The Miles Franklin Newsletter
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From The Desk Of David Schectman
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"As far as what Friday's new COT report will indicate, I will be shocked if there isn't very substantial managed money selling and commercial buying in both gold and silver...Even more than the substantial overall positioning changes I expect to be reported, what I believe will be even more important will be the details involving, among other things, what JPMorgan may have done relative to the other large commercial shorts, how many new short positions were added by the managed money traders -- and what, if anything, the big concentrated longs may have done....One thing to keep in mind when viewing the new COT report is that any substantial short covering by the 7 big shorts in gold and silver will indicate that these shorts were bought back at realized losses for the first time ever."
– Ted Butler
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David's Commentary (In Blue):
According to a recent article penned by Ray Dalio’s,
all
investment assets should be at all-time highs. But gold and silver are lagging behind - they are the exceptions. Why are gold and silver not at their all-time highs, like the other investments, including stocks, bonds and real estate? That’s the question you should be asking yourself.
Ted Butler provides the answer. He says, “There is an obvious and undeniable explanation for why gold and particularly silver are so grossly undervalued in price. That reason is due to the concentrated short selling by no more than 8 large commercial traders on the COMEX, led, over the past decade, by JPMorgan. Without that concentrated short selling, we wouldn’t be talking about how cheap silver is, relative to every other asset in the world – we would be marveling at how ridiculously overpriced silver had become. Any discussion about the price of silver (and gold) that doesn’t center on the concentrated short selling of a few large traders on the COMEX is a waste of time.” Unfortunately, the CFTC DOJ and CME turn a blind eye to the obvious manipulation. Don’t expect the regulatory agencies to put an end to this. The markets will have to force the change. Butler is convinced that this current drop in silver and gold will be the last time that the managed money idiots will go short like this. I, for one, hope he is correct.
When the reality of a slowing global economy hits the stock market and it tumbles, all of the problems that are simmering just beneath the surface will emerge. Odds are pretty good that there will be an increase in crime, homelessness, anger and jealously toward those with visible wealth. The gap between the liberals and conservatives will widen. Protests will take to the streets. Your ability to hold onto your wealth will be put to the test. Your safety will become something you think about – where you go and how you present yourself in public. When we lived in Miami, some of our friends who lived there long before we arrived would not ware expensive jewelry or drive expensive cars when going out on the town.
Gerald Celente talks about the 3 “Gs” – Guns, Gold and a Getaway plan. Sinclair also says you should have a getaway plan. Many of you have gold and guns but very few have a getaway plan. I suppose its partly because most of us refuse to believe that things will get so dire that we will have to leave our homes and our neighborhoods. If you live in or close to a major city, then the risks will be greater. I, for one, am not ready to live on a farm or in an out of the way rural area. So I will stick to the first two “Gs” and keep my fingers crossed. At least I’m 20 miles outside of Minneapolis, which as large cities go, isn’t too bad – yet. I could always load up the SUV and Susan’s sedan and we could drive north for four hours to the Canadian border. I have a lot of assets in Canada (Brinks gold and silver storage). I hope it never comes to that but it’s at least "a" plan. Do you have a plan?
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Egon von Greyerz
GOLD PRICE IS NOT THE PRICE OF GOLD
The gold price is determined in a Casino with massive leverage and has nothing to do with the real price of physical gold. More about that later in the article.
At what point will gold turn from a minority interest attracting less than 0.5% of world financial assets to a mass-market investment?
Three decades ago I identified physical gold as the best asset to hold for wealth preservation purposes. Then, almost two decades ago we decided to invest properly in physical gold for ourselves and the investors we advised at the time. Part of our wealth protection plan was obviously to store the gold outside the area we saw as the biggest risk, namely the financial system.
Anyone who holds gold in a bank, ETF or some gold fund has not understood the purpose of physical gold.
99.5% OF INVESTORS DON’T UNDERSTAND OR HOLD GOLD
Being holders of a minority asset means that 99.5% of the investment population sneers at you and believes you live on a different planet. As a company who passionately wants to help others to protect their wealth, we are fortunate to meet like-minded people. But most of our clients feel very isolated because they have no one to discuss their concerns about the world with.
I would advise anyone with a gold interest to attend a good precious metals conference. In the last two weeks I have been speaking at two excellent gold conferences. One was the Gold Symposium in Sydney and the other one the Edelmetallmesse (International Precious Metals & Commodities Show) in Munich. It is important to pick a conference which includes many participants talking about the risks in the world and who see gold as a remedy against these risks. Most gold conferences are more geared towards gold mining and therefore less interesting for the wealth preservationists.
For anyone who wants conformation that they are not alone in their analysis of the risks in the world, it is good for the soul to attend one of these gold conferences. Both the show in Sydney and Munich had a very enthusiastic crowd. For someone who has written newsletters for many years and appeared in interviews, like myself, most people in the audience will know you and want to talk to you. The Australians are more expressive and want to shake your hand and have a photo taken. The Germans are a bit more shy but also have a lot of questions. Both conferences were very well attended. More than in previous years.
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Darryl Robert Schoon
ILLIQUIDITY & GOLD AND SILVER IN THE END GAME
…the financial system experienced some serious liquidity shortages in August 2007, and the Fed injected funds to help keep financial markets operating effectively so that they would continue to support ongoing economic activity
In August 2007, a credit crunch swept global markets forcing central banks to provide billions in emergency liquidity to ensure markets remained functioning. Despite the emergency infusion, financial markets and investment banks collapsed one year later in the greatest financial crisis since the 1929 stock market crash and the Great Depression of the 1930s.
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Here are three articles from Zero Hedge that covers one of my most written-about topics – the death of the dollar.
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Zero Hedge
"We have very good currency, and it's stable. Why not use it for global transactions?"
"US Dollar will
collapse soon
."
"...people need to
get out of the fiat currencies in general
and seek a real safe haven – and that’s gold..."
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Check out this short interview. How much gold is enough? Talk to ten people and you’ll get a dozen answers. This one say 35% is the perfect number, and tells you why.
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Kitco
35% is ideal amount to own in your portfolio.
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Whether the Birch Gold Group is right or not, the fact is the dollar’s days as the world’s reserve currency and/or petro-dollar is in its final stages. The odds are pretty good that gold will be at least a part of what James Sinclair calls “The Great Reset.”
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Birch Gold Group
China just took the next big step towards dethroning the dollar as #1 global currency. And the weird thing is – it could send gold soaring.
For decades, countries have paid for oil with the petrodollar, which supports the U.S. dollar's value. The system has been critical to the USD's stability.
But now, China is upsetting everything. It began in June of 2017, when Beijing started to buy oil from Russia in yuan – thus establishing the "petroyuan".
Then China sought the same agreement with other nations. But they found that most weren't as receptive as Moscow to such a deal, because the yuan is still too unestablished. However, China has an ingenious solution: Back the petroyuan with gold.
Gold is MUCH more attractive around the world than the yuan, so these new gold-backed contracts are opening the door for the petrodollar to be overturned... PERMANENTLY.
How to Leverage China's Global Reset to Gold
For you, China's gold-backed petroyuan may be good news or bad news.
If your savings are heavily backed in dollars, consider this a huge warning. As the petrodollar system crumbles, so may the value of the USD.
But there's one asset that could benefit handsomely: physical gold.
For the first time since our nation abandoned the gold standard, physical gold is being reintroduced to the global monetary system in a major way
.
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I’m not saying that we should penalize the rich. But the income inequality is getting out of hand and that leads to civil unrest. Let people get rich – but there is rich and then there is really rich. Do you want to be the one to decide where to draw the line? The following from my friend Jim Cook at Investment Rarities.
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THREE CHEERS FOR INCOME INEQUALITY
It really gets tiresome listening to liberals whine about income inequality. They know nothing about wealth creation or the incredible effectiveness of capitalism when it comes to delivering the goods. People get rich in America by providing goods or services that consumers prefer. New breakthroughs and innovations can make entrepreneurs wealthy. Microsoft made Bill Gates one of the richest persons to ever live. Has the accumulation of his great fortune hurt anyone? Who is suffering because of all the new millionaires and billionaires in the world? Did the poor get poorer? Of course not.
The countries with the highest standard of living also have the most wealthy people. However, the left can’t connect the dots. People get rich by growing a business and employing people. Wealthy people also create jobs through investments and through hiring people to provide services for them. The so-called wealth gap is growing wider because more people are accumulating greater riches, not because more people are getting poorer. Yes, some people are stuck at the bottom, but not because of lack of opportunity. A poor person in America is better off than most of the people that have ever lived on earth.
Liberals never talk about the generosity and the enormous good that rich people do with their fortunes. The charitable endeavors of people like Gates are enormously beneficial to mankind. It’s a perfect argument to counter the soak-the-rich schemes of the Democrats. Their high tax policies destroy wealth and make everybody less well off.
Most Americans have a reasonably prosperous life these days. The shopping malls are full and new technologies keep us busy. Meanwhile, the leftists see our wealth as ill-gotten gain that must be redistributed. They see poverty rather than prosperity. They are a sorry lot of economic know-nothings who think they can replace capitalism with collectivism and make us better off.
Rick Ackerman
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Private Safe Deposit Boxes
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Unencumbered / Segregated Storage
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About Miles Franklin
Miles Franklin was founded in January, 1990 by David MILES Schectman. David's son, Andy Schectman, our CEO, joined Miles Franklin in 1991. Miles Franklin's primary focus from 1990 through 1998 was the Swiss Annuity and we were one of the two top firms in the industry. In November, 2000, we decided to de-emphasize our focus on off-shore investing and moved primarily into gold and silver, which we felt were about to enter into a long-term bull market cycle. Our timing and our new direction proved to be the right thing to do.
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