them

Well, stuff happens. Not worth getting distracted from reading about the Kardashians and Caitlyn Jenner.

IV. The Collapse of Three Buildings On 9/11 Wasn't Suspicious

If the World Trade Center buildings had been brought down by demolition, they would have fallen in an unusual manner. But that didn't happen for very long:

And the 60+ structural engineers who say that the World Trade Center buildings were brought down with controlled demolition are obviously closet commies.

Indeed, I dare you to watch this 1-hour video and find a single expert who appears like a normal, credible person (I bet they all live in their Mom's basement):

So there you have it ... 9/11 was not a false flag attack, and the 3 World Trade Center buildings which collapsed on 9/11 could not have been due to controlled demolition.

Turkey Gloats: "The Crusader Union Falls Apart"

Zerohedge - 10 hours 7 min ago

Earlier today, we showed the front pages of British newspapers on the first day after the historic Brexit referendum. Just as amusing front pages, howeve,  abound in Turkey and especially among the pro-government (and thus government-controlled) press, such as the Akit newspaper, which looks at the chaos in the UK and says "the Crusader Union falls apart" (somewhat ironic for the former Ottoman Empire).

As a reminder, many have noted that the Brexit referendum was not about economic issues as much as about immigration, and not one country received more attention than Turkey, whose EU-membership may have been the key variable that sealed the outcome of the referendum vote. Recall that while David Cameron was assuring voters that "Turkey would not join the EU until the year 3,000", it turned out to be a lie when it was revealed that Europe was actually holding Turkish accession talks as soon on June 30.

For now Turkey may have won the battle...

Headline in #Turkey pro-gov't daily on #Brexit: "Crusader union falls apart."

— IrmakYenisehirlioglu (@Irmak_Ye) June 25, 2016

... But it has almost certainly lost the war, as every other Europen nation will now be terrified of a similar popular uprising and referendum outcome should other countries support Turkey's EU membership.

Which, of course, is the worst possible news for Angela Merkel, because if and when Erdogan realizes that his latest hope to become part of Europe has again been dashed, he will have no problem with unleashing the millions of Syrian refugees currently held back by Turkish borders, and send them right inside Germany, leading to Europe's next migrant crisis - likely in the last months of 2016 - which in turn will lead to the full suspension Europe's customs union, and yet another nail in the coffin of the European "union."

Onward Toward Bullion Bank Collapse

TF Metals Report - 10 hours 23 min ago

The events of Friday not only speed the eventual collapse of the Bullion Bank Paper Derivative Pricing Scheme, they also highlight the fraud of this current system and shine light upon the utter desperation of these Banks to maintain it.

read more

Anthony Wile: Brexit Is Part of Internet Reformation Building Around the World

Daily Bell - 10 hours 58 min ago

After years of struggle against the EU, which we documented at The Daily Bell, anti-EU forces have finally removed Britain from the European Union.

The tribes of Britain were the first to make the jump back into fuller nationhood. But there will be other countries trying as well.

It’s a great day for Britain and a good day for The Daily Bell that has had as one of its main missions analysis of the “Internet Reformation” and the freedom building because of it.

While I am no longer involved in an ownership position with The Daily Bell, I remain proud of our accurate commentaries and predictions.

We saw very early on that the Internet’s truth-telling would change the world.  And despite many negatives and considerable controversy, it certainly has.

You can see a couple of articles on the EU we published HERE and HERE. We’ve published dozens over the years, and much of what we reported is taking place.

We published many interviews that dealt, at least in part, with the EU. I was looking through past Daily Bell issues and found some British interviews.

Like The Daily Bell’s statements on the EU, theirs anticipated Brexit.

Lord William Rees-Mogg provided an interview on the EU in 2010, two years before his death, HERE. Rees-Mogg, who was president of the Oxford Union in 1951, became a writer for The Financial Times in 1952, moved to The Sunday Times in 1960 and then served as editor of the London Times from 1967 to 1981.

I think the EU will survive but the EU in its present shape probably won’t. The strain the euro is putting on the weaker economies is more than they will be able to sustain …

I find that younger people tend to hold increasingly liberalist views. Liberalist is a difficult word because it means different things in different places. In the classical sense, the meaning is that liberty is the essence of sound political structure.

Rees-Mogg certainly predicted what’s going on: “The EU in its present shape won’t survive.”

John Browne’s interview can be found HERE. Browne, a well-respected financial observer and free-market commentator, is also a distinguished former member of Britain’s Parliament. He was a close associate of the late Prime Minister Margaret Thatcher. Here’s a bit of what he said in 2009:

The Germans tolerate the stage strutting of the French to offset the British threat …  When she feels more secure, Germany will discard France and rule in a decidedly Prussian manner. It could lift Europe into a top superpower. It could be great for Europe. However, all Europeans who do not speak German as their mother tongue will be second-class citizens …

Europe is likely to make a futile attempt at becoming a “United States of Europe.” Germany will pick up the pieces, and the EU will become the New German Empire.

Browne knew that Europe’s attempt at becoming a United States of Europe would be futile. (At least, any such integration with Britain would be.) Let’s wait and see if Germany picks up the pieces.

Robert Oulds gave us an interview HERE. Oulds is the director of the London-based, anti-EU Bruges Group. He is also a Conservative Councilor in Chiswick.

The Bruges Group is working to take Britain out of the European Union … Our independence is our strength allowing us to be free to follow our own policy agenda and put the national interest above party political considerations …

[Our] inspiration was Margaret Thatcher’s Bruges speech in September 1988, in which she remarked that, “We have not successfully rolled back the frontiers of the state in Britain, only to see them re-imposed at a European level.”

Oulds and his group worked hard to remove Britain from the EU and now their hard work has paid off. These folks and many others will surely turn their energy to creating a nation that can prosper as external regulatory chains fall away.

Nigel Farage sat for an interview with us HERE. He’s been head of the UK Independence Party (UKIP) since 2010 and is leader of the Eurosceptic Europe of Freedom and Democracy group.

UKIP stands for independence from the EU and the ability to make our own laws and control our own borders … Like Communism, it is a good idea that has gone badly wrong …

The Euro will endure a slow, lingering death that will condemn the eurozone to a lost decade. Getting government spending under control is vital. However, for the southern eurozone devaluation is a higher priority. Competent or not, the euro is fatally flawed.

As we can see, Farage was correct about the euro, certainly for Greece and increasingly for other EU countries, especially in the South.

Farage was a City broker and commodities trader before he joined UKIP – so it’s possible he traded precious metals. If he were trading gold, he might have made a good profit post-Brexit, as gold and silver both went up hard. At the same time, stocks crashed.

From an investment standpoint, investors should be very careful about how they are adjusting their portfolios. The Daily Bell has always advocated holding precious metals in one’s portfolio as a way of securing wealth and ensuring portfolios against uncertain times.

But in the past, I’ve personally made the point that gold and silver stocks are paper, not precious metals.

I’ve pointed out many times that there is a big difference between paper plays masquerading as gold and silver and the real thing. Be careful about rushing into the gold and silver stock market anytime soon.

We can see that Brexit offers both promise and problems. In fact, there are globalist forces in the world that may have anticipated this Brexit and even supported it – for malevolent rather than positive reasons.

Much is in flux. There is already speculation that EU officials will try to rewrite the EU-British relationship and then try for another referendum. Additionally, both Scotland and Northern Ireland are unhappy with the results of the referendum and may seek to declare independence.

However the future unfolds, what the Daily Bell calls the Internet Reformation has given a voice to those who wouldn’t have had a voice otherwise. And this voice is causing major changes. I’m confident that the removal of Britain from the EU is part of a larger evolution of freedom and free markets – just as we predicted years ago.

The US, for instance, is in the middle of shedding its dependence on a two-party system that is so homogenized that most can’t tell the difference between candidates. Donald Trump’s presence and campaign is changing all that and whether or not you are a Trump fan, he’s indicative of positive political changes.

Let’s not lose sight of the larger trend: Just as we anticipated, the Internet and related factors are supporting a resurgence of markets and freedom around the world.

Progress is slow and may not be easily noticed. But it’s taking place and surely will continue. I’m proud of our coverage of these serious issues and I’ll be happy to write another article about the accuracy of further predictions. Hopefully I can do that sooner rather than later.

Anthony Wile is founding editor of The Daily Bell.

Germany Says "We Won't Let Anyone Take Europe From Us"

Zerohedge - 11 hours 7 min ago

Yesterday we said that in the historic fallout and unprecedented confusion over Brexit, so far only one sure winner has emerged - namely Russia, where Vladimir Putin is watching the slow-motion collapse of this latest artifical aggregation of Europen states (a quick search of failed attempts at European integration results in tens of pages of results) with great interest and willingness to pounce at any opportunity - even as all of Europe is a loser, and nobody more so than Germany, whose chancellor Merkel is now watching her legacy go down in flames as first the UK, then France (National Front), Italy (Five Star Movement), Denmark (Danish People’s Party), and Holland (Freedom Party) have all called for either a EU referendum of their own or a renegotiation of their country’s EU membership.

As would be expected, the more worried and desperate Germany gets, the more ridiculous things Germany is apt to say. Case in point is what German Foreign Minister Frank-Walter Steinmeier said earlier today, when he tried to reassure onlookers that the EU would weather the shock of the British vote to leave the union as he convened crisis talks.

Well, one small nuance: Steinmeier wasn't focusing on the EU, he was far more concerned about Germany and how the one nation that has benefited more than anyone one else from the customers union and the common currency is struggling to keep up appearance that asll is well.

As Steinmeier was heading into a Berlin meeting with his counterparts from the EU's six founding members, he said the following: "I am confident that these countries can also send a message that we won't let anyone take Europe from us."

Or else? Because while "us" was meant to refer to the EU, he really meant Germany.

Steinmeier called the European Union "a successful project of peace and stability" and said that there was a "strong desire" within the bloc to defend and strengthen it. It would appear that tens if not hundreds of millions no longer agree. 

The damage control continued when he said that "it is absolutely clear that we are in a situation in which neither hysteria nor paralysis are permissible." Indeed: which is why central banks, the G7 and the IMF all scrambled to prop up... the world's markets.

"We must not rush headlong into hectic action, pretending we had all the answers. But we must also not fall into depression or inaction after the British decision."

But didn't you have all the answers when you said that a vote for Brexit would assure financial armageddon? Odd how that changed so fast.

As AFP reported earlier, Steinmeier's French counterpart Jean-Marc Ayrault urged quick negotiations on Britain's exit from the union, saying that the pressure would be "very strong" on British Prime Minister David Cameron at an EU summit on Tuesday to speed up the process.

Cameron, who on Friday announced his resignation by October in the wake of the referendum, said it should be his successor who leads the complex negotiations under Article 50 of the EU's Lisbon Treaty which sets out a two-year timeframe to leave.

Steinmeier hosted Ayrault, the Netherlands' Bert Koenders, Italy's Paolo Gentiloni, Belgium's Didier Reynders and Luxemburg's Jean Asselborn in a lakeside villa north of the city centre.

Ayrault said he and Steinmeier, whose countries long represented the twin-engine of European integration, were working on joint proposals that could deepen cooperation among EU members that use the euro currency, or bolster security and defence coordination. Steinmeier said the ministers would discuss joint action on the refugee influx, the unemployment crisis and security during their meeting scheduled to wrap up around 1000 GMT with a news conference.

* * *

Meanwhile, as Steinmeier scrambles to reassure naive onlookers how "peaceful and stable" the European project remains, what he is most worried about is not just another EU member nation quitting, but specifically a nation that is a member of the Eurozone, and shares the Euro. If that happens, it's all over.

As Barclays wrote overnight, the biggest potential worry is that another country, especially one that is also part of the EMU, might set out on a political path towards exiting the EU and EMU. While a country leaving the EU is a big event, one potentially leaving the EMU would be a much bigger deal. If markets start attaching a greater probability to an EU referendum (and a possible exit) in an EMU country, it could spark a return of redenomination risk and financial fragmentation, undermining business confidence and hampering business investment and growth.

A series of recent surveys and statements by some European parties suggest that this risk is real. Anxiety over immigration and a weak economic recovery have greatly eroded pro-EU sentiment in the euro area. A recent Pew survey found that roughly half or more of the population in large EU countries such as France, Spain and Germany viewed the EU unfavorably. The same survey showed that overwhelming majorities in most countries disapproved of the EU’s handling of refugees, as well as the economy. In a similar poll released by Ipsos Mori in May, nearly half of euro area citizens wanted a referendum on EU membership in their own country, including majorities in France and Italy (Figure 2). And in recent days, leading political parties in countries such as France (National Front), Italy (Five Star Movement), Denmark (Danish People’s Party), and Holland (Freedom Party) have all called for either a EU referendum of their own or a renegotiation of their country’s EU membership. These calls have become louder in countries such as Holland after the UK vote.

And as the following chart shows, the pain for Europe is just starting:


It appears that the trade now is not to sell Sterling, at least not anymore: one should have done that at 1.50 when everyone was wrong about the Brexit outcome based on manipulated polls as we explained ahead of the event. If anything, sterling will rebound following the positive boost to the UK economy following the devaluation. It's the long EUR trade we would be far more concerned about here...

"See EU Later" - On The Front Covers Of UK Newspapers Today

Zerohedge - 12 hours 24 min ago

Two days ago, when Britain was set to vote for Brexit, we showed the front pages of the local newspapers which fell into two broad camps and could be summarized as follows: "Project Hope" and "Project Fear." Project Hope won. And just as we did then, here is a snapshot of the newspaper and tabloid covers the local population will see on its European Independence day.

Neddless to say, the split in public opinion persists and can be best seen in the covers of the ideologically opposed Daily Express and The Mirror.


And the rest


Zerohedge - 12 hours 44 min ago

By Chris at

That's the only way to describe it.

If today's missive is a little shaky or disjointed, it's because I've been running on adrenalin for 15 hours flat, and I'm feeling a little exhausted.

We are in the midst of a period of financial history that will go down in the history books.

I've spent the last 15+ hours trading and messaging with a good friend who's one of the best traders I know. I'm now taking a break to pen this before getting back to European open. I don't expect to sleep much tonight.

Traders love volatility and what the markets delivered today has been nothing short of freaking AWESOME.

The volatility has been absolutely stunning and the trading opportunities have been popping up like moles in a super charged game of whacka-mole. Except that the moles can bite your head off if you're not to careful.

As a teenager only just getting interested in financial markets, I'd dreamt of events such as this.

It's somewhat surreal as we read the stories, search through the history, analyse the charts, the numbers, the ratios, and myriad other pieces of the puzzle; and so to be applying skills as this unfolds in real time is truly mind blowing.

But first let me give you a taste of the "fun" experienced:

  • The GBP/USD saw 20 point moves throughout the day and as the news broke the pound sterling became the sterling pounded. It has now fallen below its 30-year trend line at 1.37. Take a look at this chart and tell me the efficient market hypothesis works.

  • Then gold bolted $70 in the space of 3 hours:

  • Bitcoin lost roughly $200 over the last few days and then rallied $100 within the day
  • The Japanese yen rallied and most stunningly the 30 year JGB printed at 0.145%
  • S&P futures are halted for trading limit down.

As the day progressed, in between watching positions I snapped some of the flow on Twitter.

The most seasoned of traders were in shock and awe. Even George W. couldn't produce this much shock and awe.

Certainly no run of the mill day...

And as I write this, Asia is closing while Europe opens. It's going to be a long night.

Recently I gave up something which had been very special to me. It was my baby for a long time and today I know with certainty that it was the right decision.

The macro landscape is shifting underneath as at warp speed, and in today's world capital shifts in minutes. With the Blockchain it shifts in seconds.

The politicians and central bankers are increasingly behind the curve, scrambling to catch up and each and every turn sees them exacerbating and compounding problems.

Brexit should stand as a wake up call not only to central bankers but to the political class globally.

As I mentioned in this week's "World Out of Whack":

The vote to stay or leave the EU is as much a vote for or a rejection of the establishment than any other European or British referendum I can think of.

What Now?

You know when you tell your wife that you forgot to put dinner on because you were too busy doing something else and she completely loses the plot?

Well, from my experience - and I'm quite experienced - it often has more to do with the fact that I've annoyed her with something else as well, and it's not actually got all that much to do with dinner.

Sometimes it's the market reaction to an event rather than the event itself which matters more. This is what we're seeing now.

This isn't about Britain as much as it is about a global anti establishment uprising. The British people opting out of the EU is a profound statement to that effect.

I think it's fair to say that the extent to which the markets have been reacting indicates just how incredibly fragile they really are.

As I mentioned on Wednesday:

As traders and investors it’s of no consequence what we may wish to happen. As incredibly important, wonderful, talented, intelligent, good looking, and well deserving readers of Capitalist Exploits are, the market doesn’t actually give a toss about us. Depressing, I know. But what actually takes place and how that affects asset prices is what matters.

Over the coming months and years ahead, this is bearish for the euro far more than it is bearish for the pound. This is a vote of no-confidence in Europe and a vote of no confidence in the euro. I really can't find any reason to be long the euro at all. All the duct tape in the world isn't going to hold the EU or the euro together.

The illiquidity that will now wash over other asset classes promises to be extreme.

Some questions that I think are worth asking yourself:

  1. Is this the sudden and immediate drying up of the huge amounts of capital that have been pouring into Silicon Valley and VC in general which I've been so concerned about? Nobody is going to want to be illiquid.
  2. Do you want to be in small cap stocks which can suffer illiquidity gaps or do you want to be in large cap stocks?
  3. How do you weight protection and liquidity in your portfolio?
  4. Are you going to want exposure to emerging markets in a global risk off environment?
  5. What do you need to do to prosper in this environment?

Capital is shifting right now at lighting speed and fortunes are being made and lost. Today was an awesome day for my buddy and I but I'm always aware to manage risks.

If markets continue in a fashion that is even a fraction of that which I'm watching on my screens now, then it's a foregone conclusion to me that we'll get a stimulus package to meet all stimulus packages. They'll probably even call it something unique by picking letters out of a Scrabble bag but it's coming regardless.

This will set up some fantastic trading opportunities and may well be the last "hurrah" that pushes the debt burden of sovereigns to breaking point.

Books will be written about this period of time. Count yourself lucky to be alive witnessing it in real time.

- Chris


Liked this article? Don't miss our future articles and podcasts, and

get access to free subscriber-only content here.


The Real Brexit "Catastrophe": World's 400 Richest People Lose $127 Billion

Zerohedge - 13 hours 45 min ago

For all the scaremongering and threats of an imminent financial apocalypse should Brexit win, including dire forecasts from the likes of George Soros, the Bank of England, David Cameron (who even invoked war), and even Jacob Rothschild, something "unexpected" happened yesterday: the UK was the best performing European market following the Brexit outcome.


This outcome was just as we expected three days ago for reasons that we penned in "Is Soros Wrong", where we said "in a world in which central banks rush to devalue their currency at any means necessary just to gain a modest competitive advantage in global trade wars, a GBP collapse is precisely what the BOE should want, if it means kickstarting the UK economy."

On Friday, the market started to price it in too, and in the process revealed that the biggest sovereign losers from Brexit will not be the UK but Europe.

Not only, though. Because as we noted yesterday in "Who Are The Biggest Losers From Brexit?", there is an even bigger loser than the EU: Britain and Europe's wealthiest people.

Britain’s 15 wealthiest citizens had $5.5 billion erased from their collective fortune Friday after the country voted to leave the European Union. Britain’s richest person, Gerald Grosvenor, led the decline with a loss of $1 billion, according to the Bloomberg Billionaires Index. He was followed by Topshop owner Philip Green, fellow land baron Charles Cadogan and Bruno Schroder, majority shareholder of money manager Schroders Plc.

It wasn't just Britain: as Bloomberg added overnight, the world’s 400 richest people lost $127.4 billion Friday as global equity markets reeled from the news that British voters elected to leave the European Union. The billionaires lost 3.2 percent of their total net worth, bringing the combined sum to $3.9 trillion, according to the Bloomberg Billionaires Index. The biggest decline belonged to Europe’s richest person, Amancio Ortega, who lost more than $6 billion, while nine others dropped more than $1 billion, including Bill Gates, Jeff Bezos and Gerald Cavendish Grosvenor, the wealthiest person in the U.K.

Ironically, it turns out that when George Soros threatened "The Brexit crash will make all of you poorer – be warned", what he really meant is "it will make me poorer." And yes, George, the people were warned which is why they voted the way they did.

Death of a Bluegrass Pioneer - 21 hours 35 min ago

On June 23, Ralph Stanley died. He was 89.

He was the last of the founders of bluegrass music. This is an American invention, named after the group that backed up Bill Monroe, the Bluegrass Boys. Monroe’s music was “old timey” until the arrival of Earl Scruggs, who revolutionized banjo picking. Scruggs joined the Bluegrass Boys in 1945. He started his own group in 1948, the Foggy Mountain Boys.

Ralph and his brother Carter were right behind Monroe. They started the Clinch Mountain Boys in 1946. They played together until Carter’s death in 1966. They are generally regarded as the second bluegrass band.

Bluegrass was a regional phenomenon until the Beverly Hillbillies hit the culture in the fall of 1962. Flatt and Scruggs did the theme song. Then in 1967 they did the music for Bonnie and Clyde, which worked wonderfully as aesthetic background. Of course, Bonnie and Clyde died in 1934, and bluegrass was invented in 1945, but that’s close enough for Hollywood. It’s the thought that counts . . . and the soundtrack royalties.

The post Death of a Bluegrass Pioneer appeared first on LewRockwell.


Subscribe to No Time 4 Bull aggregator

Join Forum

To prevent automated spam submissions leave this field empty.

Best of the Web

Price-Pottenger Foundation