July 31, 2019
The Miles Franklin Newsletter
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From The Desk Of David Schectman
The silver price continues to add to its gains every day, not by a lot, but a slow and steady rise -- and I get the impression that this silver price rally is being as equally engineered as the price declines we've experienced in the past. This is something that Ted has pointed out on a number of occasions, which I'd forgotten to mention.
 
Silver is not just overbought, it's hugely overbought now -- and a price decline [equally engineered] to 'correct' this overbought condition, wouldn't surprised me in the slightest...nor should it you. But whatever 'correction' is in the cards, it will only be a temporary setback.
But there's still the possibility that the Commercial traders could get overrun...sans JPMorgan. But if that does happen, it will be as Ted says..."the first time it has". – Ed Steer
 
G old is just about to enter into a new bull rally cycle. The next breakout point had to be $1,450. I believe when it breaks beyond that, it’s going to spike for the $2,000 mark.” - Gerald Celente
“Russia and China are stocking up on gold . . . as they agree to stop using the U.S. dollar and go to the yuan and ruble, which means they will stop recognizing the U.S. dollar. The dollar will lose its value because of that. We have a huge debt, and by 2025, our deficit will be $30 trillion.  – Kevin Shipp
 
 
Longer-term, gold prices are headed much higher than current levels and could even go to $5,000 an ounce, this according to Peter Schiff, CEO of Euro Pacific Capital. 
“I do think that this is the beginning of the breakout of the consolidation that we’ve been in for the last several years, but ultimately I think gold’s going to go quite a bit higher than $5,000,” – Peter Schiff
David's Commentary (In Blue)

Andy Rooney tells it like it is. He has never been “politically correct.” This is very refreshing.
Rooney was one in a million. 
 
At the end of  '60 Minutes'  he usually had his own 10-minute
segment that, unbelievably, was never censored by CBS.
He's probably the only one who could have gotten away with this.
May he rest in peace, and his words be remembered !
I don't think being a minority makes you a victim of anything except
numbers.. The only things I can think of that are truly discriminatory are
things like the United Negro College Fund, Jet Magazine, Black Entertainment
Television, and Miss Black America.
Try to have things like the United Caucasian College Fund, Cloud Magazine, White
Entertainment Television, or Miss White America; and see what happens. Jesse
Jackson will be knocking down your door.
Guns do not make you a killer. I think killing makes you a killer. You can kill someone
with a baseball bat or a car, but no one is trying to ban you from driving to the ball game.
I believe they are called the Boy Scouts for a reason, which is why there are no girls allowed.
Girls belong in the Girl Scouts! Are you listening Martha Burke?
I think that if you feel homosexuality is wrong, it is not a phobia, it is an opinion.
I have the right 'NOT' to be tolerant of others because they are different, weird, or tick me off.
When 70% of the people who get arrested are black, in cities where 70% of the population is black, that is not racial profiling; it is the Law of Probability.
I believe that if you are selling me a milkshake, a pack of cigarettes, a newspaper or a hotel room, you must do it in English! As a matter of fact, if you want to be an American
citizen, you should have to speak English!
My father and grandfather didn't die in vain so you can leave the countries you
were born in to come over and disrespect ours.
I think the police should have every right to shoot you if you threaten them after
they tell you to stop. If you can't understand the word 'freeze' or stop' in
English, see the above lines.
I don't think just because you were not born in this country, you are qualified for any special
loan programs, government sponsored bank loans or tax breaks, etc., so you can
open a hotel, coffee shop, trinket store, or any other business.
We did not go to the aid of certain foreign countries and risk our lives in wars to defend their freedoms, so that decades later they could come over here and tell us our constitution is a living document; and open to their interpretations.
I don't hate the rich; I don't pity the poor.
I know pro wrestling is fake, but so are movies and television. That doesn't stop you from watching them.
I think Bill Gates has every right to keep every penny he made and continue to make more. If
it ticks you off, go and invent the next operating system that's better, and put your name on the building.
It doesn't take a whole village to raise a child right, but it does take a parent to stand up to the kid and smack their little behinds when necessary, and say 'NO!
I think tattoos and piercing are fine if you want them, but please don't pretend they are a political statement. And, please, stay home until that new lip ring heals. I don't want to look at your ugly infected mouth as you serve me French fries!
I am sick of 'Political Correctness.' I know a lot of black people, and not a single one of
them was born in Africa; so how can they be 'African-Americans'? Besides, Africa
is a continent. I don't go around saying I am a European-American because my
great, great, great, great, great, great grandfather was from Europe.
I am proud to be from America and nowhere else, and if you don't like my point of view, tough...?.
I PLEDGE ALLEGIANCE TO THE FLAG, OF THE UNITED STATES OF AMERICA, AND TO THE REPUBLIC, FOR WHICH IT STANDS, ONE NATION UNDER GOD, INDIVISIBLE, WITH LIBERTY AND JUSTICE FOR ALL!
I was asked to send this on if I agree or delete if I don't. It is said that 86% of Americans believe in God. Therefore I have a very hard time under-standing why there is such a problem in having 'In God We Trust' on our money and having 'God' in the Pledge of Allegiance. Why don't we just tell the 14% to BE QUIET!!!   If you agree, pass this on, if not
  There is still time to make money in this brand new gold bull market. It’s still early in the game. The gold and silver sector has been overlooked by investors. With negative interest rates popping up all over Europe and the far east, the stock market being overvalued, and the world’s major central banks (the Fed, and the central banks in Japan and the EU) lowering interest rates, pouring more money into the system to keep it afloat; gold and even silver are making their way onto the radar screen.
 
It shouldn’t be long before investors from Europe and the Far East start buying gold. In their currencies, gold is rising rapidly.
 
Gold, priced in non-dollar currencies is performing very strongly. Gold is near an all-time high in the British Pound.
And here it is in the Japanese yen at another multi-year high. 
The same thing is happening with gold in Chinese Yuan. It is at a high going back over seven years.
In today’s first article, by Alasdair Macleod, he states,
“ Gold appears to be breaking out of a multiyear base, solid enough to offer the prospect of a potentially strong bull market in the dollar price of gold.”
He says the “trend-chasing” investors have taken notice since gold broke above resistance at $1,350 and then followed up by taking out $1,400. They are about to join the party. 
 
Macleod lists 8 myths about gold. He concludes,
“ Now that its dollar price has broken out of a multi-year torpor, gold offers the prospect of enhancing portfolio returns, which is why it is catching the attention of the investment management industry.”
           
Alasdair Macleod
 
What's Behind Gold's Breakout?
 
Gold’s dramatic move above $1400 has caught the investment establishment by surprise. Physical gold ETFs, as a proxy for direct portfolio investment, amount to only 0.05% of the estimated $250 trillion of global investment values. As well as being badly wrongfooted, investment managers have little understanding of the role of gold as money, believing it to have no role in the monetary system. They will have to undergo a rapid re-education. This article addresses their common misconceptions.

I have closely followed John Williams (Shadowstats) for more than 15 years. I sometimes wonder if he is the only mainstream economist who deals with honest and real data. In his excellent interview with Greg Hunter, Williams says,
“The Fed may not ever be able to go back and do what they did before. We may be entering a period of perpetual quantitative easing (money printing).” “I think the Fed is seeing the economy is turning down sharply and that they are in bad trouble with the economy.”
Williams is warning of a slowing economy and money printing to try to fix it all—again. He goes on to say,
“I can tell you why I would buy gold. You are seeing something here that is extraordinarily dangerous. It doesn’t have a happy ending for the traditional markets”.
Greg Hunter (USA Watchdog)
 
Williams Warns, We're "Entering A Period Of Perpetual Money-Printing"
 
Via Greg Hunter’s  USAWatchdog.com ,
 
Economist John Williams says be careful what you wish for when it comes to Federal Reserve interest rate cuts.
 
Williams explains, “ Unless you can get a good healthy consumer, you are not going to get a good healthy economy. It’s that simple. .."
 
"I think the Fed recognizes that, but they want to get rates higher because that will help the banking system. It will help make lending a little easier and start to return the system to normal. The problem with them backtracking now is the Fed may not ever be able to go back and do what they did before. We may be entering a period of perpetual quantitative easing (money printing).
 
That changes the ballgame, and I am not sure where that’s going to go. It’s not as happy as it would have been if we had gone through a transition where bad parts of the banking system failed and you rebuilt and had a strong buildup from there with the economy and everything else...
 
Perpetual quantitative easing (money printing) is frightening, and it’s a new world. No one has ever seen anything quite like this.”
 
Williams says all his data is showing the economy is already faltering. Williams point out:
 
“ If you believe the GDP numbers, the economy has expanded 25% since the Great Recession, but there is no other number that shows that...
 
I have been contending that we are heading into a new recession. What I am looking at in recovery is that the economy has never really recovered...
 
The Fed raised rates too much in too fast of a period of time. Had they stretched that over a couple of more years instead of trying to get things back to normal in two years, that might have worked better. What they did was effectively crashed the economy.”
Is there going to be a rate cut? What does Williams think the Fed is seeing right now? Williams says,
 
 
“ I think the Fed is seeing the economy is turning down sharply and that they are in bad trouble with the economy. The way (Jay) Powell talked, and he is the Fed Chairman, indicated that.”
 
So, yes, Williams thinks the Fed will cut rates soon.
 
On top of that, Williams just had a research study where he asked USAWatchdog.com viewers to email him about the economic situation they see in their home towns all across America. A street level view from people in 33 states was sent in, and Williams found, “It varies by state and it varies by region. The point is it is not uniform, and if you look at the responses, we had most that came in were negative. It was roughly 2.7 negative to one positive.”
 
So, yet another expert is warning of a slowing economy and money printing to try to fix it all—again. Williams warns,
 
“I can tell you why I would buy gold. You are seeing something here that is extraordinarily dangerous. It doesn’t have a happy ending for the traditional markets...
 
Back when the S&P downgraded the Treasuries, I believe in 2009, Alan Greenspan, who was no longer Fed Chairman at the time but was very vocal, said that was nonsense. He said there was zero risk of the U.S. defaulting on its debt because all the debt the U.S. owes is in dollars. We can print as many dollars that we want, and he’s absolutely correct...
 
The fact that you are making the bonds worthless by devaluing the currency I think is effectively a default, but not a formal default...
Greenspan said we can print any number of dollars we need, and that’s exactly what they did to the currency in Venezuela, Zimbabwe and the Weimar Republic. That gives you hyperinflation.”
 
Join Greg Hunter as he goes One-on-One with economist John Williams, founder of  ShadowStats.com.
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About Miles Franklin

Miles Franklin was founded in January, 1990 by David MILES Schectman. David's son, Andy Schectman, our CEO, joined Miles Franklin in 1991. Miles Franklin's primary focus from 1990 through 1998 was the Swiss Annuity and we were one of the two top firms in the industry. In November, 2000, we decided to de-emphasize our focus on off-shore investing and moved primarily into gold and silver, which we felt were about to enter into a long-term bull market cycle. Our timing and our new direction proved to be the right thing to do.

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