Andrew Hoffman, Miles Franklin, Released on 5/16/16
On Wednesday, just before yet another blatant Cartel attack – not to mention, before we learned on Friday, that the COMEX “commercial” short position hit another all-time high, I taunted “hey Cartel, is that the best you got?” Well, here we are just three trading days later, and gold is back in earshot of the very, very key round number of $1,308/oz (listen to this interview with Andrew Maguire); whilst silver is back up to $17.35/oz, having recouped all of the “losses” from Mondays’ and Thursdays’ paper raids. To that end, take a look at how pathetic last night’s 143rd “Sunday Night Sentiment” raid of the past 149 weeks was; followed by an even more pitiful “2:15 AM” EST attack. Which is why, yet again, I emphatically retort to fear-mongerers that don’t realize we’re back in a Precious Metals bull market, “it’s the ‘commercials’ that should be scared!” I mean geez, even JP Morgan says so – and as they say, what won’t go down, mustgo up!
This weekend, in a preview of what many parts of the world will likely experience as history’s largest, most destructive fiat currency Ponzi scheme implodes, a hyper-inflating Venezuela declared a “state of emergency.” Meanwhile, in Greece, the inevitable “GrExit” from the Euro currency – yielding the default of hundreds of billions of debt, and implosion of the Troika’s collapsing “kick the can” scheme; catalyzing political, economic, and social revolution throughout all of Europe, inched closer to reality – as Greece owes €11 billion Euros to the “Troika” by the end of July, which it clearly doesn’t have. This, as the global economy continues to vaporize into dust, with more than $10 trillion of sovereign bonds yielding less than zero. Heck, in an incredible turn of events, foreshadowing what may be the “tipping point” of Europe’s collapsing monetary system, Deutschebank, this weekend, started offering new depositors interest rates of up to 5%, amidst said negative interest rate environment, to lock up their funds for just three months’ time!
Andrew (“Andy”) Hoffman, CFA joined Miles Franklin, one of America’s oldest, largest bullion dealers, in October 2011 and serves as Marketing Director. For a decade, he was a US-based buy-side and sell-side analyst, most notably as an II-ranked oil service analyst at Salomon Smith Barney from 1999 through 2005. Since 2002, his focus has been entirely on precious metals, and since 2006 has written free missives regarding gold, silver and macroeconomics. Prior to joining the company he spent five years working as an investor relations officer or consultant to numerous junior mining companies. Andy’s articles can be found on the Miles Franklin Blog, at www.milesfranklin.com.