November 23, 2021
* Currencies & metals get sold with vigor on Monday
* $152 Million in fines levied to the Bullion Banks, and still…
Good Day.. And a Tom Terrific Tuesday to you! Well, have you taken your frozen turkey out of the freezer and transferred it to the fridge to begin the thawing? What are you waiting for? I kid, I have no idea when that all is supposed to take place or go in order… All I know is that at some point Thursday afternoon, I’ll get called to come carve the turkeys… And that’s my contribution…. That and drinking a bottle of wine with dinner! HA! Our Blues got back on the winning side of the ledger last night with a win VS Vegas… On Wednesday and Friday, the Blues play the Red Wings and Blackhawks respectively… Before the realignment these teams were major adversaries for the Blues… Major fights, crazy games, etc. But now they play each other twice a year if that… The Stephen Kummer Trio greets me this morning with their version of the song: A Few Of My Favorite Things…
And one of those favorite things would not include the boys in the band showing up at the COMEX with arms full of short Gold paper trades… Hearing that $152 Million in fines had been levied against the boys in the band (price manipulators) most definitely IS one of my favorite things to hear about! But unfortunately, yesterday was the former of the two scenarios above… A slow day to start, soon became a monster of all selling days… Gold was sold by $40.50 yesterday, and spent the day searching for a bid, but never found one… Gold closed the day at $1.805.50
Silver lost a boat load of value too, losing 40-cents on the day, and falling to $24.26 to close the day… The news from Peru didn’t help matter either, as it was learned that Peru had moved to close two of its mines on environmental grounds, deepening a clash between the mining industry and the left-leaning government…. C’mon can’t we all just get along?
The dollar which didn’t have any data prints to illustrate the dollar’s problems yesterday, was on a roll early and often throughout the day… The BBDXY which began the day at 1,179.41, closed the day at 1, 184.86… So, last night when I saw the BBDXY upward movement I immediately went to the currency screen, and believe it or don’t, but I couldn’t find one currency that was weaker VS the dollar any worse than what they started the day! In fact, last night, the currencies were trading in the same clothes as they had on to start the day. But, then I went to a different source and found that the Bloomberg quotes hadn’t updated! UGH! I almost fell for that one!
So, in reality, the BBDXY did tell the correct story, and the currencies were chopped up by the dollar… I told you last week that I feared that a battening of the hatches was in order, and I sure was bang on with that thought!
In the Overnight markets last night… there was more dollar buying, as the BBDXY this morning is 1,185.47… And the currencies certainly are reflecting this strength of the BBDXY… The dollar is the cat’s meow right now, folks… I don’t get it one iota, but… it is what it is, and there’s nothing I can do about it, so I’ll just move along in the letter now…
OK, back to the price manipulation in the metals yesterday… Longtime readers know that I’ve said this on more than 10 occasions, and that is… If enough physical demand is made on the COMEX, then the short paper trades will stop… But not until then, no matter how many Millions the price manipulators are charged for rigging metals prices, will they stop… But you don’t have to just take my word on that, for here’s GATA Chairman Bill Murphy : “Amid explosive inflation in most assets, gold and silver are down for the year, GATA Chairman Bill Murphy notes in an interview today with GoldSeek Radio’s Chris Waltzek. But, Murphy adds, eventually demand for real metal will overwhelm the derivatives being used to suppress metals prices.”
The radio interview, should you want to hear all of it, can be found here:
One of these days, Alice! To the Moon! Well, that’ll be what I say when Gold finally frees itself of all the short paper trades…
Alrighty then, onto to something else… Oh, this is a good one folks… better strap yourself in for this one… The President told reporters that the new deficit spending bill, will not cost anything… He said that folks, I kid you not! And he also contends that the additional debt will not cause any rise in inflation… And somehow the gov’t tends to think that this $2 Trillion, which will probably be $5 Trillion over time, is going to do something for the economy that the previous $5 Trillion that has been shelled out to the economy since 2019, hasn’t done…
And oh brother are there being games and gimmicks being played on the wording of the bill… Here’s the Wall Street Journal’s explanation of one of the gimmicks…
“The current $10,000 limit on the state-and-local tax (SALT) deduction increases to $80,000 through 2030. In 2031 it would return to $10,000. Penn Wharton says this gimmick would lead to $65 billion in additional tax revenue through 2031 though it would cost about $300 billion through 2025.”
Makes it all clear right? Clear as mud! And that’s the point of the wording to confuse everyone so that we don’t know what it is they are spending our tax dollars on, for if economists can’t figure out, how in the hell is anyone down on main street going to figure it out? In my best Gomer Pyle voice, Shame, Shame, Shame…
This news just printed, so it’s hot off the press! The President ordered 50 million barrels of oil released from the strategic reserve to help bring down energy costs, in coordination with other major energy consuming nations, including China, India, and the United Kingdom.
This was a response to OPEC who didn’t budge an inch when asked to increase production… And it was also a political move to gain back some of the President’s lost popularity… But, maybe, baby, I won’t have to pay $3.55 for gas the next time I fill up like I did last week!
The price of Oil is holding steady Eddie with this news… And I’m surprised by that… I can’t imagine that will continue for long.
The U.S. Data Cupboard is still, for the most part, empty today, with only the Markit ISM for the first part of this month… But don’t forget that I told you that tomorrow will be a datapalooza and the dollar’s time on the rally tracks just might be derailed…
To Recap… Gold & Silver got sold down the river yesterday, all in short Gold & Silver paper trades… No matter how many millions the price manipulators get levied against them for price rigging, they will continue to defy the law… The $152 Million in fines that have been levied on them for price rigging is just a “cost of doing business”… The BBDXY rallied strongly during the day yesterday, and closed at 1,184.86… but Chuck reports that as of last night, the currencies didn’t not reflect the move in the BBDXY… So, something was Amiss there… And he found it! What a sleuth he is! The Data Cupboard is still empty today, but gets restocked tomorrow!
Before I head to the Big Finish today, I want to throw this out there for everyone to think about: Ok… You know, from the start of the plandemic through to now, the public were told things that turned out to be wrong, falsified, and misdirected. But they were told that they needed to “trust the science”… Well, let me see here… Last week that FDA filed for a 55 year waiting period before the public will get to review the documents of the vaccinations… Yes, people, if they are still around then, in 2076, will get to read documents… Maybe, Covid will still be around in 55 years, so it will be relevant news… But, probably not, and the folks will only be saying, “I remember my parents telling me stories of this plandemic”…
For What It’s Worth… Well… there are so many negative articles to chose from, but this one isn’t so bad, and came to me from longtime reader Bob, and it’s about the Alternative Economy, and it can be found here: The Emerging Alt-Economy: “Buy Nothing” – DollarCollapse.com
Or, here’s your snippet: “Most of us own too much unnecessary stuff and have borrowed waaayyy too much money to buy said stuff. Meanwhile, all that debt is boosting inflation, making things that actually matter harder to afford.
But free people have a way of self-organizing solutions to their problems, and one of the more inspiring examples is the ‘Buy Nothing Project,’ through which members give or lend unneeded things to their neighbors. Think Craigslist without the asking prices.
Around two million Americans have joined related groups on FaceBook and elsewhere in the past year, bringing total participation to nearly five million.
In the best tradition of market-based fixes, “Buy Nothing” looks like a win for all concerned. Givers get the satisfaction of meeting and helping their neighbors while freeing up space occupied by things they no longer use. They also get to bank favors should help be needed in the future. Receivers, of course, get needed items for free.”
Chuck again… I sat there and thought about the stuff that we had bought through the years that we really didn’t need… And then I thought, no wait! I wouldn’t allow buying of stuff we didn’t need, so I have nothing to give to my neighbor… Hmmm…
Market Prices 11/23/2021: American Style: A$ .7221, kiwi .6924, C$ .7860, euro 1.1255, sterling 1.3368, Swiss $1.0728, European Style: rand 15.8552, krone 8.9471, SEK 9.0044, forint 327.40, zloty 4.1837, koruna 22.6121, RUB 75.08, yen 114.88, sing 1.3663, HKD 7.7933, INR 74.42, China 6.3876, peso 21.15, BRL 5.6251, BBDXY 1,185.47, Dollar Index 96.50, Oil $76.36, 10-year 1.65%, Silver $23.80, Platinum $998.00, Palladium $2,017.00, Copper $4.43, and Gold… $1,790.40
That’s it for today… I was treated to a lunch with my very good friend, Ellie Williams, yesterday… We hadn’t seen each other in 2 years! I asked her, “do you ever age?” Well, 58 years ago, I was on the AV team at school, and I was assigned to retrieve the Black & White TV and bring it my room, for something… When I went to pick it up to roll it into the room, I saw Walter Cronkite on TV telling about how President Kennedy had been shot… I quickly rolled the tv in the room and blurted out loud, “The President has been shot”… And my teacher said, “Are you sure, Charles?” I plugged the TV in and said “see for yourself”… And we as a classroom sat and watched the TV coverage for next couple of hours… The news of the assassination made for a somber Thanksgiving at the Butler House that year… I’ve always thought that the assassination of President Kennedy was a multi-person job… I visited the building where Lee Harvey Oswald the supposed shooter, shot from, and visited the Museum there and watched the films, and came away with the same thought… I’m just saying… OK… I was Well, to put us in a better mood, Stan Whitmire takes us to the finish line today with his band’s version of the song: Some Child, Come See Him… I hope you have a Ton Terrific Tuesday, and please… Be Good To Yourself!
Chuck Butler