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12.8.23 - Is Crypto the Currency of Criminals?

Gold last traded at $2,003 an ounce. Silver at $23.03 an ounce.

EDITOR'S NOTE: Is the banking crisis in America really that bad? Bad enough that four of the major banks have paid billions in fines since the year 2000. In the wake of this, banks are actively pursuing the transition into the world of digital currency which Jamie Dimon warns is a currency for criminals.

$181,034,960,000 in Fines Paid by Big Four US Banks As JPMorgan CEO Jamie Dimon Says Crypto’s for ‘Criminals’ -Daily Hodl

by Mehron Rokhy

bank Hundreds of billions of dollars worth of fines have been paid by the four biggest banks in the US as JPMorgan’s chief executive sounds off against digital assets, saying they are for criminals.

According to corporate misconduct data aggregator Violation Tracker, the big four banks of the US – Bank of America, Wells Fargo, Citigroup, and JPMorgan – have paid a staggering $181 billion worth of fines since the year 2000.

The data unveils that Bank of America has paid a total of 324 fines worth $87.2 billion since the start of the millennium while Wells Fargo has been fined 261 times for a total of $27.5 billion.

Violation Tracker also reveals that Citigroup was found to be in violation 181 times, paying $26.9 billion worth of fines while JPMorgan has been hit with a total of 272 fines worth $39.3 billion.

The Violation Tracker covers a range of civil and criminal banking offenses including foreign bribery, money laundering, corporate tax evasion, securities violations, accounting fraud, price-fixing, employment discrimination and more. READ MORE

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12.7.23 - Kiss Your Retirement Goodbye!

Gold last traded at $2,028 an ounce. Silver at $23.81 an ounce.

EDITOR'S NOTE: If the title of this article doesn't send a shiver up your spine, nothing will. Unfortunately it's the stark reality of the direction in which things are headed. How has your retirement fared?

Kiss Your Retirement Goodbye! -Daily Reckoning

by Brian Maher

retirement Do you own a 401(k) retirement account? Do you own an Individual Retirement Account (IRA)?

Gobs of Americans own either or both — oftentimes both.

Let us assume you are among them.

How well have these retirement accounts done you these past 2½ years?

How much have they expanded your wealth?

Here we refer not to nominal wealth but to “real wealth.”

That is, nominal wealth subtracted by the inflation rate.

We need not remind you that inflation has enjoyed a lovely spree in recent times.

A man’s portfolio may deliver him $1 million across 2½ years. Yet what if the dollar in which he trades loses 50% across the same span?

In inflation-adjusted terms — in real terms — he has taken in $500,000.

$500,000 is handsome. Yet it is not $1 million. It constitutes a 50% sawing. READ MORE

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12.6.23 - Case for gold fever

Gold last traded at $2,029 an ounce. Silver at $23.99 an ounce.

Case for gold fever: NewEdge Wealth sees record rush intensifying-CNBC

As gold continues its climb, the current state of the economy and geopolitics are just two of the accelerators for the strong surge. With 2024 promising even more upheaval, this all lines up with the many price projections for $3,000 an ounce gold in 2024.

by Meredith Mutter

The record gold rush may intensify into year-end.

According to NewEdge Wealth’s Ben Emons, the final month of the year typically creates a bigger appetite for the yellow metal.

“It’s been very consistent every December. It’s been a pretty strong performance for gold — especially when there is a rally in the stock market in November,” the firm’s head of fixed income told CNBC’s “Fast Money” on Tuesday.

Gold settled at a new record high Friday. It closed the day up almost 2%, at $2,089.70 an ounce.

Emons listed the economic backdrop and geopolitical backdrop as additional positive catalysts for gold.

“There’s uncertainty next year. We have an election. We don’t know what’s going to happen. We get a recession maybe, maybe not,” said Emons. “At the same time, gold rallies when there’s this risk-on feel in the markets, and that’s really when real rates and interest rates are declining. This gives the gold a really good push for the breakout.” READ MORE

Kissinger Created the Doomsday Deal -Daily Reckoning

The US dollar has been receiving a lot of negative press lately due to rising debt issues, the strengthening of the BRICS alliance, inflationary pressures, and more. To gain a broader understanding of the progression - or rather regression - of the dollar, James Rickards takes a historic look at the dollar's moves.

by James Rickards

franklin As I’m sure you know by now, Henry Kissinger died last week at the age of 100. He leaves a complex legacy, which is certainly understandable because he operated in a complex geopolitical environment.

But Henry Kissinger was a master strategist and political scientist. With his recent passing, I thought I’d retell the story of one of his most brilliant plans, and explain how it relates to the demise of the dollar.

In February 1974, I was asked by Professor Robert W. Tucker of the Johns Hopkins School of Advanced International Studies to join him and four other foreign policy experts for a meeting at the White House.

At the time, confidence in the dollar was on shaky ground because President Nixon had ended gold convertibility of dollars in 1971.

The price of oil was skyrocketing, partly due to inflationary policies pursued by the Federal Reserve, and partly due to an Arab oil embargo in response to U.S. aid to Israel in the Arab-Israeli Yom Kippur War of 1973. READ MORE

Prepare for the S&P 500 to plunge 23% by mid-2024 - and the US economy to sink into recession, JPMorgan's top charts guru says -Business Insider

We've highlighted several forecasts of a very sharp increase in gold prices by mid year 2024, with some expecting as much as a 35% increase. If JPMorgan is correct, the outlook for stocks is not so promising, as they're suggesting as much as a 23% drop in the S&P 500 in the same period of time.

by Theron Mohamed

Prepare for the S&P 500 to crash 23% by next summer and a recession to take hold, JPMorgan's top charts guru has warned.

The stock market is mistakenly pricing in a " soft landing " for the US economy, where the Federal Reserve succeeds in crushing inflation without causing a recession, Jason Hunter told CNBC's "Squawk Box" on Monday. But investors will soon realize the outlook is darker than they thought, sparking a sell-off in stocks, the bank's head of technical strategy said.

"You tend to find your way into a bear market that's eventually associated with a recession way more often than not," Hunter said, pointing to the currently inverted yield curve as a reliable indicator of economic pain. "The odds are stacked in favor of a hard landing, actually."

The Fed has hiked interest rates from nearly zero last spring to north of 5% today in a bid to curb historic inflation. Many stock investors are betting the US central bank will cut rates next year, boosting asset prices and stimulating growth. However, they may be too optimistic as the Fed is unlikely to loosen its monetary policy until the economy cools. READ MORE

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12.5.23 - "A Constant State Of Sticker Shock"

Gold last traded at $2,019 an ounce. Silver at $24.15 an ounce.

EDITOR'S NOTE: It's bordering on amusing how adamantly the administration continues to deny inflation; as if Americans aren't grocery shopping every day and feeling it in their wallet. We are constantly being assured, and reassured, that inflation is in check; all the while we are seeing our dollars purchase less each day. This is yet another strong case for a gold hedge in your investment portfolio.

"A Constant State Of Sticker Shock" – Here Is Proof That Inflation In The U.S. Is Wildly Out Of Control -The Economic Collapse

inflation Do you believe the politicians in Washington or do you believe your own eyes? The politicians keep telling us that "inflation is low", but everyone can see that everything sure does cost a lot more than it once did. Our standard of living just keeps going down, and even JPMorgan Chase CEO Jamie Dimon is admitting that “inflation is hurting people”. But how can inflation be “hurting people” if it is under control? Of course the truth is that it isn’t under control. If the official rate of inflation was still measured using the formula that was in place in 1980, it would be well into double digit territory right now. Prices have been rising much faster than paychecks have, and that is putting an extraordinary amount of financial stress on the more than 60 percent of U.S. adults that currently live paycheck to paycheck.

Vox is a website that leans very far to the left, and even they are complaining about inflation.

In fact, a recent article posted on Vox boldly declared that life in 2023 "means being in a constant state of sticker shock"… READ MORE

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12.4.23 - Gold Spikes To Record High

Gold last traded at $2,068 an ounce. Silver at $25.43 an ounce.

EDITOR'S NOTE: Six weeks ago, the gold price projections of $3,000 an ounce by the end of 2024 seemed lofty. With gold already soaring above $2,100 before the year even begins, that target is looking easily attainable. The time to be diversified into gold is now.

Gold Spikes To Record High Over $2,130, Bitcoin Soars Above $40,000 As Market Calls Powell's Bluff -ZeroHedge

by Tyler Durden

money On Friday, shortly after Powell failed to hammer the hawkish case in his "fireside" chat with stocks eager to take out 2023 highs, we said that Powell has a big problem on his hands not so much because if the market was indeed correct about imminent easing that only assures that inflation will come back with a vengeance and Powell would indeed be the "second coming" of a former Fed Chair - only Burns not Volcker - but because the kneejerk surge higher in gold (and digital gold) meant that the once again deathwatch for the dollar - and fiat in general - had resumed.

Well, with futures having opened for trading on Sunday night, what we joked about on Friday, namely that Powell - having seemingly once again lost control of the hawkish narrative - may be leaking emergency rate hikes though Nick Timiraos on Dec 12, ahead of the December FOMC (now that the Fed is in blackout mode)...

... is all too real because suddenly everything that is non printable is soaring, starting with gold, which has exploded as much as $60, spiking to a new all time high of $2,135... VIEW CHARTS AND READ MORE

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12.1.23 - US Groceries UP 25%

Gold last traded at $2,068 an ounce. Silver at $25.43 an ounce.

EDITOR'S NOTE: The current administration claims we just experienced the 4th cheapest Thanksgiving meal in history. What makes this claim so very interesting is the fact that food costs are up 25% over the last three years. This is just one of several claims made by politicians that there is "no inflation", yet prices on everything seem to be skyrocketing.

Inflation Nation! US Groceries UP 25% Since 2020 But Slowing Growth As M2 Money Growth Dies -Confounded Interest

food Despite Biden/KJP’s ridiculous lies about about this Thanksgiving being the 4th “cheapest” in history, inflation while cooling is still way up under Biden. In fact, food prices are up 25% since 2020.

Since 2020, US groceries are up 25%, used cars climbed 35% and rents roughly 20%. In 2020, a survey showed a 4-person household spent an average of $238.32 in a week on food at home. A similar survey in 2023 showed that figure had jumped 32% to $315.22.

Notice that food CPI peaked at 11.33% in August 2022 and has been declining since as M2 Money growth dies.

Of course, Biden blames high prices on … anyone but himself and big spending Congress. “Biden admits prices ‘too high’ but blames sellers for 18% inflation.” Sure Joe, the big spending bills you championed as part of Bidenomics that helped surge M2 Money supply (green line) has nothing to do with price increases, just the evil private sector. VIEW CHARTS

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