Chris Temple from The National Investor – Mon 23 Mar, 2020

The Government Funding Bill, US Markets fighting For a Bottom, and Gold Popping

Chris Temple joins me today to recap the market moves in US equities and gold. We also discuss Congress shooting down the emergency funding bill. As much as US markets are fighting for some sort of a bottom they need a little support for the Government here.

Click here to visit Chris’s site and keep up to date on what he is writing to subscribers.

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Comments:
  1. On March 23, 2020 at 2:11 pm,
    OOTB Jerry says:

    Interesting GT…………..
    Greatest movement down in history….in …22 days to plunge ….
    Dow down again today…..
    We are going to work on OBAMA, part of the bubble……..Trumps bubble has popped.

    • On March 23, 2020 at 2:23 pm,
      OOTB Jerry says:

      Where is the damage in phyz……….?

      • On March 23, 2020 at 4:15 pm,
        OOTB Jerry says:

        LONDON — Three of the world’s largest gold refineries said today they had suspended production in Switzerland for at least a week after local authorities ordered the closure of non-essential industry to curtail the spread of the coronavirus.

        The refineries — Valcambi, Argor-Heraeus, and PAMP — are in the Swiss canton of Ticino bordering Italy, where the virus has killed more than 5,000 people in Europes worst outbreak.

        • On March 23, 2020 at 6:18 pm,
          OOTB Jerry says:

          Looks like a $100 swing in after hours…..Gold phyz

    • On March 24, 2020 at 3:31 am,
      Excelsior says:

      Trump Is Finally Happy With Powell: “I Called Him Today And I Said ‘Jerome, Good Job'”

      Mon, 03/23/2020

      “After the Fed cut rates to zero, launched unlimited QE, is on pace to buy $1 trillion in Treasurys and MBS in 2 weeks, backstopped pretty much every asset class and announced it would purchase bonds, loans, commercial MBS,munis as well as the LQD ETF, Trump is finally very happy with Fed Chair Jerome Powell, ironically on the same day Powell signed the dollar’s death warrant.”

      https://www.zerohedge.com/markets/trump-finally-happy-powell-i-called-him-today-and-i-said-jerome-good-job

      • On March 24, 2020 at 4:08 am,
        Excelsior says:

        Hillarious btw. Trump loves debt and loves a 0% interest rate.

        Those aren’t conservative ideals in the slightest, but hey, it’s good for Gold & Silver.

        They are trying to inflate their way out of a deflationary spiral, and it isn’t going to be pretty.

  2. On March 23, 2020 at 2:13 pm,
    SilverDollar says:

    The mistake made in the ’08-’09 bailout was that Congress was lied to and told that they needed the package presented to them and their wasn’t time to think or adapt it in any way. Just write the check. A lot of trust went out the window with that when the facts came out later and the bankers began going back to paying their bonus’ immediately and no one went to jail.
    This time, Treasury Sec. wants to personally hand out the 1/2 trillion to the corp. sector with no oversight and likely limited restrictions down the road concerning stock buybacks, etc. Personally, I feel whoever is demanding some changes has the right and duty to hold up the bill in it’s present form. I would be telling Boeing to first, sell back into the market, the stock you bought back. Claw back 5 years worth of bonus’s given to the executives who created the problem in their company. No way just bail them out and away we go again. JMO

  3. On March 23, 2020 at 2:14 pm,
    OOTB Jerry says:

    This tape is a little behind………..FED JUST DUMPED everything in…..

  4. On March 23, 2020 at 2:26 pm,
    cfs says:

    Mr. Temple,
    If you believe this depression will be short-lived, how do you explain the absence of emissions (CO2) from China ?
    If we no longer have imports from China, will this not significantly affect the US GDP ?

    • On March 23, 2020 at 3:44 pm,
      Temple says:

      I’ll have to go back and re-listen to what I said—didn’t think I said or implied that the depression will be “short lived.” In fact, unless the economy opens back up and/or we get viable treatments in DAYS rather than numerous weeks, I think The Strange Depression will be with us for at least a few years.

      The China aspect (and globalization generally) will be interesting to watch unfold. As I wrote in my issue a bit over a week ago, one of the many elements of fallout from this unprecedented time is that the retreat from globalization that was already underway is now going to go into overdrive.

      In many respects, the way in which what’s unfolding will affect the broad economy–and many individual parts of it, some very good and some very bad–is why this will be The Strange Depression.

  5. On March 23, 2020 at 3:05 pm,
    Excelsior says:

    Thoughts on the Fed Announcement

    Bianco Research – March 23, 2020

    “It is difficult to find a superlative to describe what the Fed announced this morning. At first blush, it looks like they are nationalizing financial markets, except for equities and high yield. This better work in stabilizing financial markets!”

    “Considering the Fed’s Treasury holdings currently stand at $2.48 trillion, another $375 billion in purchases amounts to a 15% increase in holdings in just one week.”

    > The Wall Street Journal – ” Fed Unveils Major Expansion of Market Intervention
    Central bank will begin lending operations to unclog corporate and municipal-debt markets

    “The Fed said the purchases of Treasury and mortgage securities that it approved one week ago are essentially unlimited, and it said it would buy $375 billion in Treasury securities and $250 billion in mortgage securities this week. The central bank also said it would begin purchasing commercial mortgage-backed securities issued by government-supported entities, which primarily consist of debt on apartment buildings.”

    https://www.biancoresearch.com/thoughts-on-the-fed-announcement-2/

    • On March 23, 2020 at 3:06 pm,
      Excelsior says:

      TF Metals Report @TFMetals – Craig Hemke on Twitter:

      “Here it is.”

      “When I saw this last night, I looked at my wife and said: “Infinite. Did you catch that?”

      “The End of The Great Keynesian Experiment is upon us. I hope you’ve listened since 2010 and prepared accordingly.”

      https://twitter.com/TFMetals/status/1242090430751178753

      • On March 23, 2020 at 3:08 pm,
        Excelsior says:

        Otavio (Tavi) Costa @TaviCosta on Twitter:

        “In case you are unaware that corporate bonds are blowing up…”

        “IG, HY, and leveraged loans’ ETFs just had their largest monthly outflow in the history of the data.”

        “The passive bubble is now bursting.”

        “ETF providers are on the hook: $BLK $STT $IVZ”

        “This mess has just started.”

        https://twitter.com/TaviCosta/status/1241875737570766848

  6. On March 23, 2020 at 3:11 pm,
    David says:

    Do you ever get the feeling that a whole lit of people are trying to bring back Feudalism? I, for one, am not keen on the concept.

  7. On March 23, 2020 at 3:17 pm,
    RICHARD/DOC says:

    The pop in gold was in all probability in deference to the anticipation of the large check to be written by the government in addition to the new QE program started by the Fed. What is disconcerting is that the PM stocks yawned. They probably yawned for 3 reasons: 1. The fact it’ll take higher prices to drive PM stocks back to their highs. 2. Gold will move down and probably be trading in a range for a few months. 3. The folks heavily invested in PM stocks have been drained again and they don’t have the capital to invest at this time along with the fact the sector isn’t going to attract any new investors for some time since they have had heavy losses as well and aren’t enamored with PMs in the first place. The next few months will be an excellent time to bottom fish many of these stocks.

    • On March 23, 2020 at 3:41 pm,
      OOTB Jerry says:

      I do not think so,,,,,on the phyz..gold….evening move in gold was nice…..right after hours.
      Swing today was $80 plus…
      JMO

      • On March 23, 2020 at 3:42 pm,
        OOTB Jerry says:

        Everything is broke…….nothing is normal……..

        • On March 23, 2020 at 3:46 pm,
          OOTB Jerry says:

          After all the “EVERYTHING IN”……Dow went no where….

          • On March 23, 2020 at 4:03 pm,
            OOTB Jerry says:

            Retailers have already reported shortages and delays of up to 15 days on shipments as demand has surged. Markus Krall, chief executive of German precious metals retailer Degussa, said it was struggling to meet customer appetite for gold bars and coins and had to turn to the wholesale markets. Demand is running at up to five times the normal daily amount, he said.

        • On March 23, 2020 at 4:16 pm,
          OOTB Jerry says:

          LONDON — Three of the world’s largest gold refineries said today they had suspended production in Switzerland for at least a week after local authorities ordered the closure of non-essential industry to curtail the spread of the coronavirus.

          The refineries — Valcambi, Argor-Heraeus, and PAMP — are in the Swiss canton of Ticino bordering Italy, where the virus has killed more than 5,000 people in Europes worst outbreak.

          • On March 23, 2020 at 4:34 pm,
            Excelsior says:

            Fed Move Awakens Gold, Just As Supply Of The Metal Hits A Snag

            March 23, 2020 – Myra P. Saefong

            Unlimited quantitative easing is a “huge signal, another part of upcoming trillions of new debt monetization,” said Peter Spina, president and chief executive officer at GoldSeek.com. “Many on Wall Street are waking up after the shock” of declines in recent weeks.

            “The endless QE to trillions in global liquidity programs are all in gold’s favor among the general turmoil,” he told MarketWatch. “Gold is returning back to its function as a global currency.”

            Spina said he would not be shocked if gold moves up $1,700 an ounce by “Friday of this week or next,” and a gold price of $2,000 and higher is possible in the second quarter.

            https://www.marketwatch.com/story/fed-move-awakens-gold-just-as-supply-of-the-metal-hits-a-snag-2020-03-23

          • On March 24, 2020 at 12:45 am,
            Excelsior says:

            Physical Silver Supply Squeeze About To Get Worse Warns Keith Neumeyer

            Kitco News – Mar 23, 2020 #VIDEO

            “The global pandemic has shut down several mining jurisdictions around the world, taking off a large chunk of silver production, this according to Keith Neumeyer, CEO of First Majestic Silver. ”

            “In 2018, we produced, as a global industry, 855 million ounces of silver. So far, we’ve had Peru come offline, with 145 million ounces, we’ve had Chile come offline with 42 million ounces, we’ve had Argentina come offline with 26.5 million ounces. That’s a total of 213.5 million ounces that has now been shut down,” Neumeyer told Kitco News.

            https://www.youtube.com/watch?v=g5sTmdYLlDM

          • On March 24, 2020 at 12:57 am,
            Excelsior says:

            Silver was up near 7% today (and it was up another 3% in overseas trading) to $13.69.

            Silver outperformed Gold, and many miners outperformed the metals which is bullish for the PMs.

            There was a market realization today of what FED “QE to Infinity” will be like as they try to inflate their way out of a deflationary event. Get those helicopter blades turning…

          • On March 24, 2020 at 4:04 am,
            Excelsior says:

            Gold was just up at $1685, and is making new highs, not pulling back, and rightly so.

            If there ever was a time for Gold to shine it is now, with the government writing Trillion checks to bail out it’s citizens, small businesses, big businesses, and the FED keeps creating magical money from nothing to try to backstop the insane corner they’ve painted themselves into with 0% interest rates and no tools left but Qantitative Easing.

            The FED and the US Government are trying to spend, print, and inflate themselves out of a deflation, and is the recipe for higher #PreciousMetals prices, and not lower for longer. Hence the new highs Gold has been painting on the tape all night long.

            https://www.investing.com/commodities/gold

    • On March 23, 2020 at 3:48 pm,
      Dick Tracy says:

      The bottom won’t come for 2-3 years, this will be a long drawn out affair. DT

      • On March 24, 2020 at 4:06 am,
        Excelsior says:

        If you are talking about the general stock markets, you may be right DT.

        However, if you are responding to comments about the PMs staying lower for longer, please note the new highs Gold has been putting in every hour all night long and into this morning. That isn’t what a bottom looks like for those that were curious.

    • On March 23, 2020 at 4:31 pm,
      Excelsior says:

      Come on Doc – I wouldn’t say the miners yawned today…

      GDX – up 6.72% (and up another 1.37% in afterhours trading)
      GDXJ – up 9.77% (and up another 1.59% in afterhours trading)

      SIL – up 5.03% (and up another 1.72% in afterhours trading)
      SILJ – up 8.58%

      If that is the miners sleeping, then I can’t wait until they really wake up 😉

      • On March 23, 2020 at 4:44 pm,
        Excelsior says:

        Symbol – Gold Major Producers – Daily Change %

        GFI Gold Fields Limited +15.25%
        HMY Harmony Gold Mining Company Limited +12.95%
        NCM.AX Newcrest Mining Limited +12.14%
        AU AngloGold Ashanti Limited +9.61%
        KGC Kinross Gold Corporation +9.42%
        AUY Yamana Gold Inc. +8.95%
        KL Kirkland Lake Gold Ltd. +7.41%
        GOLD Barrick Gold Corporation +6.61%
        AEM Agnico Eagle Mines Limited +2.85%
        NEM Newmont Corporation +2.71%

        • On March 23, 2020 at 4:50 pm,
          Excelsior says:

          Symbol – Gold Mid-Tier Producers – Daily Change %

          SMF.TO SEMAFO Inc. +39.20%
          MML.AX Medusa Mining Limited +19.10%
          PNR.AX Pantoro Limited +18.84%
          DPM.TO Dundee Precious Metals Inc. +17.53%
          PAF.L Pan African Resources PLC +17.49%
          SAR.AX Saracen Mineral Holdings Limited +16.84%
          AR.TO Argonaut Gold Inc. +15.91%
          CGG.TO China Gold International Resources Corp. Ltd. +15.56%
          SLR.AX Silver Lake Resources Limited +14.29%
          GUY.TO Guyana Goldfields Inc. +13.46%
          RMS.AX Ramelius Resources Limited +13.37%
          WGX.AX Westgold Resources Limited +13.02%
          RSG.AX Resolute Mining Limited +11.94%
          SBM.AX St Barbara Limited +11.89%
          NST.AX Northern Star Resources Limited +11.67%
          DRD DRDGOLD Limited +11.61%
          IAG IAMGOLD Corporation +11.00%
          CG.TO Centerra Gold Inc. +10.77%
          BTG B2Gold Corp. +10.70%
          CEE.TO Centamin plc +10.29%
          RRL.AX Regis Resources Limited +9.97%
          AGI Alamos Gold Inc. +9.89%
          EGO Eldorado Gold Corporation +9.13%
          HGM.L Highland Gold Mining Limited +8.79%
          EVN.AX Evolution Mining Limited +8.36%
          ASR.TO Alacer Gold Corp. +7.93%
          POG.L Petropavlovsk PLC +7.56%
          ORV.TO Orvana Minerals Corp. +6.90%
          TGZ.TO Teranga Gold Corporation +6.67%
          GCM.TO Gran Colombia Gold Corp. +5.00%
          KOZAL.IS Koza Altin Isletmeleri A.S. +4.94%
          MUX McEwen Mining Inc. +4.43%
          TXG.TO Torex Gold Resources Inc. +4.09%
          EQX Equinox Gold Corp. +3.58%
          SSRM SSR Mining Inc. +3.06%
          KCN.AX Kingsgate Consolidated Limited +2.94%
          PVG Pretium Resources Inc. +2.71%
          TMR.TO TMAC Resources Inc. +1.89%
          KNT.V K92 Mining Inc. +1.43%
          AKG Asanko Gold Inc. +0.78%

          • On March 23, 2020 at 4:54 pm,
            Excelsior says:

            Symbol – Gold Small Producers – Daily Change %

            RNX.TO Royal Nickel Corporation +25.64%
            GXS.V Goldsource Mines Inc. +22.22%
            F.V Fiore Gold Ltd. +21.74%
            MXSG Mexus Gold US +21.21%
            RED.AX Red 5 Limited +18.92%
            WDO.TO Wesdome Gold Mines Ltd. +14.56%
            SAM.TO Starcore International Mines Ltd. +13.33%
            BLK.AX Blackham Resources Limited +12.50%
            ALK.AX Alkane Resources Limited +12.28%
            AMI.AX Aurelia Metals Limited +11.90%
            GSS Golden Star Resources Ltd. +11.82%
            SGI.V Superior Gold Inc. +10.00%
            GGD.TO GoGold Resources Inc. +7.69%
            CAL.TO Caledonia Mining Corporation Plc +7.66%
            GORO Gold Resource Corporation +7.63%
            ANX.TO Anaconda Mining Inc. +7.41%
            GG.V Galane Gold Ltd. +7.14%
            JAG.TO Jaguar Mining Inc. +6.45%
            SHG.L Shanta Gold Limited +5.71%
            HRT.TO Harte Gold Corp. +5.56%
            PRX.AX Prodigy Gold NL +3.33%
            TRY.AX Troy Resources Limited +3.23%
            SBI.TO Serabi Gold plc +3.09%
            IGO.AX IGO Limited +2.59%
            ALO Alio Gold Inc. +2.54%
            MTL.L Metals Exploration plc +1.10%
            SFR.AX Sandfire Resources Limited +1.07%

      • On March 23, 2020 at 5:03 pm,
        Excelsior says:

        Symbol – Silver Producers – Daily Change %

        SVM Silvercorp Metals Inc. +33.33%
        GPL Great Panther Mining Limited +27.92%
        SCZ.V Santacruz Silver Mining Ltd. +20.00%
        HOC.L Hochschild Mining plc +18.10%
        PAAS Pan American Silver Corp. +16.23%
        IPT.V IMPACT Silver Corp. +11.67%
        CDE Coeur Mining, Inc. +10.96%
        EXK Endeavour Silver Corp. +10.26%
        HL Hecla Mining Company +10.24%
        AG First Majestic Silver Corp. +8.89%
        GGD.TO GoGold Resources Inc. +7.69%
        ASM Avino Silver & Gold Mines Ltd. +6.67%
        SBR.TO Silver Bear Resources Plc +5.00%
        FRES.L Fresnillo Plc +4.10%
        SSRM SSR Mining Inc. +3.06%
        MYA.TO Maya Gold and Silver Inc. +3.03%
        FSM Fortuna Silver Mines Inc. +2.65%

        • On March 23, 2020 at 5:04 pm,
          Excelsior says:

          (SVM) Silvercorp Announces Share Repurchase Program

          “Silvercorp Metals Inc. is pleased to announce a normal course issuer bid to acquire up to 8,670,104 common shares of the Company, representing approximately 5% the 173,402,084 common shares issued and outstanding as of March 16, 2020. The repurchase program will run from March 19, 2020 to March 18, 2021. The Company is taking this action because it believes that prevailing market conditions have resulted in Silvercorp’s shares being undervalued relative to the immediate and long term value of Silvercorp’s portfolio of producing properties in China and other strategic investments.”

          http://silvercorpmetals.com/news_and_media/news/silvercorp-announces-share-repurchase-program-20200317

    • On March 23, 2020 at 9:05 pm,
      buzz says:

      One day does not a junior miner make. Agreed, yellow-flag caution abounds…

      • On March 24, 2020 at 12:12 am,
        Excelsior says:

        Of course, but the point was that the miners did not yawn the move higher in the metals prices, as was postulated.

        • On March 24, 2020 at 12:14 am,
          Excelsior says:

          It was also nice to see the miners move higher than Gold for a change on a move higher, where most of January and February the miners were not moving or moving down when Gold advanced, so this was a change in tone, and it was likely due to the market realization of what FED QE to infinity will be like as they try to inflate their way out of a deflationary event.

    • On March 24, 2020 at 1:02 am,
      Excelsior says:

      The Gold producers were right to charge higher today.

      Honestly, if a Gold producer can grow and be profitable at $1600 Gold, then there are larger problems they need to resolve.

      A year or two ago, miners yearned for $1300-$1400 Gold, and many companies stated, well at $1450 – $1550 we can really beef up our balance sheet.

      Well for most of the 1st Quarter of 2020, Gold has been in the $1500-$1600 range, so those are fantastic Gold prices for them to be selling their metal into, and when their Q1 quarterly reports come out, we’ll see which companies are prospering and which ones have been swimming naked.

      • On March 24, 2020 at 1:30 am,
        Excelsior says:

        Investors should sit back and reflect upon where the miners were at in valuations back in 2011 when Gold was last back at $1600. Think about how much higher Oil prices were back then.

        The fact that the Gold miners are still so far down in valuation when the environment here is even better than it was in 2011 for them to grow and for Gold to actually sustain these higher prices is astounding.

        A few years back we postulated that once gold finally broke up through the $1377.50 surge high from 2016, that generalist investor interest would come back into the Precious Metals sector, and to some small degree it did which took Gold up to the $1400’s and it breached $1500. The largest most liquid miners & the ETFs did get a bid, but most of the Juniors lay more dormant.

        Then folks postulated that if there were really monetary factors like low interest rates and Central Banks panicking to print more money, that this would really kick things in and Gold would break up into the $1600s.

        Well, it was actually the Geo-political events of the Iran missile strikes, the Coronavirus, and the pissing match between Saudi Arabia and Russia cratering the Oil price that spiked Gold up into the $1600’s, so only Gold moved, and Silver and the miners didn’t really respond.

        Well today, the FED’s announcement of QE to Infinity and this insanely large Stimulus Bill are the exact kinds of financial tomfoolery that folks have been waiting on for years, and it was the shot across the bow.

        If Gold in the high $1500s and low $1600s when the government is writing a check to for Trillions and the Fed is in buying corporate bonds, and announced buying $375 billion in Treasury securities and $250 billion in mortgage securities this week doesn’t get folks to wake up, then I don’t know what will.

        These are the insane financial signals of a true crisis that Precious Metals investors have been worried would finally arrive one day…. When the sheeple finally do wake up to what this all means and connect the dots, I do believe we’ll finally see the generalist investors bring new money flows into the Precious Metals space.

        • On March 24, 2020 at 2:26 am,
          Excelsior says:

          Another reality that PM investors should reflect on is the insane disconnect between where Gold Developers are priced currently and where they should be priced with Gold back over $1600.

          Most of the development projects of the Developers, or even within many Producers have economic studies (PEA, PFS, FS) that were based on $1200-$1300 Gold. When investors would mention, yeah, but there is no way Gold is staying that low, it was repeatedly stuffed down our throats, that we have no way of knowing if Gold will be at $1400 or $1500 one day, so we must calculate value at where the Gold prices are at, and not where think they may be going.

          OK – well then let’s do it. Gold prices are $1600 #Fact.

          If we have to calculate Gold base on where it IS, and not where we think it MAY be going, then why in the world are the development project not get re-rated higher with the new reality?

          It would be REALLY hypocritical to only value gold projects using the mantra, “Valuations must be made at current gold prices,” only when the prices are down, and not when they have clearly risen higher and stayed there for the last year now.

    • On March 24, 2020 at 1:13 am,
      Excelsior says:

      With all the competing world and macro-economic news stories whirring about, it is easy for investors to have missed one of the largest news stories of all time in the Uranium space today, regarding Cameco. This is very significant and effectively removes some of the last production on the planet.

      Are the freaking utility companies even paying attention to the new reality that when they finally do want to come back to the market and set up longer term contracts that there won’t be any production left, and it isn’t just a lightswitch these companies can hit and bring it all right back online. Amazing!!

      ___________________________________________________________

      (CCO) (CCJ) Cameco Suspending Production at Cigar Lake Mine

      by @nasdaq on 23 Mar 2020

      https://ceo.ca/@nasdaq/cameco-suspending-production-at-cigar-lake-mine

      • On March 24, 2020 at 1:16 am,
        Excelsior says:

        Ahh… here it is. I kept looking for this Cameco news post after I hit submit and expected it to be at the bottom of the thread, but I guess my posting window was still in reply mode. Sorry for the double post, as I was trying to place this down near the bottom.

  8. On March 23, 2020 at 3:26 pm,
    cfs says:

    I am now beginning to think the Demons are deliberately trying to destroy the economy, so that Trump won’t get re-elected.
    I totally fail to see how funding for planned Parenthood, how extra funding for alternative energy sources, over and above originally allocated has much to do with keeping business from going bankrupt or people employed.
    Further the pork barrels stink of rotten corruption in DC.

    • On March 23, 2020 at 3:46 pm,
      Temple says:

      All the Democrat Party is accomplishing with this all is increasing the odds of a greater beating in November than they were going to receive otherwise.

      • On March 23, 2020 at 3:50 pm,
        OOTB Jerry says:

        Yes, but they will be richer than they are now………..way richer……with all the kick backs and new seats on the boards. of directors they will receive when they get kick out..

      • On March 23, 2020 at 4:38 pm,
        David says:

        Chris:
        Maybe I am missing something, but aren’t isn’t one side pushing bailouts for corporations and one side trying to have programs for people. I assume the provision to print money and funnel it through the ESF (unaudited) is part of the problem since it will only help corporations, along with tax incentives and interest deductions. Maybe I am reading that stuff wrong but I think that is what McConnell is fighting for while trying to shut dow. Direct funding of unemployment type benefits. What do I know.

        • On March 23, 2020 at 5:31 pm,
          Temple says:

          That’s not quite true…Democrat Party is attempting to add elements to legislation to help both corporations and individuals. Climate change. Abortion funding, etc.

          • On March 23, 2020 at 6:14 pm,
            OOTB Jerry says:

            But, Nancy has to save the children…..LOL……

          • On March 24, 2020 at 12:25 am,
            Excelsior says:

            Wow! The “Pelosi Pork” in that Stimulus Bill is simply disgusting:

            1) Increased fuel emission standards for airlines receiving funds and carbon offsets:

            2) Payment for up to $10,000 in student loans:

            3) Same-day voter registration, early voting, voting by mail, ballot harvesting

            4) Preserving collective bargaining powers for unions

            5) The expansion of wind and solar tax credits.

            6) Requirements for federal and corporate gender and racial diversity data

            7) Post Office Bailout

            8) Automatic extension of nonimmigrant visas

            9) Restricting colleges from providing information about citizenship status

            10) Money for Planned Parenthood

            https://www.breitbart.com/politics/2020/03/23/nancy-pelosi-proposes-1120-page-coronavirus-bill-stuffed-with-pork/

          • On March 24, 2020 at 12:30 am,
            Excelsior says:

            Here is the whole 1400 pages of nonsense for Stimulus Bill:

            https://apps.npr.org/documents/document.html?id=6817711-Updated-House-Bill

          • On March 24, 2020 at 7:10 am,
            Matthew says:

            These criminals never let a good crisis (of their making) go to waste.

          • On March 24, 2020 at 11:33 am,
            OOTB Jerry says:

            Hope they throw NANCY under the BUS…………she deserves to exit….before she get hung for treason…..and money laundering ……..

          • On March 24, 2020 at 11:35 am,
            OOTB Jerry says:

            gets………not get……..change treason…..for stupidity with a gavel….

    • On March 23, 2020 at 9:20 pm,
      Buzz says:

      Once again, the Democrat party holding USA hostage to further their socialist agenda. Hedge funds unite! Toilet paper indicator rules. Sure as I used to live Xcross the street from Martha Stewart, Trump loves to play chicken—

  9. On March 23, 2020 at 3:28 pm,
    cfs says:

    What does same day registration have to do with market stimulus?

    Voter Fraud, more like.

  10. On March 23, 2020 at 3:29 pm,
    cfs says:

    Why do irlines have to face RXTRA emissions penalties at a time when they are financially hurting ?

  11. On March 23, 2020 at 3:31 pm,
    cfs says:

    Why do all public (non-federal) employees have to have the right to unionize in EVERY state.

  12. On March 23, 2020 at 3:47 pm,
    cfs says:

    Every time an agreement is reached the Demons add on extra constraints.

    Same day voter registration was how they turned California from a Reagan Republican state to a democrat collapse of a state.
    And that’s how districts in the L.A. area have MORE voters than people in the population of eligible voting age.

  13. On March 23, 2020 at 3:52 pm,
    cfs says:

    Now the Demons want a bail-out of all state and local government pension funds.

    Why not just Federalize all states ?
    Because states like California have a government that really sucks, with graft, corruption and waste.

  14. On March 23, 2020 at 3:54 pm,
    cfs says:

    all corporations must have 1/3 of all board of directors chosen by workers

  15. On March 23, 2020 at 3:54 pm,
    cfs says:

    All airlines must be carbon neutral by 2025.

  16. On March 23, 2020 at 3:56 pm,
    cfs says:

    All Post Office debt must be forgiven, according to, Nancy Pelosi, lead Demon.

  17. On March 23, 2020 at 4:05 pm,
    james says:

    You kitting warmer Chris !

  18. On March 23, 2020 at 4:07 pm,
    OOTB Jerry says:

    EBO…………this is for you………
    https://www.linkedin.com/in/gannglobal

  19. On March 23, 2020 at 4:32 pm,
    cfs says:

    Given the profile THAT WE NOW KNOW, of cases in Italy, China, S. Korea and Japan and Princess cruises, I believe Trump is using over-kill methodology.
    For most people of both sexes under 50 years of the age the average death rates is less than 0.2% and probably due to co-morbidity than corona virus per se.
    I would suggest an approach of self-quarantine only for males over 50% and females over 60, will have little difference in out-come from a total self-isolation.
    The advantage, however, is that such self-isolation will not nearly destroy the economy as much as will the total self-isolation program.
    Further such a program should only be necessary until ameliorations or cures are available for the disease, not until a vaccine is available.
    Thus herd immunity may be gained quickly by the less vunerable at little social cost.

    • On March 23, 2020 at 6:53 pm,
      Wolfster says:

      All I can say to that is well put. Can’t agree more.

  20. On March 23, 2020 at 4:49 pm,
    Matthew says:
  21. On March 23, 2020 at 5:05 pm,
    Matthew says:

    When priced in oil, gold is up 10-fold since the summer of 2008. Combine that with the debt load and the governments’ destruction of the global economy and you have the best fundamental situation for the gold miners we have ever seen. Only contrarians have been enthusiastic buyers so far but that will change soon.
    https://stockcharts.com/h-sc/ui?s=%24GOLD%3A%24WTIC&p=W&yr=15&mn=0&dy=0&id=p46154669234&a=729961718

  22. On March 23, 2020 at 5:11 pm,
    cfs says:
  23. On March 23, 2020 at 5:43 pm,
    cfs says:

    I wonder if JPMorgan’s hoard of silver is a hoard of medical supplies for the purpose of making excessive profits, after all silver is a virus killer.

    • On March 23, 2020 at 6:13 pm,
      OOTB Jerry says:

      JPM…….does not want to save anyone……all Jamie knows is destruction …..

  24. On March 23, 2020 at 6:26 pm,
    OOTB Jerry says:

    Wayne Gordon, executive director for commodities and foreign exchange at UBS Group AG’s wealth-management unit, told Bloomberg TV that now is the time to buy gold. “When I think about what would I buy in the right here and now, I would be buying gold.” Gordon says that gold prices should appreciate over the next three to six months. One positive for gold miners right now is lower oil prices. Morgan Stanley research shows that a 50 percent drop in the oil price could lower costs of production by 10 percent to 20 percent across commodities.

    Contrarian investors are starting to smell the opportunity in gold, because its near-term outlook is improving, writes Mark Hulbert for MarketWatch. Eight Capital writes that volatility in the market has created compelling opportunities for gold stocks, particularly miners with strong balance sheets, greater free cash flow certainty and discretionary spending opportunities, reports Bloomberg.

    • On March 23, 2020 at 6:29 pm,
      OOTB Jerry says:

      The dollar isn’t surging for any fundamental reasons. It’s only surging due to the liquidity crisis driven by fear of a recession and the desire for cash.

  25. On March 23, 2020 at 6:27 pm,
    Ozibatla says:

    An excellent day for PMs has worked well as damage control. Still alot of losses to recuperate from the last few weeks and the volatility will be around for some time. An open cheque for money printing has done its job on PMs… at least for the present!

    I think we can all agree that this problem enveloping the world will now surpass the worst of the GFC. It has the potential to drag us back towards the Great Depression times. Here in Aus we are witnessing mass queues at Centrelink (welfare services) nationwide that has not happened since the Great Depression as 100,000 people lost their jobs on Sunday night. That number is quickly predicted to double in the days ahead. To put that into perspective as a percentage, thats equivalent to over 20,0000,000 of Americas populus. And we are not even at the same level in this pandemic as the U.S. at this stage.

    • On March 24, 2020 at 12:34 am,
      Excelsior says:

      Good thoughts Ozibatla. Yes, it was a good day for the PMs, and yes, this correction/recession is already worse than the 2008-2009 Great Financial Crisis on many fronts. We are really in uncharted waters here with 0% to negative interest rates in most countries, most of the central banking bullets already fired to fix the economy, and we are a ways from being out of the woods yet, even if the insane stimulus bill gets passed. Just the fact that FED finally came out and have authorized QE to Infinity should be the bell ringing for anyone with the ears to hear it.

  26. On March 23, 2020 at 6:43 pm,
    OOTB Jerry says:

    GOOD NEWS>>>
    >Trump Says Coronavirus Restructions Will Be Lifted “Soon”, The US “Was Not Built To Be Shut Down”: Live Updates
    https://www.zerohedge.com/geopolitical/1-3-americans-ordered-stay-inside-global-covid-19-infections-pass-350k-live-updates

  27. On March 23, 2020 at 6:43 pm,
    OOTB Jerry says:

    Smartest comment Trump has made this week………..maybe this month….

    • On March 23, 2020 at 6:46 pm,
      OOTB Jerry says:

      “I’m not looking at months, I can tell you right now. We’re going to be opening up our country,” Trump said. “Can’t keep it closed for the next, you know, for years. This is going away.”

      “America will again, and soon, be open for business. Very soon,” Trump said. “A lot sooner than three or four months.”

      • On March 23, 2020 at 8:06 pm,
        RICHARD/DOC says:

        I bet it’s open in 11/2 months. This thing should peak end of April or early May. Trump and his team should look at keeping those over the age of 65 quarantined longer as cases decrease. Workers could go back to work unless they are at risk with other significant diseases putting them at risk.

        • On March 24, 2020 at 6:45 am,
          OOTB Jerry says:

          I said…….Trumpster had 30 days….to turn this around or he is Toast…..and that I think , is he knows that…politically.

          • On March 24, 2020 at 11:22 am,
            OOTB Jerry says:

            By EASTER…………humm……..when is that……….

  28. On March 23, 2020 at 8:33 pm,
    cfs says:

    I got the impression that Trump will open things up substantially in a week.
    The whole point of self-isolation is to flatten the curve.
    that can be done by asking what causes too many hospitalizations…..
    Answer a. too quick a transmission of the virus
    b. too many older folks getting sick.

    So some form of quarantine in those locations where there are known to be high incidences of infected people reduces the spreading rate.
    And some form of quarantine of older folks addresses to many old folks getting hospitalized.
    So some combination of these two could be done on a state-by-state basis, or area by area basis, although area by area is a little harder to define.
    Something like a hard stay at home order for 30 days absolutely enforced for New York,
    California and Washington with no travel into or out of those states, plus self-isolation requirements for all over 55 year olds in those states with over 500 infected might work.
    With old folks only given specific allowed shopping hours early morning on certain days of the week. (Early morning suggested because that gives a chance for virus to die overnight.)
    This only has to be in place until a “cure” is found.

  29. On March 24, 2020 at 1:14 am,
    Excelsior says:

    With all the competing world and macro-economic news stories whirring about, it is easy for investors to have missed one of the largest news stories of all time in the Uranium space today, regarding Cameco. This is very significant and effectively removes some of the last production on the planet.

    Are the freaking utility companies even paying attention to the new reality that when they finally do want to come back to the market and set up longer term contracts that there won’t be any production left, and it isn’t just a lightswitch these companies can hit and bring it all right back online. Amazing!!

    ___________________________________________________________

    (CCO) (CCJ) Cameco Suspending Production at Cigar Lake Mine

    by @nasdaq on 23 Mar 2020

    https://ceo.ca/@nasdaq/cameco-suspending-production-at-cigar-lake-mine

    • On March 24, 2020 at 4:09 am,
      Temple says:

      Suggests that, once it starts, the rip-your-face-off rally for uranium could be that much more dramatic.

      • On March 24, 2020 at 4:18 am,
        Excelsior says:

        Agreed Mr T. Cigar Lake was one of the last hold outs of Uranium production outside of the Kazakhstan production. Energy Fuels and Ur-Energy are barely producing anything, and BHP has mostly shuddered it’s production from Energy Resources of Australia.

        This is what supply destruction looks like, and when it ever meets up with renewed demand…. then yes a “rip-your-face-off rally” is what is in store.

  30. On March 24, 2020 at 1:43 am,
    Excelsior says:

    BTW – The commodities are surging in overseas trading.

    Gold is up 3.5% to $1621

    Silver is up 5% to $13.92

    Platinum is up 8% to $678

    Palladium is up 8.5% to $1694

    Crude Oil is up 45 to $24.33

    Copper is up 2% to $2.14

    https://www.investing.com/commodities/real-time-futures

    • On March 24, 2020 at 3:36 am,
      Excelsior says:

      Silver has a $14 handle again.

      • On March 24, 2020 at 3:47 am,
        Excelsior says:

        Gold at $1647.

        Most Gold producers valuations are chit because they don’t know how to promote like businesses in any other sector would if this was their backdrop. Cannabis and Crypto stocks went on huge speculative runs with no clue if they’d ever be profitable. Biotech stocks surge on ideas and patents and most never make it into production of their medical wonder.

        The Gold sector should be stealing the news at these levels and everyone in the mining sector is still moping around like Gold is still down at $1045.50. It’s crazy.

        Again, if Gold producers can’t make money at $1400 Gold, or $1500 Gold, or $1600 Gold then their teams should be cleaned out and replaced with competent ones that can turn a profit.

        Many producers actually are starting to turn a profit, and if that is so, then they should do a better job promoting that to generalist investors, as most industries are screwed right now, and the sun is shining on the Gold price.

        As mentioned further up above:

        The Gold Developers have flat-lined while Gold ratcheted higher from $1100 to $1600. What will it take for the mining industry to get it’s chit together and come out like any other industry would and promote it’s good projects with a little confidence instead of “cautious optimism”?

        At $1600 Gold their project economics have insane NPV, IRR, payback periods, and if we are supposed to value them based on where the metals are at, then they should all put out new slide decks already. Look — Gold is not going back to $1200 anytime soon and it is actually fiscally irresponsible for companies to promote their economics with figures so far divorced from reality.

        These left for dead companies need to get a team in there that will promote their project at current prices for fox sakes. Companies that cling to these old economic studies thinking they are being conservative at $1200 or $1300 are out to lunch.

        These folks or analysts that look at things like that are fooling themselves and are not being “conservative,” they are being irresponsible with stakeholder’s investments. No other company would project it’s auto plant, or chemical plant, or textile plant based on where prices were years ago, and these miners are just killing their valuations when they leave development projects out there with $1200-$1300 gold assumptions on them, and when Gold is at $1640.

        When analysts dig those dino-reports up, they’ll shrug their shoulders, wonder why they haven’t been updated, and then go looking elsewhere for value. That is a shame.

        Mining companies are terrible at getting their message out there to the generalist investors, and educating Wall Street and Bay Street that this is the most overlooked sector in the markets. As an industry it needs to do a better job reaching out to generalist investors to explain the value proposition, not just recycling the same gold bug echo chamber buyers.

        • On March 24, 2020 at 4:48 am,
          Ozibatla says:

          Here here Ex. Well said. Gold has certainly made good strides in the last few years. However we are not out of the woods yet. Volatility and big moves down will still happen in the next few weeks, probably months. But yes, make no mistake, all this extra cash that has been injected throughout the globe bodes well for PMs when normality returns… Whenever that may be!

        • On March 24, 2020 at 9:49 am,
          b says:

          Recall O Leary saying that PM miners are the worst managers he knows of?

          He says he owns 5% of his portfolio in gold phyz but he will never own a share.

          Your expressing just 1 reason he thinks that way.

          Plain ol no gamble in him if you ask me. 😉

          • On March 24, 2020 at 11:25 am,
            OOTB Jerry says:

            O be Leary of that con man……….

    • On March 24, 2020 at 3:52 am,
      Excelsior says:

      $Gold is at $1672.

      Thank you Trillion Dollar Stimulus. Thank you #FED #QEtoInfinity

      https://www.investing.com/commodities/gold

        • On March 24, 2020 at 4:54 am,
          Ozibatla says:

          Dunno if I trust those last two price figures for gold Ex. What Im seeing is $80-$100 lower on kitco and goldseek. That first link was spot price and not futures right?

          • On March 24, 2020 at 6:34 am,
            OOTB Jerry says:

            Kitco…….does not always have the current price…….jmo

          • On March 24, 2020 at 11:27 am,
            Excelsior says:

            Ozibatla those were the actual prices of Gold on the futures contracts as I was posting them earlier this morning. Kitco post the spot prices which is a different animal.

          • On March 24, 2020 at 11:30 am,
            Excelsior says:

            For example right now the Gold futures price is $1667.10 (which is what the financial world, traders/technicians/institutional funds etc… use).

            Kitco spot price is $1633.60

            They are two different things, but the spot price is not nearly as important as the futures prices, unless you want to buy bullion from Kitco. It really isn’t the chart to be using.

            Use this one:

            https://www.investing.com/commodities/gold

        • On March 24, 2020 at 6:05 am,
          Marty says:

          That was one wicked movie, but it really drew you in

  31. On March 24, 2020 at 4:12 am,
    Excelsior says:

    JDST was down 28% yesterday and is down about 19% so far in the pre-market trading.

    DUST was down 17% yesterday and is down about 20% in the pre-market trading.

  32. On March 24, 2020 at 5:57 am,
    Temple says:

    Gold bugs should send flowers…a bottle of scotch…or something to Cargo Plane Jay.

    • On March 24, 2020 at 6:42 am,
      OOTB Jerry says:

      Gold just trying to go to it true value………. 🙂
      HIstory of central fraud banking……. 🙂
      Controlled by a bunch of SCUM BAGS…….

    • On March 24, 2020 at 8:04 am,
      Matthew says:

      This was always a done deal inevitability in my estimation. How guys like Bob Hoye and the rest of the deflationists don’t get it is beyond me. It’s called math and they should look into it.
      I would have much preferred to engage in the markets differently for the last few decades than be forced to bet on these dirtballs doing what everyone should have known that they would.
      So no gifts for Jay.

      • On March 24, 2020 at 8:17 am,
        OOTB Jerry says:

        That does not sell news print……GT ,just got caught with his pants on the ground…LOL

        • On March 24, 2020 at 8:19 am,
          OOTB Jerry says:

          GT, …..I still love ya……..Keep safe, ……..

          • On March 24, 2020 at 8:20 am,
            OOTB Jerry says:

            sorry…..CT……where did gt come from….this damn computer……. 🙂

      • On March 24, 2020 at 11:33 am,
        Excelsior says:

        Amen Matthew. We’ve discussed on here so many times how the Central Banksters chose to paint themselves into a corner by expanding their balance sheet, lowering rates to ridiculous levels, and that their only real tool left was to print money to eternity and try to inflate their way out of the deflationary situation, making it uber inflationary.

        The reality that cut rates to 0% and now are doing #QEtoInfinity is not a surprise at all, as it was their only move left.

        Dirtballs sums up the Central Bankers quite well!

  33. On March 24, 2020 at 6:45 am,
    Ozibatla says:
    • On March 24, 2020 at 6:54 am,
      OOTB Jerry says:

      Oz……….thanks……the only thing I am getting is a first page, which is ok,
      Because……this is what we have been saying……but, now….it is first page news
      Shortages are real…..at least real on the “STREET”…..

      • On March 24, 2020 at 6:56 am,
        OOTB Jerry says:

        GT…….can LHAO………all he wants….

    • On March 24, 2020 at 11:37 am,
      Excelsior says:

      Again the spot gold price isn’t nearly as important as the most actively traded futures market. Spot gold prices broke when the London fix didn’t work since they are closed.

      What investors are finally seeing is what gold prices want to do when they are not clamped down on by the arbitrary London Fix settlement price, which is massaged by the big banks.

      If you want to know the price of Gold quit watching the spot prices and start watching the futures prices.

      https://www.investing.com/commodities/gold

      • On March 24, 2020 at 4:23 pm,
        Ozibatla says:

        Cheers for clarifying Ex. I do use spot prices to see the immediate price of bullion. It also helps to gauge the premiums here in Aus. I think the breakdown of spot price in London is significant because as you say, the LBMA allows the banks to “massage” the settled price.

        • On March 24, 2020 at 7:11 pm,
          Excelsior says:

          Sure thing. I was just posting that to explain where the higher gold prices were seen up in the $1680’s earlier this morning in the futures, versus the lower prices you had noted on on Kitco’s sight, which only features the spot prices. The futures prices are what the markets use, and spot is just a rough guideline for physical bullion purchases.

  34. On March 24, 2020 at 7:07 am,
    Ozibatla says:

    I think its only one page Jerry as its still early doors as a breaking story.

    • On March 24, 2020 at 8:00 am,
      David says:

      I will have to agree that now is the not the time to be adding extraneous issues to a bill about a virus. Looks like they all need to go back to the drawing board…and maybe set goals first and agree what the agenda is for this bill.

      • On March 24, 2020 at 8:21 am,
        Temple says:

        Only legit issue Democrats had in balking was the ability of Trump w/o questions asked to bail out the shale industry zombie companies.

    • On March 24, 2020 at 8:13 am,
      OOTB Jerry says:

      Thanks OZ…………I am going back on the street today……..
      Indiana is trying to go to LOCK DOWN…..BS……..people with leave heads, need to get their head out of the sand……….VIRUS…..is a game for the control…..real simple, for those who , have been doing there homework, since, 9/11……..
      All the idiots, can go and hide …….FEAR…..is what the deepstate wants …
      CONTROl….in your face control….FEAR is from the Devil….biblical…..real simple.
      Use WISDOM…..seek the LORD, DAILY,

      • On March 24, 2020 at 3:14 pm,
        OOTB Jerry says:

        leave…..to level…….

  35. On March 24, 2020 at 8:13 am,
    Matthew says:

    Stocks should be able to bounce here versus both dollars and gold.
    DIA:GLD weekly:
    https://stockcharts.com/h-sc/ui?s=DIA%3AGLD&p=W&yr=5&mn=8&dy=0&id=p48369365996&a=711889924

  36. On March 24, 2020 at 8:31 am,
    Dick Tracy says:

    We have The Little Bull Market today that mirrors The Big Bull Market, both are built on stimulus supplied by The Federal Reserve, and both are headed for the ash heap. It is a man made disaster unfolding! DT

  37. On March 24, 2020 at 8:40 am,
    Matthew says:

    “The Fed promises to print about $100billion a day this week, not for hospital beds, hazmat suits, medicine, or food deliveries for the sick and elderly… but to buy a candy jar full of assorted financial markets trinkets!

    In days past (long past), Americans would have rioted on this outrageous news. They may have dragged members of congress and the Fed into the street and killed them. Today, they just stand there and do nothing… This is the biggest sign yet (in a long line of such signs) that the American empire is doomed.” — Stewart Thomson

    Well Stewart, that’s because the welfare state and the debased currency that comes with it debases the entire population in more ways than just morally. Throw in government schooling, Hollywood propaganda and other indoctrination and yes, the empire is doomed.
    http://www.321gold.com/editorials/thomson_s/thomson_s_032420.html

    • On March 24, 2020 at 3:05 pm,
      OOTB Jerry says:

      Good post……….I was going to comment…..but, why……everyone here should already know it………., maybe, that is why , I am the only one commenting…. 🙂

    • On March 24, 2020 at 4:33 pm,
      Ozibatla says:

      Well said Matthew. I think if nothing else, this illustrates perfectly Mr Trumps background of business and to keep business rolling so the fat cats (his superiors) are happy. In the world of business its all about power and acquisition and with that comes the endless desire for money and power. Everything else fades into obscurity.So yes lets just keep printing money and paper over the cracks.

      This whole global market is just like a lost cause drug addict and cheap money is the drug of choice. Unfortunately, the drug is wearing off and the addict can no longer get enough. Time to knock it on the head and reset. Will this be the time??? Who knows?

  38. On March 24, 2020 at 8:49 am,
    cfs says:

    No longer in, but at one time the bail-out bill contained a payment by a new blockchain digital dollar.?
    “The lawmakers introduced the bill last week, envisioning a digital payment system organized by the Federal Reserve and its member banks to directly send these funds to U.S. residents to assist them with expenses during the COVID-19 mitigation measures, which have already resulted in massive unemployment and a potentially severe recession.
    Right now, as usual, the supposedly catholic, commie baby-murderer, Nancy Pelosi is holding out for corporation destruction in America as we know it and mass union pension and government bail-outs.

  39. On March 24, 2020 at 8:56 am,
    cfs says:

    https://dailycaller.com/2020/03/24/democrats-coronavirus-illegal-aliens/

    An of course the Demon version of the bail-out bill wants to cut ICE funding.

  40. On March 24, 2020 at 9:07 am,
    Matthew says:
  41. On March 24, 2020 at 10:12 am,
    cfs says:

    Remember the obamacare bill….YOU HAVE TO PASS IT TO READ IT……ARE WE GOING TO BE FOOLED TWICE ?