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Ororeef

Posted by goldielocks @ 17:38 on January 22, 2016  

Right, and would be surprised if that money they said they took from social security so called savings went to pay pensions and welfare programs as well. All this buzz about pension payments like Chicago taking  lottery winnings and now all is scilent. Just something I ponder.

The Only People living above their Means

Posted by Ororeef @ 17:08 on January 22, 2016  

are Public Employees  !  They live FAR above what the private sector lives and the Private sector pays for it…..

Snow in Richmond

Posted by Ororeef @ 16:30 on January 22, 2016  

is already 5 inches and it just got started !     Got some wood prepared for the Fireplace just in case  …!  Its funny how dependent we are on electricity ..its really stupid

when you think about how Dumb our Politicians are ..Depending on Government is not a good idea !   Got plenty of food in the House..and a full tank of GAS in the car..

Also FWIW – COT Report

Posted by Buygold @ 15:42 on January 22, 2016  

They seem more concerned with silver than gold at this point

http://www.cftc.gov/dea/futures/deacmxlf.htm

At least the shares have held their own today so far.

FWIW: But doesn’t look promising!! Interesting comments follow.

Posted by silverngold @ 15:19 on January 22, 2016  

2016 Market Meltdown: We Have Never Seen A Year Start Quite Like This…

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Time Abstract - Public DomainWe are about three weeks into 2016, and we are witnessing things that we have never seen before.  There were two emergency market shutdowns in China within the first four trading days of this year, the Dow Jones Industrial Average has never lost this many points within the first three weeks, and just yesterday we learned that global stocks had officially entered bear market territory.  Overall, more than 15 trillion dollars of global stock market wealth has been wiped out since last June.  And of course the markets are simply playing catch up with global economic reality.  The Baltic Dry Index just hit another new all-time record low today, Wal-Mart has announced that they are shutting down 269 stores, and initial jobless claims in the U.S. just surged to their highest level in six months.  So if things are this bad already, what will the rest of 2016 bring?

The Dow was up just a little bit on Thursday thankfully, but even with that gain we are still in unprecedented territory.  According to CNBC, we have never seen a tougher start to the year for the Dow than we have in 2016…

The Dow Jones industrial average, which was created in 1896, has never begun a year with 12 worse trading days. Through Wednesday’s close, the Dow has fallen 9.5 percent. Even including the 1.3 percent gains as of noon Thursday, the Dow is still down nearly 8 percent in 2016.

But even with the carnage that we have seen so far, stocks are still wildly overpriced compared to historical averages.  In order for stocks to no longer be in a “bubble”, they will still need to decline by about another one-third.  The following comes from MarketWatch

Data from the U.S. Federal Reserve, meanwhile, say U.S. nonfinancial corporate stocks are now valued at about 90% of the replacement cost of company assets, a metric known as “Tobin’s Q.” But the historic average, going back a century, is in the region of 60% of replacement costs. By this measure, stocks could fall by another third, taking the Dow all the way down toward 10,000. (On Wednesday it closed at 15,767.) Similar calculations could be reached by comparing share prices to average per-share earnings, a measure known as the cyclically adjusted price-to-earnings ratio, commonly known as CAPE, after Yale finance professor Robert Shiller, who made it famous.

Of course the mainstream media doesn’t seem to understand any of this.  They seem to be under the impression that the bubble should have lasted forever, and this latest meltdown has taken them totally by surprise.

Ultimately, what is happening should not be a surprise to any of us.  The financial markets always catch up with economic reality eventually, and right now evidence continues to mount that economic activity is significantly slowing down.  Here is some analysis from Brandon Smith

Trucking freight in the U.S. is in steep decline, with freight companies pointing to a “glut in inventories” and a fall in demand as the culprit.

Morgan Stanley’s freight transportation update indicates a collapse in freight demand worse than that seen during 2009.

The Baltic Dry Index, a measure of global freight rates and thus a measure of global demand for shipping of raw materials, has collapsed to even more dismal historic lows. Hucksters in the mainstream continue to push the lie that the fall in the BDI is due to an “overabundance of new ships.” However, the CEO of A.P. Moeller-Maersk, the world’s largest shipping line, put that nonsense to rest when he admitted in November that “global growth is slowing down” and “[t]rade is currently significantly weaker than it normally would be under the growth forecasts we see.”

In addition, another very troubling sign is the fact that initial jobless claims are starting to surge once again

The number of Americans applying for unemployment benefits in mid-January reached seven-month highs, perhaps a sign that the rate of layoffs in the U.S. has risen slightly from record lows.

Initial jobless claims climbed a seasonally adjusted 10,000 to 293,000 in the seven days stretching from Jan. 10 to Jan 16, the government said Thursday. That’s the highest level since last July.

Since the last recession, the primary engine for the creation of good jobs in this country has been the energy industry.

Unfortunately, the “oil boomtowns” are now going bust, and workers are being laid off in droves.  As I mentioned the other day42 North American oil companies have filed for bankruptcy and 130,000 good paying energy jobs have been lost in this country since the start of 2015.  And as long as the price of oil stays in this neighborhood, the worse things are going to get.

A lot of people out there still seem to think that this is just going to be a temporary downturn.  Many are convinced that we will just go through another tough recession and then we will come out okay on the other side.  What they don’t realize is that a number of long-term trends are now reaching a crescendo.

For decades, we have been living wildly beyond our means.  The federal government, state and local governments, corporations and consumers have all been going into debt far faster than our economy has been growing.  Of course this was never going to be sustainable in the long run, but we had been doing it for so long that many of us had come to believe that our exceedingly reckless debt-fueled prosperity was somehow “normal”.

Unfortunately, the truth is that you can’t consume far more than you produce forever.  Eventually reality catches up with you.  This is a point that Simon Black made extremely well in one of his recent articles…

Economics isn’t complicated. The Universal Law of Prosperity is very simple: produce more than you consume.

Governments, corporations, and individuals all have to abide by it. Those who do will thrive. Those who don’t will fail, sooner or later.

When the entire financial system ignores this fundamental rule, it puts us all at risk.

And if you can understand that, you can take simple, sensible steps to prevent the consequences.

Sadly, the time for avoiding the consequences of our actions is now past.

We are now starting to pay the price for decades of incredibly bone-headed decisions, and anyone that is looking to Barack Obama, the Federal Reserve or anyone else in Washington D.C. to be our savior is going to be bitterly disappointed.

And as bad as things have been so far, just wait until you see what happens next.

2016 is the year when everything changes.

http://theeconomiccollapseblog.com/archives/2016-market-meltdown-we-have-never-seen-a-year-start-quite-like-this

I guess I got it wrong again ,IPSO

Posted by Alex Valdor @ 15:14 on January 22, 2016  

Just like I did when I thought gold was the only safe haven when the Fed and Treasury started printing massive quantities of dollars .

Debt is good …debt is good …I have to get that straight in my befuddled old brain .

Ororeef @ 14:50

Posted by ipso facto @ 15:06 on January 22, 2016  

Same mine. Klondex got it so cheap maybe they can make it go.

These underground mines are sure a crapshoot … at least initially.

Alex Valdor

Posted by ipso facto @ 15:04 on January 22, 2016  

Hey how come the other states are having to pay to fix Flint’s water system? D’oh!

More Obama tent Citys coming ! “Hoovervilles”…”Obamavilles”

Posted by Ororeef @ 14:58 on January 22, 2016  

 

Schlumberger Loses $1 Billion, Raises Layoffs to 30,000, Doubles Share Buybacks to $20 Billion

dollar economy people

by Wolf Richter, Wolf Street

Good swig of financial engineering to make results go down better.

The warning came on December 1, 2015 in an SEC filing in which Schlumberger, the world’s largest oil-field services company, disclosed a charge of $350 million for the fourth quarter. It would cover the costs of an unspecified number of new job cuts in 2016 – as the filing said, “in light of expected reduced activity for 2016 and to streamline its support structure.”

At the time, Patrick Schorn, president of operations, explained in a speechthat “it has become clear that any recovery in activity has been pushed out in time,” and that therefore, those job cuts would “further right-size the organization based on the activity outlook for 2016,”

ipso facto @ 11:31

Posted by Ororeef @ 14:50 on January 22, 2016  

It seems to me San Gold had a mine in exactly the same place and couldent make it go ..Is it the same ?

IPSO – I am wondering about the source of the lead .in

Posted by Alex Valdor @ 14:39 on January 22, 2016  

i.e. How were the city of Flint and upstream communities handling the disposal of worn out car batteries , and lead based house paint ?

…. And those dreaded words ‘ We’re from Washington and we’re here to help !’ . Ask the folks in New Mexico about the way the EPA ‘fixed’ the Colorado River .

Alex Valdor

Posted by ipso facto @ 14:28 on January 22, 2016  

I’ve just been skimming the story but from what I understand the water co. was directed to obtain the water from an alternate cheaper source and this was when the water quality went south. I’m sure that poor infrastructure is to blame as well. I saw this morning that Obama is sending Federal funds to fix the problem. Santa Irresponsible strikes again.

Crooks in Davos

Posted by newtogold @ 14:22 on January 22, 2016  

Apparently they have fixed everything. Oil up $6 in a few days. Stocks Markets are doing fine and they are working on pushing down the PMs to “comfortable levels”-silver in particular. All is well. Move along. Nothing to see here. The Beat Goes ON! Oh well. Enjoy each day as if it was your last. In the words of the Brilliant Farmboy: “This too shall pass”. And certainly it will as shall we all. Make today count for someone even if its not you. When we leave this orb and and our earthly shackles( I do believe in an afterlife), hopefully we will have built up a spiritual legacy to present to our Creator and that it is acceptable to Him. For some this is a farce. For others it is kind of a hedge-just in case you know. For me, it is more than just a plan but something I think all  should strive for regardless of your religious affiliation.(even if you don’t have one).

Snow is coming to Jersey. Not exactly overwhelmed with joy but since I have had only about an inch total so far this winter(compared to the last two years, well it is as if I moved to the Deep South), I guess I’ll put up with the 4-6 or 8 -10 inches coming depending upon whose forecast is correct.  Greetings to all tenters!

 

IPSO- Not sure I see why the rest of the state of MI should be on the hook for Flint’s water problems

Posted by Alex Valdor @ 14:15 on January 22, 2016  

Is the governor Republican ?

– and the mayor of Flint is which party ?

Cast iron pipes in a hard water (alkaline) environment may build up internal scale but are very corrosion resistant . If ‘shocked’ with acidity , however , that protective scale can be removed , resulting in bare metal exposure and rapid rust formation , making for a great photo op of folks holding up jugs of rusty water .

Sounds like the mayor wants a massive infrastructure project ( Jobs ! ) at the expense of everyone in the state .

JMHO  ( as the author / principal investigator of two EPRI ( Electric Power Research Institute ) studies on control of dissolved oxygen to mitigate corrosion in water systems .)

Should be jail time here!

Posted by ipso facto @ 13:43 on January 22, 2016  

Governor Knew About Flint Water Poisoning for Nearly A Year, Tried To Shift Blame

http://www.zerohedge.com/news/2016-01-22/governor-knew-about-flint-water-poisoning-nearly-year-tried-shift-blame

Yeah Scruffy

Posted by Buygold @ 11:49 on January 22, 2016  

USD comes ripping back. Silver smashed 2% in an hour. Unbelievable.

I guess what looked like a promising day is over.

Have a great weekend.

oops SM losing it’s gain

Posted by ipso facto @ 11:40 on January 22, 2016  

Judge Judy has too much sense to be on the Supreme Court!

Klondex Completes Acquisition of Rice Lake Mine and Mill Complex

Posted by ipso facto @ 11:31 on January 22, 2016  

http://finance.yahoo.com/news/klondex-completes-acquisition-rice-lake-145112158.html

The feeeeeeeelth never sleeps

Posted by Scruffy @ 11:29 on January 22, 2016  

Live New York Gold Chart [Kitco Inc.]Live New York Silver Chart [ Kitco Inc. ]

One in ten believes Judge Judy is on the Supreme Court!

Posted by Auandag @ 10:58 on January 22, 2016  
2016-01-22 06:00 by Karl Denninger
in Editorial , 121 referencesRead this folks.

These are college educated young people being surveyed here.  Four in ten believe that government should forbid (that means prosecute, incidentally) speech that offends minority groups.  One in ten believes Judge Judy is on the Supreme Court!

Is there anything worth fighting over when four in ten of our current generation of college educated kids has no belief in the First Amendment (nor, apparently, do they know what it is) say much less any of the others?

It’s even worse among non-college educated people.

You can argue that America is an idea and worth defending but I’m not sure I agree with that any more.  There comes a point where if the people who are going to inherit this land when my time passes are unworthy, as demonstrated by their acts and beliefsthat there is simply no valid argument for defending anything.

Rather one should, in such a situation, strive to enjoy their remaining time, however much it may be, and stick the middle finger up until and unless that vast majority of those who will inherit what’s left change their minds and demonstrate that it’s worth fighting to preserve what once was.

Ipso

Posted by Buygold @ 10:56 on January 22, 2016  

Couldn’t hurt, he knows a helluva lot more than I do.

b1ccbbdc47

BG

Posted by ipso facto @ 10:51 on January 22, 2016  

“USD is slowly rolling over”

Looking forward to that!

Maybe we should subscribe to Samb’s newsletter? :mrgreen:

Ipso

Posted by Buygold @ 10:48 on January 22, 2016  

well, he certainly has banked a lot of profits on them!

USD is slowly rolling over

Sure would be nice if the break below 105 on the HUI a couple of days ago turned out to be a big bear trap

Buygold @ 10:30

Posted by ipso facto @ 10:43 on January 22, 2016  

Maybe it’s time for Samb to sell his slw puts?

Clear skies nothing but clear skies … :mrgreen:

commish @ 9:41 We Do Have A Similar Taste In Headgear !

Posted by Farmboy @ 10:37 on January 22, 2016  

Farmboy2

But I think I will just keep my ole .45, I am afraid the batteries on that fancy sword would go out when I really needed to use it. (grin) Top of the Morning to you sir !

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Post by the Golden Rule. Oasis not responsible for content/accuracy of posts. DYODD.