The Guns of August: Day 8


“Carry” Trade: Armed Men Steal $2.5 Million In Gold Coins From Mexico’s Mint
Mexico’s Federal Mint Headquarters was looted yesterday during the day, with armed thieves making off with invaluable items, including gold coins, from a vault, according to Reuters and the South Wales Guardian. The incident happened at a “Casa de Moneda” branch located in Mexico City, which as we reported last week has succumbed to the deadliest violence on record.

The armed robbers were described as “clean cut, young looking men” and are said to have stolen gold coins, watches and other valuables. One robber reportedly filled a backpack with 1,567 gold coins, each of which are valued at about $1,610, according to Mexican bank Banorte. This would put a price of at least $2.5 million on the robbery. Local Mexican media is reporting that the stolen items were worth up to 50 million pesos, or about $2 million U.S…. (Continue to full article)

The American Public Is Over-Leveraged: Bankruptcies Are Up 5%
More and more Americans are getting themselves into so much debt that it becomes impossible to pay back their loans. In the month of July, there was a 5% increase in the number of bankruptcies filed in the United States.

Bankruptcy petitions for consumers and businesses are on the rise. While the rise seems “slight,” this could be a glaring sign that the “everything bubble” is going to pop. According to Market Watch, there was a 5% monthly increase in total bankruptcy filings in July 2019, the American Bankruptcy Institute said this week. There were 64,283 bankruptcy filings, up from 62,241 for the same period last year. And the year totals are shaping up to be much worse.

In a “booming” economy, this is worrisome. Far too many Americans are spending way too much more than they make. There were 452,797 filings in the first seven months of 2019, up from 450,568 during the same period last year. There were roughly 1,000 more consumer bankruptcies at this point this year, compared to the same point last year, the organization added. This rise in bankruptcies is coming off a ten year low… (Continue to full article)

Just too damned cool… Harrison is the best of them all!

Central Banks Are in Panic Mode — for Good Reason
On July 30, 2019, the day before the U.S. central bank, the Federal Reserve, cut interest rates by one-quarter of one percent, the yield on the 10-year U.S. Treasury note closed the day at 2.06 percent. Early this morning, the yield on the 10-year U.S. Treasury stood at 1.65 percent, a stunning decline of 41 basis points in 8 days. A yield evaporation on U.S. sovereign debt that resembles a snow cone in July is not consistent with a strong economy. It is consistent with a seriously sputtering economy and a stock market out over its skis in terms of valuation. In addition to the collapsing yield in the benchmark 10-year, we now have a seriously inverted yield curve with the 3-month T-bill yielding 2.01 percent this morning versus the 10-year T-note yielding 1.65 – a difference of 36 basis… (Continue to full article)

Gold At All-Time Highs In Foreign Currencies And With Little Resistance Until A $1550 US Dollar Price
Could this US dollar price rally go to $1700 in the near-term?

Gold against foreign currencies hits an all-time high as Gold closes around the $1475 resistance. Gold has support at $1425 with limited resistance from here until $1550. The path of least resistance remains higher in the short-term until Gold tests $1550… (Continue to full article)

We Should Let The Banks Burn Down
In later 2008 during what is now referred to as the Great Financial Crisis, government and financial managers had an opportunity to reset a badly out of balance banking system. It would have required pain from bank bondholders, shareholders and taxpayers in general. Everyone recognized the banks were burning down, seemingly out of control. We should have let them burn down.

What we have done in the decade past that point is going to make the problem an order of magnitude greater. The next time we see the banks burning down we need to let them… (Continue to full article)

The Scent of $1,500 Gold and Silver Will Be Moving Much, Much Higher!
We have seen both gold and silver climb higher and higher over the course of 2019. Just as we forecast back in December 2017 when we first spelled out how gold and silver would be reaching for new annual average highs as 2021-2023 approached. In order for gold to climb by more than $400 in just a couple of years there would have to be serious upside movement for a sustained time frame. That timeframe is now underway. Not only is this happening…… (Continue to full article)

Silver Setting Up 70s Style Rally In The Midst Of Financial Collapse?
Silver Setting Up 70s Style Rally In The Midst Of Financial Collapse? We are currently at an important point of the economic cycle. The end or peak of debt-based assets, and the significant appreciation of real assets like… (Continue to full article)

[Got physical… close at hand?]

Let’s do something about that…

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