OUAGADOUGOU (Reuters) – Security forces in Burkina Faso have sealed off an Avesoro gold mine after a security guard killed an intruder and local people attacked the site in retaliation, security sources said on Friday.

The Youga gold mine, in the south of the country, was shut down following the incident on Thursday, three employees told Reuters. Local and foreign staff have fled the site, they said.

“A security guard in the Youga mine…opened fire on an outsider to the mine, killing them. Following this incident, the population retaliated, injuring several people and causing significant material damage,” a government statement said on Thursday.

https://www.reuters.com/article/us-burkina-mining/burkina-forces-move-to-secure-attacked-avesoro-mine-after-one-killed-idUSKCN1UZ1GQ

Bailout #3: Chinese Bank With $200 Billion In Assets Is Nationalized

Step aside Baoshang Bank and Bank of Jinzhou, it’s time for Chinese bank bailout #3.

Last month, when reporting on the imminent failure of yet another Chinese bank in the inglorious aftermath of Baoshang Bank’s late May state takeover, we dusted off a list of deeply troubled Chinese financial institutions that had delayed their 2018 annual reports…

https://www.zerohedge.com/news/2019-08-09/bailout-3-chinese-bank-200-billion-assets-nationalized

the UTILITY avg is a slight winner ..SAFETY  FIRST  !  GOLD VS STOCK vs DOLLAR   are in a battle and no clear winner …so far

Ecclesiastes 1 King James Version (KJV)

1 The words of the Preacher, the son of David, king in Jerusalem.

2 Vanity of vanities, saith the Preacher, vanity of vanities; all is vanity.

3 What profit hath a man of all his labour which he taketh under the sun?

4 One generation passeth away, and another generation cometh: but the earth abideth for ever.

5 The sun also ariseth, and the sun goeth down, and hasteth to his place where he arose.

6 The wind goeth toward the south, and turneth about unto the north; it whirleth about continually, and the wind returneth again according to his circuits.

7 All the rivers run into the sea; yet the sea is not full; unto the place from whence the rivers come, thither they return again.

https://www.biblegateway.com/passage/?search=Ecclesiastes+1&version=KJV

R6 – “Is. this the new bullish set up? Maybe…gold opens flat to down-buyers are waiting–gold ends the day with a gain…”

That’s how it’s been shaking out for quite a few weeks now, I guess we have to assume that will happen again today?

Ororeef – Thank you. Hopefully the cartel gets broken and gold breaks to the upside.

are all ACTORS like Shakespeare said where each player STRUTS and FRETS his hour upon the Stage ,FULL of Sound and FURY ……..signifying nothing  !     The Bard.

overnight high?  Is. this the new bullish set up? Maybe…gold opens flat to down-buyers are waiting–gold ends the day with a gain…that is EXACTLY how stocks have performed–most of the time–since 1990

Or could there be another scenario=enough’s enough!! Word has gone out from on high that–based on national security grounds–the FED NY trading desk–the PPT–the IMF–the ECB.etc. etc  and their surrogates MUST stop the gold rally..

Forget about the Fed and the Central Banks ,there just a CARTEL and just like the OIL CARTEL they will be the authors of their own demise …Just as Trump set loose the oil industry from its local Cartel and look what happened  ! Oil prices fell to its natural cost of gettting it out of the ground ,just like GOLD did !  That bankrupted everybody that produced oil that had a BUDGET that exceeded its oil revenue  …like Venezuela ,Saudi ,Iran ,Iraq,Cuba  …It was the price of oil that stopped their wars cold ,not their military…  The Muslim terrorists are finished ,all their budgets  are way above the current oil price..  ITS GUNS or BUTTER for them….as we used to say !

Trump did it without firing a shot !

The price of GOLD will bust the Federal Reserve Cartel  grip on the world..except it will be an increase in price that does it unlike oil…Gold has NO Central Control Center .Everybody that has Gold will be the RULERS .The “GOLDEN RULE” ,he who has the GOLD makes the RULES  …

there are cracks and a flood of paper money will be set loose into the economy .Gold is how we keep score ..How many dollars does it take to buy an ounce …thats it.!  WE measure inflation by the number of dollars it takes to buy an ounce .  I measure every stock I own by how many shares it takes to buy an ounce of GOLD  ..thats my measuring Stick…every stock even non gold stocks .

ITS simple, Pierre LASSONDE calls it the DOW GOLD RATIO …I learned from him  …it’s Genius in its simplicity .

PPI – Mixed bag – sort of in-line with expectations with the exception of “ex-food and energy” which was down 0.1% vs. up 0.1% estimates.

PM’s take a mini-hit, as does the SM. Ten Yr. falling a little more. USD still flat – snooze…..

We know how the US Gov’t. and Fed despise gold because it makes them accountable, so it’s hard for me to see the Fed actually buying gold – at least publicly – that would be an admission of a failure of US Gov’t solvency I think.

I do think they want to weaken the USD though, just don’t know how they do that without a coordinated effort with other Central Banks.

Yes, all hell has broken loose while you’ve been away and paper shorts – whoever they are – have been repeatedly bruised and battered.

We’ve been seeing pm’s come back to life on a daily basis, something I don’t remember seeing since around 2002, maybe there was a period in between around 2011 but my memory stinks.

Silver and the shares still have miles to go if this continues, and all this has happened while the dollar has been pretty firm. Can’t imagine what will happen if the dollar actually weakens.

Looks like they’ll try to get us today, but if recent action holds true, we’ll comeback at some point today.

The best way to weaken the Dollar is to buy GOLD,the price will go up ,it will take more dollars  to buy an ounce .The ratio of more dollars to one ounce is in itself a weakening of the Dollar,and a strengthening of Gold ,and everybody benefits  .Trade will benefit from a weaker dollar ! Gold is money everything else is credit therefore the Dollar is credit ,an IOU !When it takes more DOLLARS to buy GOLD thats a WEAKENING of the DOLLAR….BUY GOLD !  thats what WALL st should be saying !

Open interest on the gold futures contract is 600k…on it’s into the millions…joining the SPX, SPY, QQQ, etc.

Hedge funds will never buy physical on mass if for no other reason (and there are others I won’t get into today) they can’t figure out how to store it. But they will be compelled to buy the paper for a trade. After all, gold is just a short term trade every few years when the status quo shows a few cracks (sarcasm).

Lets hope it’s different this time, and that the hedgies are punished for their ignorance.

Because if you can’t figure out how to store it call Sprott. He would be happy to help.

Best to get in early…no?

Not to mention paper contracts cannot and will not be honored when it hits the fan.

Check it out.

Cheers all

That would be awesome!

Peter Schiff mentioned there’s not really much resistance until we get to the $18-1900 area.

There sure doesn’t seem to be any willingness to sell gold right now, maybe the banksters want to dump contracts but even they seem to be overwhelmed on a daily basis.

We’re kind of flat again today, USD, 10 Yr. rates @ 1.707%. I mentioned yesterday that maybe “flat” is the new down.

If we do get to $1900 in 10 weeks, then the shares and silver should outperform by a wide margin and even though most appear to be overbought, they SHOULD go a lot higher.

LIESman leading the discussion.

Now, if pm’s and bonds are anticipating a coordinated effort to weaken the USD, or a devaluation of sorts, that would be the best explanation for the continual strength we’ve seen in gold.

and we’d be the last to know for sure…

Is the Fed using LIESman to float this idea???

Their master is a:

The Big Boy… airborne
https://railpictures.net/photo/703246/

Corzine is ex GS, he then became Governor of New Jersey as an act of ‘giving something back ‘ hurl……He got New Jersey to buy loads of GS’s fancy derivatives that blew up and pretty much bankrupted the place, but being a Dem he skated….but did as least have a bit of a dodgy reputation.

Yr right about what he did to MF Global…but in sick way that was justice, as MF Global had only just floated, so all the employee shareholders were in lock down…they took a huge hit out in Kansas when Wade Dooley for reasons unknown went into the Office one night and took wheat limit up and limit down in the O/N Mkt….in the same night. So when the London Bosses came in they found what was termed an error trade ….a closed out trade with a $ 200 million loss on it !!!!!!

That tanked the share price by 30 % o/n…so most of the Senior management bought loads more shares, on the recommendation of the Managing Director one Kevin Davies…then they hired Corzine……. MF Global under Davies had become a ‘modern’ City Co…ie it took it’s clients to the cleaners and all its employees had to treat its customers as cash cows, to be ripped off….they were the lowest of the low and the leader of that pack was always GS.

So when Corzine came in and bankrupted it, all those shysters lost their backsides as well and it couldn’t have happened to a more deserving bunch…unfortunately many clients were locked out of their money for years….though I believe that no-one lost badly, only opportunity and interest.

Corzine is everything that is wrong about Wall st, the City and Politics, he should like so many of the others, have been jailed, had all his money/assets taken and be banned from finance for life…instead they are all out there free as birds, doing it all again.

This slime ball, formerly of MF Global has received permission to operate another hedge fund with severe restrictions. What honest person would deal with this guy. He is a crook. He bet his clients segregated funds on risky bets and was going to take all the profit from the deal. The only problem was it went south and he got a margin call he couldn’t meet.

Several people petitioned against him for obvious reasons. How many more of these slimeballs are out there paying their clients conservative type returns and playing the casino bets on the market and taking the lions share of the profit while the taxpayers backstop them. Corrine should have gone to prison and he didn’t even get his hand slapped.

rno

https://www.wheatonpm.com/news/pressreleases/News-Releases-Details/2019/Wheaton-Precious-Metals-Announces-Second-Quarter-Results-for-2019-and-Declares-Third-Quarterly-Dividend-of-2019/default.aspx

Really could care less if the SM bounces back, technical or otherwise as long as pm’s maintain their strength.

It is simply amazing how strong pm’s have been regardless of the USD or rates. We see the Ten year up to 1.72% from 1.63% just yesterday and the USD flat as a pancake, yet pm’s keep flat to higher day after day.

Either something is going on that we don’t know about, or we’ve experienced a pole shift. 🙂

A big day for the US stock market. The DOW rose 371 to 26,378. The DOG leaped 176 to 8,039. 

CNBC Evening Brief

If you were vacationing for the past few days, based on where the market is now you would probably assume you didn’t miss much. We’re essentially back where we started after a wild trading week.

Stocks rose on Thursday, erasing most of the steep losses from earlier in the week thanks to a rebound in global bond yields and better-than-expected trade data out of China. The Nasdaq and S&P 500 eked out a small weekly gain through Thursday. The chart below gives you a sense of Dow’s volatility.

The rebound was nothing short of dramatic. But according to Nomura, investors shouldn’t be too excited about this comeback. Masanari Takada, a macro and quant strategist at Nomura, said the recovery was supported by dip buying and technical positioning by speculative traders. Based on that, it’s bound to be short-lived as market sentiment continues to deteriorate.

Takada caught investors’ attention this week with his call for a “Lehman-like” sell-off as soon as late August. In his latest note, he says the rebound in U.S. stocks is a “mere technical rally that looks like no more than a bump in the road on the way down.”

I’m grokking on all that. What a turn we have made!