IDFA Film Festival – The Forecaster
We have been informed that apparently the Saturday and the Wednesday showings are sold out. It seems our posting has caused a flood of emails so much so that they cannot even answer them all. Tickets are selling out very quickly in Amsterdam so all those looking to attend should be aware of what is going on. Please contact the IDFA Film Festival - we are not involved in selling anything. We mentioned this only because so many clients attending the conferences since 2011 were aware of this documentary film that was being made.
The Movie Debut – Amsterdam November 22nd at Largest Film Festival
This movie that everyone has known is coming makes its debut at the largest Documentary Film Festival in the world – IDFA in Amsterdam on November 22nd, 2014. This is the first debut for the Documentary arena. There will be a Theatrical Debut next year as this film appears around the world.
I agreed to do this film on one condition – it would not be a “poor me” film, but one that addressed the real issues of the world economy that we face. I believe the film accomplishes that from what I have seen in the first draft versions. I have not seen the end product myself.
The film crew has been following me around at conferences since 2011 and interviewing people all around the globe. Those who have attended the various conferences internationally will at last get to see the finished product.
Hopefully, this film is coming just in time in the middle of political turmoil around the world where people want to know what is really going on. That is what this film is all about and on this score, I hope it will be the catalyst for serious reform and change.
You can visit the site for the IDFA Film Festival where you can also buy tickets. We are not part of the film in any financial way. We receive no revenue and contributed none. It is an independent film.
Gold – Falling From Grace
Gold has been trending lower Breaking the June low of 2013 showing that the Benchmark Forecasts in The 2014 International Metals Outlook Report are right on track as it hits fresh four-year lows. The Gold Promoters are just desperate for bullish news and will craft whatever they can to continue their delusional bubble in which they live. They will never admit being wrong. As long as anyone who still listens has a dime left to buy in a falling market, why give up now. The latest bullish news they cling to is the vote in Switzerland at the end of the month when the Swiss go to the polls on November 30 in a referendum that will lay down new rules for the country’s central bank concerning its gold reserves. There are actually people claiming a yes vote will send gold up 20% and somehow this will make the Swiss franc the most secure currency in the world. Since the Swiss have these reserves, why have they not prevented gold’s decline? So why holding on to a position makes gold bullish? Not sure where is the logic. Of course a NO vote would be super bearish for then everyone would expect the central bank to dump gold. The effective problem, naturally,is that such story spinners overlook the facts every single time.
The Swiss have suffered tremendous capital inflows because of the collapse the Euro, which this crowd also touted would displace the dollar. Sorry – the euro has been a failed corrupt currency. Their bias simply knows no bounds and comes at the expense of the life savings of so many people they have misled. The Swiss pegged the franc to the Euro and it has been dropping in tandem. The Swiss central bank has lost a ton of money on gold and the euro. Pegging the franc to the euro meant that they were buyers of euro. Then gold has crashed. The central bank has lost money from every which way possible and actually risk reducing Switzerland to a third world country. The Swiss pension funds are mandated to buy government bonds by over 80% and that pays nothing. The Swiss bureaucrats have given up just about everyone with any loose change to the Americans, French, and Germany, not to forget the Italians. The Swiss have been trying to create a security zone for data, but there too can they really be trusted? The bureaucrats in Switzerland ask other countries what would they like now?They hand over info way too easily. The Swiss bureaucrats are reducing their economy to one based on chocolate, cheese, and watches. Now with Ebola threatening the cocoa crops, they may even lose the chocolate franchise.
Surveys are divided about support for the “Save Our Gold” camp that would force the Swiss National Bank to hold 20% of its reserves in gold, repatriate bullion held outside its borders and halt all sales. A yes vote would be just what investors who nursing a 30%-plus drop in the price of gold over the past two years are praying for now. But this would do noting to support gold for the trend is down with or without the Swiss selling. They will not be real buyers – they are losing a heap on the euro and gold.
The gold promoters are begging the Swiss voters to pass the Save Our Swiss Gold initiative on November 30th. They are telling the Swiss that saving the gold with result in a developed market currency that could therefore become a destination for a deluge of foreign capital. This argument shows how detached these people are from reality. The Swiss franc was the object of a flight of capital from the euro. That was pushing the franc higher and Swiss companies threatened to leave because a strong franc reduced their exports. That was why the Swiss pegged the franc to the euro to PREVENT a rise in the franc. As a consequence, they are so LONG the euro, they are bleeding capital losses from every possible orifice. So why would they want a strong franc? They had that chance and went the opposite direction. So telling the Swiss the capital will pour into their currency is NOT what they want to hear.
Sorry – but this fundamental of the Swiss vote that will save gold is just another desperate attempt to pretend every new day’s low will be the final low. The question that arises – When will these people stop the nonsense? Probably not until they have bankrupted every person who has ever listened to their antiquated theories. The world economy is moving electronic.
Sorry – but this fundamental of the Swiss vote that will save gold is just another desperate attempt to pretend every new day’s low will be the final low. The question that arises – When will these people stop the nonsense? Probably not until they have bankrupted every person who has ever listened to their antiquated theories. The world economy is moving electronic.
The younger generation do not subscribe to these fantasies about money – they pay with their cell phones. They have abandoned newspapers for the internet. It is the older generation that clings to the days when there were gold coins that circulated before 1971. The idea that money can only be gold is on par with the claim that the earth cannot be a round ball because you would fall off the closer you moved toward the bottom. Clearly, who cannot stand upside down! The younger generation could care less and do not remember gold coins.
Money has always been whatever people find of value. That has been bronze and sea shells to cattle, gold, and labor. Here is a Roman bronze Aes Signatum (5 pounds) with the symbol of cattle. This shows how bronze was entering the monetary system that represented value or wealth – cattle.
Money has always been whatever people find of value. That has been bronze and sea shells to cattle, gold, and labor. Here is a Roman bronze Aes Signatum (5 pounds) with the symbol of cattle. This shows how bronze was entering the monetary system that represented value or wealth – cattle.
A nation’s wealth is NOT its gold reserves – but its total productive capacity. If a primitive island discovered a mountain of gold, it will not transform the nation into a productive society. Spain proved that point. All the gold and silver they brought back to Europe flooded the economy, but did not prevent them from defaulting on their debts reducing Spain to a third world state. Spain NEVER invested in its economy – they paid others to do work. In the end, they had little productive capacity to create a world-class economy.
Gold is a personal hedge against government. It is NOT money – for that is determined ONLY by the majority of people. Gold has no worth unless another desires it. By itself, gold is just a metal – pretty, but still just an object. It became desirable first for jewelry – it was considered the tears of the sun god. It is a hedge against government when government fails for then and only then capital seeks to preserve itself by fleeing to the private sector from public.
The future for gold depends not upon wild stories that always claim only gold will survive. Sorry – that part is not true. The future of gold depends upon one thing – the Sovereign Debt Crisis. That is all about time. We laid out the new role for gold going forward in that special report. There is no reason to change that outlook.
Silver – Oh Boy
QUESTION: Mr. Armstrong. Now there are people claiming to have forecast that silver would fall back to $15 and then run to $1,000 and they must be right because they are the only people who said $15. This seems to be another hoax based upon fiat and the collapse of the dollar. Has anything like that ever taken place historically?
ANSWER: No. Never. Not even once. The big rally for silver was into 1919 and that was a 300% advance. Even if you take the Hunt Brothers rally that was manipulated by the dealers (not the Hunts) to suck in the very same people using the story of fiat and the dollar, at the most extreme you could say silver rallied from $1.29 to $54 for a brief second and crashed back to $10 within 3 months. Using that rally $10 silver at the very extreme would be $500. That is nowhere in the realm of possibilities. I cannot even find the most extreme technical analysis to support such a target of $1,000. This is just the same crowd trying to get the buyers in for those who want to sell.
What can I say. This is not analysis nor is it professional trading. Yes, we have another rally on the horizon. But it is a rally. These people only see the dollar and cannot even imagine what they are saying all still based on Germany 1923. They have nothing else to say.
Throwing Fish Overboard Warrant 20 Years in Prison
The Rule of Law is a highly dangerous manipulation of words. I have warned how government has broken all chains that bound it by flipping the Constitution from a POSITIVE restraint to a NEGATIVEone where it is now your burden to prove that they are going too far. This inversion in the Constitution allows any government agent to do whatever they like. There is absolutely nothing left to protect you and this is so critical to understand for absolutely everything that forms society hinges upon this very simple principle. They call themselves“honorable” without ever earning such titles. Jefferson himself warned about having such confidence in government which would provide no protection to “assume” they will always do the right thing. In fact – they do whatever it takes to preserve their own existence.
I often warn people against trading when you should not. There is nothing to do so you get bored and try to find something to trade that creates only losses. The rule of law is the same. Politicians get bored so they constantly write laws about anything that crosses their mind. The problem is, whatever they may intend, is not the way law is prosecuted.
As long as a Prosecutor can twist any event into a statute, it does not matter what the intent of the law might have been, it is hopelessly abused. Prosecutors and Judges could care less whatever the “intent” of the law may have been. They question becomes – can they wrap those words around anything to inflict pain and suffering upon innocent people they may just not even like.
We have all heard of 18 year-old boys charged with child molesting with his entire life destroyed because his girl friend was 17. Law is applied by Prosecutors and Judges ruthlessly just to win convictions without any regard for human rights or dignity. I met someone sent to prison for a decade as a Felon in possession of ammunition. His real crime, he was a vet from Vietnam who had an empty shell made into a necklace he wore. The prosecutor argued that he could fill in the hole through which the chain was drilled, then fill the shell with gun-powder and replace the lead cap. The absurd judge allowed this to go to trial and they told the jury they had to find the man guilty taking a decade of his life for their personal desires. And these prosecutors then celebrate their victory with drinks and dinner void of any human feelings of guilt.
Here we have another absurd abuse of law argued before the Supreme Court. This past Wednesday, the Supreme Court heard arguments in a case where a Florida fisherman was alleged to have thrown undersized fish overboard when inspected. He was criminally charged and sentence under a crime that carries 20 years in prison.
This law was passed to target corrupt executives who brought down Enron. In 2007, Captain John Yates was fishing off the coast of Florida when the National Marine Fisheries Service (NMFS), whose officers are also deputized as federal agents, inspected his boat. The abusive agents claimed that Yates had caught undersized fish and instructed him to return to shore for inspection. Before the boat reached shore, Yates allegedly told his crew to throw some of the fish overboard. Such an act would normally result in a $500 fine or temporary license suspension. But federal agents never are satisfied unless they can abuse their power with such hate in their eyes it often seems for anyone in the private sector who has it better than they do.
Almost three years after the incident within the statute of limitations, federal prosecutors arrested and charged Yates under theSarbanes-Oxley Act —the sweeping legislation passed after Enron’s collapse to crack down on securities and accounting fraud. This was supposed to be against corporate directors. The federal prosecutors get to create theory and twist any law into whatever they desire with the greatest stretch of imagination. They actually argued with a commanding, indigent disrespect for human rights and the Constitution, that throwing fish overboard was “shredding” of“tangible evidence.” You just can’t make up some of these abusive theories. “Shredding” is a severe crime under Sarbanes-Oxley Act, carrying a maximum 20-year prison sentence.