June 19, 2019
The Miles Franklin Newsletter
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From The Desk Of David Schectman
David's Commentary (In Blue):

If you want to jump right into my market commentary, you can skip this section . 
 
I took Susan to a Minnesota Twins game on Saturday night. We sat behind home plate and enjoyed the night out. It was a bit of a challenge because she broke her foot a week ago and can’t put any weight on it. She has to wear a boot and she moves around on a scooter (the leg with the broken foot rests on the scooter seat and the other leg pushes it forward). It was a bit of a problem because she had to navigate stairs. Without the scooter, of course. We have great seats, right behind home plate, courtesy of one of the Pohlads (the owners of the Twins) who is a client of Andy’s.
We have been in a bear market for 11 years and the battle for $1,350 gold and $15 silver is taxing my patience. Everywhere I turn it seems like the world is coming apart at the seams. Plus, I live in Minnesota where we have three seasons. Winter, road construction and mosquitoes. We are in the second season now, road construction wherever you go, and the mosquito season is right around the corner. This year, I fear the mosquito season will be a dandy. We had the most rain here on record. Mosquitoes love rain. The little buggers breed in pools of water and this year is a breeding paradise. Dodging potholes and preparing for the flying hoards – in addition to my daily attempts to find scary things to write about on the economy make it a priority of mine to have escapes, hobbies and interests that take my mind off of all of this.
 
I have been researching and writing about all the reasons we need gold and silver for more than three and a half decades. All that “negativity.” If everything was as great as Wall Street, the politicians and the media portray it, we wouldn’t have much need for our “insurance” metals portfolio. My escape from all of the bad news is music. Actually it’s more than music, it’s about sound. I go to great lengths and expense to bring life-like performances into my listening room. I built our house 14 years ago with a dedicated listening room, one that allows the best possible re-creation of a life-like performance. It’s a rare day when I am not spending at least four or five hours in front of these 5’ state of the art speakers. Music is good for the soul just as gold is good for peace of mind. On the floor, behind the speakers, are two sets of amplifiers. The pair directly behind the speakers are solid state (transistor) amps that work perfectly with the Tidal Akira speakers. Behind the Tidal amps are a pair of Kondo Kagura tube amps. The tube amps never play a bad note and are wonderful to listen to. The solid-state amps were manufactured by the same company that designed the speakers and are the last word in power and majesty. They sound very different. I switch between them, from time to time. This is not your typical IPhone music or car radio presentation. Music, sports (love my NFL, NBA and MLB) and Susan – that’s pretty much all I need in my daily life. (Not to mention my kids and grandchildren and the DOG) It makes it easier to sit down and write about all the things that can go wrong and are starting to go bad now when I can walk away from the computer, and sit down in my listening room and play Miles Davis or the Rolling Stones or Mozart. There is a line in one of my favorite movies, August Rush , where a young musical prodigy who hears music in everything around him asks Robin Williams why don’t other people hear it? Williams replies, “Because they aren’t listening.” I listen.
The economic news continues to go from bad to worse -- and all the market pundits of significant net worth are warning of recession dead ahead...taking their lead from the goings-on in the bond market. They're all long gold in one form or another...or about to be. And  Bill Bonner's 'Crash Alert' flag  is snapping in the ever-strengthening wind.
 
Interest rates in the U.S. are definitely heading lower -- and whether or not that decline begins with the FOMC meeting next week, remains to be seen. If not then, then certainly the next one. The U.S. dollar will be one of the major casualties -- and the rush to precious metals will grow in proportion, if not exponentially. What's been going on over the last six months has been but the very thin edge of the wedge. – Ed Steer
 
"Historically gold is perhaps the only store of wealth that has stood the test of time. Politicians and bankers may manipulate the markets short term, but long-term gold has always held its value." … Lawrence Williams, Mine Web
It’s 10:30 a.m. on Tuesday and here we are again, up against the cartel-imposed barriers of $1,350 gold and $15 silver. Gold was stopped at $1,349.70 and silver at $15. Both were “allowed to rise by 1%” and then that’s it for the day. There is a 1% rule, you know. Nine times out of ten the Cartel stops all the moves UP exactly at 1%. There is NO rule as to how far gold and silver can fall. It is only applied on the way up, to hold down excitement. They are crooks, but they are very good at their craft. It’s Groundhog Day all over again, but then what would you expect? The day is early, but it wouldn’t surprise me if the “top” is in for today. 
 
We will break through these barriers, and then we will run into another one at $1365.40 gold and $15.50 and $16 silver. Chances are the Fed will cut interest rates on Wednesday which will push the dollar lower and gold higher, maybe high enough to finally close and remain above $1,350.
When the Fed cuts rates on Wednesday that should give gold and silver the push they need to close above $1,350 and $15.
 
I’ve been reading a lot lately, and there are many “experts” who say now is the time to be long gold. And there are many “experts” who say it’s too early to be in gold and the stock market and the economy are strong. Who is correct? Beats me, but one view definitely will prevail. I don’t want to miss out by being light on gold (and silver). If you miss this, you may never catch up. You will do the common thing; justify your misplaced belief in the stock market and the economy and the magic of The Donald, and hold out until the price of gold and silver have moved up so much you will feel foolish trying to enter at those much, much higher prices. Be warned. The worst-case scenario is it may still be just a little early, but better early than late. Those are my words of wisdom. 
Ed Steer
 
It was yet another day where the powers-that-be were at the ramparts almost all day long to prevent a rush to precious metals that would doom the paper monster that they've created since Nixon "temporarily" took the U.S. off the gold standard forty-eight years ago.
 
They used whatever paper it took to tame the beast yesterday, but in the end it is a battle that they simply cannot win. However, they obviously aren't going to go down without a fight. But it will be a fight in the paper markets mostly, as physical metal in quantity is almost impossible to come by, unless some central bank in the world is prepared to open their vaults and sell it at today's price in the current economic, financial and monetary nightmare that the world faces today. Good luck with that, as it ain't going to happen!
 
Here's a chart that I plucked out of a commentary on the dailyreckoning.com Internet on Monday -- and today's column is the perfect place to post it. They say that "a picture is worth a thousand words" -- and this one speaks volumes. No other comments are required -- and the 'click to enlarge' feature does not help .
I f there was a more eagerly anticipated outcome to a Fed meeting, I can't remember when it was...if ever. Will they or won't they? If they don't, they'll do the deed in July -- and the result will be the same...a much lower dollar and much higher precious metal prices. All they’re doing is putting off the inevitable, especially considering what Mario Draghi had to say when he opened his pie hole in Portugal early yesterday morning. Trump was not amused -- and I'm sure that Mr. Powell wasn't, either.
Todd ‘Bubba’ Horwitz
 
As the Gold Churns is the soap opera we are watching today. With the Fed less than 24 hours away, gold traders and investors are trying to position themselves for the what the clueless will say. Traders and investors will once again be looking for clues of how the markets will react to this most-awaited meeting in years.
 
With gold once again pushing over the $1,350 level, which is the key resistance, will the Fed throw cold water on the gold party that has the metal targeting $1,400? Obviously trying to predict what an organization that has no common sense is going to do is the same as trying to figure out what the ending of a soap opera is going to be. Since soap operas go on forever with major plot twists and turns, there is no way to know what’s next.
 
However, we do know that the Street expects a rate cut in the next couple of meetings. The cut could be tomorrow but more likely in July, but either way, disappointment could send equities down and gold higher. All we can do is follow the footprint, which tells us gold is going higher, and we will remain long until the footprints change.

LAWRIE WILLIAMS: Gold at $1,350 and silver at $15 – what now?

It only took a rise in tensions in the Middle East again to take gold and silver prices to the next level in morning trading in Europe but again, as usual, when American markets opened the earlier gains were reversed with gold at one time breaching $1,340 on the downside. It certainly wasn't allowed to end the week at the higher levels! But there were signs that the reversal, put down to opportunistic profit taking, might be short-lived. We shall see what transpires next week.

The trigger for the big rise in this instance was the sabotage, or deliberate mining, of two ocean going supertankers bound from the Persian Gulf to ports in the Far East. The U.S. Administration has accused Iran of being behind the damage to the supertankers but has offered little more in the way of proof of Iran’s supposed involvement apart from video footage of an apparent operation by Iranian special forces to remove an unexploded limpet mine from one of the tankers. That this could equally have been a safety-inspired move by the Iranians to prevent more damage to a tanker close to its waters, which could lead to serious potential environmental problems for any of the countries with Gulf coastlines, including Iran, does not seem to have been a consideration.

Egon von Greyerz
GOLD MAGINOT LINE BROKEN – TIME TO BUY INSURANCE

The breakout in gold and silver that we have been patiently waiting for is now starting. The long term up move in the precious metals, which have been pausing since 2011, is now resuming. We can with confidence expect all the short-term resistance levels to be broken. The first obstacle was the   Gold Maginot Line at $1,350 . As I have said for quite some while, this 6-year resistance was always guaranteed to break. It has already been broken in most currencies, so gold in dollars was never going to hold out for much longer. And today it happened in Asia and Europe with gold reaching $1,358.

As expected, when the Comex opened the gold paper boys used their paper soldiers to push gold and silver down. But they will fail, maybe already by the close today or certainly very soon.

Ed Steer
https://edsteergoldsilver.com/newsletter/

A more blatant and in-your-face market manipulation in both the dollar index and the precious metals, could hardly be imagined. It is was so obvious that "both Stevie Wonder and Ray Charles could see it"...as Ted mentioned on the phone yesterday.
 
Once again -- and as always,  it is Managed Money buying and commercial selling that account for virtually 100 percent of the price changes in gold and silver  
 
'Da boyz' had their hands full yesterday...capping the rallies in gold and silver at the London open, as they ramped the dollar index higher at the same time. The equity markets in New York didn't co-operate, either. They managed to get the Dow into positive territory in afternoon trading, but in the last thirty minutes there was a wave of selling -- and it closed down on the day -- and up only 20 points on the week.

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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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