Posted by ipso facto
@ 9:25 on September 23, 2022
UK Markets Implode After Truss Unveils Historic Tax Cuts As Economy Slides Into Recession Amid Soaring Prices
New UK Chancellor Kwasi Kwarteng has stunned (read crashed) UK markets by making giant economic gamble with his ‘mini-budget’ to “turn the vicious cycle of stagnation into a virtuous cycle of growth” whose goal is to shock the UK economy back to life with a massive 45 billion pound tax cut – the largest since the 1970s – including slashing the 45% additional tax rate for the highest earners. Instead of stabilizing markets, as some maybe hoped in light of the relentless plunge in cable to the lowest level since 1985 – the announcement sparked mayhem instead as it promises even more inflation at a time when the UK is set to slide into a crippling stagflationary recession as prices soar, and tax cuts will only ensure even more inflation, just as Albert Edwards warned last night.
As note above, Kwarteng unveiled the most significant tax cuts since the 1970s, to be funded at a time when interest rates are soaring. He abandoned Boris Johnson’s economic policies to increase taxes to pay for public services, while the Bank of England warned earlier this week the economy ‘might already be in recession’.
https://www.zerohedge.com/markets/uk-markets-implode-after-truss-vows-end-cycle-stagnation-historic-tax-cut
Posted by Richard640
@ 9:21 on September 23, 2022
with the kick-off of the crash of stocks and PMs today, in a few weeks or months CDE should visit the low $2 right range–I also like Hecla–these are not explorers or juniors at $30 to $50 silver–not to mention 100 to 500 silvers as some demented visionary seers have called for, these 2 companies should reward their bottom pickers handsomely..
.CDE–here are some comments by astute bloggers=
They sold their smallest mine (27,000 ounces production, less than 10% of their whole production) for $150m plus conditional $50m which is great. These $200m represent 25% of the current market cap – so the divestment is creating value in my opinion. They can use the proceeds to further develop their business without diluting or taking debt.
Also note the 50 million in cash that’s coming in the future from AU as soon as they have reached the set amount of ounced mined.
You wanted NEW MANAGEMENT Coeur has expanded NEW MANAGEMENT=
Rochestor build and refreshed Senior leadership starting with Mick Routledge brought in after 20 years and reaching the level of COO Kennecott Copper mine the largest in the world and the hiring of SNC Lavalin may have expoesed the inadequacy of Terry Smith and Hans Rassmussen.Rasmussen went from stating in 2020-2021 the most exciting of his life to taking a trip with COO Routledge to Kensington and announcing he was retiring
Somebody posted familar with Nevada operations that several Engineers were be turned over and surmised it maybe the Rio Tinto factor).The added bandwidth with addition of VP Projects Dan Einarson with 40 years at Rio Tinto and his experience with large Cap Ex global projects and complex processing and his time spent with affillates firms SNC Lavalin, ACECOM and Worsley.There was also the bringing in of Cody Southelin as VP of UU Projects that had 10 years at Rio Tinto. and more recently GM of Barrick Newmont Nevada.Then the addition of Aoife McGraph highly educated with two Master of Science degrees in Geology and District scale experience from Barrick as Senior VP Exploration Africa and Middle East.
Alim Visram after 12 years in global M&A is VP Corporate Development and came from senior Director of Strategic Matters Barrick.
A new Board member addition Jeane Hull has 35 year operational leadership and engineering,She was also a COO from RioTintos Kennecott Copper Mine as well as holding engineering and operational positions.
Tom Wheylan CFO from mining secor of Ernst & Young.
Coeurs labor force is garnering records for having no reported injury downtime for a year at Wharf and Rochestor one million man hours without reported injury downtime Also the Award winning sector leading ESG Program. all a reflection on culture change of labor force.
Coeur has now a refreshed Senior Executive Leadership with specific experience and talent to Coeurs Projects at Rochestor and Silvertip. The district scale exploration. of Silvertip ,Palmarejo,Sterling /Crown and Kensington. Alim Visran M&A, Tom Einarson Rochestor completion and Silvertip mill expansion . You wanted NEW MANAGEMENT Coeur has expanded NEW MANAGEMENT
Posted by Buygold
@ 8:54 on September 23, 2022
yeah, that’s a big concern once we breach at the close. Opens up new lows in the HUI and opens up a run all the way down to 130. That would be absurd, but it could happen. These miners are shit because of the manipulated metals prices.
Ipso – good for NEM delaying expansion, these miners just need to halt production or refuse to sell their metal to the Crimex. I really didn’t think the HUI would ever get back to these levels.
Posted by Buygold
@ 8:39 on September 23, 2022
I tend to think ultimately this will be deflationary as well. OTOH, the USD should be deflationary, but it’s not because all fiat currencies are falling against real goods.
I’m not sure this can be solved without some world or country coming out with a currency that has backing. Such uncertain times, all created by the Globalist elites and their central banks. This did not need to happen and now the Powell says there’s going to be some pain for people and businesses. No shit, and they are doing it intentionally. I don’t know how Europe is surviving the massive inflation, along with all the other countries that need dollars for transactions. If the dollar has lost 11.5% in purchasing power since 2020, what has happened to the Cando, AUS, etc.? They must have lost more?
Posted by ipso facto
@ 8:32 on September 23, 2022
Posted by Richard640
@ 7:59 on September 23, 2022
Posted by Mr.Copper
@ 7:53 on September 23, 2022
The last time they had the dollar this high near 120, Gold was $250/oz. So far they aren’t doing so good with $1650. I think a melt up in the dollar would be very amusing. Like a meme stock.
https://www.mrci.com/pdf/dx.pdf
Posted by Richard640
@ 7:52 on September 23, 2022
Markets will focus on Chair Jerome Powell’s opening remarks at a Fed Listens event at 2 p.m. after the central bank
gave the clearest signal yet that it’s willing to tolerate a recession as the necessary trade-off for regaining control of inflation.
US data include S&P Global services and manufacturing PMI after private-sector activity in the euro zonecontracted for a third month.
***************************************************************************************
BUYGOLD–I doubt Powell would throw mkts. a bone…but I am sure there is pressure from the dems to Dave stocks before the election…I think that will be hard to do…Wall St is finally realizing that America is switching over to socialism/communism and that those in power are profoundly hostile to capitalism
********************************************************************************************
Captain Hook has been saying for a long time to expect stocks and gold to crash–He has a buy target of approximately $20 on GDX as some kind of marker for a PM sector bottom in November.
Posted by Buygold
@ 7:40 on September 23, 2022
Internet has been buzzing about some sort of event taking place tomorrow. I think it has something to do with a Simpson’s episode. Apparently in the past a Simpson episode had something to do with 9/11 as well.
Who can know with Biden’s handlers in charge? God, please let the Republicans take Congress before the Demonrats and RINO’s completely destroy our culture.
I don’t think Putin will use nukes, unless his country is fighting at home. I would expect every nation on the planet would do the same.
Geez, I’ve had a lot to say this am. I hope you all are listening. 🙂
Posted by Mr.Copper
@ 7:38 on September 23, 2022
Often when you see headlines like that, it’s just the opposite. About to change. Wishful thinking. And with all the inflation inflation inflation talk, the opposite, deflation could rear its ugly head.
Keep in mind the Feds original concern was, deflation, and they kept trying to maintain 2% inflation was their story. So they dropped rates hard to support the weak economy, create some spending leading to so called inflation.
Meanwhile the whole globalization financial system from 1913 has been failing since the 2008 financial crisis. They can thank 9/11 for that. The global canary. And all their other nonsense leadership agendas caused them to finally be confronted by 74 million people electing an outsider, Donald Trump. Their Kryptonite. This is great, be happy.
All the highly educated idiots running things have accomplished is buying time to delay the end game, a big global currency fiasco. And higher Gold. The US Dollar chart is too high forming a very nice rhino formation. Up like the stairway and down the elevator. Also resent news was saying banks and governments were accumulating Gold. Are they driving USD higher so they (and us) can take advantage and buy more Gold cheaper?
Posted by Buygold
@ 7:31 on September 23, 2022
Thanks for posting the class action lawsuit. I will be calling them this am, I’ve taken some pretty good hits on Nugt and JNUG. I’ll be joining that suit looking for my two cents on the dollar settlement.
Posted by Buygold
@ 7:10 on September 23, 2022
Where IS the money going? Looks like it’s into cash. I think a one-year CD yields almost 4%. I’m not sure this is a great entry point as bonds are selling off pretty quickly, not really showing any signs of slowing down. 10 yr. now 3.80%
I really wish I could do this all over again. Gold has never been a good hold during market turmoil, the shares just outperform to the downside. We just breached $1650 and buying came into support, but for how long? (answer: about 10 minutes. Now we’re in big trouble.
I should have taken action when the Bond King Jeff Gundlach said gold was overvalued at $1900.
I checked my gold dealer and he has a lot in stock of everything. Looks like more people are selling their phyzz. At least silver eagles are getting $25 ea.
Posted by Buygold
@ 6:49 on September 23, 2022
Looks like London has done their job. SM is in crash mode; I could see it drop 10% by this time next Friday. I wonder if it will matter to the Fed? I don’t think the SM is even close to bottoming and will end up testing the Covid lows under $20K for the DOW.
All the usual suspects. USD ripping, 10 yr up 5 bips. Oil getting crushed 3% and threatening to go below 80
$1650 looks like it will fall. I don’t watch a lot of the other commodities but I’d assume they’ve been falling as well? I know copper is down over 3% today.
Here’s what I don’t understand. In 2007, housing dropped first, and the rates were causing blow ups and defaults all around the world. Are the big banks that much stronger that they can afford the wreckage? What happens when foreclosures get going in earnest? This much I know, Blackrock has $40 Billion
I’m just throwing this out there for shits and giggles.
Otherwise, this looks to be a very ugly and depressing day. We’re used to it. We’ve spent about 80% of the time dropping in the last 20 years.
Posted by Maya
@ 1:40 on September 23, 2022
The last look at the Denver plains, at Plainview,
before the Zephyr climbs into the Rockies.
https://railpictures.net/photo/800813/
Posted by silverngold
@ 0:47 on September 23, 2022
BIDEN ISSUES EXECUTIVE ORDER TO BEGIN TRANSHUMAN NIGHTMARE
Posted by Ororeef
@ 23:43 on September 22, 2022
ITS treasurys that are the NEW rival for the DOLLAR ….NOT GOLD !
Posted by Ororeef
@ 23:38 on September 22, 2022
THATS GOOD NEWS……it means GOLD may no longer need to be suppressed as a safe HAVEN …They can short Treasury Bonds instead .. NO excuse to short GOLD Futures …stop doing that !
Posted by Ororeef
@ 23:33 on September 22, 2022
Posted by goldielocks
@ 18:15 on September 22, 2022
Xu Law Offices P.C. Announces It Filed First Securities Class Action Lawsuit Against Direxion Shares ETF Trust on Behalf of Investors who Purchased, Invested or Acquired Shares in NUGT, JNUG, or other Direxion leveraged ETFs
Flushing, NY, July 26, 2022 –(PR.com)– On June 16, 2022, Xu Law Offices P.C. filed the first class action lawsuit against Direxion Shares ETF Trust and others in the United States District Court for the Southern District of New York on behalf of all investors who purchased, invested or acquired shares of the Direxion Daily Gold Miners Index Bull 2X Shares (the “NUGT,” formerly “Direxion Daily Gold Miners Index Bull 3X Shares” before March 31, 2020), Daily Junior Gold Miners Index Bull 2X Shares (the “JNUG,” formerly “Daily Junior Gold Miners Index Bull 3X Shares” before March 31, 2020), and other Direxion leveraged ETFs, 3X or 2X actively managed exchange-traded funds (“ETFs” or “Funds”) during the Class Period of December 1, 2016 through November 30, 2021 for Exchange Act Section 10(b) claim, no class period for Exchange Act Section 20A claim, and during the period of December 1, 2018 through November 30, 2021 for all other claims….
https://www.pr.com/press-release/866122
Posted by goldielocks
@ 18:04 on September 22, 2022
Watch for any announcement of a R/S with nugt stealing shares. They did one in the rebound in April 2020
https://seekingalpha.com/symbol/NUGT/splits
Posted by Buygold
@ 14:29 on September 22, 2022
It has bounced off the $24.50 area at least 3 or more times.
Things are so weak it’s tough to step in.
Posted by ipso facto
@ 13:02 on September 22, 2022
Wouldn’t surprise me a bit. Putin is an enemy of the WEF. It’s likely that they are funding people involved.
Posted by aufever
@ 12:45 on September 22, 2022
It wouldn’t surprise me if those demonstrations are fomented by globalist.
Putin is anti-globalist.
Posted by Mr.Copper
@ 12:44 on September 22, 2022
Here’s some market short ETFs. SDS QID TZA SQQQ, TBT goes up with higher rates. I’m on TZA lately. Naturally they are risky and designed for short term, so if you play with only $2000 a 10% move up or down is only $200. If you think Nat gas is too high? Short it, KOLD has $4.9 billion dollar volume so far today.
Posted by Buygold
@ 11:39 on September 22, 2022
Super volatile but the VIX is down?
I guess most people like me, have no idea whether to buy or sell.
We’re sort of lucky we’re not getting creamed yet. Couple of months ago if rates were screaming higher we’d be down $50
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