March 10, 2022
* Currencies rally on Wednesday
* Gold, Silver & Oil all see major losses on Wednesday
Good Day… And a Tub Thumpin’ Thursday to one and all! And a great BIG Happy Birthday to good friend, Rick B. today… What a great day at the beach yesterday! Then we came in and they put me at the helm of the grill, and I was given the task of grilling one steak well done, one steak med. Well done, one steak medium, and my steak med rare… And I hit on all cylinders! I admit, it’s not an easy thing to do on an outside grill, with the wind blowing 20 knots… But I did it, and everyone was very surprised that their steaks were just how they liked them! Of course, I’m one of those people that think that eating a steak without any red in the center is a sin… But that’s just me! Overall, it was a fabulous day, spent with good friends, and a warm sun! Weezer greets me this morning with their song: Island In The Sun…
My oh my, it’s difficult to explain things that happened yesterday, other than to tell you that the price manipulators have not gone into the back room. They came out with both guns blazin’ and took down Gold & Silver, to hopefully, their predetermined level… Gold ended the day down $61.30, and Silver ended the day down 59-cents… Both closed below their previous levels of above $2,000 and $25 respectively… Good friend, Dennis Miller, called me and asked me, “Is the war over? ” And then went on to say that when he saw the drop in the price of Gold, he had to believe that the war was over… and it wasn’t just the metals that got taken down yesterday, so the did the price of Oil which fell by $8…
So, anyone not aware of the price manipulation in the markets, would look at yesterday’s price action, and say, ‘the War must be over”… What else could have had the effect on the metals and Oil like that? Oh, and the dollar also got sold yesterday…
So, Gold close yesterday at $1,992.80, and Silver closed at $25.87, and from what I saw in the overnight markets last night, the selling of these two wasn’t over… UGH!
So, are all the reasons Gold climbed more then $85 in the last week, prior to yesterday’s engineered takedown, gone? I mean has the war been called off? Has inflation been defeated? Has the U.S. corrected their deficit spending habits? Did the $30 Trillion plus, deficit been wiped clean? You and I both know the answers to those questions, and therefore the only thing left to explain what happened yesterday was an engineered takedown…
The dollar didn’t exactly have a good day either, and the BBDXY lost over 6 index points on the day. The euro climbed back above 1.10, and the other currencies followed the Big Dog euro higher VS the dollar. I’m actually appalled that the price manipulators were so brazen to take down Gold & Silver when these two metals had everything going for them…
In the overnight markets last night… Well, the initial selling of Gold & Silver last night, was turned around, and Gold is up $17 in the early trading today, and Silver is up 14-cents, with both metals gaining those levels they lost yesterday, of $2,000 and $26…
The price of Oil did not recover in the overnight markets last night… Oil trades this morning with a $112 handle… Things got pretty ugly yesterday, and I’m glad that’s over and done with, for now that is… Bonds also continued to get sold, (Where’s the Fed/ Cabal/ Cartel?, have they really gone cold turkey on buying bonds?) The 10-year’s yield trades this morning at 1.93%…
The White House finally got around to issuing an executive order on crypto currencies yesterday… Here are the three key points of the executive order, from CNBC.com:
- U.S. President Joe Biden signed an executive order on Wednesday: calling on the government to examine the risks and benefits of cryptocurrencies.
- The measures focus on six key areas: consumer protection, financial stability, illicit activity, U.S. competitiveness, financial inclusion and responsible innovation.
- The Biden administration also wants to explore a digital version of the dollar.
I’m sure the Crypto heads were sweating bullets on this one, but I think this executive order is a feeble attempt to reel in the wild west trading in Cryptos… I guess we’ll have to see if it has any teeth, but from my view in the cheap seats, I would say, it’s toothless…
The U.S. Data Cupboard yesterday had the Feb. Job Openings and Job Quits data, and both remained quite high, with the Openings at 11.3 Million and the Quits at 4.3 Million. The could have been A reason for the dollar selloff, but in reality it probably wasn’t even a pimple on the dollar’s rear…
Today’s Data Cupboard has the stupid CPI prints for Feb… I read where the White House is leery that this report could show really strong inflation gains last month… I would think that by now they would have figured out that this inflation isn’t going anywhere but up… I would also have thought that the White House could be putting pressure on the Fed/ Cabal/ Cartel to do something about it, now!
As I see it this morning… Soaring U.S. inflation is expected to continue its surge with no sign of relief in sight, as the costs of consumer goods like gasoline and household items climb to new heights. But then we might not see it that way when the stupid CPI prints today, because of the way it gets calculated… I’ve explained all that before, so I won’t go into it again today, just be aware that real inflation is only calculated by www.shadowstats.com
The Fed/ Cabal/ Cartel has twittered and shuffled their feet over their decision to hike rates, especially with the War in Europe, and the tenderness of the U.S. economy… In my opinion, they’ll still go ahead with a 25 basis point rate hike when they finally put away the board games that were played on the first day of their meeting… I hear that Battleship is a popular game, and of course the all time winner of fave games with the FOMC is Monopoly! Can you blame them for liking that game, with the Monopoly money? HA!
This is where I would look to the Great Mogambo Guru for some witty remark about the FOMC. I miss you Richard…
To recap… The price manipulators crawled out from the wall boards, and performed an engineered takedown of Gold & Silver yesterday. the dollar got sold, along with Oil and bonds… It was a very ugly day in the markets, compliments of the price manipulators. Gold lost $61 yesterday, and Silver lost 59-cents, which brought out the question, Was the War Over? Of course it wasn’t… but one would have thought that, eh? In the overnight markets last night, Gold & Silver are attempting to recover those losses yesterday, and the dollar is getting bought again…
For What It’s Worth… Doug Casey chimes in with his thoughts on a monetary reset… (spoiler alert, it’s imminent!), and it can be found here: Why US Threats Against Russian Gold Reserves Mean a Monetary Reset Is Imminent (internationalman.com)
Or, here’s your snippet: “These are the recent words of Jerome Powell, the Chairman of the Federal Reserve.
It’s a stunning admission from the one person who has the most control over the US dollar, the current world reserve currency.
It would be as ridiculous as Mike Tyson saying that it’s possible to have more than one heavyweight champion.
In other words, the jig is up.
Not even the Chairman of the Federal Reserve can go along with the farce of maintaining the dollar’s supremacy anymore… and neither should you. (This has profound consequences for you and your savings, more on that in a moment.)
Powell’s comments occur in the context of what could prove to be one of the most short-sighted and self-destructive acts in history… the US government’s economic war against Russia.
In the wake of Russia’s invasion of Ukraine, the US government has launched its most aggressive sanctions campaign ever.
Exceeding even Iran and North Korea, Russia is now the most sanctioned nation in the world.
“This is financial nuclear war and the largest sanctions event in history,” said Peter Piatetsky, a former Treasury Department official.
He went on to say, “Russia went from being part of the global economy to the single largest target of global sanctions and a financial pariah in less than two weeks.”
Chuck again… Yes, you’ll have to click the link to get the whole gist of the article… sorry, but time and space is limited here…
Market Prices 3/10/2022: Americn Style: A$ .7329, kiwi .6846, C$ .7796, euro 1.1045, sterling 1.3183, Swiss $1.0803, European Style: rand 15.1345, krone 8.9608, SEK 9.7206, forint 345.50, zloty 4.4965, koruna 22.9111, RUB 127.73, yen 115.96, sing 1.3594, HKD 7.8206, INR 76.30, China 6.3233, peso 21.01, BRL 5.0119, BBDXY 1,196.14, Dollar Index 98.17, Oil $112.65, 10-year 1.93%, Silver $26.01, Platinum $1,105.00, Palladium $3,034.00, Copper $4.57, and Gold… $2,010.60
That’s it for today… And another Happy Birthday to good friend, Rick! Ok, I’ve been remiss in not talking about my annual spring vacation… I know, I know, I should have let you know before this, but… I’ve been so focused on all that’s going on, and trying to make sense of it all that I plumb forgot! So… as of today, I’m on my annual spring vacation, and will not return until 3/28… I know, what will you do without my daily tirades about price manipulation? Well, I suggest you go to the Pfennig website: www.dailypfennig.com and read some past issues of the Pfennig, you never know if you might have missed something previously! HA! Other than that news… My beloved Mizzou Tigers won their basketball game last night in the SEC Tournament… Our Billikens play in the ACC tournament tonight. And our Blues try to correct their recent swoon tonight on home ice. Justin Haywood , and John Lodge of the Blue Jays ( an spinoff of the Moody Blues) take us to the finish line today with their song: Who Are You Now? Don’t know that one? Look it up, and it will become one of your faves! I hope you have a Tub Thumpin’ Thursday today, and a Fantastico Friday tomorrow, and I’ll talk to you again in 2 weeks! Please Be Good To Yourself! Be Positive, Test Negative!
Chuck Butler