- Gold & currencies rally in the overnight markets
- The LBM is short physical Gold….
Good Day… And a Tub Thumpin’ Thursday to one and all! I had a better day than the previous day with my stomach yesterday, so I’m very thankful for the little things! I sat outside reading in the warm sun for hours yesterday, my arms are finally showing that I’ve been in Florida! I was not a happy camper about the way the Dems threw inaccurate and inflammatory statements at RFK in his confirmation hearing… But he’s not the first person to face the gauntlet here, so hopefully, he’ll stand up to them and get confirmed… You may not like him, but I do, and this is my letter so there! HA! Yes greets me this morning with their hit song: Owner Of A Lonely Heart…
Well, most everyone was partially right yesterday regarding their take on the FOMC meeting… Ged Fed Heads, you know the 12 person FOMC group that decides where rates should be, as if they had a clue… kept rates unchanged, but then failed to mention when rates might be lowered again this year… Hey! Way to be Transparent Fed Heads! At first the dollar teetered but then straightened out and kept its level and the dollar to was unchanged for the day, with the BBDY closing at 1,302 (Same level it was when I wrote yesterday morning)
I guess there were some Gold Bugs who though there was a chance that the Fed Heads could cut rates, and when they didn’t, Gold got sold by $10, as it closed at $2,753, and Silver kept pushing the envelope on its recent rally without Gold, and it gained 51-cents to close at $30.89…
The price of Oil lost some ground yesterday and ended the day trading with a $72 handle… And the 10-year Treasury gained 2 bps, and closed yesterday trading with a 4.54% yield… The manipulation of the bond yields has really picked up lately, and I just don’t see how that’s going to work out for the manipulators…
In The overnight markets last night… Well, the dollar saw some selling overnight, and into this morning’s open in the U.S. and right now the dollar has lost 4 index points in the BBDXY. I guess there were more than just a few souls that thought the Fed Heads would cut rates yesterday, and now they are selling to rid themselves of this trade…. Whoa there Partner! What have we here? Gold is nearing its all-time high this morning, as the congestion at the LBM is really beginning to show up in Gold’s price… Gold is up $31 this morning, and Silver is up 59-cents! There must be a double helix in the sky tonight, throw out the hardware let’s do this right! (Steely Dan, from Aja)
The price of Oil remained trading with a $72 handle overnight, and the 10-year saw more manipulation from the Fed Heads as its yield fell to 4.51%…
I read yesterday that the London Bullion Market has been sending so much physical Gold to the U.S. ahead of any tariffs that might be applied in the future, that they are now short! And have had to borrow physical Gold from the Central Banks that store physical Gold there… Here’s the skinny from the good folks at GATA: “LONDON — London bullion market players are racing to borrow gold from central banks, which store bullion in London, following a surge in gold deliveries to the United States on speculation of potential import tariffs there, two sources familiar with the matter said.
The minimum waiting time to load gold out of the Bank of England, which stores gold for central banks, has reached four weeks, one of the sources said. In normal times, the release time is a few days or a week.”
What a Bunch of doofuses these people at the LBM will look like, IF, and let me say that again, IF, tariffs never get around to being placed on Gold….
And as usual, Ed Steer had something to add to the discussion about the LBM and China and Gold… Here’s Ed: “Despite the obvious physical congestion in gold in both London and New York that has come to a head in recent days — and now in the public domain, the collusive commercial traders of whatever stripe managed to keep the gold price from reflecting that. However they weren’t quite as successful in silver.
How long they can keep this market under control under these circumstances is open for debate. But all the signs under the surface, which are now visible to all, suggests that it could erupt violently higher at any moment if the rush for immediate delivery continues to increase.”
Chuck again… I think what Ed is talking about is already taking place this morning….
Circling back to the Fed Heads… what a bunch of megalomaniacs! They think that by sitting in their ivory tower at the Eccles Bldg., that they know more about how an economy works than the people that work every day and deal with the economy! They think they know if the economy needs stimulation or austere moves… They think they know that by flipping a switch, they can cause a “soft landing”… I say, we need to eliminate the Fed ASAP! And Repeal 1913!
Man, when I get riled up about something, there’s no stopping me! Or what I might say! The stupid system I use to write keeps trying me to soften my line about a bunch of megalomaniacs…. And I keep telling it NO!
Ok, The Bank of Canada did cut rates to 3% yesterday, as they really truly believe that they have defeated inflation… They’ve seen nothing yet! But this Central Bank used to be thought of a Prudent, but no longer! They are the exact opposite of Prudent! Now they are willy nilly, and I’m not talking about those lip-syncing guys from the 90’s or was it the 80’s? Oh, well, who cares?)
The European Central Bank (ECB ) is meeting as I write this morning… Spoiler alert! The ECB will choose to cut rates again, as they too believe that they have defeated inflation… Did they cut money supply in half? NO! Hmmm… Oh well, dolts do what dolts do…. The euro will see some selling after the rate cut is announced…
I found this on Ed Steer’s letter yesterday: “Americans’ consumer confidence fell for the second month in a row in January according to The Conference Board, dropping from an upwardly revised 109.5 (how do you revise ‘confidence’?) to 104.1 (vs. 105.7 expected) with expectations and current conditions both falling (from upwardly revised data)
That is a four-month low in consumer confidence… despite most other indications of confidence and animal spirits having surged since Trump’s election…” you can always find Ed at: edsteergoldsilver.com
The U.S. Data Cupboard today will see the usual for Thursday, the Weekly Initial Jobless Claims, and then the first print of Q4 GDP, which is expected to come in at 2.5% (don’t be surprised if it comes in lower or for that matter come in higher, given the Gov’t spending in the 4th QTR especially after Trump won the Presidency… I’m just saying…
To recap… the FOMC left rates unchanged and then didn’t tell the markets of their plans for rates this year… Transparency… Shamparency! (spell check doesn’t like that word! ) The Bank of Canada did cut rates , and Chuck had something snide to say about that, and The ECB meets this morning… Chuck goes the whole 9 yards on the Fed/ Cabal/ Cartel…. Don’t feed the bears folks!
For What It’s Worth… This article came to me from longtime reader, Bob, and I found it quite interesting, and I hope you do too. It can be found here: The U.S. Is Not a Sovereign Nation. Under the Helm of the Globalist Financial Elites. Richard C. Cook – Global ResearchGlobal Research – Centre for Research on Globalization
Or, here’s your snippet: “The U.S. is not a sovereign nation. It lost its sovereignty in what I call the “Insurrection of 1913,” when the Federal Reserve Act and the Income Tax Amendment were passed. The Federal Reserve Act was actually written by the Rothschilds of Europe, with the collusion of the Money Trust headed by the Morgan and Rockefeller interests.
The conspiracy was set in motion at Jekyll Island. You can read about this in my book, Our Country, Then and Now.
Since then, the U.S. has served at the pleasure of the globalist financial elite as an instrument in fighting their wars of conquest: against Germany in World Wars I and II, Vietnam and Southeast Asia in the 60s and 70s, Russia and Yugoslavia in the Cold War and the 90s, multiple Muslim nations in the “War on Terror,” and, under President Joe Biden, the proxy war in Ukraine against Russia and Israel’s Gaza War against the Palestinians.
As President Ronald Reagan reportedly said, “He who has the gold rules.” The “gold” in the modern era is the right to print money “out of thin air” via the mechanism of fractional reserve banking combined with usury exacted at compound interest. Through this diabolical mechanism, the global financial elite rule much of humanity, though China, Russia, Iran, and other BRICS nations are breaking away to create a multipolar world.
The headquarters of the globalist financial elite is the City of London, which is now setting up a clearinghouse to market and manipulate U.S. government sovereign debt. The globalist financial elite are the source of money and power for the World Economic Forum, Bilderberg, the WHO, etc.
NATO is another globalist instrument. NATO was actually founded by Britain, with the aim to “keep America in, Russia out, and Germany down.” The latest project of the globalists, with Big Pharma and military collusion, is the worldwide COVID “plandemic” as an instrument of mass genocide. The globalists have announced that more “plandemics” are coming.
We are today in American Civil War II, with President Donald Trump cast by history in the role of Abraham Lincoln. The first Civil War was between free labor and national banking against British globalist banking and chattel slavery. British globalist banking was represented in the U.S. by Rothschild agent August Belmont (born Aaron Schönberg).
Civil War II is being fought on similar grounds. For instance, the globalists have filled the country with terrorist gangs. President Trump is starting to remove them.”
Chuck again… Yes, I do hope he is successful in removing them.
Market Prices 1/30/2025: American Style: A$ .6233, kiwi .5656, C$ .6936, euro 1.0459, sterling 1.2469, Swiss $1.1091, European Style: rand 18.4504, krone 11.2757, SEK 10.9784, forint 389.20, zloty 4.0160, koruna 24.0208, RUB 96.32, yen 154.00, sing 1.3486, HKD 7.7914, INR 86.62, China 7.2446, peso 20.50, BRL 5.9066, BBDXY 1,298, Dollar Index 107.50, Oil $72.37, 10-year 4.51%, Silver $31.48, Platinum $976.00, Palladium $1,016.00, Copper $4.30, and Gold… $2,784.50
That’s it for today, and this week… A friendly Spiderman reminder that next week will only have Monday & Tuesday as days for the Pfennig, as on Wednesday I’ll be heading back to St. Louis for another infusion… OH BOY! NOT! Well, the Super Bowl combatants get a week off and then next Sunday will be the Super Bowl… I’ll be home to watch that! In 2020, I used to have to drive an hour or so north to Port St. Lucie to the wound center twice a week, when I had those large, ugly ulcers on my shins, to be treated… So, every year down here has not been 100% relaxation… But most years have been… The weather has turned to warm days again down south, we had our winter down here, and now spring has sprung! Hey! Cardinals’ Pitchers and catchers report to Jupiter Fla for Spring Training in 12 days! YAHOO! Stevie Ray Vaughan & Double Trouble take us to the finish line today with their song: Pride And Joy… I hope you have a Tub Thumpin’ Thursday today, and please remember to Be Good To Yourself!
Chuck Butler