Chris Temple from The National Investor – Tue 5 Jul, 2016

Chris visits with Mike “Mish” Shedlock

Chris is joined by his friend — and well-known blogger and Investment Adviser Rep. for Sitka Pacific — Mike “Mish” Shedlock as we near the market close.  They talk about some interesting goings-on in silver, and then tackle the disaster that is the European financial (and political) system and how it continues to support Treasuries and precious metals.

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Chris TempleMike Shedlock

  1. On July 5, 2016 at 1:00 pm,
    CFS says:

    What drop in open interest in silver?

    Three major funds out of property in UK.

    • On July 5, 2016 at 1:07 pm,
      irishtony says:

      CFS. We are not going to go another Three months without a MAJOR financial calamity. The system is breaking down….I hope all you people hold physical G&S.

      • On July 5, 2016 at 2:26 pm,
        CFS says:

        Irish, I believe underestimate the football ability of Government. They will kick the can down the road longer than anyone believes possible.
        Of course it will destroy most of the world monetary systems.
        Will gold and silver save some people? Possibly. Possibly not. Never forget the power of a mortally-wounded system to strike out in its death throws.

    • On July 5, 2016 at 1:10 pm,
      irishtony says:

      CFS…They are going to have to cough up a lot more than $150 billion to hold this house together…..They are f£$%ked, & they know it.

      • On July 5, 2016 at 1:39 pm,
        CFS says:

        Wait for a ban in Italy on short selling all bank stocks.

        • On July 5, 2016 at 1:43 pm,
          irishtony says:

          CFS…I agree..thats the next move, which moves on to , a world wide ban on short selling any bank stocks.

          • On July 5, 2016 at 1:46 pm,
            irishtony says:

            I just put my Green Slippers on…………..
            OH OH The banks are dead…
            The wicked Banks are dead…

        • On July 5, 2016 at 1:46 pm,
          Temple says:

          A little late for that…

          • On July 5, 2016 at 1:57 pm,
            irishtony says:

            Temple…Better late , than never….X

          • On July 5, 2016 at 2:58 pm,
            CFS says:

            More worrying is the power of a country to change the rules.
            e.g. All citizens will from day Z only be allowed to make sales and purchases by Government issued cards.

            You have X days to apply at your local social security/license branch to obtain a card.
            Employers have Y days to register to be able to pay employees via these cards.

  2. On July 5, 2016 at 1:09 pm,
    Ebolan says:

    Dang, Mish Shedlock. And you got him on vacation, no less. I would like to hear more interviews with him.

    And sorry to change subjects but…

    FBI director says charges aren’t ‘appropriate’ in Clinton email case

    I told you people way back when there was no way, no how Shillary would be indicted. I told you Comey would do as he was told and make the Shillary issues go away. I told you the DemoNRats hooked their wagon to Shillary and there was no going back as the special interests have funneled hundreds of millions of dollars to her, her husband, her daughter and their foundation. I was right.

    I bet Clown Comey was made an offer he couldn’t refuse. Just like Roberts on the Supreme Court when he ruled on Obammycare.

    • On July 5, 2016 at 1:13 pm,
      irishtony says:

      EBOLAN…Yes you were correct, & the rest of us on this site knew it too.

    • On July 5, 2016 at 1:17 pm,
      Bonzo Barzini says:

      Comey may have met secretly with Bill on some tarmac and been offered a big Swiss bank account with some of the money Marc Rich paid Bill for his pardon.

      • On July 5, 2016 at 3:58 pm,
        rich says:

        Comey was the appointed special official to investigate the Bill Clinton pardons at the end of his presidency. Surprise, he discovered their was no official wrongdoing with many of the obvious financial shanagians behind a number of them including the Marc Rich pardon. No one has made that connection yet.

        • On July 5, 2016 at 4:21 pm,
          Ebolan says:

          Didn’t know that about Crony…er…Clowney…er Comey…dang iPad!

          People should be screaming bloody murder about the Clowney announcement. Instead the vast majority of Amerocons most likely have know idea what he was supposed to be investigating.

        • On July 5, 2016 at 4:23 pm,
          Ebolan says:

          A bunch of Republican acquaintances of mine were telling me there would be mass resignations in the FBI if Clowney or Lynch did this. I told them that if I were them I would not hold me breath for that.

        • On July 5, 2016 at 4:30 pm,
          Ebolan says:

          You would think people would be screaming bloody murder about Crummy…er…Comey’s announcement. Instead, so far the people I’ve talked to just shrug their shoulders…what a pity.

        • On July 5, 2016 at 5:45 pm,
          Temple says:

          Dang, I’d forgotten that.

  3. On July 5, 2016 at 1:15 pm,
    irishtony says:

    Long live the Empire….Until WWW111…Then it dies, along with the rest of us.

  4. On July 5, 2016 at 1:24 pm,
    irishtony says:
  5. On July 5, 2016 at 1:30 pm,
    irishtony says:


  6. On July 5, 2016 at 1:55 pm,
    FranSix says:


    LOOK at today’s volume in gold:

    • On July 5, 2016 at 2:00 pm,
      irishtony says:

      Fran…Every day is a WTF day on the world stage…………X

    • On July 5, 2016 at 2:02 pm,
      Bob UK says:

      Pump it up today, run all the stops, collapse it tomorrow morning.

      • On July 5, 2016 at 2:14 pm,
        FranSix says:

        No, those price interventions are gone once lawsuits finding price fixing went in favour of defendants, starting with silver price fixing. Then you also have the collapse of the Pound, interest rate declines, The Fed holding back on interest rate normalization, declines in Yuan FX, Renewed QE in the UK, etc. You name it, it’s all being thrown in gold’s lap.

    • On July 5, 2016 at 2:30 pm,
      Excelsior says:

      Wow. Thanks FranSix for pointing out the volume spike.

      • On July 5, 2016 at 6:46 pm,
        Matthew says:

        Click on it again. Just as I’ve seen many times, stockcharts now shows a much less impressive volume.

        • On July 6, 2016 at 8:23 am,
          Excelsior says:

          Weird data reversal. Thanks for making me take another look Matthew.

          • On July 6, 2016 at 8:29 am,
            Matthew says:

            On the bright side, and more importantly, silver’s impressive volume was for real:


          • On July 6, 2016 at 10:57 am,
            Excelsior says:

            Yes, concerning Silver, it was likely the short positions getting squeezed, but it has largely reversed back down. Still it was a nice short term pricing peak.

          • On July 6, 2016 at 11:20 am,
            Matthew says:

            There is no “but” in my opinion. The implications of that volume and action remain bullishly in effect and the bears and skeptical bulls are finally starting to figure out that this is a bull market. It’s about time.


          • On July 6, 2016 at 6:49 pm,
            Excelsior says:

            Agreed. I just believe it put in a short-term reversal candle is all. For the mid to long term, Silver has much higher to go.

    • On July 5, 2016 at 2:32 pm,
      CFS says:

      FranSix, and that volume only represents a fraction of reality. I.e. America, cash.
      Not futures, not world markets. (Don’t forget the COMEX is now no longer the biggest platform!)

  7. On July 5, 2016 at 2:36 pm,
    CFS says:
    • On July 5, 2016 at 3:09 pm,
      Bob UK says:

      Huge volume increase. Can it caarry on or it will begin to exhaust itself in the following days as it did back in April just before we got another pull-back? Time will tell.

  8. On July 5, 2016 at 2:48 pm,
    Birdman says:

    I think everyone here will recall a chart that was being circulated a couple years back of all the financial interconnections between Europe’s banks both small and large. I cannot locate it anymore (Zerohedge probably) but will simply relate that the point of the chart was to prove that all the major banks there were systemically important because any single one could cause an avalanche of downstream problems should it fail. In a nutshell, there is a serious risk that ANY major bank collapsing would result in a real world example of the Domino Effect with a potentially paralyzing impact on all of Europe’s shaky financial system. So, getting right to the point I suppose we should now wonder out loud if the crisis among Italy’s big banks has the potential to create a disturbance that might eventually push Deutche Bank over the edge. This is obviously more real than the Butterfly Effect that China’s Premier was warning about last week. The fear over there is palpable and about as far from theoretical as we can get.

    • On July 5, 2016 at 3:05 pm,
      Birdman says:

      Simply put…the ECB will have to come through even if it means breaking the rules. The Italian banks must be bailed out (or sorted out) before they become systemically destructive to the rest of the continents most at-risk banks. And what that means is that the ECB balance sheet could explode higher as a result with all the usual repercussions that normally follow.

    • On July 5, 2016 at 3:08 pm,
      irishtony says:

      BIRD…Dozens of banks have already failed the reason we have not heard about it is because the central banks have stepped in & bailed them out with monopoly money….Its like a dripping tap, you don’t make a big deal of it, but if your house floods somebody comes to the rescue.

    • On July 5, 2016 at 3:14 pm,
      Temple says:

      These banks are more incestuously intertwined than teenagers in the Ozarks

      • On July 5, 2016 at 3:36 pm,
        Excelsior says:

        tragically funny analogy 🙂

      • On July 5, 2016 at 3:38 pm,
        Birdman says:

        That’s a fact Chris. The masters of the universe who put the modern European financial system together after the Euro was introduced deliberately created such intricate inter-bank ties that nobody could successfully get out alive once they had joined. You were either in for the duration once you signed on or you would be road kill if it fell apart. So all for one and one for all. Either the Eurozone and its rule bound financial system succeeds or everyone goes down together with all hands lost. Bloody dogs breakfast of one way tickets, burning of escape bridges mixed together with a joint suicide pact. Mutually Assured Destruction. I would hate to be a banker over there these days. There are just too many moving parts in that machinery and every single one of them is an absolutely critical component that CANNOT be allowed to fail at any cost. How can they function like that?

        • On July 5, 2016 at 5:47 pm,
          Temple says:

          Well stated, Birdman.

        • On July 5, 2016 at 5:48 pm,
          Temple says:

          It’s so well said, in fact, I’m going to borrow that (with proper credit, of course!)

          • On July 5, 2016 at 6:52 pm,
            Birdman says:

            By all means Chris. She’s all yours.

  9. On July 5, 2016 at 3:02 pm,
    CFS says:

    The system is teetering on the edge of a cliff everywhere.

    • On July 5, 2016 at 3:07 pm,
      Birdman says:

      Kind of feels that way doesn’t it.

      • On July 5, 2016 at 3:12 pm,
        irishtony says:

        Bird…Not feels….But is.

        • On July 5, 2016 at 3:23 pm,
          OOTB Jerry says:

          This gets crazier by the day.

          • On July 5, 2016 at 3:41 pm,
            Birdman says:

            It sure does Jerry. We are accelerating straight into a solid brick wall.

  10. On July 5, 2016 at 3:33 pm,
    Nigel says:

    Well obviously the US election’s been fixed, weird trying to make investment decisions based on how to make money on a corrupt system

    • On July 5, 2016 at 3:44 pm,
      Birdman says:

      Almost everyone was wrong about Brexit. Maybe we are wrong about Hillary winning too.

      • On July 5, 2016 at 7:47 pm,
        Dick Tracy says:

        Who said Hillary is going to win, only losers would believe that. DT

  11. On July 5, 2016 at 3:58 pm,
    Nigel says:

    Hi Birman, maybe it’ll play out in that form you might well be right. And I’m now 52 so probably more annoying, but how can Hillary not be charged with anything, it’s a complete joke: FBI recommends no charges against Hillary Clinton over emails, F**k me in real life you get fired

    • On July 5, 2016 at 5:42 pm,
      CFS says:

      No, she had multiple infringements of law which specifically include fines and up to ten years in jail. If you read the exact words of Comey himself, he implies her guilt by moving the actual goalpost in law from “gross negligence” to “intent”.
      There is no “intent” requirement IN the law, merely the fact of putting state department secret data on her private server IS PROOF of guilt, under the law.

  12. On July 5, 2016 at 4:20 pm,
    Chartster says:

    I wouldn’t sweat the bad banks much. There are many solid banks in the US, Europe and around the globe. The ones that are in trouble are the ones that should be in trouble, based on their derivative exposure. They never thought the chickens would actually come home to roost. Downsizing the most corrupt banks will be great for the markets.

  13. On July 5, 2016 at 5:11 pm,
    CFS says:

    Chartster, is ignorance bliss?

    • On July 5, 2016 at 6:19 pm,
      Chartster says:

      I’m told it is, CFS.
      Answer this:
      What is the compliance ruling that the banks have pass?
      What is making the yeild on country bonds go down?

      You won’t find the answers on this site. And you don’t know the answers, do you?!

      Yes, ignorance is bliss, CFS..

      • On July 5, 2016 at 6:20 pm,
        Chartster says:

        * banks have to pass

      • On July 5, 2016 at 7:12 pm,
        CFS says:

        Are you referring to FATCA?

        And country bonds are going down because of central banks creating money, combined with movement of money out of stocks to “safety”.

        • On July 5, 2016 at 7:16 pm,
          Chartster says:


          • On July 5, 2016 at 7:54 pm,
            Chartster says:

            There is a compliance ruling that has set some banks apart from other banks. The “other” banks may , or may not be who you think. What is “that” ruling, CFS? It will answer some questions you might have.
            BTW, you are way off on the bond thing.

            I will tell ya, if you’re right. ( owe ya that )

  14. On July 5, 2016 at 5:33 pm,
    OOTB Jerry says:

    Gold looking good after hours.

  15. On July 5, 2016 at 5:46 pm,
    CFS says:


    Price ,Support Pivot Point Resistance
    1,363.21 1,331.27 1,350.47 1,369.67

  16. On July 5, 2016 at 6:07 pm,
    CFS says:

    The Chinese are buying. The Chinese are buying.

    • On July 5, 2016 at 6:35 pm,
      OOTB Jerry says:

      Is that anything like……. the British are coming,the British are coming..

  17. On July 5, 2016 at 6:31 pm,
    OOTB Jerry says:

    Hot news…..usawatchdog special. At midnight Greg with Greg Mannorino .

  18. On July 5, 2016 at 6:50 pm,
    CFS says:
  19. On July 5, 2016 at 7:07 pm,
    CFS says:


    Price Support Pivot Point Resistance
    20.2620 19.0387 19.9637 20.8887

    • On July 5, 2016 at 9:00 pm,
      Chartster says:

      Best part of the article.
      To use the metaphor, our monetary Humpty Dumpty is heading for a great fall, and all the Imperial City’s potentates and poobahs will not be able to put it together again.

      And that would be a very good thing.

      • On July 6, 2016 at 4:10 am,
        Temple says:

        I think it would be a GREAT thing…but am not holding my breath.

  20. On July 5, 2016 at 7:43 pm,
    johnnygeneric says:

    Elliott Wave Analysis has already taken all of this into consideration. There are no surprises.

    • On July 5, 2016 at 10:06 pm,
      Birdman says:

      EW is great……but its not THAT great!

  21. On July 6, 2016 at 4:12 am,
    CFS says:

    Was Comey signaling a fix was in, when he described Hillary’s action was “extremely careless” when an indictment requires, according to statute, for “gross negligence”. ?

  22. On July 6, 2016 at 4:56 am,
    CFS says:

    I was referring to the language of 18 USC 793, which Hillary clearly violated multiple times.

  23. On July 6, 2016 at 5:03 am,
    CFS says:

    Specifically, for those not wishing to bother to look up the statute:

    (f) Whoever, being entrusted with or having lawful possession or control of any document, writing, code book, signal book, sketch, photograph, photographic negative, blueprint, plan, map, model, instrument, appliance, note, or information, relating to the national defense, (1) through gross negligence permits the same to be removed from its proper place of custody or delivered to anyone in violation of his trust, or to be lost, stolen, abstracted, or destroyed, or (2) having knowledge that the same has been illegally removed from its proper place of custody or delivered to anyone in violation of its trust, or lost, or stolen, abstracted, or destroyed, and fails to make prompt report of such loss, theft, abstraction, or destruction to his superior officer—
    Shall be fined under this title or imprisoned not more than ten years, or both.

    • On July 6, 2016 at 7:20 am,
      OOTB Jerry says:

      That is just for the little people…..

      • On July 6, 2016 at 7:21 am,
        OOTB Jerry says:

        Buckle up,for the crashup

        • On July 6, 2016 at 7:24 am,
          OOTB Jerry says:

          Martin Armstrong,out with news,…which is not news,…only 10% get it.

    • On July 6, 2016 at 7:34 am,
      Silverdollar says:

      Thanks for the post. If Putin ever shows any emails then she’s back in hot water. Seems to me they suspect hacking but can’t prove it yet so what else could the FBI do? JMO

  24. On July 6, 2016 at 6:13 am,
    Matthew says:

    Constantine Commences Drill Program at
    Palmer Copper-Zinc-Silver-Gold Project, Southeast Alaska

  25. On July 6, 2016 at 8:12 am,
    Excelsior says:

    Calico Receives Final Court Approval of Business Combination With Paramount

    (Marketwired – July 5, 2016) – Calico Resources Corp. (TSX VENTURE:CKB) is pleased to announce that it has received final approval of the British Columbia Supreme Court for its proposed business combination with Paramount Gold Nevada Corp., to be completed by way of plan of arrangement. Calico currently anticipates the closing of the Arrangement to occur on or about July 7, 2016, subject to the satisfaction or waiver of all conditions precedent.

    Under the terms of the Arrangement, holders of Calico Shares will be entitled to receive 0.07 of a share of common stock of Paramount in exchange for each Calico Share held…..”