Loading ...Thanks Clif. People aren’t ready for what’s coming. https://t.co/cCakW2gMdy
— David Morgan (@silverguru22) July 8, 2021
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This is odd. Is Wells Fargo up against it? Is it just easier to buy bonds? Talk about pissing off your customers!
Wells Unexpectedly Shuts All Existing Personal Lines Of Credit, Hinting US Economy On The Edge
Wells Fargo just announced that it’s shutting down all of its existing personal lines of credit – a popular product offered by the retail-focused Wall Street giant – a move that will likely infuriate legions of customers.
The revolving credit lines, which will be shut down in the coming weeks, typically allow users borrow $3K to $100K, were pitched as a way to consolidate higher-interest credit-card debt, pay for home renovations or avoid overdraft fees on checking accounts attached to the loan.
Customers have been given a 60-day notice that their accounts will be shuttered, and remaining balances will require regular minimum payments, according to the statement.
According to CNBC, it’s the latest “difficult decision” facing Wells CEO Charlie Scharf, who is being forced to make cutbacks to the banks’ business thanks to restrictions imposed by the Federal Reserve years ago as punishment for the bank’s criminal scandals like the now-infamous scandal whereby branch managers opened credit lines for customers without permission. a scandal that outraged the public.
“Wells Fargo recently reviewed its product offerings and decided to discontinue offering new Personal and Portfolio line of credit accounts and close all existing accounts,” the bank said in the six-page letter. The move would let the bank focus on credit cards and personal loans, it said.
The sudden closures will leave many customers without what may be a critical source of liquidity. What’s worse, many will be penalized for the decision, making it more difficult for them to receive credit from a new source. Per CNBC, those whose credit lines are involuntarily closed will still see their FICO scores penalized as if they had elected to close the credit line willingly.
New info with even more exposure to the actual content of the jab and what will activate it. FWIW!!
IMO this is not a vaccine to save humanity; it’s just the opposite…. and this short video with new info will help you to understand how it is being done!!
The FED
Think of how stupid the whole FED pretense is: “Hey, we’ve got an economic crisis developing. I know, let’s make everything SUPER expensive so that it’s almost impossible for the masses so survive financially!!”
Michael Avenatti
Sentenced to 2 1/2 years in Federal prison for trying to swindle NIKE out of 25 million dollars.
Mr Copper
Another heat wave is heading this way. Oregon even got hotter up to 115 degrees and so far there I saw 107 people died so far fir 40-90 something. Gotta think about those let’s too.
It’s supposed to reach into 107 s here this week I’ll think about instead.
Yeah those automatic machines make it hard to even chart no matter what month I’m PMs either for shake outs or manipulation.
With that bounce if I was in I’d of been out but then you have the tax nightmare of multi trades. Years ago I had like 4 full pages written out from even more pages for tax time and though forget this. Then I feared making to much cuz when your working they take too much away unless you make a whole lot where phyzz was easier to manage but not really to make money on less you bought multi boxes then taxes too if you sell them cuz your over the radar just to try to keep what you have.
I think when gold jumped to near 2000 it caused a pause so only short term trades were safer. How long that pause is who knows.
Well Maddog, et all…
PM’s creeped up a little into the close although nowhere near what they should have done after the higher open.
UD & Rates down no help as they should have been – as usual – silver weakness as always is the tell.
Someone tell me that somehow this time will be different?
I’ve been holding pm’s for 20 effing years and they’re always the same.
well here we go into the last hr……do they push/ram the SM back to unch
to get all those nervous nellies panicking they missed the dip.
GS and Co have already banked the dosh and are busy ordering up the weekends gourmet delights, which will be made tonight and shipped to the Hamptons for Friday night…..meanwhile the boys will tonight be ‘partying’ solo, with busloads of hookers, rivers of champagne and avalanches of blow.
@goldielocks I Think We Forgot About The Sell In May And Go Away thing.
But in May, Gold FLEW, to $1900 from $1775 area. June killed the whole move up. Back to the $1775 area. And with stocks we forgot about the computerized trading machines that the big boys have. You’re right, take a break , or start adding a few shares here and there.
We so much for the small bounce in gold. Probably didn’t ever give too much to the stocks. Hopefully it will lead to something better. I’m going to give up watching for awhile I think. It’s rigged.
Summer months brings in a potential gold rally
Submitted by Gary S. Wagner on Tuesday, July 6, 2021 – 21:59.
Although in celebration of Independence Day in the United States we had a three day weekend, you would never know it from the recent moves in gold. Gold basis the most active futures contract traded to a high of $1815 before settling just below $1800 per troy ounce. As we have begun to trade in Australia market forces have taken gold above $1800 per ounce, and if we see an effective close at or above $1800 an ounce that would signal the potential for higher pricing in gold.
The key is that during summer months we have muted volume as many traders are absent from there trading desks enjoying a summer holiday. That being said, it becomes much easier to move prices higher or lower when volume is muted.
One interesting facet is that recent gains come in light of a weaker than expected momentum in the US service sector. This data is according to the Institute for supply management or ISM. As reported by Niels Christiansen of Kitco News, “Tuesday the ISM said its nonmanufacturing index showed a reading of 60.1% for June, down from May’s reading of 64.0%. The data was weaker than expected, as consensus forecasts were calling for a 63.4% reading. Economists note that this is the lowest reading since February. However, the report noted that June’s decline comes after hitting a record high the previous month. The gold market is holding near session highs above $1,800 an ounce but is seeing little reaction to the latest economic data. August gold futures last traded at $1,811.7 an ounce, up 1.59% on the day.”
Although when this piece was written gold was above $1800 but closed in New York at $1795. As of 9:50 PM EST gold futures are currently trading up $6.20 and fixed at $1800.40 an ounce.
On a technical basis a close above $1800 would be significant, however, there are other technical indicators which are alluding to the potential for higher pricing. As yields have gone down in the 10-year US treasury note it is taken the precious yellow metal to highs not seen for the last three weeks. We have spoken about the fact that the 50-day moving average has been coming closer and closer to the 200-day moving average. However, with the recent decline in pricing it was possible that the 200-day MA could even possibly cross below the 50-day MA which would form a chart pattern simply called a death cross. In fact, the exact opposite it has occurred with the 50-day moving average crossing above the longer-term 200-day.
The fact that gold is now back above $1800 and it seems as though a golden cross is formed between the short-term and long-term moving averages certainly bodes well for the bullish faction in gold. Bloomberg news today reported that one in five global central banks intend to increase their gold reserves over the next year in a report in which cited a survey conducted by the world Gold Council and publicize month.
MarketWatch was told by Edward Moya, senior market analyst at Oanda, ““I think we’re seeing gold benefit from a plunge in bond yields He said that investors, however, may be reassessing their bullish outlook for bullion against a backdrop of Fed that might propel the dollar and yields ultimately higher.”
Although volume is then and we are in summer month trading we are witnessing the necessary steps for gold to once again return to a bullish demeanor and gain pricing over the next month.
Wishing you, as always, good trading and good health,
@Buygold I know What You Mean, The 2008 Meltdown took Gold Down To $800/oz
Naturally it was probably the big long leverage paper gold contract guys in panic mode. Running to cash. Maybe it all depends on the tickers too. I look for performers, and like to see a PE or Div. My miners are doing ok, AG, AGI, CDE, DRD HL, SAND, GATO, still above 6 months ago or above the March April lows. I might buy back some SBSW but its automotive related. Palladium. Not confident yet about industrial use metals lately. I gave up trying to hit home runs with those cheap stocks with good stories. NFGFF looks interesting. What tickers are pissing you off?
Mr. Copper
Love you’re optimism. I’m having trouble seeing it.
We never seem to see gold act as protection in a down market and certainly never the shares.
Maddog
LOL I catch your drift! 
@Buygold re your “This shit is just ridiculous” damn the torpedoes full speed ahead.
Which means…
An expression of one’s conviction to press on with a task or current course of action regardless of apparent risks or dangers.
The whole damn Financial system is ridiculous, Globalization is ridiculous, even the political system and voting system is ridiculous. Humans causing bad weather is ridiculous. You name it, everything is ridiculous.
It’s Ridiculous That Things Are Still This Good LOL
GLD SLV etc are still above March April lows. So that good. We can’t help it if the over priced Dow SnP implodes and drags us down with them. Eventually the mining shares should come to their senses realize they were under priced, not over priced. They should be making profits.
Another thought. This has been a very unusually steep and deep drop since June 7th only one month. So maybe the duration will be short, and rebound faster. Plus the indices charts today are yelling at the Fed to “shut your effin mouth” and “Go back to the old stimulus story” “Or we will force you to, as real estate and car sales drop”
ipsofacto
Not sure that comment about finding yr way home after dark, is that nasty….there’s a lot of us that can’t find our way home after dark.
Captain Hook
Cheers back atcha!
Out for a bit.
Centerra brings additional claims in Kyrgyz-Kumtor arbitration
Crippled Canadian miner Centerra Gold (TSX: CG; NYSE: CCAU) has brought additional claims in its binding arbitration against the Kyrgyz Republic government as it fights the “wrongful expropriation” of the cornerstone Kumtor mine.
Centerra has also named, state monopoly gold refiner and Centerra’s largest shareholder, Kyrgyzaltyn, as a respondent.
centerra gold
According to the amended notice of arbitration, Kyrgyzaltyn conspired with the Kyrgyz government to take control of the mine under the guise of temporary ‘external management’. It appears to continue acting at the government’s behest concerning the Kumtor operation and its shareholding in Centerra, the company alleges.
Centerra brings additional claims in Kyrgyz-Kumtor arbitration
ipso facto @ 10:42
Exactly.
Cheers mate
Seems to me
that if the market is falling because people fear the impact of the “Delta Variant” then this also means that the gov will continue to be injecting funny money into the economy at a brisk pace. This should ultimately cause gold and silver to rise.
Except for the Rig.
This shit is just ridiculous
so tiring and so predictable
Don’t hold that sucker up to your ear
Cell phones and cancer: New UC Berkeley study suggests cell phones sharply increase tumor risk
Researchers took a comprehensive look at statistical findings from 46 different studies around the globe and found that the use of a cell phone for more than 1,000 hours, or about 17 minutes a day over a ten year period, increased the risk of tumors by 60 percent.