The Phaserl



by Andy Hoffman, Miles Franklin:

As Popeye used to say, “that’s all I can stands, I can’t stands no more.”  As the former “Ranting Andy” – a name, I might add, given to me by Bill Murphy of GATA circa 2009, following countless emails regarding my frustration about mining stocks – I have my limits, too.  And fortunately, a wealth of knowledge to back it up – garnered over 13½ years of intensive research.

To wit, when I refer to “long-time” readers, I am not connoting those that started reading when I joined Miles Franklin four years ago, in October 2011.  No, I am referring to my “GATA days” – as from roughly 2004 through 2011, my daily commentaries, as always, published for free, were posted on the great GATA website.  In my view, the “GATA army” – led by its “All-Pro Team” of manipulation-exposing crusaders – is one of the most positive forces of financial truth the world has known – certainly, in today’s age of epic journalistic irresponsibility.  Moreover, its principals, Bill Murphy and Chris Powell, are two of the great economic patriots of the 21stcentury.  To that end, the relationships I built in the decade-plus I have been associated with it – culminating with “Admiral Sprott” citing my work in his keynote speech at GATA’s August 2011 conference in London – have not only formed the backbone of my life’s work, but positioned me to do so at perhaps the world’s most value-added bullion dealer.

Why are my GATA roots inspiring me this morning, you ask?  Well, after three days of watching the Cartel fight gold and silver at their respective 200 DMA’s of $1,176/oz and $15.97/oz, respectively, in the most blatant fashion imaginable, I thought it time to “reacquaint” readers, old and new, with the vast base of “manipulation knowledge” I have accumulated, and dutifully reported on, over the past 13½ years.

Frankly, what “put me over the top” was Zero Hedge’s “it’s back to the future, as stock futures jump due to the latest abysmal economic news” article this morning.  The Back to the Future reference, of course, relates to Back to the Future II’s 1989prediction that the Chicago Cubs would win the World Series in 2015.  Which, thanks to my beloved New York Mets, now appears very unlikely.  As for this morning’s PPT-orchestrated “stock futures surge,” it comes on the heels of the following, massively equity-negative, Precious Metal positive news items from just the past 24 hours alone.

1. Japanese September imports collapsed by 11%, compared to a 3% plunge in August, pushing its rapidly expanding trade deficit deeper into historic territory.  Which, I might add, was a surplusuntil Abenomics was initiated 2½ years ago – validating the abysmal failure Abenomics has been, in more than doubling the Japanese money supply since.  And yet, Japanese stocks surged on the news, on “hopes of an expansion of Abenomics.”  Gee, I wonder why.

2. Third quarter North American railcar orders had their largest decline in at least the 27 years since such data has been compiled, plunging an astonishing 83% from a year ago.

3. A major Chinese state-owned “steel trading” firm is set to default on its bonds, despite government intervention – as the global “Glencore bankruptcy parade” gains momentum.

4. Yet another massive, “unexpected” API crude oil inventory build has WTI crude oil on the verge of plunging below $45/bbl.  Commodities, across the board, are declining anew – with the two most vital to Glencore’s solvency, zinc and copper, leading the charge; yet again defying the hopes and dreams of TPTB’scommodity manipulation operatives.

5. News that the hideous September NFP jobs report – in which just 142,000 “jobs” were created, and July and August’s “gains” revised dramatically lower – were actually massively overstated. As, per the BLS’ publication of individual states’ labor market data, cumulative job “gains” were actually a negative 22,000.

6. Growing rumors that this Thursday’s ECB meeting will be used toyet again lay the groundwork for an expansion of its historic, open-ended, massively failing QE program.

7. News that a major U.S. pension fund, the Central States Pension Fund, needs to dramatically cut the benefits – by more than 50% – of more than 273,000 retirees to stay solvent.  Which, no doubt, is part of a soon-to-explode trend of pension fund failures, catalyzed by seven years of ZIRP and QE monetary policies.

8. Last but not least, S&P 500 earnings expectations have now declined for 15 straight days, in what is easily the ugliest earnings reporting season since 2009’s financial crisis.  And nothing made me personally happier more than watching the stock of the company that represents the current, Fed-orchestrated equity bubble more than any, Tesla, plunge.  To wit, my commentary fromFebruary 2015.

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  • Ed_B

    “News that a major U.S. pension fund, the Central States Pension Fund, needs to dramatically cut the benefits – by more than 50% – of more than 273,000 retirees to stay solvent.”

    Which is EXACTLY why those who have a choice of a pension OR a lump sum payment will very often do better by taking the lump sum. If they want a regular stream of payments for living expenses, they can set that up as regular disbursements from the investment account where they put their pension money. Alternatively, they could also buy annuities from 3-4 different insurance companies and achieve pretty much the same goal. In this topsy turvy world of ours, maintaining as much control over our money as we can manage will usually pay substantial dividends… especially as we enter that time of our lives when we can least afford to lose a big chunk of our money. Personally, I am not a fan of annuities but they can work for people who have no idea how to invest for themselves. Just be sure to buy annuities from more than 1 or 2 insurance companies that have the highest rating for financial stability.

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