Boring markets helps us all step back and think about the “everything bubble” narrative

June 18, 2020

Chris Temple joins me to share his thoughts on the recent boring nature of markets. With the consistent comments regarding an “everything bubble” or the “biggest bubble of all time” we discuss what this means in the big picture sense. We also look at what happens to commodities in these time with money printing supporting markets but economies still struggling.

Click here to visit Chris’s site for more comments.

    Jun 18, 2020 18:10 AM

    What The Hell Is The Great Reset?

    By John Rubino ◆ JUNE 15, 2020

      Jun 18, 2020 18:52 PM

      Next time these morons are in Davos…….TIME TO ROUND UM UP………..

        Jun 18, 2020 18:53 PM

        Little gods they are not……..NO ONE GAVE THEM AUTHORITY………..

          Jun 18, 2020 18:55 PM

          As it says in Romans 1……they have debased minds…….real simple

        Jun 19, 2020 19:17 AM

        The deep state clubs of the elite and the nefarious cabals have been planning Agenda 21 and Agenda 2030 for control of the masses, their cities, energy, and business for a long time, and while it seemed far-fetched in the 1990’s when all these UN plans first came out — it now seems pretty close to a reality.

        The sad thing is that most of the sheeple will embrace giving up the last of their individual liberties willingly under the guise of “sustainability” buzzwords.

          Jun 19, 2020 19:11 AM


    Jun 18, 2020 18:13 AM

    Rogue Wave Follow Up

    McClellan Financial Publications, Inc – June 17, 2020

    “In an oceanic rogue wave, the huge wave “borrows” energy from the adjacent waves, dwarfing the size of the surrounding chop. One important feature of oceanic rogue waves is that the height of the crest above sea level is matched by the depth of the adjacent trough below sea level, making them all the more deadly for ships.”

    “The principle operates in the financial markets as well, although we have to apply an expansive interpretation of what “sea level” means in a price chart. For the article 3 months ago, I added a rough approximation of a regression line drawn through the data leading up to the February 2020 top. The rebound off of the March 23, 2020 bottom has taken price back up above that median line, and now the sharp selloff on June 11 has taken prices back below it again. It appears that the market has returned back to “sea level”, with a lot of help from the Fed running QE4.”

    Jun 18, 2020 18:17 AM

    On the heels of both TMAC and Guyana Goldfields being acquired by Chinese mining conglomerates, here is yet a 3rd large acquisition by a Chinese miner. I also mentioned about a month ago that Cardinal Resources was likely going to get acquired (although I thought it would be from Nordgold – who did make an initial offer but have been outbid).


    Shandong Gold to buy Cardinal Resources for $221 million
    Reuters | June 18, 2020

    Jun 18, 2020 18:19 AM

    (VZLA) (VIZSF) Vizsla Announces Closing of C$4.6 Million Bought Deal Financing

    by @newswire on 18 Jun 2020

    Jun 18, 2020 18:27 AM

    $37 Billion Gold Project Spend Needed by 2025 Editor | June 17, 2020

    “Wood Mackenzie estimates the industry will need to commission 8Moz (262t) of projects by 2025 to maintain 2019 production levels.”

    “This equates to roughly 44 projects. Based on the average project capital intensity of $4,610/ozpa Au, Wood Mackenzie estimates the industry must invest approximately $37 billion on greenfield projects and restarts over the next 5 years.”

      Jun 18, 2020 18:53 PM

      I’ll chime in with my two cents.
      First I will say that I have not had any formal education in Finance.
      Listening to the commentary I am always wondering when you two will start discussing the structural effects of fractional reserve lending and the associated leverage and the actual money that is required to service the leveraged number.
      This money that could have been used for productive purposes acts as parasitic drag much like an airplane as speed increases so does the parasite drag.
      The Fed is left with no option except to keep the velocity up or the whole thing goes down.
      Not only the financial costs come into play, so do the human costs which we are witnessing in real time.

        Jun 18, 2020 18:20 PM

        99% of the adults, have not had any education on finance…….so do not worry about it..
        DEBT…….is the killer, is all you have to know…. 🙂

          Jun 18, 2020 18:22 PM

          John……..the banks no longer required to have Reserves……so the Fractional Reserve Lending is OUT THE WINDOW…….

            Jun 18, 2020 18:24 PM

            We are in NO MAN’s Land……….Go and owe no man…..kjv….. LOL

            Jun 18, 2020 18:13 PM

            Agreed OOTB. The banking rules on reserves required have become more and more nonsensical, and the banking lunacy is at an all time high.

            Yes, don’t be a slave to the lender….

            The best advice is to be allergic to debt, live within one’s means, and make sure there is more coming in than going out. Pretty simple, yet most people screw things up in their desire for immediate gratification and buying what they can’t afford on credit, by making poor life decisions, by under-investing to get their capital working for them, and by being under-insured and not protecting their wealth.

            People should be teaching these life skills to all children in schools in their homes, and it would cure most financial woes later in life.

            Jun 18, 2020 18:12 PM

            Ex….. 🙂
            Lenders suck……usury sucks……and the suckers know who the suckers are…. 🙂

            Jun 19, 2020 19:54 PM

            Banks may not have any reserve requirements but they still have reserves and they will have to have some to function properly. Right now your major banks have about 10% or more in reserves (vault cash and deposits with the Federal Reserve) when compared to their deposits. In fact most bank accounts (CDs, savings accounts and money market deposit accounts) did not have any reserve requirements for decades. It was mainly checking accounts that still had reserve requirements and even then it was just part of that checking account amount that required reserves. So now having no reserve requirements on a relatively small amount of money in checking accounts is really a nothing burger.

            Jun 19, 2020 19:48 PM

            JMiller……… you work for the govt……..????????

            Jun 19, 2020 19:51 PM

            The banks need to keep a little cash, just to keep the sheeple in the DARK…..
            Want $10,000 call ahead…

            Jun 19, 2020 19:33 PM

            No. Why would you think that? The banks need to have some in reserves to be able to make transactions without having to sell assets.

            Jun 20, 2020 20:38 AM

            Here ya go what? They still need reserves.

            Jun 20, 2020 20:47 PM

            Reserves are not required, ……but, I agree, banks need some cash on hand,… much not the required 10%…….and that was what we were saying to being with….

            Jun 20, 2020 20:46 PM

            begin……..not being

            Jun 21, 2020 21:05 AM

            JM……………LISTEN TO THE FIRST TWO MIN……confirmation on what I said….zero reserves need.

            Jun 21, 2020 21:18 PM

            Greg “Asshole” Hunter was wrong when he mistakenly said that no reserves are now needed. He meant no reserve REQUIREMENTS are now needed. As long as banks need to do transactions, they need cash, both physical and digital.

            Jun 21, 2020 21:40 PM

            Another reason that banks need reserves is to use it as collateral in their derivative operations. Cash is one of the most used forms of collateral not only for derivatives but also for things like securities lending.

            Jun 23, 2020 23:44 AM

            Very true jmiller. Also correct that hunter an asshole.

            Jun 23, 2020 23:50 AM

            In my above comment……I wrote….”the banks no longer required to have Reserves”
            Notice the word……REQUIRED…………. 🙂

            Jun 26, 2020 26:37 AM

            OK. So we all agree that reserves are not required but they are still needed as stated by jmiller who is one of the best on here.

            Jun 28, 2020 28:13 AM

            Thanks Paul. You are one of the few on here that recognizes this.

          Jun 18, 2020 18:30 PM

          I’ll take the other side and say that debt is not the killer but leverage is.
          As long as your cash flow can support the debt service you are still in pretty good shape.
          Once you enter leverage into the equation the whole dynamic changes.

            Jun 18, 2020 18:38 PM

            Good luck……..I see no reference for that in the bible……. 🙂
            KISS………you make it to difficult…

            Jun 18, 2020 18:40 PM

            I just posted an article………100 million people in debt did not make a payment….
            and I bet they had cash flow, until they did not… 🙂

            Jun 18, 2020 18:49 PM

            I think that if you understand that every day is a gift from God and act accordingly, the rest will pretty much take of its self.
            I have not been as fortunate as say Paul, but I do know that the smartest people don’t necessarily end up with the most money as the required time that is required for the pursuit of knowledge doesn’t pay real well.
            I do my best with the Bible, I also realize that there is much there that I will never be able to resolve with reason in my own mind.
            That is where at the end of the day I always have my faith.
            Each and every one of us is unique gifted with are own talents.
            And of course, the gift is from God.

            Jun 18, 2020 18:35 PM

            Ditto John………Everyday…….is a gift……

        Jun 18, 2020 18:23 PM

        Many that read my comments would probably think that I post because I am a short seller.
        After being handed my largest one day loss by Ben Bernanke, I no longer short markets.
        With that being said I really like stock picking in this environment as those stocks that have significant news usually make moves that are rarely seen.

        Jun 18, 2020 18:48 PM

        Dang, John —

        I’ve talked of those things countless times on here.

        Also, you’ll shortly see a special issue of mine addressing this too if you are on my mailing list.

    Jun 18, 2020 18:42 PM


    June 18, 2020 – The Technical Traders – Chris Vermeulen

      Jun 18, 2020 18:50 PM

      I like the opinion………… 🙂

        Jun 18, 2020 18:00 PM

        Maybe someone could tell my shares that.

          Jun 19, 2020 19:58 AM

          Someone must have told my shares today as they took off like a scalded cat.

    Jun 18, 2020 18:11 PM

    SILJ – The Junior Silver ETF has corrected back down to support at the 55 day EMA.

    This is a good place to see the miners turn around and rally. If this area fails by the end of the week, then we may see an extension of this move down, but I’m more optimistic that the Silver miners have completed a necessary corrective move, and will start the climb back higher sooner rather than later.

    Jun 18, 2020 18:09 PM

    Silvers performance = dismal pull up a 10yr. Thankfully my RE pays. I don’t own much silver sold 95% at $49 WAY back. Just a few speculation stocks.

      Jun 18, 2020 18:46 PM

      Here in the US…….banks are not loaning on jumbos, …. a big clue last year, when they capped the deduction on real estate interest deduction…..on anything over $850,000, that was a sign.
      I post an article on the topic in another section……on the jumbos
      Real estate is going to go through the ringer…….with 100 million people not paying their mortgages…..that is not a good sign…..JMO
      BLM……, is not going to let the retail sector fair much better…..Simon Malls, now suing their clients, is another sign….Real estate has been in the pits for 10 yrs….Flippers, and Airbnb , what a joke….JMO…..(just from the USA real estate market)
      JUST A RANT………pay no attention…….I have gone mad…. 🙂

        Jun 18, 2020 18:10 PM

        We live on the coast of BC best place in the country easy. You can only get here by ferry so we have a moat around us and that a great thing these days. My Major RE is on Vancouver island and is pretty solid (4 min to the ferry from my hose and 1.15 hr crossing) . Office space with ocean view condos on top. Large warehouse as well. Tenants are as solid as you can get. Telus top telecom company in Canada has 42% space. Others have essential service business’s. A highly sawed after place to live. skiing fishing golfing minutes away. So at the end of the day location is critical in these uncertain times. Valuation doesn’t matter much to me. l paid 1/2 of what replacement cost is and got no debt in my life….

          Jun 18, 2020 18:17 PM

          First rule……….never tell what you have……..sneaky bastards might want it…… 🙂

            Jun 18, 2020 18:20 PM

            Clue no. 2…….NO client is solid………..they all know chapter 11 and 7……of the rule book…and the landlord is the last on the list..

            Jun 18, 2020 18:21 PM

            LOL they know more about me than I do. Their coming for us anyway. Fkrs
            The net winner = Gov….I take the risk and their guaranteed to get theirs. For me there is no choice but to keep moving fwd.

            Jun 18, 2020 18:23 PM

            Good one Bill……..just joking with you , …..appreciate the follow up….
            and BTW, ….I love real estate…..

            Jun 18, 2020 18:26 PM

            put it this way…there’s always winners and losers. Thats why I dont own malls restaurants ect. If you want heating and cooling in your home…If you need cell phones and inet….these are the last things that people give up. If that goes we are all toast anyway. Those are my tenants.
            If one was to slash employes from 20 to 5 he can still make rent….like. Heres Telus. Super solid company.

            Jun 18, 2020 18:29 PM

            Telus just split 2 for 1. Nice DIV as well…6 digit rent cheque per yr…like I said solid.
            I started as a Tech there 1998. Now retired sweeping my parking lots lol

            Jun 18, 2020 18:34 PM

            Hard to get good help………

            Jun 18, 2020 18:35 PM

            I’m not a fan of residential. The gov gave tenants all the rights. Landlords have no power and worse now thanks to Covid. Only got a couple penthouse condos.

            Jun 18, 2020 18:36 PM

            Gold don’t talk back….. 🙂
            Just dust it it off every ten years…. lol

            Jun 18, 2020 18:37 PM


            Jun 18, 2020 18:41 PM

            I did have to sue a former tenant long story. Just got $140,000 from them…they lost lol
            Nothing that pays well is headache free.

            Jun 18, 2020 18:42 PM

            Cell phones would be the 1st thing I would give up if I had any. But I never had a cell phone and never will as I don’t want brain or thyroid cancer.

            Jun 18, 2020 18:57 PM

            bonzo your 1 in 5mil. You likley dont run a business then? I built cell networks for 27 years. Back when an Motorola 8000 pumped out 5 fold the power of today’s smart phones. I dont know anyone with brain cancer ect and believe you me I know Techs that had a phone strapped to their head for 30 years. Just seen zero evidence… I never said they were good for you. Sitting by your modem with wifi is a bad idea too.

            Jun 18, 2020 18:00 PM
    Jun 18, 2020 18:13 PM

    Its possible silver comes down further, silver is real industrial and with the economy going the way it is, maybe there wont be so much demand.

    I bought gold today, so all these “shortages” from the covid caused mint and mine shut downs seem to be over.
    My coins are minted in 2020.

    Jun 18, 2020 18:18 PM

    I don’t think silver would go down much….a guess at this point. Ive got a bucket of silver dollars 1966 I bought in 2002 cheap. Gold maple leafs also at $350 ea. pretty much forgot about them. Just hardware

    Jun 18, 2020 18:58 PM

    “Booms start with some tie-in to reality, some reason which justifies the increase in asset values, and then — and this is the critical feature of speculative mood — the market loses touch with reality.”

    John Kenneth Galbraith

      Jun 18, 2020 18:52 PM

      The general markets lost touch with reality long ago.

      I’m not sure how much more Boom there is to this cycle before it turns to Bust.

        Jun 18, 2020 18:21 PM

        E. Nothing makes sence…like BMoriarty doesnt figure in theres NO WHERE TO GIDE MONEY so American company’s maybe the best place to store huge capital. The stock m a rket could surge who the hell knows. Timing if the rea collapse is tough..I buy good solid stuff thats needed good or bad…better than cash.

          Jun 18, 2020 18:34 PM

          Yeah, I still have retirement funds allocated mostly to Large-Cap and Mid-Cap US companies, with some bonds and Emerging Market funds, but I’ve reduced those down some recently and rotated some funds over into Precious Metals and Cash. I was even thinking of doing some shorter duration Tax Liens just for the guaranteed interest rates. These are really wild times where there isn’t a playbook, so I’m just trying to stay somewhat diversified and weather the stormy investing seas.

            Jun 19, 2020 19:38 AM

            Good plan….lord knows whats next.

    Jun 18, 2020 18:38 PM

    In Latest Liquidity Flood; ECB Hands Out A Record €1.3 Trillion In Negative Yielding TLTRO-III Loans

    Thu, 06/18/2020

    “Lost in the noise of the near-infinite liquidity tsunami earlier today the ECB announced the results of the latest TLTRO-III auction: in it €1.3 trillion was taken up by 742 banks, a take-up which Goldman called “significant”, with demand driven by i) replacing existing facilities which were maturing (we estimate €760 bn); ii) net new take-up (€550 bn).”

    “As a reminder, the main benefit to bond markets is the TLTRO “carry trade”, where banks are expected to use the cheap ECB loans – which pay the borrower to take out a loan – to buy higher yielding assets such as short-dated Italian government bonds.”

    Jun 19, 2020 19:12 AM

    long ARI