Euro Rally
QUESTION: Marty, I believe you said if the Euro closes below 10365 for the year then everything would fall apart. If it closed above 105, then the decline can be more prolonged. What is the bullish level to reverse the downtrend?
BK
PS Great conference
ANSWER: Yes, Your two number are correct. The upside has initial resistance in the 11300 level. However, much of the rally is closing out positions for year-end. The overhead resistance both technical and system models is scaled in throughout the 120-130 area. We have a chance to see a real surge into 2017 and conclude the dollar high. However, a prolonged rally would point to a dollar high in the 2020-2021 time zone. A closing on a weekly basis above 11098 will warn a rally up to the 11380-11400 level becomes possible.
Swiss to Give Up EVERYTHING & EVERYBODY
As of January 1, 2016, Switzerland is handing over the names of everyone who has anything stored in its Swiss freeport customs warehouses. For decades, people have stored precious metals and art in Swiss custom ports — tax-free — as long as they did not take it into Switzerland.
Now any hope on trusting Switzerland is totally gone. That’s right — the Swiss handed over everyone with accounts in its banks. Now, they must report the name, address, and item descriptions of anyone storing art in its tax-free custom ports. This also applies to gold, silver, and other precious metals along with anything else of value.
Back in 1986, the FBI walked into my office to question me about where Ferdinand Marcos (1917–1989) stored the gold he allegedly stole from the Philippines. Marcos had been the President of the Philippines from 1965 to 1986 and had actually ruled under martial law from 1972 until 1981. I told them that I had no idea. They never believed me, as always, and pointed out that Ferdinand Marcos was a gold trader before he became president and he made his money as a trader. They told me he was a client and that I had been on the VIP list for the grand opening of Herald Square in NYC, which he funded through a Geneva family. I explained that I never met him, and if he were a client, he must have used a different name.
But the rumor was that the gold was stored in the Zurich freeport customs warehouse. His wife, Imelda, was famous for her extravagant displays of wealth that included prime New York City real estate, world-renowned art, outlandish jewelry, and more than a thousand pairs of shoes. Reportedly, there is a diamond tiara containing a giant 150-carat ruby that is locked up in a vault at the Swiss central bank. Some have valued it at more than US$8 million. The missing gold that people have spent 30 years searching for will surface if there are mandatory reports on whatever is hidden in the dark corners of these warehouses.
This action to expose whatever whomever has everywhere in Switzerland may cause many to just sell since they will be taxed by their governments for daring to have private assets. They will not be able to get it out once it sees the light of day for every government is watching.
The Swiss should have joined the Euro. What is the point of remaining separate when you surrender all your integrity and sovereignty anyway? This is what bureaucrats are for. They act on their own circumventing the people.
Welcome to the New Age of hunting for loose change. Your sofa and car glove box are next. Oh yeah — what about gold or silver fillings in your mouth? Time to see the dentist?
The Hunt for Loose Change
I returned from Berlin dressed casually in jeans for the overnight flight. I was so busy with meetings I hadn’t the time to even buy a t-shirt. When I collected my luggage, I was pulled by customs. They didn’t care that I had absolutely ZERO to declare. Their first question: “How much cash do you have on you?” I said about $2,000 and off I went. I even had a withdraw slip from before I left just in case something happened or if my wallet was stolen. I hadn’t spent that either.
They searched everything right down to computers and power cords. The only other time that has taken place was last year when I traveled into London. They wanted to see my ticket and where it was purchased. Was I really returning to London or just visiting? They asked the same question: “How much cash do you have on you?” In both cases, they were not interested in trinkets. The are looking for CASH.
The hunt for money is getting really aggressive. Couples with children were not being pulled over. I, traveling alone, became the target. In the case of London, I was dressed in a tie jumping on the train from Brussels after high levels meetings there. OK, I thought, perhaps I stood out since everyone else was casual that day being formally dressed. This time, I was casual. That did not matter. Perhaps they profile those traveling alone. Guess a new business will emerge where you rent a family to travel.
Cuba Embargo Falls 51.6 Years on Schedule
QUESTION: Mr. Armstrong, Both Rubio and Cruz are anti-Cuba even though they are Cuban heritage. What is your opinion on Cuba?
ANSWER: President Raul Castro has become a pro-business advocate. He is now allowing Cuban residents to buy and sell their own homes, which has never happened before in the past 54 years. The Cuban Assets Control Regulations, 31 C.F.R. 515, which were regulations of the United States Department of the Treasury imposed on July 8, 1963 (1963.517) under the Trading with the Enemy Act of 1917 was the general regulation of relations between Cuba and the United States. This was the main mechanism of domestic enforcement of the United States embargo against Cuba. If we look at 51.6 years later, that brings us amazingly to 2015.117 or February 11/12.
It was cyclical. The embargo was all about their link to Russia. We did not treat Bolivia or Venezuela the same way. Maintaining the embargo would have only provided an incentive for Cuba to be used by Russia once again. It made no sense. The people of Cuba are the best defense for allowing them to benefit and they will lead to greater support for capitalism. Castro has responded by allowing Cubans for the first time to buy and sell property. That is a step in the right direction. Don’t forget that many people there have been trapped. They deserve a life as well. The same is happening in Eastern Ukraine. They cannot leave for they have nothing to leave with. The differences are between politicians and brainwashed individuals – not the general people at large.
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