Loren Boston THE FIAT WORLD IS WORRIED
@LorenBoston
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Pro: Gold/Silver/Austrian Econ./Libertarian/GATA. Monitor: Fed/ECB/BIS/US$/Comex. ABD in economics. All tweets are opinions not investment advice. No DMs pls.
Joined June 2011
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Gold reacting to the highest inflation data in 40 years...
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A good friend of mine walked into a Bank of America branch and asked to withdraw $5,000. The teller said okay, and then asked "why do you want the money?" My friend said to the teller that it was none of her business and asked the teller if there was a problem. The teller said
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The Ruble is soaring today against the US$ - up almost 7% - a massive move in currencies:
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JP Morgan now holds 39% of ALL the registered silver on the Comex.
When you withdraw/receive a warrant from the Comex, you're likely taking the silver right out of the pocket of JPM.
How's that for an incentive?
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Buyers of gold and silver, please read this:
@LawrenceLepard
@LukeGromen
@LynAldenContact
@MacleodFinance
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The US strategic oil reserve has only 23 days of supply left. These withdrawals over the last few months have been reckless. What if the US truly faces a crisis?
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Looks like Russia, China, India and now Saudi lining up against the US$.
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This chart is 6 months out of date, but the trends are clear and accelerating. My favorite chart of 2021:
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Wow – US Debt is skyrocketing! It's up $700 Billion in just 5 weeks:
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Every day there's another sign that the Saudis are joining the Chinese sphere and ready to get rid of the Petrodollar. Big changes are coming. 👇👇👇
SAUDI ARAMCO: WE WILL FORM A JOINT VENTURE TO BUILD A BIG REFINERY AND PETROCHEMICAL COMPLEX IN CHINA. - STATEMENT.
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JGBs are up another 6% this morning in Japan...this is going to get expensive for the Japanese gov't and may well result in the sale of USTs in order to get more US$ to pay for energy.
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Andrew Maguire says that China, the rising global superpower, has now accumulated over 30,000 tons of gold. You tell me: why would China accumulate all that gold? Just to let it sit in their vaults and never use it to their advantage? Don't be naive; the reset is coming.
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Are gold prices about to take off? Here's a great leading indicator of rising gold prices...
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Central bankers, repeat after me:
US$ reserves can be made WORTHLESS at any time by the US government. Currencies are not safe reserve assets. The sovereign debt market is so over-levered that it's about to collapse. The only reserve asset without counterparty risk is gold.
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When the USD/RUB reaches 81.85, the floor price of gold will be $1,900/oz. Once that happens, as the RUB keeps rising, we'll begin to see a move up in the price of gold.
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USD/RUB is now down 4% today - a massive move. At 80 RUB/USD, the floor price of gold is $1,944 - above the current gold price of $1,930.
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COMEX Registered Silver Fell 6.9M ozs today! This drop of 7.7%, takes Registered down to 82.2M ozs. This is HUGE.
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Look at this! Big WSJ story talking about silver under pressure. Nothing - and I mean NOTHING - is more positive for silver. 👇👇👇
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JPMorgan as of today holds:
41% of all the registered silver on the Comex
57% of all the eligible silver on the Comex
53% of all the silver in Comex vaults
So, when you take physical silver out of the Comex, you are likely taking it right out of the pocket of JPMorgan.
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Somebody is working very hard to keep gold below $1,800 an ounce...
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By suppressing the price of gold, the BIS and Fed are effectively subsidizing the purchase of gold by China, Russia, India and other more forward-thinking regimes. As China rises and Russia converts Nord Stream gas into gold, the G-7 are going to lose big time. Protect yourself.
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I'm not sure most people understand the extraordinary effort made by the bullion banks to suppress fake futures price of silver since the squeeze began. Look at the monthly trading volumes for Jan and Feb on the 5-year chart below compared to prior months. Amazing.
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JP Morgan is under SIEGE - worth reading - inventories on Comex are now low enough that almost all deliveries are being made by JPM, which is being forced to add silver to registered
Entire post provided by Ditch the Deep State on Wall Street Silver...1/n
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Central banks are stacking and preparing for gold to be remonetized. Are you? It's coming.
The Reserve Bank of India added 12.5 tonnes of
#gold
to its reserves in July - the highest monthly purchase since September 2021 (18.7t). This lifts total gold reserves to 781.3t, up 27.2t year-to-date.
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Wow – US Debt is up over $1 Tillion in just 9 weeks and back over 128% of GDP. The Fed is trapped.
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Tucker Carlson is talking tonight about Saudi accepting Yuan for oil sales to China and how that's likely to result in the US$'s diminished reserve currency status. The most widely watched broadcaster in cable television is explaining the US$'s precarious position to millions.
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Tyson Foods, the world's second largest processor and marketer of chicken, beef, and pork raised beef prices by 32% in the quarter, with chicken up ~20% and pork 13%. 🔥🔥🔥
CPI inflation is just getting started.
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JGBs are in freefall as the yield cap is being blown out:
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The EU and UK are going to print MASSIVE amounts of currency to help consumers and companies paying rising energy bills. Simultaneously, the US is forgiving student debt loans and Congress passed a huge spending bill - which will also be monetized. Inflation anyone?🔥🔥🔥
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The RUB continues to crush the US$ - today up over 2.5% - RUB/US$- now down to 64.4
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“If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the
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Comex Registered Silver today fell almost 3.9M ozs (over 4.1%), to 89.1M ozs.
The APES are winning! Keep on stacking!!🧨🧨🧨
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Do you think someone was serious about pushing down the price of gold this morning?
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Pure speculation: Rubles will continue to strengthen and be used by Russia to buy physical gold off the Shanghai Gold Exchange. Russia is going to bid up the physical gold market dramatically.
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Putin is correct. Countries are learning that they should never let their gold be held outside of their country. And now, every country now knows that US$ FX reserves can be made worthless by the US at any time. China is watching this.
RUSSIA'S PUTIN SAYS WESTERN ACTIONS SHOWED GOLD AND FOREX RESERVES CAN BE JUST STOLEN
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Wow - what a chart from Zerohedge on US real average weekly earnings. This is true economic pain:
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Last night during the first 14 minutes of Tucker Carlson's show he spoke about the Fed. Carlson has the
#1
prime time cable news show in the US with over 3M viewers.
Perhaps no broadcast has so decimated the Fed and Yellen in less than 15 minutes...WATCH
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Fed remittances due to the US Treasury jumped by almost $2 billion in the last TWO weeks - to over $18 billion. All this taxpayer money will go to the nation's largest banks; this story should be on the front page of the WSJ.
@RedJahncke
@LukeGromen
@LawrenceLepard
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Blackrock is buying PSLV = physical silver, rather than its own iShares SLV ETF. That pretty much tells you all that you need to know.
BlackRock Takes Big Stake In Sprott Silver PSLV ETF
While BlackRock has held its own iShares SLV ETF in the past, the most were 5.4 million shares during the Pandemic Shutdown.
Doesn't matter if BlackRock holds onto the PSLV, the Institutional Waterfall buying is coming.
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Below is one of my favorite charts of 2021, showing the massive discrepancy between inflation and 10-yr yields. The Fed's suppression of yields has distorted the market and completely fooled gullible UST investors. The Fed needs inflation but wants you to believe it's going away.
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6% x 31.6T US debt = $1.9T interest expense ÷ 4.6T federal tax revenue = 41% = unsustainable. If (a) the economy slows as Powell wants and 2M people lose jobs, or (b) the equity markets continue to stagnate = no cap gains tax revenues, then tax revenues fall => a very serious
“There’s a reasonable chance that the Fed will have to bring the Fed Funds rate to 6% & then keep it there for an extended period to slow the economy & get inflation down to near 2%:” BlackRock's Rieder New yield-curve inversion as short-term yields soar:
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No rational seller of gold would dump massive amounts of futures contracts within seconds, as shown below. In doing so, he or she would be taking a significant and unnecessary economic loss. No,this is intentional Fed dumping of gold to mute inflationary expectations.
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Interesting video showing Americans unhappy that the US government blew up the Nordstream II pipeline. Awareness is growing.
"Sy Hersh just released the fact that the United States blew up the Nord Stream 2 pipeline. ... Are you going to put a Congressional probe into that — yes or no?"
Activists confront NY Rep. Ritchie Torres on Seymour Hersh's recent reporting.
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When gold is revalued and the dust settles, all bankers and government officials who engaged in gold price suppression/manipulation through the use of derivative contracts need to do time in prison.
@lbmaexecutive
@cftc
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India is bypassing the US$ in trade with Russia beginning this week...
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Comex Registered Silver was down another 205,000 ozs today, to 81.75M ozs! It just keeps falling....
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JPMorgan continues to transfer metal into Comex registered to cover the delivery notices that it issues the SAME day.
Great thread from Ditch the Deep State on Wall Street Silver. Compare yesterday's chart to today's chart: 1/4
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Inflation in Japan just hit a 31-year high of 2.8%. How does Japan contain inflation when it has capped JGB rates at 25 bps?
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Goldbugs should take a minute to read the WSJ’s editorial on Biden’s recent budget proposal. It assumes that 3-month US Treasury bills will have negative real returns for the next 10 years.
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Comex registered silver down another 168,164 ozs today - it just keeps falling! Now at 81.16M ozs.
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What a great day for gold and silver - gold up over 1% and silver up almost 2.5%.
Next watch Russia set the price of oil in gold. It's coming to a theater near you.
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The BoJ is losing control of its 50 bps cap...next week will be interesting.
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Can you almost FEEL the desperation at the Fed??
They are losing the narrative.
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Gotta love the last 20 minutes of today's gold spot trading...
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Wow - JGBs in a complete breakout - yields up over 30% in one day
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Chinese banks strongly ramping up gold purchases - they understand what’s happening
Is anyone paying attention to the accumulation of gold and silver by China's largest banks? Nope.
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The Vatican has agreed to pay Rubles for Russian gas, but Italy has not. Interesting. 🤔
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Bullion banks have moved 55.7 tonnes of gold - enough to settle 18,000 contracts - into the Comex vault over the last 8 days - they "know something is coming." - from Ditch the Deep State on Reddit
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Great chart. 👇👇👇If Powell does what Volcker did, it would bankrupt the US government very quickly. With just one more 50 bps rate hike, the US treasury will be paying annual debt service costs of over $1T - spending more in interest than the entire US defense budget.
This chart is a shocker. Watch what the
#FederalReserve
is doing to fight
#inflation
; pay little attention to what they are saying about it.
#CentralBanks
only tell you what they want you to hear. More here:
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The Association of Southeast Asian Nations (ASEAN) is set to discuss dropping the US dollar, euro, yen and pound sterling from transactions and moving to settlements in local currencies, according to the news magazine Tempo.
@lukegromen
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This is HUGE! 3.2M oz came out of JPMorgan. Go apes!
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The US and NATO have no interest in a negotiated settlement in Ukraine. This is a mistake that will hurt all parties for years.
At the OSCE meeting, Western diplomats left the moment the Russian delegation arrived.
This is the level of Western diplomacy — childish, arrogant, and unwilling to even listen to an opposing viewpoint.
This isn’t diplomacy, this is theater.
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The USD/RUB is down over 5% again so far today. As discussed previously, the rising Ruble provides a floor price for gold. At 85 RUB/USD, the floor has moved up to $1,829.62. Here is the daily chart:
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The RUB is crushing the US$ - up over 5% today. Here is the daily chart on IDC. Clearly major FX players are buying lots of RUB - presumably for gas.
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No surprise: the US Treasury and Fed are going to socialize SVB and Signature Bank losses, which means more deficit spending that will be monetized and/or liquidity measures by the Fed => inflation 🔥🔥🔥
This is a horrible moral hazard, which will simply kick the
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In just 4 years, at its CURRENT rate of growth, US National Debt is projected to be $52.4 TRILLION, resulting in a Debt to GDP ratio of ~200%.
This excludes other huge obligations, such as entitlements (social security, medicare, etc.). Taxes can only fund a small %age.🔥🔥🔥
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Seems like as good a time as any to remind everyone that banks that are too big to fail will no longer be bailed out by taxpayer dollars. Instead, they will be bailed-in. The Dodd-Frank Act and Basel III created statutory bail-ins,... 1/n
@LukeGromen
@LawrenceLepard
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Only the Fed (or other sovereign) can or would step in and sell this amount of gold contracts in a 1-minute period - initially driving gold to a loss for the day. Pure manipulation. You can't trust the US government.
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Things in the US economy are about to go haywire. You know that, right?
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So, how does one explain a day like today in the gold market? Economic news comes out around 8:30 am that's incredibly bullish for gold and the market reacts as expected. Then, with no significant news the rest of the day, the price goes down below the opening price. Thoughts?
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Silver registered ozs on the Comex fell over 2.2M ozs today, down 2.7%! Keep on stacking.
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JP Morgan's Eligible gold stocks at the CME fell by a whopping 33% yesterday!
@DtDS_WSS
, what do you make of this? h/t
@mikesay98
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At the current rate of decline, the RRP will fall to zero before the end of February...
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Italy's electricity prices jumped over 17% LAST WEEK. Wow - inflation anyone? This massive increase is clearly unsustainable and could lead to problems this winter in Italy. 🔥🔥🔥 h/t to Luke Gromen, chart from Bloomberg:
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An amazing silver smash occurred around 9:20 am in London - SOMEBODY needs to shake silver out of weak hands and try to cover short positions. The bullion banks are worried, and will remain so if they can't find enough physical silver - don't sell it to them!
#silversqueeze
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The US$ is continuing to fall today relative to the Ruble:
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William White, former chief economist at BIS:
"It will become obvious in the next recession that many of these [US] debts will never be serviced or repaid, and this will be uncomfortable for a lot of people who think they own assets that are worth something..."
Protect yourself
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Wow! Comex registered silver fell dramatically today, down 2.56M ozs! Registered is now down to 102.5M ozs. This is the lowest registered level I can remember.
@DerGoldreport
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The swap-adjusted yield gap between JGBs and USTs just got much wider, meaning that the Japanese will certainly not be buying USTs and if energy prices rise (Japan continues to pay for energy in US$) the odds of BoJ selling USTs are going up.
The BoJ decides to ease YCC and JGB yields are taking off...now up 30%. Let's see where it settles out.
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Over 725 currencies have been created in world history, and ALL of them have or will return to their intrinsic value = zero.
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The more I learn about what the Dutch farmers are doing, the more I support their position. Governments need to understand that they work for their citizens, not the other way around.
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Given Russia's announced exchange rate of 5,000 RUB/gram of gold, MANY more investors will be watching the RUB, as it sets a floor for the price of gold. Keep in mind the market for RUB is very thin - especially relative to the market for energy... 1/4
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Here you go: Russian experts are working on a project to create a two-loop monetary and financial system in the country, Secretary of the Security Council Nikolay Patrushev said on Tuesday
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For reference: the turnover of the market of paper gold, only of gold futures, is estimated at $360 billion per month.
But physical delivery of gold is only for $280 million a month.
This equates to a ratio of paper gold traded versus physical gold delivered of over 1000 to 1.
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Do you think the Fed is worried? Huge Comex block sell orders.
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Wow - HUGE drop in Comex registered silver yesterday - down to 105,502,506 ozs! The apes are winning!
@DerGoldreport
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How can anybody in their right mind buy a 10-year UST at 1.67% when the annualized "official" inflation rate is 10%??
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The WSJ confirms in a lengthy story that the US - Saudi relationship is all but dead...
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Ghana's Gold-for-Oil policy has led to a decline in fuel prices and a stabilization of Ghana's exchange rate. Other countries are going to figure this out...
@mrwebber4
@JanGold_
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Governmental tyranny leads to anarchy.
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Having worked for years in corporate finance, I spent a lot of time analyzing fin'l statements and speaking with corporate issuers about debt capacity. What most investors fail to conceptualize is the debt capacity of the US gov't. They think it's unlimited due to the Fed's
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Today's falling gold price is all about short covering by the bullion banks pre-Basel III. Don't let them fool you!
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The US$ is now down over 7% v. RUB today as governments and agencies rush to buy RUB for energy purchases. The hourly chart is very telling:
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She said the quiet part out loud:
Yellen admitted that US debt will go to $50 TRILLION and that only low (negative) real interest rates => YCC will keep the US on a "sustainable" path.
Watch 👇👇👇
Senator Ron Johnson: "You are going to drive the debt to $50 trillion."
Janet Yellen: "Yes but what I believe is the single most important metric for judging the fiscal stance of the country is real net interest as a share of GDP."
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Anyone who's paying attention can see that the US is rapidly headed toward a nominal or, more likely, real default. The US is in fiscal dominance, and the endgame is obvious. Nobody should hold the sovereign debt of a G-7 country.
The United States has the widest sovereign credit default swap spreads among all G20 nations right now.
People are losing faith in the US' creditworthiness, even after the 10-year yield has fallen by 51 bps.
Yet Yellen thinks it's the perfect time to fund 2 non-US foreign wars.
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~ 1/3 of all US treasuries will be repriced during the next year, with the average rate north of 4% (as shown below). That's today's $31.5 trillion x 1/3 x 4% + an estimated $5 trillion of new 2023 debt x 4% = ~$500B in added interest expense to be financed with...more debt!
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Biden must be pretty concerned to comment in advance of the data being released - I don’t recall a President ever doing this
BIDEN SAYS U.S. INFLATION DATA DUE FRIDAY WILL NOT REFLECT RECENT DROP IN SOME PRICES INCLUDING ENERGY
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