New Gold Pool at the BIS Basle: Part 2 – Pool vs Gold for Oil

by Ronan Manly
Bullion Star

This is Part 2 of a two-part series. The series focuses on collusive discussions and meetings that took place between the world’s most powerful central bankers in late 1979 and 1980 in an attempt to launch a central bank Gold Pool cartel to manipulate and control the free market price of gold. The meetings centered around the Bank for International Settlements (BIS) in Basle, Switzerland.

Part 2 takes up where Part 1 left off, and begins by looking at developments in the BIS Gold Pool discussions during January 1980, a month in which the US dollar gold price rocketed more than 60% during a three-week period to reach a then record of $850 per ounce. Part 2 then looks at how the discussions involving these central banks evolved over the remainder of 1980 and 1981 as key high level central bankers continued to call for intervention into the gold market.

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In Times of Rate Hikes, Industrial Metals Rise Fastest

by Tom Beck
The Gold Report

For close to 35 years, we’ve seen a tremendous amount of changes in our world: mobile phones, now turning into smartphones, the Internet, which brought entire industries down and birthed new ones, a tech bubble, a real estate crash, QEs, wars, pandemics, regime changes and a million other variables.

There aren’t many constants in the world of investing, and certainly not many things that rise in value like clockwork. One thing has held true since 1984, and I’m betting it will continue creating millionaires and funding college tuitions for many students whose parents wisely went LONG this trade and never doubted themselves.

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Shale Oil & Gas Production Costs Spiral Higher As Monstrous Decline Rates Eat Into Cash Flows

by Dr. Heinrich Leopold
SRSRocco Report

If you believe the recent surge in U.S. oil production suggests that good times are here once more, think again. While the U.S. oil industry continues to increase production by adding a great deal more drilling rigs, there is serious trouble taking place in the shale patch that very few are aware. This has to do with the rapid deterioration of oil and gas economics as horrendous decline rates eat into company cash flows.

The Economics Of Oil & Gas Production
By Dr. Heinrich Leopold,

The advent of shale oil and gas production, which created the vision of ‘ US energy independence’ , has brought renewed interest in the economics of oil and gas production. What are the key parameters for productivity and costs?

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Liar Loans Dog Subprime Auto-Loan-Backed Securities

by Wolf Richter
Wolf Street

Santander, top subprime auto lender, verified income on only 8% of loans: Moody’s.

“Liar loans” were a factor in the housing bust during the Financial Crisis that brought down the banks. Bank regulators now require lenders to verify income and employment of mortgage applicants and take other steps to make sure buyers can afford the mortgage payment. But in auto loans, no such requirement exists. So here we go again…

Moody’s Investors Service analyzed $1 billion of Asset Backed Securities (ABS) backed by subprime auto loans that Santander Consumer USA Holdings, one of the largest subprime auto lenders, had issued.

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New Home Sales Plunge 11.4% In April

by David Kranzler
Investment Research Dynamics

So much for the jump in the builder’s confidence index reported last week. The Government reported a literal plunge in new home sales in April. Not only did the seasonally manipulated adjusted annualized sales rate drop 11.4% from March, it was 6% below Wall Street’s consensus estimate.

Analysts and perma-bulls were scratching their head after the housing starts report showed an unexpected drop last week after a “bullish” builder’s sentiment report the prior day.

The Housing Market index, which used to be called the Builder Sentiment index, registered a 70 reading, 2 points above the prior month’s reading and 2 points above the expected reading (68).

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Saving Us From Us

by Richard (Rick) Mills
Ahead of the Herd

According to Al Gore if we would all pony up US$15,000,000,000,000.00 he and his cronies will save us from ourselves.

Gore’s Energy Transitions Commission’s (ETC) stated goal is net zero carbon emissions by 2050 to keep global temperatures from rising 2 degrees Celsius by 2100.

To this scribbler and question asker net zero carbon emissions costing $15T to accomplish seems like a radical environmental vision and a steep price for us to pay for it.


The Quaternary Period encompasses the most recent 2.6 million years of Earth’s existence and it has had dozens of glacial advance/retreats over its lifetime.

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Small Caps Are Warning of a Pullback in the Stock Market

by Michael Carr
Banyan Hill

Stocks can be grouped by size. This idea uses market capitalization, or the number of a company’s shares multiplied by its share price.

Most well-known stocks are large caps. For example, Apple Inc. (Nasdaq: AAPL) has more than 5.2 billion shares outstanding and a share price of about $150. This gives Apple a market cap of about $798 billion. By this measure, Apple is the largest company in the world.

Popular measures of the stock market only look at large caps. The S&P 500 Index includes the 500 largest stocks in the stock market, which means the index ignores thousands of stocks. There are 3,698 stocks trading above $5 a share with market caps too small to be included in this index.

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The Only Metal Trump Wants More Than Gold

Market Oracle

If you’re looking for the tightest supply picture on the commodities scene, look no further than one base metal that is set for the biggest bull run of the decade. It’s essential to everything we build on this planet, yet we don’t have enough and the demand surge will be massive.

It’s not one of the metals that have just exited their super-cycle—like lithium or cobalt—behind the single-minded electric vehicle (EV) boom; this is the rock of ages. This is zinc.

It’s used in everything from oil and gas and power-generation, to military equipment, automotive and shipbuilding—and a million other things that we take for granted every day.

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The Budget

by Karl Denninger

He knows folks.

He knows its coming, and yet he’s going to take it out of your ass, and he has the entire GOP with him in doing it too.

What’s “it”? The medical cost explosion, which has run about 9% compounded for the last 30 years or so and which shows exactly no sign of slowing down, as I’ve noted repeatedly. In fact Obamacare only got one year of flat spending in Medicare and Medicaid.


After which it went right back to where it was.

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Report: ISIS ‘Predicted’ Manchester Attack Via Twitter Four Hours Before It Happened: “This Is Just The Beginning”

by Mac Slavo

As more details about the Manchester suicide bombing emerge, it appears that the attack, as we noted in initial reports last night, was coordinated by radical Islamic extremists.

The Islamic State has claimed responsibility, saying that a solider of their Kaliphate was directly involved:

“With Allah’s grace and support, a soldier of the Khilafah managed to place explosive devices in the midst of the gatherings of the Crusaders in the British city of Manchester, in revenge for Allah’s religion, in an endeavor to terrorize the mushrikin, and in response to their transgressions against the land of the Muslims. The explosive devices were detonated in the shameless concert arena, resulting in 30 Crusaders being killed and 70 others being wounded. And what comes next will be more severe on the worshipers of the Cross and their allies, by Allah’s permission. And all praises due to Allah, Lord of the creation.”

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Manchester Bombing: The Papers, The Speculation, the Click-Baiting, “ISIS Responsible”

by Graham Vanbergen
Global Research

The awful bombing at the Ariana Grande concert in Manchester was clearly an attack on girls and women – this was the demographic of the audience. Grande’s live concerts are largely populated by teenage girls and their mums. By attacking these young girls, the perpetrators, whoever they turn out to be, knew exactly what the result was going to be.

The incident happened exactly to the day, four years after British army soldier Fusilier Lee Rigby was murdered by two Islamic lunatics in London. Rigby was a native of Manchester – growing up just a few miles from this same arena. American officials are making much of this point by saying this was no coincidence.

US officials have stated within a few hours that the perpetrator was a suicide bomber. What evidence they have for that considering that Britain is the most heavily surveilled state in the world, one can only ponder.

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The Beginning of the End?

by Chuck Butler
Daily Pfennig

Good day… And a Tom Terrific Tuesday to you! And right out of the starting gate today, I want to say Happy Birthday to my grandson, Braden Charles Butler, who turns 6 today! My Sorry playing buddy, is 6 and you should see him swim! His dad was an All-State swimmer, so maybe he’ll follow in his dad’s wake! Thoughts and prayers go out to all the people affected by the terrorist bombing in Manchester, England, at a concert venue last night. I’m greeted this morning with a song from Chicago, which is probably not a song that you associate with Chicago… The song is perfect for turning it on a 0-dark 30 in the morning… It’s title: At The Sunrise… It goes like this.. How could I be happy, without her by my side, without her smiling face at The Sunrise… And it’s soft, and in 4/4 time…

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