Gold Bears Press Bets In Record Numbers

Authored by Mike Shedlock via MishTalk,

Gold shorts are near a record high as saturating bearishness sets in.

https://www.zerohedge.com/news/2018-07-26/gold-bears-press-bets-record-numbers

Submitted by James M Dorsey

A spike in oil prices as a result of a temporary halt in shipments through the strategic Bab el Mandeb strait may be short-lived, but the impact on Yemen’s three-year-old forgotten war is likely to put the devastating conflict on the front burner.

The halt following a Saudi assertion that Iran-backed Houthi rebels in Yemen had attacked two Saudi oil tankers traversing the waterway drives home the threat the conflict poses to a chokepoint in international trade and the flow of Gulf oil to world markets. The Houthis said they had attacked a Saudi warship rather than oil tankers.

An estimated 4.8 million barrels of oil are shipped daily through Bab al Mandeb that connects the Red Sea with the Arabian Sea off the coast of Yemen, Djibouti, and Eritrea.

https://www.zerohedge.com/news/2018-07-26/saudis-halt-oil-shipments-through-red-sea-potential-watershed-yemen-war

Safe Boxes May Not Be Safe After All

ORANGEVALE (CBS13) – A woman says her bank let her safe deposit box vanish. And she’s not the only one.

Susan Nomi says when she went to open her Bank of America safe deposit box of 16 years, the entire box was gone.

That’s where she kept her family’s jewelry and her dad’s coin collection.

“I was in shock; I was just like what happened to my box,” said Nomi.

She says Bank of America can’t explain where her valuables went.

“They don’t have an answer. They don’t have an answer. They say thanks for letting us know,” she says.

Nomi was infuriated, especially considering she is a retired Bank of America employee of 40 years. And she’s not alone. Others have complained that Bank of America drilled their safe deposit boxes without permission or notice.

Wendy Woo says her belongings were taken out of her safe deposit box and shipped to her.

“Everything was dumped in a plastic bag,” said Woo.

She says a ring was missing a stone and a necklace was damaged in the process.

“Safe deposit box….that’s what it’s for, safe,” she said.

Another family reported getting their safe deposit contents shipped back too, but claim $17,000 in jewelry was missing.

Then another woman who just wants to be identified as Maggie says, “I just got robbed from the bank.” “They just took my stuff,” she exclaimed.

cont. https://sacramento.cbslocal.com/2018/07/26/safe-boxes-stolen-drilled/

http://schrts.co/9Sy3Kf

Marathon Deposit Infill Drilling Intercepts High-Grade Zone: 7.97 g/t Au over 59.0 meters including 57.74 g/t Au over 5.0 meters, Valentine Lake Gold Camp, Newfoundland

https://finance.yahoo.com/news/marathon-deposit-infill-drilling-intercepts-110000744.html

Dustbowl anyone?

on earnings and production miss. NGD getting crushed for the same reason.

IT…JUST….NEVER….ENDS…

Long before the financial crisis, I argued that “activist” central banking was on a very slippery slope. The evolution of New Age Finance took a giant leap with chairman Bernanke’s implementation of zero rates and QE. The Fed’s move to reflate the system through inflated market prices essentially ended the securities markets as mechanisms of self-adjustment and correction. Market discipline was dead. Today, financial markets now chiefly operate as a tool of government (“government finance quasi-Capitalism”).

This complex story turned only more convoluted as the world moved aggressively to adopt U.S.-style policies and, not to be left hopelessly behind, market-based finance. Are the profound changes in monetary management and the rise of the “strongman” politician mere coincidence? I would imagine Greenspan and Bernanke quietly abhor the rise of populism. Do they feel any sense of responsibility?

With central bankers so celebrated for blatantly manipulating markets, of course politicians, dictators and the like would insist on getting a piece of the action. Inflating financial markets became essential to power – economic, political and geopolitical. And as finance became integral to economic growth and the global power play, why not use financial sanctions or the threat of financial repercussions to dictate nation-state behavior? And, over time, attaining financial wealth became an absolute prerequisite for wielding geopolitical power and influence.

The old military variety appears almost feeble standing next to the contemporary Financial Arms Race. And if you seek dominance – domestically, regionally and/or internationally – you had better get a tight rein on the securities markets – whether you’re in Washington, Ankara, Moscow or Beijing. Beijing (and it’s “national team”) moved ahead in this regard, but it would appear Washington is today keen to play catch up. As market-based finance has commandeered the world, the centers of global power have moved to take command of the markets.

He’s a self serving bureaucrat in filth city.

Cheers

Just my opinion but Trey Gowdy is an establishment Republican with one foot in the Deep State, but he likes to masquerade as a tea party Republican. His career has been as a prosecutor so he has a love of big government. He sees the turn with Trump and the country’s disgust with the deep state and has decided to step aside – like Ryan. A smart move on his part.

Republicans need to continue to move toward the conservative right and hold those in the deep state whether Republican or Dem accountable for their crimes. They would be well served to elect someone like Jim Jordan as their next speaker.

Mountains and Desert. This must be Nevada.
http://www.railpictures.net/photo/661683/

It is said that ‘what turns a recession into a depression is a drought’!

Yep, and yes I wonder about crops. Even this evenings it’s still hot here 102 F

Now … if your market darlings are faltering …

New Gold Announces 2018 Second Quarter Results and Updates 2018 Outlook

07/25/2018

download the pdf (PDF 575 KB)

(All dollar figures are in US dollars unless otherwise indicated)

TORONTO, July 25, 2018 /PRNewswire/ – New Gold Inc. (“New Gold” or the “Company”) (TSX:NGD) (NYSE American:NGD) today announces its 2018 second quarter results and updated 2018 outlook. Unless otherwise noted, all operating and financial results have been presented on a continuing basis and exclude Peak Mines, which has been classified as a discontinued operation and was sold in April 2018.

2018 Second Quarter Highlights
Gold production of 108,550 ounces and copper production of 20.4 million pounds
Operating expense of $680 per gold ounce and $1.67 per copper pound
All-in sustaining costs(1) of $877 per ounce, including total cash costs(2) of $453 per ounce
Operating cash flows generated from continuing operations of $66 million, or $0.11 per share
Loss from continuing operations of $302 million, or $0.52 per share, including an impairment loss, net of tax of $282 million, or $0.49 per share
June 30, 2018 total liquidity of $270 million, including cash and cash equivalents of $167 million
Updated 2018 outlook: 415,000 to 480,000 ounces of gold production (previously 525,000 to 595,000 ounces of gold) at all-in sustaining costs of $1,080 to $1,120 per ounce (previously $860 to $900 per ounce)
Rainy River updated life-of-mine plan completed, NI 43-101 Technical Report will be released in early August

http://www.newgold.com/investors/NewGoldNews/PressReleaseDetail/2018/New-Gold-Announces-2018-Second-Quarter-Results-and-Updates-2018-Outlook/default.aspx

GOP lawmakers introduce articles of impeachment against Rosenstein

https://www.google.com/amp/thehill.com/policy/national-security/398902-gop-lawmakers-introduce-impeachment-resolution-against-rosenstein%3famp

Tech stocks set to crater on Thursday with Facebook on track for biggest drop ever

The tech-heavy Nasdaq was set for a big down day Thursday after disappointing quarterly results from Facebook sent the social media giant hurtling toward its biggest share price decline ever and on track to lose more than $125 billion in market value.

The Invesco QQQ Trust, which tracks the Nasdaq-100 index and can give traders a good idea of how the Nasdaq stocks will trade, was down more than 2 percent at one point in after hours trading Wednesday. At last count, the ETF was off by about 1.5 percent. Nasdaq futures opened lower Wednesday evening, off by about 0.8 percent. Facebook lost more than a fifth of its value after hours.

https://www.cnbc.com/2018/07/25/tech-stocks-poised-for-bloodbath-on-thursday-with-facebook-on-track-fo.html

Most lefties don’t care about the country as long as they can attack Trump. Let’s pray they never come to power!

Good question about the food supply. Droughts and floods are certainly going to cut into food production. Also fires in E. Washington burning up part of the wheat crop. Perhaps RNO can give us his perspective … bein close up and all …

Read in browser »

GOLD: COME’ON – ADMIT IT – YOU WANT TO OWN IT Wed, 25 Jul 2018 One of my buddies likes to bug me about my gold views. “For a not-completely-dumb guy, you sure have a boneheaded love of that stupid yellow rock.” Yeah, I get it. It’s my hidden shame. But a part of me feels I am simply brave enough to say out loud what we all feel. Kind of like that other thing that no one says they do, but which everyone does. Don’t bother telling me you’re different – I don’t buy it. My favourite kind of person? That one buddy who instead of denying it, just owns it. When he unabashedly not only admits to doing it, but brags about it, you can’t help but smile. Well, I am hoping my love of gold squeezes that same sort of smile from you. In this world of bat-shit-crazy central bank policies, a smidgen of the asset that has maintained its status as a store of value for thousands of years seems prudent. Don’t bother writing me with all your Buffettisms about the unproductive asset that is gold – I have heard them all. I get it. Believe me, I am far from some gold nut-bar who believes Fort Knox is empty and I understand the difference between a long-term income producing asset and some inert rock. In fact, if I thought central banks were to abandon their aggressive financial repression, I would ditch my bullish gold forecasts. But I view that as a low-probability outcome. In fact, I suspect in the coming decades, the financial repression will get worse. Therefore I view gold to be an asset where the big surprises will be to the upside, not the other way around. I would even go as far to say that when I have no position in gold, I feel naked. Now that I have made this startling admission (and in the process lost all my “serious” moneyed readers who wouldn’t touch such a barbaric asset), I want to explore what’s happening with gold recently.

https://www.themacrotourist.com/posts/2018/07/25/gold/

Western states frying in three digit heat waves while south eastern states drowning. Will we see crop failures?

Agreed but I think it’s also helping other countries citizens wake up to the welfare they’re forced to give to their politicians money hunting that do not benefit them. Infact harm them and spend it on there insourcing globalization projects.

Both Europe and Canada are trying to down play terrorist attacked as mental illness. Cowards
Instead of improving their economy they’d rather import cheap labor, endanger the citizens and destroy it. The guy in Canada was mentally deranged but just happened to be armed and a good shot killing a child and wounding so many.

When Globalization started, there was no talk of Trade war. They, behind the scenes simply made a bunch of changes.

First they changed the US currency values to make imported goods MATHEMATICALLY cheaper and “MAKE” Americans buy the stuff.

Then create tax breaks to “MAKE” US businesses WANT to move to other countries for profits.

Then they created a bunch of fake unneeded stupid environmental laws to “MAKE” US businesses want to move to other countries.

Media Propaganda  promoted anti American business activity. Such as…US workers get paid too much and causing inflation.  Unions are ruining the country. Manufacturing jobs are dirty and polluting the environment.

“We” don’t like or want “rust belt” jobs. “We” want cheaper higher quality products. Competition is good. Free Trade will create more jobs for Americans. Bla bla bla, remember???

Now, think about it. The reversal of the above is what’s probably going on behind the scenes. But their Media never tells it like it is. They CAN’T. Can you imagine what the people would think if their media announced the above methods to redistribute wealth back to the USA??

The Americans had no say after 1970 to avoid what happened. And now, all the other countries have no say as to whats going on. Its all changing because it has to change. Its almost like Ron Reagan again when he threw people off welfare. Welfare to workfare the media called it.

So now its a global Ron Reagan. Various countries are getting thrown off welfare, the USA can’t afford it anymore, and has to be replenished.