La pagina di sei consultanto in questo momento, così come 140.000 altre pagine di Natural News, sono stati tutti censurati da Google a causa di una decisionquot quothuman mettere a tacere l'intero sito e holequot quotmemory tutti i suoi contenuti dalla rete. Googles abuso di potere di monopolio per sopprimere la conoscenza umana deve essere fermato. Firmare questa petizione CASA BIANCA LA SOCIETÀ e chiedono che il governo federale indagare Google per le violazioni antitrust e la censura del discorso. Bruciare la casa - la venuta tempesta finanziaria globale più visti articoli popolari su Facebook (NaturalNews) Questa settimana un incendio potrebbe iniziare che brucerà il sistema finanziario occidentale, fino a terra. Persone importanti come George Soros ha avvertito, l'attuale sistema finanziario globale è in un processo di auto-rafforzamento di disgregazione, il mondo sviluppato sta cadendo nella trappola del debito deflazionistico. Sono stato trattenendo questo saggio per mesi. Non è un buon segno che sto finalmente portando a me stesso di pubblicarlo. Ho stanco di essere un profeta di sventura così sono stati in attesa per i tamburi di sventura, che sono ora suonando a gran voce. Spero che questo saggio aiutare le persone a capire ciò che stiamo per soffrire attraverso. Mr. George Soros ha avvertito lo stesso, l'attuale sistema finanziario globale è in un processo di auto-rafforzamento di disgregazione, il mondo sviluppato sta cadendo nella trappola del debito deflazionistico. Peter Schiff presidente della Euro Pacific Capital, ha identificato lo stato dell'Unione dire, il nostro governo doesnt hanno abbastanza denaro libero per tirare fuori dai guai uno stand limonata. Il nostro standard di vita deve declinare in modo da riflettere anni di consumo sconsiderato e la disintegrazione della nostra base industriale. Solo inghiottendo il farmaco difficile ora sarà la nostra economia malata mai riprendersi. The Economist scrive A meno che la Germania e l'atto BCE rapidamente, il crollo singoli Currencys è incombente. La signora Merkel è forse sottovaluta la velocità e la ferocia con cui un panico del mercato potrebbe schiacciare i suoi piani di integrazione ambiziosi. Siamo anche d'accordo che ci sono una serie di potenziali eventi che potrebbero diventare i trigger per un tale panico. Vi è una notevole rischio che in caso di fallimento di una grande banca, un'ondata di cascata cross-default potrebbe inghiottire il sistema. Britains Foreign Office suggerisce ai propri ambasciate all'estero di elaborare piani per aiutare gli stranieri devono il crollo dell'Euro girare esplosiva. Quasi incredibilmente, un ministro anziano ha rivelato che la Gran Bretagna sta ora pianificando sulla base del fatto che un crollo dell'euro è questione di tempo. ministri britannici hanno avvertito in privato che il break-up della moneta unica, una volta quasi impensabile, ora è sempre più plausibile. Difficilmente passa una settimana, senza un importante vertice tra il cancelliere tedesco Angela Merkel e il presidente francese Nicolas Sarkozy, cercando di escogitare un altro schema intelligente per salvare l'euro. Eppure, dopo 1- anni di tentativi di contenere la macchia d'olio, - la crisi dell'euro-zone del debito è più pericoloso che mai. Gary Dorsch Il crollo monetaria europea infuria si propagherà attraverso il sistema bancario americano, completando la crisi 2008, che non finiva mai, perché Wall Street ha combattuto tutte le riforme. Ma ora, una fusione più grande come la storia si ripete un ciclo pericoloso come 1929 Crash e Grande Depressione. La storia si occuperà anche un colpo mortale a Wall Street. Martin Weiss aggiunge un avvertimento chiave: Nessun salvataggi bancari. Americas sistema bancario è in bancarotta, strutturalmente e moralmente. Washington è rotto. E grazie alla rivoluzione occupanti le masse non potranno mai accettare nuovi salvataggi bancari. Mai. Theyll scossa politici e rovesciare il governo prima. Non ci sono nuovi salvataggi saranno il paletto nel cuore di Wall Street. porre fine alla lsquogreed è buona potenza di Americas lsquobloodsucking vampiro calamari, consegnando gli occupanti nuovo potere politico a Washington. - Market Watch. - La Grecia sarà di default molto presto. - Il contagio della paura si diffonda. - Mega banche europee crolleranno. - I governi dell'UE subiscono nuovi declassamenti di rating del credito. - Spagna e Italia sono accanto a faccia default sui loro debiti enormi. - Mercati del debito globale subiranno un tracollo critico. - Il ciclo vizioso - default sovrano, fallimenti bancari, depressione globale - continuerà. Abbiamo vissuto attraverso una morte agonizzante lenta del sistema per anni, quindi a questo punto, o un punto molto presto, l'intero sistema scenderemo e andare giù veloce come una casa fa quando in fiamme. Dal 2008 tutti i rimedi finanziari hanno fatto solo l'essiccatore di legno in modo che quando le cose iniziano a bruciare, quando i detentori di obbligazioni perdono le loro camicie, quando le banche vanno giù, quando i governi di default, il fuoco brucerà più caldo. Commercialisti sanno che c'è solo finora si può allungare, leva finanziaria e prendere in prestito prima che le porte del vano bombe al fallimento aperto e il sistema cade al suo destino. La speranza ha perso la sua battaglia contro la semplice aritmetica ed è spaventoso di guardare l'arpione mira tutte le nostre vite. Quello che ci troviamo di fronte dipende la matematica dei bilanci che vengono inclinando ben oltre in insolvenza. Le autorità di tutto il mondo sarà certamente fare tutto il possibile per mantenere le cose stabile, ma alla fine è inevitabile che il castello di carte sta per crollare. Il sistema attuale non tanto collasso evaporare, scrive Trace Mayer, J. D. che sta predicendo quello che viene chiamato un Kondratieff invernale. che è la correzione di un'espansione del credito. Come un buco nero, tutto il mondo del denaro e del commercio viene risucchiato in esso come il denaro si esaurisce ad un tasso crescente per sempre più persone, le città, le città, contee, stati, aziende e paesi. Il sistema finanziario mondiale è una frode totale. Si tratta di uno schema di Ponzi gigantesco, non migliore di quella Bernie Madoff usato per truffare i suoi amici e vicini di casa, e migliaia di volte peggio se si sommano il numero totale delle vittime si è strappato via su innumerevoli generazioni. Grafico Paul Hellyer Mayers sotto la dice lunga sulla cosa sta per evaporare. Sarà come un attico pieno di scoiattoli esecuzione da un'estremità del sottotetto all'altro. C'è un punto in cui si verifica una fuga precipitosa e in un crollo di credito tutti corrono in una sola volta in oro e argento e lontano da carta pieno di inchiostro e immagini di fantasia. In questo momento anche se gli scoiattoli sono in esecuzione a comprare la carta, invece, la carta americana e dei suoi valori senza valore stanno andando in su, che significa molte altre valute stanno andando giù duro. Proprio come un individuo può andare in bancarotta, non importa quanto ricco lei inizia fuori, un sistema finanziario può crollare sotto la pressione di avidità, la politica e gli utili non importa quanto ben regolamentato sembra essere. Ken Rogoff amp Carmen Reinhart Otto secoli di follia finanziaria Per quanto Id piace vedere la fine della partita estendere-e-finta, Im abbastanza convinto che la sua l'unica cosa rimasta in piedi tra il mondo come lo conoscevamo e la scomparsa della finanziaria e sistema politico che è andato con esso, scrive la Terra automatico. Per i pochi che hanno utilizzato in questi ultimi anni di tempo preso in prestito per prepararsi a una depressione generale e il collasso una finanziaria non può che essere grati per il tempo supplementare, ma sembra che ora si tratta solo di fino. Ho scritto molto sulla natura della nostra realtà deterioramento e sono stato a guardare circostanze si sviluppano da decenni. La sua una situazione deplorevole e assolutamente senza precedenti che ha ottenuto progressivamente peggio, perché il mondo è controllato da un gruppo di genocidio piegato maniaci inferno sulla estendere il sistema per un altro giorno, scrive Tyler Durden. La realtà della situazione è questa: non ci sono strumenti monetari magici che possono risolvere le crisi monetarie globali nascosti nel seminterrato della Federal Reserve, la Banca d'Inghilterra, o uno qualsiasi degli altri. Il fiat stessi moneyinstruments - dollari, euro, yen, ecc - sono il problema. Quotidiano Campana Durden dice, tutta la periferia insolvente europea è ora semplicemente stringendo più soldi fuori del nucleo come possono prima che tutto cade a pezzi. Settembre potrebbe benissimo essere il mese di sventura per l'Unione europea, o almeno l'inizio di una caduta precipitosa. A meno che gli alieni atterrano con trilioni riempirsi le tasche sembra che stiamo andando per un'altra crisi del credito enorme. La sua non proprio la fine del mondo. ma a leggere alcune delle analisi e dei dati durante la scorsa settimana, la sua difficile non chiedersi se la sua non è l'inizio della fine dei giochi per lo meno, ha scritto conservatore John Mauldin poche settimane fa. David Icke è al suo meglio in questo video. La sua lezione sulla progettazione di crolli economici da parte di coloro che pensano di essere meglio di chiunque altro è avvincente. Siamo oltre il punto in cui giocare i conteggi colpa di gioco per qualsiasi cosa anche se, ma Karl Denninger ci dice per assicurarsi che grazie Con Congresso e il nostro meraviglioso lsquoPresident, i quali sono molto più interessati a fare in modo che i bankster semplicemente rubare ciechi di ogni altra cosa altro quando si tratta di economia. Infatti, con le loro azioni le sue limpide questo è tutto quello che si preoccupano, egli scrive. L'umanità sta annaspando sotto un enorme mucchio 158,000 miliardi di debito che, secondo gli analisti ed economisti, potrebbe sfuggire di mano se non sono stati trattati con cura. Gulf News dà un'occhiata a come questo mucchio massiccio debito è stato creato e come il mondo possa uscire da questo pasticcio. Ogni essere umano sulla terra svolge attualmente un debito di quasi 22.733 in media, se gli ultimi rapporti sono per essere creduto. Ogni bambino condivide lo stesso onere del debito al momento della nascita, come i tassi di crescita del debito battere il tasso di crescita della popolazione mondiale, scrive Saifur Rahman per il Gulfnews Se qualcuno sopraelevazione pagare i suoi debiti, voi non aiutarlo dandogli un prestito più grande. Il problema del sovraindebitamento sta lacerando l'economia mondi a parte. Erano sulla cuspide di una recessione globale che si trasformerà in una depressione in piena regola o comprimere perché il primo mondo sarà colpito un muro di mattoni in termini di capacità di pagare su propri debiti. Louis James ha chiesto Doug Casey per la caduta a venire, di lasciare l'occhio del ciclone e sostegno nelle venti impetuosi di turbolenze finanziarie, politiche e sociali - Che cosa succede se tu sei sbagliato Doug ha risposto, sinceramente spero che sono, perché se Im destra , la devastazione economica globale sta per avere un reale e significativo numero di morti. Il prezzo di sofferenza umana in questi sciocchi governo degli Stati Uniti si insediano per è davvero mostruosa. Come essere umano, naturalmente Id piuttosto vedere buoni tempi, ma lui e molti altri non sono più sognare di terminazioni fiaba. La velocità della disintegrazione detto tutto. Ci sono voluti meno di 48 ore per Londra per scendere dal capitale sedicente del mondo in un circuito di bruciare inferni distopico. Gautam Malkani In Kondratieff Winters, o quello che sono altrimenti noto come grandi depressioni, milioni muoiono di fame. Nel nostro prossimo Kondratieff inverno sarà probabilmente centinaia di milioni se non un miliardo o due che morire di fame perché stiamo contemporaneamente essere preso dalla madre natura che è l'agricoltura devastante in tutto il mondo con le alluvioni, siccità, incendi, freddo e caldo, e ora anche l'esposizione alle radiazioni si gettano un'ombra scura sul settore agricolo. I cadaveri in decomposizione gigantesche governi di tutto il mondo si contraggono, inciampando in pareti di debito che semplicemente non possono andare in giro. Il nostro attuale modo di organizzare le società, delle economie e il governo è ormai visibilmente cadendo a pezzi. Chiede austerità economica - disavanzi pubblici ridotti - sono i segni premonitori di contrazione economica difficile - i primi segni del Kondratieff inverno che ora sta iniziando. Come lo stato d'animo di crisi rapprende, la gente verrà alla realizzazione stridente che sono cresciuti impotente dipendente da un edificio in bilico di transazioni anonime e garanzie di carta. La quarta Turning - 1997 Acquista un'arma di prepararsi per quello che potrebbe essere la crisi economica più devastante la nostra nazione abbia mai affrontato. Come uno addestrati in economia, non ho mai pensato Id scrivere quelle parole. Tuttavia, Ill li ripetere. Comprare una pistola. La tempesta in arrivo non solo impone difficoltà finanziarie per quelli impreparati, ma anche comportare una minaccia fisica per voi, la vostra famiglia e la vostra proprietà. La minaccia verrà da dentro le sale del governo con l'attacco costante sul risparmio e investimenti attraverso l'inflazione, gimmickry monetaria e, alla fine, la distruzione della nostra moneta. Il mondo intorno a noi si sta deteriorando ogni giorno: socialmente ed economicamente. La sua non è limitato a Londra, scrive Joseph McBrennan, direttore del Taipan Publishing Group. Silver Shield ha scritto un saggio Cinque motivi Riots americana sarà il peggiore del mondo. che è solo sopra le righe, ma in essa egli dice alcune cose molto gravi ai suoi colleghi americani. Quando il dollaro crolla, tutte le illusioni americane crollerà con esso. negazione profonda si trasformerà in profonda rabbia. Il generazioni Baby Boomer ricerca ossessiva di beni materiali è stato accompagnato da loro abbraccio del debito. Le rivolte americani saranno i peggiori al mondo ha visto a causa della quantità di arroganza, la negazione, il narcisismo, la droga e la violenza nella nostra società. Credo che le pressioni represse esploderanno e che cosa accadrà nel corso di un paio di giorni o settimane prenderanno il respiro collettivo di distanza. Quindi è una buona idea per iniziare ora con alcuni esercizi di respirazione profonda per dare un po 'di forza emotiva in più per prepararsi per l'evento. E 'così vicino. Penso che la maggior parte di noi senso ormai - il pericolo si avvicina. La piattaforma che brucia scrive, mentre osservo le zombie come reazioni di americani per la nostra autostrada economica catastrofica a crollare, il continuo saccheggio e saccheggio del tesoro nazionale da criminali banchieri di Wall Street, non applicazione delle leggi esistenti contro coloro che hanno commesso il più grande crimine nella storia, e la reazione di giovani in tutto il paese sempre battuti, randellate, girato con gas lacrimogeni e pepe spruzzato dalla polizia, non posso fare a meno di chiedersi se ci sia qualcuno a casa. Perché sono la maggior parte americani in modo da accettare passivamente di queste condizioni disastrose Come siamo diventati così comodamente insensibili Ive ha concluso gli americani hanno scelto ignoranza volontaria su pensiero critico riflessivo a causa della loro pigrizia intellettuale e manipolazione mentale insopportabile proprio dall'élite attraverso la loro propaganda che emettono le macchine di media. Alcune persone sono risveglio dal loro stato di trance, ma la stragrande maggioranza è ancora sonnecchiano o fumante in autori errati. Per tutti i riferimenti, le fonti e più articoli, si prega di visitare il dottor Mark Sircus blog. Circa l'autore: L'autore: Mark A. Sircus, Ac. OMD, è direttore del imva. info International Medical Veritas Association (IMVA). Dr. Sircus è stato addestrato in agopuntura e medicina orientale presso l'Istituto di Medicina Tradizionale a Sante Fe, N. M. e presso la Scuola di Medicina Tradizionale del New England di Boston. Ha servito al pubblico Ospedale Centrale di Pochutla in Messico, ed è stato insignito del titolo di dottore in medicina orientale per il suo lavoro. E 'stato uno dei primi agopuntori certificati a livello nazionale negli Stati Uniti. Dr. Sircuss IMVA è dedicata a unificare le varie discipline nel campo della medicina, con l'obiettivo di creare una nuova alba nel settore sanitario. Egli è particolarmente preoccupato per l'effetto vaccinazioni hanno sui bambini vulnerabili e sta identificando il filo conduttore di molti agenti tossici che sono drammaticamente minacciano le generazioni presenti e future dei bambini. Il suo libro, The Terror of Pediatric Medicine, è un e-book gratuito offerto sul suo sito web. Pediatrics umane sarà un e-book disponibili all'inizio del 2011 e poi rapidamente possibile mettere in stampa. Dr. Sircus è uno scrittore più prolifico e coraggiosa e si può leggere attraverso centinaia di pagine sulle sue vari siti web. Recentemente ha rilasciato una serie di e-book, tra cui vincere la guerra contro il cancro, la sopravvivenza Medicina per il 21 ° secolo, bicarbonato di sodio, Rich Mans Poor Mans trattamento del cancro, nuovi paradigmi nel diabetico di cura e riportando la Medicina Universale: iodio. Dr. Sircus è un pioniere nel campo della disintossicazione naturale e chelazione di sostanze chimiche tossiche e metalli pesanti. Egli è anche un campione del valore medicinale di minerali e acqua di mare. Transdermica di magnesio Therapy, la sua prima opera pubblicata, offre una svolta sorprendente nella medicina, un modo completamente nuovo per integrare il magnesio che aumenta naturalmente i livelli di DHEA, porta i livelli di magnesio cellulari in fretta, allevia il dolore, porta giù la pressione sanguigna e spinge fisiologia cellulare in modo positivo direzione. cloruro di magnesio rilasciato per via transdermica porta un rilascio rapido da una vasta gamma di condizioni. La sua seconda edizione transdermico magnesio terapia sarà fuori a breve. Inoltre egli scrive in modo critico sulle crisi politiche e finanziarie che si verificano intorno a noi. International Medical Veritas Association: imva. info publications. imva. infoBreaking: Cina 038 BIS Negoziare Deal per regolare i contratti globali in oro a 5000 once 8211 Jim Willie Ha l'end-game Iniziata GRANDE NUOVO SVILUPPO SU GLOBAL DAVANTI funzionari di finanza cinesi e la Basilea - basato BIS stanno negoziando un RIFORMA globale di tutti i contratti bilaterali. Si sforzano di modificare i contratti basati su Dollaro USA, e modificare le clausole contrattuali da ORO LIQUIDAZIONE. IL CINESE amp BIS sta lavorando su un contratto globale al 5000 Gold PRICE8230 Le grandi banche degli Stati Uniti sono morti, come nel gigante canne cave. Tale è stata la ritornello Jackass per otto anni consecutivi. Essi sono mostri insolventi e distruttori di ricchezza e capitale. Sono enormi imprese criminali. Eventi dimostrano bene il caso. Il troppo grandi per fallire la politica ha invece assicurato il relitto e la distruzione del USeconomy. Salvare le grandi banche, ma rovinare la base di capitale. Il governo Usa sotto la gestione del cartello banchiere in quanto l'evento 911, che hanno orchestrato in una mossa audace, ha portato sistematicamente lungo il settore di attività macro, consentito alle piattaforme USdollar a decadere completamente, e truccato i mercati finanziari in ogni arena immaginabile. I banchieri centrali sono in esecuzione paura. Il Jackass augura sarebbero tutti partono in esilio, individuare su una bella isola polinesiana, e mangiare l'un l'altro, con i vincitori di indossare le loro ossa e dei denti. Tesoro BOND BLACK HOLE SEWER La crescente paura per il sistema bancario globale ha spinto il 10 anni Tesoro i rendimenti dei titoli di tutti i tempi minimi record come un rifugio sicuro. Gli investitori potrebbero percepire il potente di recessione economica occidentale, purché non siano di scarsa intelligenza. L'obbligazioni del Tesoro Black Hole è il disegno di capitale dalla massa di terra degli Stati Uniti e dei centri globali, giusto in tempo per il nuovo lancio di valuta con la svalutazione. La perdita di ricchezza sarà Magnifiche per tutti i dopey investitori senza cervello maldestri che credevano il mercato obbligazionario ha offerto rifugio sicuro. Nessuna sicurezza può essere offerto da un mercato obbligazionario con quasi nessun acquirenti legittimi, un annuale 1 trilione deficit (enorme riserva), e la profonda dipendenza dal Swap contratto derivato Interest Rate che produce domanda legame artificiale a costo zero. La corsa libera è il risultato della Zero Interest Policy Rate, che non cambierà mai. L'intero mercato obbligazionario dipende da esso. Il fatto veramente notevole è che milioni di investitori ritengono che il mercato obbligazioni del Tesoro è un rifugio sicuro. Lasciate Darwin fare il suo lavoro, e rimuoverli dalla scena, con la loro ricchezza, che è in gran parte falso in ogni caso. Nel frattempo, potrebbero godere di un po 'più guadagni come il TNX imposta occhi su 1,0 piatta sul rendimento. Il rischio è acuto da un elenco di pericoli. a) Il macchinari derivato potrebbe rompersi. b) L'inflazione dei prezzi effettivo potrebbe essere pubblicato, come ben più di 6 o 7. c) I fondi pensione attraverso gli Stati Uniti potrebbero essere costretti a nuove obbligazioni speciali del Tesoro, e quindi offuscare l'obbligazioni del Tesoro americano incontaminate. d) la nuova Scheiss dollaro potrebbe essere lanciato, con una svalutazione, gettando cattiva luce sulla carta igienica obbligazioni del Tesoro protetti. e) narcotici potrebbe essere rivelato come regge l'intero nucleo sistema bancario degli Stati Uniti, vale a dire le banche di Wall Street. f) Per quanto nuove valute oro-backed arrivano sui tavoli finanziari, il dollaro americano potrebbe essere riconosciuto come una valuta Terzo Mondo con quasi il 20 miliardi di dollari di debito a default. Il TNX ha raggiunto minimi di 1,35 nel recente scambio di obbligazioni. Il rimbalzo si troveranno ad affrontare la resistenza con la coppia di declino medie mobili. La gamma prigioniero per circa un anno completo era 1,75-2,45. che mostra una gamma 7.0. Sottrarre il potenziale per arrivare ad un obiettivo intermedio dello 1,05, che a causa del fattore psicologico può essere chiamato un bersaglio 1.0. gong forti e gli allarmi si spengono quando si raggiunge il bersaglio, non se ma quando. Per richiedere l'espansione economica è in atto è una delle più grandi menzogne economiche mai raccontate. La nazione è in preda al suo ottavo anno consecutivo di recessione. Ecco l'factoid significativo, tratto da documenti storici. Nuova storia è stato fatto. Tesoro i rendimenti durante la Grande Depressione erano notevolmente superiori rispetto ad oggi, che dovrebbe garantire un serio dialogo sulla politica monetaria sconsiderata bloccato in atto dalla Federal Reserve. Essi stanno conducendo esperimenti rovinosi con Quantitative Easing che hanno scacciato gli investitori obbligazionari legittimi. Essi sostengono reinvestimento dei guadagni principali su una Fed bilancio 4,5 trilioni. Se la verità sia conosciuta, la USFed è seduto sul grande cestino della carta rifiuti tossici nella storia. Il suo unico rivale è vicino alla Banca centrale di euro, che ha più di 3,0 miliardi di dollari nel suo tino di carta tossica. Ognuno di essi agiscono come acquirente di ultima istanza, di spazzatura. Saranno ogni essere dichiarati entità in bancarotta, un processo ben lungo in più fasi. GRANDE banche degli Stati Uniti SULL'ORLO Il Wall Street bank stock selloff era potente da luglio 2015 a febbraio 2016. Il rimbalzo è stato spinto sicuramente dai canali di facile denaro USFed. La banca centrale non ha l'autorità per comprare azioni, ma lo fa attraverso i suoi complici di coorte bancari. I cali hanno messo le grandi banche degli Stati Uniti nella zona di pericolo. La loro selloff riprenderà presto, come le medie mobili per la Banca Stock Index BKX sono in una parabola discendente, e la linea di tendenza al ribasso è forte nella resistenza. La loro politica monetaria ha minato la sicurezza e la solidità delle banche Behemoth che costituiscono il nucleo del sistema finanziario degli Stati Uniti. L'attenzione potrebbe essere dato alle banche rotti e la politica eretica decisamente errante. Un rischio sta per le grandi banche degli Stati Uniti per essere improvvisamente avviati dal venerato Dow Jones Industrial Index, l'indice azionario tendone. Sono canne cave insolventi, immersi in attività criminali. Il loro profitto è da legame carry trade e gimmickry contabilità. Il grafico mostra una svolta importante nel processo decisionale. La tendenza al ribasso intermedio fornisce una certa forte resistenza. Le medie mobili sono penetrati in fretta, probabilmente con enorme denaro facile dalla USFed spinto in titoli bancari. La mossa nella scorsa settimana per l'indice BKX è andato contro le previsioni Jackass nella relazione Hat Trick Letter luglio. Le banche sono loro boyz, molto protetto. Le 20 settimane e 50 settimane MA8217s potrebbero ancora servire come una certa resistenza, per essere visto immediatamente. La verità inevitabile è che le grandi banche degli Stati Uniti sono profondamente insolventi e subordinato attività di casinò e di stupefacenti denaro. Sono state pervertite di là di ogni riconoscimento negli ultimi due decenni. Il Jackass sostiene che un grande evento sistemico Lehman è in corso, con il crollo di diversi sistemi bancari nazionali. Il rischio è maturo per il fallimento della banca di contagio. Italia e Germania sono a fuoco. Il tasso di aumento di parlare di nuovo di nuovo USFed nel 2013, 2014, e il 2015 ha lavorato contro le grandi banche degli Stati Uniti. Il suggerimento o la minaccia di un rialzo dei tassi trasmette loro valori azionari verso il basso. Allo stesso tempo, il successivo nella serie infinita di indagini antifrode (mai criminale per i giocatori eccezionali) funziona anche per inviare loro valori archivi giù. Hanno dovuto assorbire 280 miliardi in soli multe e sanzioni da frodi legame in questi ultimi anni. Poi virare sulle perdite del portafoglio crediti, più recentemente subite nel settore energetico. Con QE a Infinity bloccato in posto, e il prestito di affari messo in attesa a causa della recessione economica senza fine cronica, le grandi banche statunitensi guardano vulnerabile ad un crollo sistemico. Niente descrive meglio l'evento sistemico Lehman annunciata dalla Jackass che l'indice Bank BKX 750 miliardi di dollari di derivati sul punto di saltare in aria. SOLDI VELOCITA continua giù Nulla mostra il fallimento della politica monetaria della banca centrale moderna meglio del grafico Velocity Soldi che cadono. Parlano di stimolo, quando l'unico vantaggio è quello di grandi banche in titoli senza valore del rimborso. Si gonfiano il mercato obbligazionario, anche il mercato azionario. Essi trascurano il mercato obbligazionario muni. Mandano palle distruggendo nel sistema dei fondi pensione e il settore la compagnia di assicurazione, che non può assolutamente far fronte con il rendimento dei tassi di interesse pari a zero. Nessun impulso è dato alla USeconomy sostenendo morto insolventi imprese criminali chiamano le grandi banche degli Stati Uniti. La politica monetaria QE sta distruggendo il capitale, visto nella massa di tagli di posti di lavoro aziendali. La recessione USEconomic rivaleggia con la Grande Depressione, in tutti, ma il riconoscimento. La prova è nel pudding, la velocità soldi definito come il numero di rotazioni annuali per il denaro esistente all'interno del sistema. A dire il vero, e non lo è mai dalle grandi banche oi loro agenti in esecuzione il governo Usa, il USeconomy è stato impantanato in recessione dal 2007. L'area ombreggiata grigia dovrebbe estendersi per tutto il 2007 e in ogni anno. Tuttavia, le regole fascista modello di business impongono che ogni desciption di crescita economica deve mettere un aggettivo prima della parola RECUPERO. Il favorito è il recupero lento. La mia è la recessione economica feroce che si qualifica facilmente come una depressione. MISURE DI POLITICA MONETARIA Desperate Molte sono le misure di politica monetaria disperate. E 'stato più di tre anni da quando Bernanke ha ammesso che la USFed aveva esaurito i suoi strumenti standard. Si è dovuto ricorrere a strumenti non standard da quel momento. Ogni elemento della politica è irto di rischio, pericolo, e un elemento profondamente distruttivo certo a minare il sistema monetario distrutto ad un altro livello di degrado. Le politiche di disperati ad alto rischio sono accumulare, aggiungendo al rischio, peggiorando l'integrità della banca centrale. Se qualche professore era stato chiesto nel 1970 dieci anni circa le attuali politiche moderne di giorno, la risposta sarebbe stata che nessuno potrebbe essere installato, dal momento che tutti sono pazzi, distruttiva e controproducente. Eppure sono tutti a posto, e più potrebbero essere presto proposti. Essi sono necessari per sostenere il sistema danneggiato. Si consideri la lista di pazzia vera-mente in attività in materia di politica monetaria. Zero per cento di tasso di interesse: Esso provoca distorsioni nell'allocazione delle risorse. Si distrugge il sistema pensionistico e settore assicurativo. Offre alcuna ricompensa ai risparmiatori. Si comporta come una coperta bagnata su tutta l'economia. Si fa beffe di tutto il sistema del credito. Tuttavia, è necessario per alimentare i derivati di Interest Rate Swap che fanno domanda legame artificiale, dai tubi di alimentazione. Quantitative Easing amp Legame di acquisto: Si riscatta obbligazioni senza valore di proprietà delle banche di Wall Street, fornendo loro liquidità e il capitale urgente. Previene grandi fallimenti bancari negli Stati Uniti. E 'stato esportato alle nazioni BLICS come acquirenti secondari di Tesoro Obbligazioni. Costringe copertura, solleva in tal modo l'intera struttura dei costi, con conseguente perdita di margini di profitto. Il risultato viene ucciso capitale, chiuso nelle imprese, e tagli di posti di lavoro. L'esperimento è fallito, poiché nessuno stimolo è evidente entro la recessione cronica e il declino in Money Velocity. Interesse negativo sul Risparmio: Essa incoraggerà partenza di denaro presso banche, e ben presto causare diffuse corse agli sportelli. Si spingerà gli investitori nel mercato dell'oro. È eventualmente richiesti per mantenere uno spread costante sui titoli, da lungo termine a breve termine. Si tratta di una tassa d'elite banchiere su tutto il sistema, come avvoltoi. Bail-in su conti privati: Si tratta di una potente minaccia di confisca. Le banche richiedono da 50 a 100 volte più fondi di conti privati, al fine di essere salvati dalle perdite derivati. Si tratta di una imposizione passo povertà nazionalizzata. Altro rischio di banca va dalla minaccia della perdita di conti. Più banchiere disperazione e fiscale. Phony Interest Rate Hike: L'efficace Fed Funds Rate fatto la USFed rivela essere un bugiardo. E 'stato un espediente per consentire Reverse REPO acquisti di obbligazioni. Il risultato è stato nelle grandi banche degli Stati Uniti leveraged più alto. Pensate più alto stretto Torre di Babele, più instabile. Elicottero denaro Dispensa: Si tratta di follia. L'effetto sarebbe fugace. I prezzi aumenterebbero immediatamente, per poi tornare ai livelli precedenti. Niente magie stupidità banca centrale e sregolatezza più di elicottero denaro scende sulle famiglie. La sua somministrazione può essere un incubo, dal momento che quelli che ricevono i fondi probabilmente vedrebbe da sgravi fiscali. La classe più bassa potrebbe non vedere nulla ha colpito i loro prati. Di nuovo il fusibile potrebbe accendere il mercato dell'oro. Eventuali gocce elicottero significherebbe la fine del sistema di franchising banca centrale. Bring it on GRANDE NUOVO SVILUPPO SU GLOBAL DAVANTI LE funzionari di finanza cinese e la sede in Basilea Banca dei regolamenti internazionali stanno negoziando un RIFORMA globale di tutti i contratti bilaterali. Essi si sforzano di MODIFICARE CONTRATTI USDollar-based, e modificare le clausole contrattuali da ORO LIQUIDAZIONE. Stanno lavorando su un contratto GLOBALE AL PREZZO 5000 ORO IN CONTRATTO DI CONVERSIONE. CINA rappresenta gli interessi orientale, mentre BASILEA rappresenta gli interessi occidentali. Non è ancora chiaro cosa accadrà a meccanismi dei prezzi delle materie prime. Se e quando la riforma del contratto globale è completato, tutti i contratti bilaterali saranno spostate in liquidazione d'oro, non è più USD insediamento. Il risultato sarà il governo Usa è poi fatto liberi di lanciare un interno di sola nuova USDollar, chiamato senza rispetto il dollaro della Nuova Scheiss dal Jacksass per gli ultimi due anni. Si sarà simile a una valuta Terzo Mondo, ed essere sottoposto ad una serie di svalutazioni. Un deficit di 500 miliardi di commercio richiederà diversi anni per superare. Se ridotto di 50 in cinque o sei anni, sarà un miracolo. Il 1 trilione deficit federale ha una soluzione diversa in mente. Il governo Usa ha intenzione di requisire fondi pensione, costringendo gli investimenti nel Tesoro legame speciale. Non sarà una confisca, ma la conversione piuttosto forzata con tutti gli svantaggi di svalutazione della moneta che vengono. PROFITTI tripletta lettera nella crisi attuale. 8220As un abbonato oro Jackass, ho molto ascoltare i colloqui perché dà veramente un senso di passione che sta dietro l'enorme corpo di informazioni e la formulazione che va nella vostra ricerca mensile. Anche se devo ammettere, che spaventa l'inferno fuori di me la maggior parte del tempo. Eppure, non mi perderei per niente al mondo. Sento che avere una visione veramente oggettiva dalla vostra ricerca, approfondimenti e previsioni accurate me e la mia famiglia dà una vita importante risparmio di vantaggio. E voglio dire che sincerely.8221 (Michaels in Ontario) 8220I hanno continuato la mia fedele patrocinio dei tuoi ottimi commenti non tanto a causa della mia totale accordo con i vostri punti di vista, ma perché avete dimostrato voi stessi di essere corretto così spesso nel corso degli anni. Quando si è sbagliato, si è pubblicamente ammesso. Sei, suppongo per sua natura, un portavoce schietto e irriverente per la verità contro il potere, il quale si differenzia da quasi tutti gli altri esperti su affairs.8221 mondo (PaulR alle Hawaii) 8220For oltre cinque anni ho avidamente assimilare ogni e qualsiasi informazione libera (articles, interviews, etc) that Jim Willie puts out there. Just recently I finally took the plunge and became a paid subscriber. I regret not doing this much sooner, as my expectations were blown away with the vast amount of sourced information, analysis tied together, and logical forecasts contained in each report.8221 (JosephM in South Carolina) 8220Jim Willie is a gift to our age who is the only clear voice sounding the alarm of the extreme financial crisis facing the Western nations. He has unique skills of unbiased analysis with synthesis of information from his valuable sources. Since 2007, he has made over 17 correct forecast calls, each at least a year ahead of time. If you read his work or listen to his interviews, you will see what has been happening, know what to expect, and know what to do.8221 (Charles in New Mexico) 8220A Paradigm change is occurring for sure. Your reports and analysis are historic documents, allowing future generations to have an accurate account of what and why things went wrong so badly. There is no other written account that strings things along on the timeline, as your writings do. I share them with a handful of incredibly influential people whose decisions are greatly impacted by having the information in the Jackass format. The system is coming apart on such a mega scale that it is difficult to wrap one8217s head around where all this will end. But then, the universe strives for equilibrium and all will eventually balance out.8221 (The Voice, a European gold trader source) Jim Willie CB is a statistical analyst in marketing research and retail forecasting. He holds a PhD in Statistics. His career has stretched over 25 years. He aspires to thrive in the financial editor world, unencumbered by the limitations of economic credentials. Visit his free website to find articles from topflight authors at GoldenJackass . For personal questions about subscriptions, contact him at email160protected Post navigation SirKLN writes 8221 In 1913 the M2 Money Supply or Dollars in circulation was 2.64 for each ounce of Silver on hand 29.13 For each ounce of Gold Giving us A Silver Gold ratio of 11-1 Today we have 879.73 Dollars per ounce of Silver and growing8221 Actually, all you have to remember is that in 1913, when an Englishman was paid one pound, it was a receipt for one pound of silver. That is pretty amazing. Queen Elizabeth smiles sweetly on today8217s pound note which promises the bearer 8220redeemable for one pound.8221 Of what Gold is 7959.00 Dollars per ounce and growing daily due to QE. Our new Silver to Gold Ratio is 9-1 which is almost our present day mining Ratio. SO REMOVE THE PAPER OUNCES AND THIS I BELIEVE IS THE TRUE VALUE OF GOLD AND SILVER. ANY TROLLS READY TO POUNCE Re: 8220Why take each ounce at 5k if they can buy one now for a lot less8221 Please read FOFOA. It is impossible to buy a trillion dollars of gold at the current spot price. Yes, you can go to your local coin shop and buy one ounce, even one hundred ounces at current spot but you can not buy 30,000 MT AU at the current spot price of 1,350.00 per oz. The market just does not work like that. Go back to 1981 and look at what happened to the price of Silver when the Hunt brothers tried to buy a big hunk of the silver market. NotAnOwner says: SkunkWorks. I have read on this very site the following. Adding this all togetherFor all of 2015, the Comex delivered 16,218 contracts of gold. This was 1,621,800 troy ounces of gold or about 51 metric tonnes. Are you saying that delivering 135k ounces per month is not happening Because it looks like someone does get gold delivered from Comex. Also we hear so much about India, China, Russia, etc buying so much gold. where do they get it from About 3000 metric tons of gold per year mined, are you saying no one buys all that They just mine it to stash it Please elaborate. EdB says: 8220so you are saying that there if they sign this deal, the price of gold can change overnight because the fundamentals are there82308221 Yes, the price of gold can change at any time when governments move to set an official price that differs from the so-called market price. FDR already did this back in 1934. He reset the price of gold from 20.67 to 35 per oz. One day, the price was under 21 and the next day it was 35 an oz. The fundamentals had zero to do with it because it was a political decision. The very same thing could happen again, only this time is will be China, Russia, and perhaps some Arab countries and not the US demanding a change in the official gold price. Those who own a lot of gold want the price to be high, unless they are playing currency games that benefit from a lower gold price. This is in their best interests. Those who do not have much gold will not see this in their interests, so will oppose such a move. 82208230 but how do you explain the fact that you can get an ounce of physical gold today, at your door, for a lot less than that Quite simply. They haven8217t reset the current price of gold yet. Until they do, we have 1350 or so per oz. 8220Is it that everyone with money is stupid enough to not invest in gold8221 Stupidity may or may not have anything to do with it. People who have significant financial assets often differ on how best to deploy those assets. Some like real estate while others prefer stocks, bonds, cash, or precious metals. In a lot of ways, this is a judgement call and not an IQ test. I8217m one of those investors who can see value in many kinds of investments. Because of this, I have a diversified portfolio that contains a number of different asset classes. About 12 of what I own is in PMs. This is a healthy amount and serves as an inflation hedge and insurance against financial disaster. 8220Or is it that your thinking is biased towards your desirable outcomes8221 Everyone8217s thinking is biased in one way or another. Our biases are shaped by our life experiences, which differ considerably from one person to another. No one is immune to this, although it helps to be aware of it so that it does not have undue influence over our decisions. 8220Also regarding price: remember you can always sell some and buy back when it tanks, right But that kind of strategy is never discussed I guess.8221 Typically, this is not discussed because it is counterproductive to the way that many of us buy and hold gold and silver. But yes, we can sell and repurchase at any time, if doing that seems wise at the time. Those of us who see gold and silver as long term holdings think in terms of several years to decades as our holding time. Because of this, we buy and accumulate and rarely ever sell. We can if we want but we seldom want. 8220Price will never fall, but guess what, it does fall and it will continue to fall.8221 No one knows the future. Gold and silver prices will do what they do and they are not predictable. We8217ve all seen every single person who tries to predict the future fall flat on their faces time after time. Every single investor needs to ask themselves, 8220What am I trying to do by owning this asset8221, 8220How long do I intend to hold it8221, and 8220What would cause me to either sell what I have or buy more8221. Unless a person has good answers to these simple questions, they probably shouldn8217t invest until they have had a chance to give these some thought. NotAnOwner says: 8220edb thanks for the lengthy and thorough response, really appreciate it.8221 No problem. I do get a little carried away with this sometimes but do want to give as complete an answer as I can. 8220On a personal note you strike me as a guy old enough to know better, but also young enough to stick with the answers he knows. For example you say They havent reset the current price of gold yet. we are past that, gold is an investment now and the price is set on the open market, the price is no longer reset by countries as in the past.8221 Your response strikes me as naive. Not wrong, just naive. Countries do all they can behind the scenes to affect the price of gold. This is what all the gold and silver manipulation is about. You don8217t think that the bankers and hedge funds could do all this if it weren8217t for government acquiescence, do you Yes, they are less obvious about it these days but this is all part and parcel of the rigging scheme in which so many engage. With trillions of dollars in the LIBOR and FOREX markets and rigging there proved to have occurred, why not rig gold and silver Why not manipulate these monetary metals to the extent possible8230 quietly They can, do, and are doing this, most likely to support the value of their fiat currencies. The pattern of manipulation is quite clear as has been pointed out by multiple authors on the web. When a 7 or 8 sigma event occurs, it is WELL beyond what typical free market action is capable of doing. It is not an accident or a freak occurrence. It is being done deliberately, repetitively, and with purpose. We can all disagree on what that purpose might be but it would be foolish to assume that there is no purpose to it or that it isn8217t happening. What is likely to be coming over the next several years is a gigantic financial reset. This is not just an opinion. It is a mathematical certainty. We simply cannot continue with what we are now doing with debt. Dept has exploded and is threatening to overwhelm the financial and economic worlds. The only question in my mind is whether governments around the world will reset the current system into something that is actually sustainable or delay making the necessary decisions and taking the necessary actions until this one implodes. Good arguments can be made for either case and to me it looks a lot like a coin flip as to which way it will go. We can8217t know what the future holds. It just doesn8217t work that way. Best we can do is make the best educated guesses we can based on what we do know today and then adjust that as newer info comes in. This can help us to spot trends before they become obvious and perhaps profit from them. It could also help us to spot a coming train-wreck in the stock and or bond markets, such that we can avoid substantial losses. All we can do is play the odds as we see them. But we can only see them if we are looking. All too many people are simply not looking. When, not if, the SHTF, they will be completely at the mercy of forces that are not only beyond their control but beyond their comprehension. Sites like this one can help raise the level of awareness of many people, hopefully for the better. Most will admit that it is better to be prepared than not. This is why people buy health, life, car, and home insurance against loss. If nothing happens and they are prepared, they will be OK, just like everyone else. If something does happen, then they will be OK while many others are not. Most on here believe that this is a better choice for them and their family members. A significant part of all this is that we do not know the level of desperation that will occur when governments face financial collapse. What will they be willing to do that they are not now doing in their attempts to keep the governments running A common thought here is that they will do whatever they want and think will work. If that includes breaking the law, then so be it because they are doing it for a 8220higher purpose8221. While that may actually be their intent, that path very quickly leads, as history shows, to the darker side of human nature and actions. 8220That alone renders much of your assumptions invalid. But thanks again.8221 That would be your opinion and you are welcome to it. Many here, including me, have a different opinion on this. We know that whatever has happened in the past can certainly happen again. This is not a guarantee but it is in line with a legal theory called 8220precedence8221, which uses the result of one trial to support legal actions taken in another trial. It is a known fact that governments at one time set the prices of gold and silver in other units of currency as well as the prices of gold and silver in each other. That they have done this before means that they can do it again, not that they must do it again. One can also look at this as playing the odds. While we can8217t have much effect upon the future or on the behavior of the state and national governments, we certainly can have an effect on what we are doing to prepare for an uncertain future. Anyone not caring to join us can do that too. The choice is theirs. But info and opinions are offered here as to what some of the better courses of action to take could be. This is free advice that all are welcome to take or not as they think best. But it would, IMO, be unwise to assume that any government has the best interest of its citizens as its primary raison d8217tre. They do not. Their primary interest is in doing whatever it takes to maintain the government and their positions in it. History is loaded with examples of rather unsavory actions taken by governments, most often when they are under great stress. Many here simply think that such a time is coming and that so are the unsavory governmental actions appertaining thereto. Citizen says: At least DR WILLIE has a forecast record of about 90 correct and I haven8217t lost a dime on his advice from his news letter. Where as the BO POLNY has a correct forecast of less than 1 and hasn8217t been right EVERpare both of their charts, my dog can draw better than POLNY who turns his charts at a 90 degree angle. Who does that shit Only a fraud with no back ground or experience in finance. DR Willie will answere questions. Blow he just steals your money and then blocks your emails. I hate his guts. JustTheFacts says: Sounds like Bo has some of your cash8230 yes And NO, Willie is not right 90 of the time, he has been predicting collapse incorrectly for many years. Will he be right in the next 10 years Probably. Why would a country triple the price of gold at the expense of their currency It may be that this country has pretty much cornered the gold physical market. That coupled with the fact that the world reached peak gold output in 2015, gold mining across the globe is dwindling, and known world reserves have been depleted in recent years. Why would a country attempt to depress the price of gold with various elaborate Ponzi schemes, at all costs It may be that this country doesn8217t have any more gold, cause they sold it all to the Chinese at bargain basement prices. This country8217s bankster elites have shot theirselves in the foot by allowing their Ponzi scheme to get out of control, betting every ounce of gold at Fort Knox in order to prop up an already failed fiat US dollar. What will be, will be. AGXIIK says: I refuse to make any more predictions until after the election and predict it will not take place because of Marshall Law. Or marital. Uh, martial JustTheFacts says: US has 8177 Tonnes in Fort Knox, UNLESS PROVEN OTHERWISE The dollar is king of the hill till it crashes. I just keep stacking no matter the news, good or bad. US Fiat still buying the silver and gold. China can do whatever it wants with its gold, backing the yuan, or the NWO currency the especial dollar. Packing and stacking I8217ll add to this8230 For sure there is (was) little to none left of the 8100 tons because they stole it, used it to dump on the market to suppress price, and what EdB mentioned above. BUT, when they eventually figured out what China was doing with amassing gold, as well as knowing well in advance of collapse of the USD and global financial markets, FOR SURE they began buying up big covertly. I wouldn8217t be at all surprised if some of the tightness in the physical market was due to the west (including banks) buying up all they could get their hands on. Especially with people like former the Financial Threat and Asymmetrical Warfare Advisor to the Pentagon and CIA Jim Rickards being involved one can easily see what NOBODY seems to be talking about. Have you noticed the complete silence on even this kind of speculation There is definitely something here if nobody even dares to talk about it. EdB says: Your comment makes a lot of sense. I hadn8217t considered a change of heart on the part of the US Gov Fed due to strong buying by China, Russia, and some Arab countries. Still, one would think that such strong buying would lead to higher prices at a faster rate than we have seen so far. Unfortunately, this entire area of speculation is very complicated and involved. There are no doubt multiple wheels within wheels in all this and none of us gets a copy of the official playbook. K. Honaz says: 8220All China needs to do to set the price to 15koz is offer to buy any quantity at that price using their multi-trillion dollar stash of cash.8221 To put this in a perspective: 3000 tons annual gold production at current price equals 120 billion US-. At 15 k US - per ounce it would equal 1.3 trillion US-. So, China8217s stash would vanish quickly. Once the Chinese have spent their foreign reserves, the gold price would drop like stone, as no one else would be willing to buy at this price level. SkunkWorks says:Frank Talk, a CEO Blog by Frank Holmes Share this page with your friends: Please note: The Frank Talk articles listed below contain historical material. The data provided was current at the time of publication. For current information regarding any of the funds mentioned in these presentations, please visit the appropriate fund performance page. Thursday morning, Treasury Secretary Steven Mnuchin told CNBC that we could expect ldquosignificantrdquo tax reform by August, including tax cuts for middle-income Americans and corporations. Like clockwork, the major stock indices rallied to all-time highs in intraday trading. As of yesterday, the Dow Jones Industrial Average has closed at record highs for the past nine days, and it wouldnrsquot surprise me if this gets stretched out to 10 daysmdashor longer. Investors arenrsquot the only ones jumping on the couch with joy, however. American consumers are expressing levels of confidence we havenrsquot seen in years, suggesting 2017 could be a banner year for retailers, who already saw a phenomenal year-over-year sales increase of 5.6 percent in January. This, of course, bodes well for the U. S. economy going forward, as consumer spending makes up an estimated 70 percent of the countryrsquos economic activity. Beside a host of positive economic datamdashlow unemployment, strong household income growthmdashrecent consumer polls and surveys show Americans feel confident about their financial prospects in the coming year and are ready to start splurging. Consumer Exuberance at 13-Year High The closely watched University of Michigan Consumer Sentiment Index raced up to a 13-year high in January, posting a final reading of 98.5. Therersquos little doubt that much of this exuberance stemmed from President Donald Trumprsquos pledges to cut and simplify taxes and deregulate businesses. Although the index cooled to 95.7 in February, this still bodes very well for retailers. On Surer Financial Footing According to McKinsey amp Companyrsquos recent Consumer Sentiment Survey, conducted online in September, more American consumers expressed feelings of stronger financial security than at any time in the past eight years. When asked if they were living paycheck to paycheck, for instance, less than a quarter said yes, compared to more than half of respondents who answered in the affirmative in 2009. In addition, fewer U. S. consumers said they were using money-saving strategies such as using coupons and loyalty cards or waiting for a sale before making a big-ticket purchase. U. S. Among the Most Confident Countries In the fourth quarter of 2016, American consumers were the worldrsquos third-most confident consumers, according to Nielsenrsquos just-released Consumer Confidence Report. The country moved up an amazing 17 points during the three-month period, the most of any country in the 63-country survey. It was also one of only two countries representing Europe or the Americas to appear in the top 10, the other being Demark at number nine. By all measures, Americans were optimistic about the coming year. Six in 10 said now was a good time to buy the things they wanted, and intentions to spend on vacations rose 11 percent. Meanwhile, recessionary fears dropped dramatically. Top 10 Most Optimistic Countries in Global Consumer Confidence Survey Q4 2016 Change from Previous Quarter Before moving on, I must say that itrsquos incredible to see India retain the number one spot for the eighth consecutive quarter, despite the effects of Prime Minister Narendra Modirsquos demonetization scheme in November. Strong Retail Sales Expectedhellip With a Caveat All of this renewed optimism will translate, hopefully, into stronger retail sales. The National Retail Federation (NRF) projected 2017 sales, excluding automobiles, fuel and restaurants, to grow between 3.7 percent and 4.2 percent from 2016. This would put growth above the 10-year average of 2.9 percent and make it the best year since 2012. The NRF tempered this enthusiasm, however, by pointing out the risks of Trumprsquos protectionist agenda, writing that ldquolawmakers should take note and stand firm against any policies, rules or regulations that would increase the cost of everyday goods for American consumers. rdquo This attitude was echoed by Walmart CFO Brett Biggs, who told reporters this week that he was most concerned about Trump and House Republicansrsquo plan for a border adjustment tax. ldquoClearly anything that would potentially raise prices for our customers in the U. S. is a concern for us, rdquo Biggs said, according to Business Insider. This week, Trump met with eight retail CEOs, whose companies represent a combined 270 billion in sales in 2016. Two of these CEOs in particular, Targetrsquos Brian Cornell and Best Buyrsquos Hubert Joly, voiced their strong opposition to a border tax, as it could significantly raise prices and dampen consumersrsquo feel-good mood. With that said, I hope President Trump will make the right decision for American businesses and consumers, with respect to trade. Enthusiasm right now seems to be riding predominantly on tax reform and deregulation, and itrsquos at risk of being derailed by higher taxes at the border. All opinions expressed and data provided are subject to change without notice. Some of these opinions may not be appropriate to every investor. By clicking the link(s) above, you will be directed to a third-party website(s). U. S. Global Investors does not endorse all information supplied by thisthese website(s) and is not responsible for itstheir content. The Dow Jones Industrial Average is a price-weighted average of 30 blue chip stocks that are generally leaders in their industry. The University of Michigan Confidence Index is a survey of consumer confidence conducted by the University of Michigan. The report, released on the tenth of each month, gives a snapshot of whether or not consumers are willing to spend money. The online Consumer Sentiment Survey was in the field from September 3 to 27, 2015, and garnered responses from at least 1,000 consumers in each of 21 countries, plus another 1,000 consumers across the Middle East and 250 consumers in Taiwan. Because the survey was administered online, the sample largely reflects the characteristics of the typical online populationmdashyounger, urban, and more affluent. The Nielsen Global Consumer Confidence Survey is an online survey of more than 30,000 respondents across countries in Africa, Asia-Pacific, Europe, Latin America, the Middle East and North America. It uses age and gender quotas to ensure the results are representative of Internet users. Scores above 100 indicate optimism. Holdings may change daily. Holdings are reported as of the most recent quarter-end. None of the securities mentioned in the article were held by any accounts managed by U. S. Global Investors as of 12312016. Share ldquo5 Charts That Show 2017 Could Be a Banner Year for Retailersrdquo Inflation just got another jolt, rising as much as 2.5 percent year-over-year in January, the highest such rate since March 2012. Led by higher gasoline, rent and health care costs, consumer prices have now advanced for the sixth straight month. In addition, January is the second straight month for rates to be above the Federal Reserversquos target of 2 percent. Air fares are also climbing, and speaking of air fares, billionaire investor Warren Buffett added to his domestic airline holdings, we learned last week. Buffettrsquos holding company, Berkshire Hathaway, is now the second-largest holder of American Airlines, with an 8.79 percent share of the company. It also increased its holdings in Delta Air Lines by over 800 percent, to 60 million shares. The company now owns 43.2 million shares of Southwest Airlines, and it increased its stake in United Continental to about 28 million shares. What else is driving the airline industry A March rate hike now looks all but imminent. Many economistsmdashincluding the Goldman Sachs economists I had the pleasure to hear speak this weekmdashexpect to see at least three such hikes this year alone. Gold responded accordingly, closing above 1,240 for the first time since soon after the November election. Below you can see the gold price charted against the inflation-adjusted 10-year Treasury yield, which is now in subzero territory. The question I have is: Why would an investor deliberately choose to lose money But thatrsquos precisely whatrsquos happening now with inflation where it is. quotSignificant increases in inflation will ultimately increase the price of gold, rdquo Greenspan said. ldquoInvestment in gold now is insurance. Itrsquos not for short-term gain, but for long-term protection. rdquo He also reiterated his view, which I share, that gold is much more than just a metal but a currency: I view gold as the primary global currency. It is the only currency, along with silver, that does not require a counterparty signature. Gold, however, has always been far more valuable per ounce than silver. No one refuses gold as payment to discharge an obligation. Credit instruments and fiat currency depend on the credit worthiness of a counterparty. Gold, along with silver, is one of the only currencies that has an intrinsic value. It has always been that way. No one questions its value, and it has always been a valuable commodity, first coined in Asia Minor in 600 BC. Although major stock indices continue to hit fresh all-time highs on hopes of tax reform and fiscal stimulus, itrsquos important to temper the exuberance with a little prudence. The bull market, currently in its eighth year, is facing some significant geopolitical and macroeconomic uncertainty, and we could be getting late in the economic cycle. This makes goldrsquos investment case even more attractive. For the 10-year period, the yellow metal has shown an inverse correlation to risk assets such as stocks and high-yield bonds. It might be time to ensure that your portfolio has the recommended 10 percent in goldmdashthat includes 5 percent in gold coins and jewelry, the other 5 percent in quality gold equities and mutual funds. China and India to Lead World Economy by 2050 The long-term investment case for gold looks just as compelling following bullish reports last week from PricewaterhouseCoopers (PwC) and Morgan Stanley. China and India are the worldrsquos top two consumers of gold, and both countries are expected to make huge economic gains in the next few decades. This is likely to boost gold demand even more, which has a high correlation with discretionary income growth. China alone consumed approximately 2,000 metric tons in 2016, or roughly 60 percent of all the new gold that was mined during the year, according to veteran mining commentator Lawrie Williams, who based his estimates on calculations made by BullionStarrsquos Koos Jansen. The 2,000 metric tons is a much higher figure than what analysts and the media have been telling us, but Irsquove always suspected Chinarsquos annual consumption to run higher than ldquoofficialrdquo numbers. According to PwCrsquos models, China and India should become the worldrsquos number one and number two largest economies by 2050 based on purchasing power parity (PPP). China, of course, is already the largest economy by that measure, but PwC sees the Asian giant surpassing the U. S. economy on an absolute basis by as early as 2030. As for India, it ldquocurrently comprises 7 percent of world GDP at PPP, which we project to rise steadily to over 15 percent by 2050,rdquo PwC writes. ldquoThis is a remarkable increase of 8 percentage points, gaining the most ground of any of the countries we modeled. rdquo I think itrsquos also worth highlighting Indonesia, which is expected to replace Japan as the fourth-largest economy by midcentury. E7 economies, in fact, could end up dominating the top 10, with Mexico moving up to number seven and France dropping off. You can see the full list on PwCrsquos site. China Set to Become High Income by 2027 Then therersquos Morgan Stanleyrsquos 118-page report, ldquoWhy we are bullish on China. rdquo The investment bank sees a number of dramatic changes over the coming years, the most significant being Chinarsquos transition from a middle-income nation to a prosperous, high-income nation sometime between 2024 and 2027. (The high-income threshold is a gross national income (GNI) of around 12,500 per capita.) This would make China one of only three countries with populations over 20 million that have managed to accomplish this feat in the past 30 years, the other two being South Korea and Poland. This trajectory is supported by a number of expectations, including, most importantly, Morgan Stanleyrsquos confidence that China will manage to avoid a debt-related financial crisis, as some investors might now believe is forthcoming. The bankrsquos view is that the Chinese government will successfully provide ldquoadequate policy buffers and deft management of the policy cyclerdquo to ensure the growth of per capita incomes. Other key transitions will additionally need to take place for the country to reach high-income status by 2027, including transitioning from a high investment economic model to high consumption and implementing meaningful state-owned enterprise reform. Although China is currently transitioning from a manufacturing economy to one thatrsquos focused on consumption and services, the country will also need to emphasize high value-added manufacturing. In addition, since President Donald Trump has officially withdrawn the U. S. from the Trans-Pacific Partnership (TPP), China could very well use this as an opportunity to take the lead in global trade, Morgan Stanley writes. This view aligns with comments Irsquove previously made. China is already reportedly weighing its options with two alternative free-trade agreements (FTAs), one that includes the U. S. (the Free Trade Area of the Asia Pacific) and one that does not (the Regional Comprehensive Economic Partnership). Itrsquos probably safe to say, however, that given Trumprsquos opposition to FTAs, trade negotiations involving the U. S. are unlikely to happen anytime soon. Investors Underweight China Taken together, this is all good news for gold. Again, when incomes rise in China and India, gold demand has historically benefited. But it also makes China a compelling place to invest in. And yet investors have tended to be shy, underweighting the country for at least a decade in relation to the broader emerging markets universe. This, despite the fact that China has largely outperformed emerging markets for the last 15 years. According to Morgan Stanley, the MSCI China Index has delivered a compound annual growth rate (CAGR) of 13 percent for the 15-year period, versus the MSCI Emerging Markets Indexrsquos CAGR of 10 percent over the same period. The Consumer Price Index (CPI) is one of the most widely recognized price measures for tracking the price of a market basket of goods and services purchased by individuals. The weights of components are based on consumer spending patterns. The MSCI China Index captures large and mid-cap representation across China H shares, B shares, Red chips, P chips and foreign listings (e. g. ADRs). With 150 constituents, the index covers about 85 of this China equity universe. The MSCI Emerging Markets Index captures large and mid-cap representation across 23 Emerging Markets (EM) countries. With 832 constituents, the index covers approximately 85 of the free float-adjusted market capitalization in each country. Holdings may change daily. Holdings are reported as of the most recent quarter-end. The following securities mentioned in the article were held by one or more accounts managed by U. S. Global Investors as of 12312016: American Airlines Group Inc. Delta Air Lines Inc. United Continental Holdings Inc. Southwest Airlines Co. Share ldquoGold Gets a Shot in the Arm from Inflation and Chinardquo On Monday I had the opportunity to attend a conference at Goldman Sachsrsquo Dallas office. Among the dozens of money managers and investors who attended, a combined 1 trillion in assets was represented. The speakers were numerous, from famed economist Jan Hatzius, Goldmanrsquos head of global economics, to Jeff Currie, global head of commodities research. Everyone was exceedingly smart and articulate, and I left the conference feeling recharged with much to think about. One of the most fascinating takeaways was Goldmanrsquos increased use of sentiment analysis tools. Basically what this means is sophisticated software trawls the internet in real time for public attitudes and opinions on companies, products, sectors, industries, countriesmdashyou name it. Sources can include press releases, news stories, earnings calls, blogs, social media and more. All of this data is gathered and analyzed, giving quants and other highly sophisticated investors a better idea of where tomorrowrsquos opportunities lie. We have experience gauging sentiment using platforms designed by Meltwater and ScribbleLive, and I was pleased to see our efforts validated. Goldmanrsquos preferred system is Stanfordrsquos CoreNLP, which is able to break down and analyze sentences in a number of different ways (and different languages to boot). Below is just a sampling of what the process looks like. This strategy has been working well, Goldman said, and investors and managers plan to continue practicing it. As I said, we take sentiment very seriously. In last weekrsquos Investor Alert, we made note of the fact that the mediarsquos use of the word ldquouncertaintyrdquo has soared to a record high since the November election. This is in line with recent movements in the Global Economic Policy Uncertainty Index, which is also now at all-time highs following Donald Trumprsquos election and Brexit in the U. K. Goldman Bullish on Commodities At the same time, small business optimism in the U. S. as measured by the National Federation of Independent Business (NFIB), soared to a 12-year high on the back of Trumprsquos election. At 105.8, its December reading was up a phenomenal five standard deviations. Much of this optimism was driven by Trumprsquos pledge to roll back regulations and lower corporate taxes, a point Irsquove made several times already. Goldman echoed this thought, arguing the U. S. is behind the curve on cutting corporate taxes, compared to the average rate of the 35-member Organization for Economic Cooperation and Development (OECD). Using its sentiment analysis tools, however, Goldman managed to come to these conclusions as early as Novembermdashwhich is the same month the investment bank turned bullish on commodities for the first time in four years. Goldmanrsquos line of reasoning When business optimism goes up, capital expenditure (capex) also goes up, and when capex goes up, commodities tend to follow. I should add that the bank has historically been neutral on commodities, recommending an overweight position only four times in the last 20 years. So when it does become bullish, investors should pay attention. Look at the Timing But therersquos more to the commodity investment case than sentiment. The timing looks ideal as well. Below, take a look at the output gap, which measures the difference between an economyrsquos actual manufacturing output and its potential output. When the gap is positive, that means demand is high and output is at more than full capacity. When itrsquos negative, that means demand has shrunk and output is less than what an economy should be capable of producing. You can see that the output gap in the U. S. is finally turning positive, therefore entering the third stage of the business cycle, the best for real assets. The third stage is expansionary, characterized as having high output and fast growthmdashnot to mention traditionally higher returns. We all know that past performance is no guarantee of future results. But similar periods in the pastmdashshaded in graymdashwere associated with commodity super-cycles, the most recent one being the 2000s commodities boom driven by emerging markets, particularly China. So far this year, the Bloomberg Commodities Index has risen 1.7 percent, compared to a negative 3.4 percent for the same number of trading days last year. If you remember, commodities ended positively in 2016 for the first time in six years, so there should be further room to run. The Global Economic Policy Uncertainty (EPU) Index is calculated as the GDP-weighted average of monthly EPU index values for the U. S. Canada, Brazil, Chile, the U. K. Germany, Italy, Spain, France, the Netherlands, Russia, India, China, South Korea, Japan, Ireland and Australia, using GDP data from the International Monetary Fundrsquos (IMF) World Economic Outlook Database. Standard deviation is a measure of the dispersion of a set of data from its mean. The more spread apart the data, the higher the deviation. Standard deviation is also known as historical volatility. The Bloomberg Commodity Index is made up of 22 exchange-traded futures on physical commodities. The index represents 20 commodities, which are weighted to account for economic significance and market liquidity. Share ldquoWant to Find the Opportunities Follow the Sentimentrdquo As Winter Storm Niko blanketed the Northeast in snow last week, disrupting scores of flights in the U. S. airline executives convened in Washington to talk shop with President Donald Trump. Back in November, I wrote that domestic carriers are likely to see the new presidentmdashhimself the former owner of the now-defunct Trump Airlinesmdashas a strong partner in several key areas. Although a couple of airline CEOs have recently expressed strong opposition to some of Trumprsquos protectionist immigration policies, Thursday rsquos meeting appeared to be constructive, with the president telling the group he would soon be announcing something ldquophenomenal in terms of tax and developing our aviation infrastructure. rdquo Details of the tax plan, he said, would likely be announced sometime in the next two or three weeks. This rejuvenated some of the spirit that swept through the market soon after his election, reassuring investors that reform would come sooner than expected. Among other topics discussed at the meeting were the need for airport infrastructure improvements, industry deregulation, air traffic control and U. S. carriersrsquo competitive disadvantage to heavily-subsidized Persian Gulf carriers. Three state-owned Gulf carriers in particular have received as much as 50 billion in subsidies from Middle Eastern governments since 2004, which allow them ldquoto operate without concern for turning a profit, rdquo according to a letter addressed to Rex Tillerson, the new Secretary of State, and signed by three U. S. airline CEOs, including Doug Parker of American Airlines, Edward Bastian of Delta Air Lines and Oscar Munoz of United Airlines. U. S. airlines, obviously, do not have the same privilege, putting them at a competitive disadvantage in the international market. Encouraging the Gulf states to end subsidization, as the CEOs hope, would be a huge win for domestic carriers and their workers. The market seemed to like what it heard, as the NYSE Arca Airline Index rallied close to 2.3 percent Thursday. This was the biggest one-day move for the group in about a month, during which Trumprsquos executive immigration ban grounded airline stocks. The selloff following the executive order was overdone, I think, but it gave airline investors such as Warren Buffett an attractive buying opportunity. Speaking of which, we learned last week that Buffett was convinced to bet big on the industry, reversing his famously negative opinion of the group, after being in attendance at one of Doug Parkerrsquos investor presentations last March. Parker told attendees that consolidation had fundamentally transformed the industry, making it efficient and focused on demand. What else is driving the airline industry Teaching an Old Dog New Tricks Airlines got another boost last week after a federal appeals court, in a unanimous decision, struck down Trumprsquos travel ban. This prompted the president to tweet ldquoSEE YOU IN COURT, rdquo presumably meaning the Supreme Court. With respect to Trump, Irsquom reminded of a statement former president George W. Bush made back in 2010, less than a year after leaving office. ldquoHerersquos what you learn, rdquo he said. ldquoYou realize yoursquore not it. Yoursquore part of something bigger than yourself. rdquo The buck might stop with the president, but the office is so much greater than one man. This point was made by David Gergen, former advisor and senior official to a number of presidents, including Nixon, Ford and Reagan. Hersquos now a CNN political analyst, and it was my pleasure to hear him speak at Harvard recently. Trump is learning the hard way, Gergen said, that the Office of the President cannot be run like the Trump Organization, or any other private company. In public office, there are checks and balances, and therersquos blindingly harsh transparencymdashall of which the billionaire president, aged 70, has never had to deal with. Trump ran largely on his dealmaking expertise, and Irsquom still willing to give him the benefit of the doubt that he can negotiate good deals for the U. S. But itrsquos important to remember that successful deals, in business and in government, often canrsquot occur without a judicious amount of compromise. If he truly believes in the value and necessity of imposing a temporary immigration ban on seven mostly-Muslim countries, his administration will need to go about it in a way that pleases the courts. But then, none of us should be surprised if he insists on the ban in its current form. ldquoMy style of dealmaking is quite simple and straightforward, rdquo he wrote 30 years ago in Art of the Deal. ldquoI aim very high, and then I just keep pushing and pushing and pushing to get what Irsquom after. rdquo Hedge Fund Managers Sound Off Meanwhile, the presidentrsquos unpredictability and Twitter outbursts have inevitably engendered quite a lot of market uncertainty, which, as you know, investors donrsquot like. This has prompted several big-name hedge fund managers to weigh in. One such manager is value investor Seth Klarman, who oversees 30 billion as head of Boston-based Baupost Group. He tends to be media-shy, but Klarman is no slouch. In the last 34 years, hersquos lost money in only three. Hersquos one of the very few money managers to receive open praise from Buffett himself. Anyway, in his annual letter to investors, Klarman raised concerns that Trumprsquos protectionist policies and deep tax cuts could seriously hamper economic growth, both domestically and abroad, by isolating the U. S. from global trade and adding significantly to the already-bloated national debt. ldquoExuberant investors have focused on the potential benefits of stimulative tax cuts, while mostly ignoring the risks from America-first protectionism and the erection of new trade barriers, rdquo he wrote. You can read more of Klarmanrsquos letter over at Andrew Ross Sorkinrsquos DealBook. Managers at hedge fund firm Carlson Capital, which controls over 8 billion, share many of the same concerns, telling investors recently that Trumprsquos trade policies could ldquocause a global depression and a major equity market decline. rdquo Even for some money managers who were initially excited by TrumpmdashRay Dalio and Jeff Gundlach among themmdashreality is beginning to set in. Gold Gains on Uncertainty Last year, central bank policy and negative real interest rates drove the gold rally. This year, it seems to be uncertainty over Trump and other antiestablishment leaders, which is convincing the smart money to make wagers on the yellow metal, often seen as a safe haven during shaky times. So far in 2017, itrsquos up close to 7 percent, compared to the SampP 500rsquos 2.6 percent. In fact, if you compare this yearrsquos price action to last yearrsquos, they look remarkably the same, with a dip in December before the Federal Reserve raised rates. Although past performance is no guarantee of future results, gold could gain another 100 an ounce this year if it continues to follow the same trajectory. Among those who are bullish on the yellow metal is Stanley Druckenmiller, the legendary hedge fund manager who dumped his gold the same day he learned Trump had been elected. Before that, it was the number one holding in his family office account. Now hersquos back, telling Bloomberg he ldquowanted to own some currency and no country wants its currency to strengthen. Gold was down a lot, so I bought it. rdquo Higher demand has been good for both junior and senior gold miners, which recently crossed above their 200-day moving averages. The NYSE Arca Gold Miners Index was up for an incredible seven straight days ended Monday, while the MVIS Global Junior Gold Miners has made positive gains in eight of the nine previous days. Germany Brings Home More of Its Gold Hedge fund managers arenrsquot the only ones whose demand for gold is strong. For the sixth straight year, central banks continued to be net importers of the metal in 2016, with China, Russia and Kazakhstan leading world consumption. Although it might not have purchased any gold in 2016, the Deutsche Bundesbank, Germanyrsquos central bank, ramped up its repatriation program, bringing home some 216 metric tons from vaults in New York, according to the Wall Street Journal. In 2011, former Fed Chair Ben Bernanke said central banks held gold simply because itrsquos tradition. I think the reason goes much deeper than that. Gold is moneymdashit has been ever since the first gold currency appeared in China more than 3,000 years agomdashand Germanyrsquos efforts are proof of that. All opinions expressed and data provided are subject to change without notice. Some of these opinions may not be appropriate to every investor. By clicking the link(s) above, you will be directed to a third-party website(s). U. S. Global Investors does not endorse all information supplied by thisthese website(s) and is not responsible for itstheir content. The SampP 500 Stock Index is a widely recognized capitalization-weighted index of 500 common stock prices in U. S. companies. The NYSE Arca Gold Miners Index is a modified market capitalization weighted index comprised of publicly traded companies involved primarily in the mining for gold and silver. The index benchmark value was 500.0 at the close of trading on December 20, 2002. The MVIS Global Junior Gold Miners Index includes companies that generate at least 50 of their revenues from (or, in certain circumstances, have at least 50 of their assets related to) gold mining andor silver mining or have mining projects with the potential to generate at least 50 of their revenues from gold andor silver when developed. Such companies may include micro - and small-capitalization companies and foreign issuers. The NYSE Arca Airline Index (XAL) is an equal dollar weighted index designed to measure the performance of highly capitalized companies in the airline industry. The XAL Index tracks the price performance of major U. S. and overseas airlines. Holdings may change daily. Holdings are reported as of the most recent quarter-end. The following securities mentioned in the article were held by one or more accounts managed by U. S. Global Investors as of 12312016: Delta Air Lines Inc. American Airlines Group Inc. United Continental Holdings Inc. Share ldquoInvestors Brace for a Storm of Uncertainty with Goldrdquo Top earners have traditionally been attracted to municipal bonds for their tax-exempt status at the federal and often state and local levels. In the wake of President Donald Trumprsquos stunning upset victory, however, muni investors were forced to readjust their expectations of fiscal policy going forward. Because Trump had campaigned on deep cuts to corporate and personal income taxes, equities soared while munis sold off, ending a near-record 54 weeks of net inflows. This appears to have been premature, for a couple of reasons. Tax Reform Unlikely to Happen Anytime Soon As I explained to you this week, Trump and congressional Republicans are currently butting heads on how best to handle tax reform, with many lawmakers saying itrsquos unlikely theyrsquoll get around to it during the new presidentrsquos first 100 days, and possibly his first 200 days. According to House Speaker Paul Ryan, Congress will focus instead on replacing the Affordable Care Act (ACA) and funding Trumprsquos 1 trillion infrastructure spending package before it worries about taxes. With an estimated 30 million Americans enrolled on Obamacare exchanges, finding a suitable replacement is of high importance and might take some time. The same goes with negotiating a costly infrastructure deal, which several fiscally conservative lawmakers are hesitant to support. Besides, we all know how fast Congress operates, even on a good day. Former President Barack Obama took office in January 2009, and even with a Democratic majority in the House and Senate, his signature health care law didnrsquot reach his desk until March the following year. All of this is to say that it might be premature to start dumping your munis, or withhold an investment in munis, purely on the notion that income taxes are about to get a haircut. Wersquore probably looking at many more months of Obama-era tax rates, including the 3.8 percent Obamacare surcharge on investment income. Other investors have realized this as well, which is why wersquore seeing positive net inflows back into muni bond funds. Plus, You Could End Up Paying More in Taxes If enacted as conceived, Trumprsquos tax reform plan would indeed be the most significant in decades, simplifying the number of tax brackets from seven to three, lowering the top rate from 39.6 percent to 33 percent and eliminating personal exemptions and filing status options. One of the unintended consequences of this is that income taxes could actually go up for certain middle-income filers. According to an analysis of Trumprsquos proposal by the independent Tax Policy Center, as many as 8 million American families, including a majority of single-parent households and large families, could end up paying more than they do now (emphasis mine): Increasing the standard deduction would significantly reduce the number of filers who itemize. We estimate that 27 million (60 percent) of the 45 million filers who would otherwise itemize in 2017 would opt for the standard deduction. Repealing personal exemptions and the head of household filing status, however, would cause many large families and single parents to face tax increases. What this means is that tax-exempt muni bonds could still play a valuable role in your portfolio. But What About Rising Interest Rates In December, the Federal Reserve lifted interest rates for only the second time in nearly a decade, and many expect to see up to three additional increases this year. Itrsquos important to be aware that when rates rise, bond prices fall because if newly issued bonds carry a higher yield, the value of existing bonds with lower rates declines. This is why I believe investors should take advantage of short - and intermediate-term munis, which are less sensitive to rate increases than longer-term bonds, whose maturities are further out. Our Near-Term Tax Free Fund (NEARX) invests primarily in short-term municipal debt issued by quality, fiscally responsible jurisdictions. As of December 31, the fund is rated four stars overall by Morningstar among 172 funds in the Muni National Short category. Morningstar ratings based on risk-adjusted return and number of funds Category: Muni National Short Through: December 31, 2016 To learn more, check out Please consider carefully a fundrsquos investment objectives, risks, charges and expenses. For this and other important information, obtain a fund prospectus by visiting usfunds or by calling 1-800-US-FUNDS (1-800-873-8637). Read it carefully before investing. Foreside Fund Services, LLC, Distributor. U. S. Global Investors is the investment adviser. Morningstar Ratings are based on risk-adjusted return. The Morningstar Rating for a fund is derived from a weighted-average of the performance figures associated with its three-, five - and ten-year (if applicable) Morningstar Rating metrics. Le performance passate non garantisce risultati futuri. For each fund with at least a three-year history, Morningstar calculates a Morningstar Ratingauml based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fundrsquos monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10 of funds in each category receive 5 stars, the next 22.5 receive 4 stars, the next 35 receive 3 stars, the next 22.5 receive 2 stars and the bottom 10 receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) Bond funds are subject to interest-rate risk their value declines as interest rates rise. Though the Near-Term Tax Free Fund seeks minimal fluctuations in share price, it is subject to the risk that the credit quality of a portfolio holding could decline, as well as risk related to changes in the economic conditions of a state, region or issuer. These risks could cause the fundrsquos share price to decline. Tax-exempt income is federal income tax free. A portion of this income may be subject to state and local taxes and at times the alternative minimum tax. The Near-Term Tax Free Fund may invest up to 20 of its assets in securities that pay taxable interest. Income or fund distributions attributable to capital gains are usually subject to both state and federal income taxes. All opinions expressed and data provided are subject to change without notice. Some of these opinions may not be appropriate to every investor. Share ldquoTrumps Tax Plan Could Cost You. Heres What to Do About Itrdquo Please consider carefully a fundrsquos investment objectives, risks, charges and expenses. For this and other important information, obtain a fund prospectus by clicking here or by calling 1-800-US-FUNDS (1-800-873-8637). Read it carefully before investing. Foreside Fund Services, LLC, Distributor. U. S. Global Investors is the investment adviser. Read additional important information. Bond funds are subject to interest-rate risk their value declines as interest rates rise. Tax-exempt income is federal income tax free. A portion of this income may be subject to state and local income taxes, and if applicable, may subject certain investors to the Alternative Minimum Tax as well. The Near-Term Tax Free Fund may invest up to 20 of its assets in securities that pay taxable interest. Income or fund distributions attributable to capital gains are usually subject to both state and federal income taxes. The tax free funds may be exposed to risks related to a concentration of investments in a particular state or geographic area. These investments present risks resulting from changes in economic conditions of the region or issuer. Gold, precious metals, and precious minerals funds may be susceptible to adverse economic, political or regulatory developments due to concentrating in a single theme. The prices of gold, precious metals, and precious minerals are subject to substantial price fluctuations over short periods of time and may be affected by unpredicted international monetary and political policies. We suggest investing no more than 5 to 10 of your portfolio in these sectors. Foreign and emerging market investing involves special risks such as currency fluctuation and less public disclosure, as well as economic and political risk. By investing in a specific geographic region, a regional fundrsquos returns and share price may be more volatile than those of a less concentrated portfolio. The Emerging Europe Fund invests more than 25 of its investments in companies principally engaged in the oil amp gas or banking industries. The risk of concentrating investments in this group of industries will make the fund more susceptible to risk in these industries than funds which do not concentrate their investments in an industry and may make the fundrsquos performance more volatile. Because the Global Resources Fund concentrates its investments in a specific industry, the fund may be subject to greater risks and fluctuations than a portfolio representing a broader range of industries. Stock markets can be volatile and share prices can fluctuate in response to sector-related and other risks as described in the fund prospectus. Morningstar Ratings are based on risk-adjusted return. The Overall Morningstar Rating for a fund is derived from a weighted-average of the performance figures associated with its three-, five - and ten-year (if applicable) Morningstar Rating metrics. Le performance passate non garantisce risultati futuri. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fundrsquos monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10 of funds in each category receive 5 stars, the next 22.5 receive 4 stars, the next 35 receive 3 stars, the next 22.5 receive 2 stars and the bottom 10 receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) Each of the mutual funds or services referred to in the U. S. Global Investors, Inc. website may be offered only to persons in the United States. This website should not be considered a solicitation or offering of any investment product or service to investors residing outside the United States. Certain materials on the site may contain dated information. The information provided was current at the time of publication. For current information regarding any of the funds mentioned in such materials, please visit the fund performance page. Some link(s) above may be directed to a third-party website(s). U. S. Global Investors does not endorse all information supplied by thisthese website(s) and is not responsible for itstheir content. All opinions expressed and data provided are subject to change without notice. Some of these opinions may not be appropriate to every investor. U. S. Global Investors bull 7900 Callaghan Road San Antonio, Texas 78229 bull 1-800-US-Funds copy2017 U. S. Global Investors, Inc. All Rights Reserved.
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