Market wrap focused on the escalating tensions between the US and China

May 28, 2020

Chris Temple wraps up today’s editorials by addressing the selloff in the markets into the close. This selloff is due to Trumps awaited press conference tomorrow regarding possible actions against China after it’s actions in Hong Kong. We don’t know what will come out of this but it has put some serious question marks on traders minds.

Click here to visit Chris’s site and follow along with his commentary.

    May 28, 2020 28:32 PM

    My fear is that the dorks pushing and pulling the levers on China (Hong Kong) don’t have the capacity to understand the long-range effects to what they are doing or capable of doing. Add to that Taiwan and their offer to accept residents of Hong Kong who want to relocate and we really have a tinder box. Beware of unexpected consequences!

      May 28, 2020 28:33 PM

      Hi Mr T:
      I listened to your interview on Palaside. Not to many people can make me laugh at five in the morning, you cracked me up. thank-you
      I heard Cargo Jay fly by twice during the interview. I hope you got some of that cargo cash as well.

        May 28, 2020 28:34 PM

        Glad you liked it, John!

          May 28, 2020 28:44 PM

          Yes agreed – good interview on Palisade Mr T.

          A very good expose on how things have shifted from the 1970’s to today.

            May 28, 2020 28:47 PM

            You have mentioned different elements of that talk for years, including the cargo planes, but this time added in UFOs in Area 51, so you really took it to the next level, and it was a good all encompassing start to finish journey of tinkering from the FED.

    May 28, 2020 28:33 PM

    That’s an understatement…some in the Deep State likely DO know and wouldn’t mind a war with China. As for politicians/policy neophytes like Trump you’re spot on.

    May 28, 2020 28:58 PM

    Just for fun……………………

    May 28, 2020 28:50 PM

    Battery Metals Demand to Soar 500% in 30 Years

    May 19, 2020 – Cecilia Jamasmie – SmallCapPower

    “Production of so-called battery metals, such as Graphite, Lithium and Cobalt, will have to increase by nearly 500% by 2050 to meet the growing demand for clean energy technologies, the World Bank said on Monday.”

    May 28, 2020 28:05 PM

    Real Estate Stats Show Big Wave Of Refinancing Is Coming

    by @TheTechnicalTraders on 28 May 2020

    “Current data released for the May Real Estate and Consumer Spending activity suggests a wave of refinancing is taking place – and not much else. Pending home sales slipped to 69. That level is 7.4 points below the lowest level in 2010 – at the height of the 2008-09 credit crisis that collapsed the global Real Estate values. How big is this new low level in Pending home sales? It’s HUGE.”

    May 28, 2020 28:59 PM

    It’s NOT A Scam: Feds Say 4 Million Americans Receiving Stimulus Checks In Form Of Prepaid Debit Card
    May 28, 2020

    “The feds are sending some 4 million Americans their stimulus money, not by check or direct deposit, but by prepaid debit card.”

    “The Internal Revenue Service said it will arrive in a plain white envelope from “Money Network Cardholder Services.” The Visa name will be on the front of the card and the name of the issuing bank, Meta Bank, on the back.”

      May 28, 2020 28:36 PM

      Apparently these government gift cards can’t be used to put in savings or trading accounts but need to be spent (which makes sense if the government wants to stimulate the economy with these debit cards).

      However, there is no need to use them at the Target in Minneapolis because apparently while protesting police violence, all out theft and robbery is being supported as a form of grieving. Now where have we seen this before….?

        May 29, 2020 29:01 AM

        Seeing I was born in Minneapolis and am currently living in Minnesota, I will respond to your question.
        First I will say that you are proposing suppositions which is fine but lack factual basis.
        There is more going on here than Police violence.
        If you want to do a historical analogy, first thing that comes to mind is Rodney King.
        In which context of history do we find ourselves and the answer is that nothing is static and the only thing consistent is change.

          May 29, 2020 29:54 AM

          JohnK – How am I proposing suppositions without a factual basis. People that claim to be upset about racial inequality from a white police officer killing a black man, have spent 3 days robbing, looting, burned down small businesses like vape stores & pawn shops, burned down franchises like Auto Zone & Target, have been violent to the fire department when they were trying to put out fires, have been using rocks and grocery carts to smash out police cars, they burned down 200 affordable housing units to help lower income areas, burned down cars and several 18 wheelers, and then burned down the police station.

          Yes, it is just like the L.A. Riots with Rodney king, or just like Ferguson where people were upset about race relations but then torched their city, caused reckless destruction of personal property and small businesses, and ruined their own city. It is messed up logic, and waaaaay off the plot of police brutality. What many people have captured during this is disgusting acts being carried out where people are chanting “kill the white folk,” and is factually criminal what is happening now in Minneapolis, just like what happened in L.A. and just like what happened in Ferguson.

          You don’t have to live in Minneapolis to see the mess and hypocrisy in action, and how the left is covering this. Other protests turned violent in LA and Denver and the left is making these criminal actions out to be heroic. There is nothing heroic about what these rioters are doing or the violence they are inflicting that far eclipses the death of one person, that is still under investigation.


          Check out the arguments, discussion, video clips, and how CNN an MSNBC is covering this event and it is clear they are covering for criminal behavior. It’s disgusting, it is only hurting race relations, and it is clearly not the answer.

          >> Tucker: Media fan racial flames

          May 28, 2020

          “Things are falling apart in Minneapolis and, as they collapse, our leadership class seems thrilled by it.”

            May 29, 2020 29:57 AM

            Ingraham: Minneapolis burning

            Ingram Angle – May 28, 2020

            “Bad actors threw gasoline on the fire and suddenly the ‘justice for all’ message of peaceful George Floyd protests is obliterated. ”


            May 29, 2020 29:00 AM

            They wouldn’t be calling in the National Guard to quell the violence and destruction of property and buildings in Minnesota if it was a “peaceful protest”.

            Protests erupt in violence after George Floyd’s killing | Nightline
            ABC News – May 29, 2020

            “The Minnesota governor activated the National Guard after Wednesday night’s protests in Minneapolis over Floyd’s death in police custody led to looting and multiple fires in the city.”


            May 29, 2020 29:48 AM

            Gov. Walz to announce response to violence, safety concerns as fires burn in Minneapolis, St. Paul

            KARE 11 – May 29, 2020 #VIDEO

            “The Third Police Precinct in Mpls. burned Thursday night as riots continued across the Twin Cities.”


            May 29, 2020 29:11 AM

            Minneapolis might be the tip of the iceburg.
            Police unjustly shoot people all over.
            Out of work poor seeing the theft of their leaders, the criminality of their government, geez look at the joke of elections.
            Creepy Joe as president? Good grief.
            The choice? A wacko serving a foreign country.

            The whole country could be a powder keg looking for a match.

            I hope not, but ya never know.

            May 29, 2020 29:27 AM

            Unjust police actions and racism are reals issues to address, but rioters stealing, looting, burning buildings & businesses to the ground, and being violent towards folks of another race is NOT the solution to that problem.

            What is disgusting is that they somehow twisted their minds that stealing flat screen T.V.s or burning down affordable housing under construction and non-profit businesses that help the community source jobs is justified because of their rage. Sorry, that is illegal activity and MLK would be turning over in his grave about the actions of these thugs. The media is portraying them as demonstrators, but they are really criminals and they are destroying their community, which doesn’t do a damn thing to help with police brutality towards African Americans.

            What do you think all this is doing to their property value?
            Why in the hell would anyone want to move to Minnesota or vacation there if this is their idea of “social justice”?

            As a contributing factor, folks being locked down for almost 3 months is likely making people edgy, and that has not been the right solution either.

            What a mess…


            Violent protests escalate in Minneapolis over George Floyd’s death

            Minneapolis’ 3rd Precinct Station was set on fire Thursday evening during a third night of protests over the death of George Floyd.


            May 29, 2020 29:44 AM
            May 29, 2020 29:46 AM

            Fireworks explode as a fire burns inside the Auto Zone on Wednesday night.

            — Stephen Maturen / Getty Images


            May 29, 2020 29:53 AM

            Here is the same pattern of destruction, looting, violence in Ferguson, Missouri in 2014:

            What the hell does robbing small business owners and completely destroying the place where you live have to do with police brutality? It’s insane, wreckless, and counterproductive.


            Protests over Missouri teen’s death turn violent
            August 11, 2014

            “People smashed car windows and carried away armloads of looted goods from stores Sunday night after thousands of people packed a suburban St. Louis area at a vigil for an unarmed black man who was shot and killed by a police officer.”

            “Afterward, some people looted a convenience store. Several other stores along a main road near the shooting scene were broken into and looted, including a check-cashing store, a boutique and a small grocery store.”


          May 29, 2020 29:12 AM

          I’m all for a peaceful protest, or even folks being angry at police and voicing that anger, but this wreckless destruction in Minnesota and criminal behavior, violence, theft, and destruction of so many other people’s businesses (over 170 businesses have been damaged or destroyed) is way over the top, despicable, and anyone with a conscious knows it is wrong morally, ethically, and legally. It is NOT helping.


          Minneapolis police station torched amid George Floyd protest

          WKMG News 6 – May 29, 2020 #VIDEO

          “Cheering protesters torched a Minneapolis police station that the department was forced to abandon as three days of violent protests spread to nearby St. Paul and angry demonstrations flared across the U.S over the death of George Floyd, a handcuffed black man who pleaded for air as a white police officer kneeled on his neck.”

            May 29, 2020 29:43 AM

            How is this wreckless looting and damage helping with police brutality.

            Answer: It is not helping, and people are acting like criminals and stealing.


            Raw #Video: Aftermath of looting at Cub Foods in Minneapolis
            May 28, 2020


            May 29, 2020 29:32 AM

            Now they can qualify for the ………….An Opportunity Zone is an economically-distressed community where private investments, under certain conditions, may be eligible for capital gain tax incentives. … Trump on December 22, 2017, to stimulate economic development and job creation, by incentivizing long- term investments in low-income neighborhoods.
            NOW THEY CAN get a JOB , rebuilding the community……. 🙂

            May 29, 2020 29:33 AM

            Cycle of poverty ……….. and creative thought……….

            May 29, 2020 29:38 AM

            It’s sad but true OOTB…

            The criminal rioters burnt down 200 units that were under construction for affordable housing, a number of non-profits that helped community members get job placements, and tons of small businesses that provided jobs that were just getting ready to reopen or had just reopened after the Covid-19 shutdowns.

            It’s despicable behavior, but the silver lining is at least there will be jobs to rebuild.

            However, a number of small businesses (like the furniture store shown in the video above that employed 40 people) are now not going to ever reopen.

            People erroneously assumed insurance money would make everyone whole when that is simply far from true, and even those who will be mostly made whole for the property or real estate damage can not support themselves for the large time periods between now and opening up, and all their staff will be laid off.

            Idiocy on parade.

            May 29, 2020 29:41 AM

            It is truly a sad state of affairs……………….

            May 29, 2020 29:43 AM

            Sad, that this really has been going on forever………respect……going both ways…..

        May 29, 2020 29:44 PM

        We went on line and inquired about the payment and said it would be sent out that day. About a week later we received one Visa card with my wife’s and my payments. The card had instructions with it for several ways it could be used. We elected to go back on line to the designated site, established an account with user name and password. Then we located the funds transfer area at the site and put in our checking account routing Information to our joint account and transferred all the funds. About two days later it showed up in our checking account. That was this morning. It is pending deposit, reflecting the correct amount. I assume it will be available for use as we see fit in a day or two. I will use mine for some form of charity or a political contribution to someone who promises to try to put Wall Street banksters in jail.

          May 29, 2020 29:54 PM

          That’s good info David. There were reports it couldn’t be put into a bank account, but I’d like that option better for my wife if she gets a gift card as I believe she qualifies.

            May 29, 2020 29:10 PM

            If she hasn’t got the card or a check yet, have her inquire on line. They will ask for info reflected on her tax form. It is possible that That will trigger payment. As soon as I put in the info, it gave me a projected mail date. In both mine and my wife’s case, the projected mailing date was the date we made the inquiry.

    May 28, 2020 28:30 PM

    Here’s Everything Goldman Said About Bitcoin In ‘Tulip Mania’ Slides

    By TheRealHeisenberg – May 28, 2020

    “The reason I strike a derisive tone in these pages is very simple: Bitcoin is not an asset, and therefore has no place in any discussion of assets or asset prices, something Goldman drove home in a Wednesday presentation stamped for the consumer and investment management division.”

    “The portion dedicated to crypto apparently irritated Bitcoin adherents (a bunch who are easily riled anyway), despite comprising just six of nearly 50 slides.”

    May 29, 2020 29:07 AM

    Canada’s CIBC lost $64 million in a day on paper in gold market turmoil

    Peter Hobson – May 28, 2020

    “Canadian Imperial Bank of Commerce (CIBC) took a mark-to-market trading loss of C$88.2 million ($64 million) in one day in March due mainly to volatility in the gold market, the bank said in its second-quarter earnings report on Thursday.”

    CIBC said the loss happened on March 24 and was “mostly attributable to our precious metals trading business”.

    May 29, 2020 29:07 AM

    Sprott CEO, Peter Grosskopf – Why Gold Only Gets to $2,000 by March 2021

    CRUX Investor – May 29, 2020 #VIDEO

    “Investing insights and a warning. The global economy is not OK and at some point the cracks can’t be plastered over. How do retail investors protect themselves? What should they be doing as cash goes negative?”

    2:28 – Background Story of Peter and His Involvement with Sprott
    6:00 – Fixing a Problem: Focusing on the Different Needs of Investors
    11:41 – Last Man Standing: Securing Revenue Streams
    14:29 – Emotion, as Significant Influencer in Investments, Removed?
    17:11 – Power to Move Sentiment and Markets: Sprott Investments, Always Calculated or Left to Chance?
    21:09 – Investment Decision Making Ecosystem: Parallels with Retail Investors
    25:17 – Digitization of Gold: How Will it Work, Who Will Have Access to it?
    35:50 – Gold Price Predictions and Pragmatism
    37:56 – Concerns for Present-Day Markets and Geopolitical Decisions to Come
    42:18 – Hedging: Optionality for Investors
    45:02 – Are Investors Prepared for What’s Coming in the Near Future?

      May 29, 2020 29:38 AM

      Gold investors are going to have some fun as prices run to $5,000 this decade – Incrementum AG

      Kitco News – Friday May 29, 2020

      “Gold is embarking on a broad-based, decade-long bull market, and it’s not a matter of if prices hit all-time highs but when it hits all-time highs, said one of the authors behind the annual In Gold We Trust report.”

      “In an interview with Kitco News, Ronald-Peter Stoeferle, fund manager at Incrementum AG, said that a new monetary policy regime of low interest rates and high inflation is expected to drive gold prices to nearly $5,000 an ounce in the next 10 years.”

    May 29, 2020 29:27 AM

    (PGE)(PGEZF)Group Ten Reports High-Grade Gold, Palladium, and Platinum Results from the Pine and HGR Targets at the Stillwater West Project in Montana, USA
    29 May 2020

    > Drilling at the Pine target returned values including 16.94 g/t 3E (16.19 g/t Au, 0.24 g/t Pt, 0.50 g/t Pd) over 7.98 meters and 31.02 g/t 3E (28.7 g/t Au, 1.06 g/t Pt, 1.27 g/t Pd) over 2.6 meters hosted within the chromite-rich ultramafic stratigraphy.

    > High-grade gold, palladium, and platinum values ranging to 16.18 g/t 3E (13.80 g/t Au, 1.10 g/t Pd, and 1.28 g/t Pt) were returned in rock samples taken by Group Ten in 2019 at the Pine target, with a total of 13 samples returning from 2 to 30 g/t platinum equivalent grade mineralization to date by the Company.

    > At the HGR target, nine kilometers east of the Pine target, high-grade gold, palladium, and platinum values ranging to 19.06 g/t 3E (14.30 g/t Au, 3.10 g/t Pd, and 1.66 g/t Pt) were returned in assays conducted by the US Geological Survey (“USGS”) on select samples of historic drill core from the HGR target area at Iron Mountain that had not previously been assayed for precious metals.

      May 29, 2020 29:59 AM

      PGE: Very nice. Over +12% at moment.

    May 29, 2020 29:43 AM

    Very nice to see an $18 handle again in Silver. Up to $18.40 and climbing…

    May 29, 2020 29:29 AM

    Finally (temporarily) even with Feb 21. I hope that doesn’t jinx the rally.

      May 29, 2020 29:15 AM

      Fingers crossed….

      May 29, 2020 29:19 PM

      Closed above Feb 21 high. Now its time to go up!