Tag Archives: Shanghai Gold Exchange

Hugo Price Salinas: The Crumbling World Order And Gold

The massive “disintermediation” of physical gold from western Central Banks plus bank and ETF custodial vaults to the east, especially China, India and Russia will eventually be one of the biggest stories/events of this millennium.   This acceleration in the migration of physical gold this year has been triggered by the relentless manipulation of gold by the Fed/ECB/BoE and its agent bullion banks using fraudulent paper gold contracts.  Recently, the drawdown in the amount of gold reported to be in the vaults on the Comex and in HSBC’s GLD vault is nothing short of stunning.

Hugo Salinas Price has written a must-read essay on the collapse of the west and measures China will implement assume the lead role in a restructured global world order:

The Chinese evidently have some plans which they are not divulging, for we see that China is purchasing huge amounts of gold. In the meantime, the US insists on trashing the price of gold, as if to say that the Dollar is and will remain the world’s supreme currency till the end of time.

China is quietly accumulating gold and saying nothing. But we can try to guess what China is thinking: “The US is mired in an insoluble problem. Do nothing to provoke the US. The US will destroy itself in a huge collapse.”

You can read his entire analysis here:   The Crumbling World Order and Who Will Pick Up the Crumbs?

The middle class in the United States has no idea that a heavy 2×4 is being at the back of their heads.  By the time many of them realize what is happening, it will be too late to duck.

 

The Friday Gold Price Raid Reeks Of Desperation

The bears are driving gold down into zones at which [Asian] physical demand will become prodigious.  – John Brimelow,  John Brimelow’s Gold Jottings Report

The economy is starting to collapse.  All the non-Government-reported economic metrics are showing that the bottom is falling out of the demand side of GDP at all levels of the economic system – OEM, wholesale, middleman, retail.

The cable biz news networks have sent their emissaries out to the landmark Times Square/Herald Square stores in NYC to try and manufacture a story about “Black Friday.”  Aside from the footage of the pre-dawn door openings at Macy’s – and at a few semi-ghetto area Walmarts around the country where fights broke out – there is no story.  I just saw a clip of some blonde bimbo from Fox Biz at the Times Square Toys R US store – it was very quiet in the background aside from some curiosity seekers.

So why not cover up the truth by hiding the “canary in the coal mine” and blasting the price of gold?   That’s exactly what happened on Friday morning at 8:00 a.m. EST:

UntitledAs you can see from the graph to the left, the trading in gold during the Asian and early London hours was largely subdued. At 8:00 a.m. the Comex paper gold contract went into its now-familiar cliff-dive formation.  Bare in mind that this is probably one of the most quite, low-volume trading periods of the entire week, as Asia and the Middle East are in bed and London’s paper gold market is starting to doze off the weekend.   No one single other commodity  or market index exhibited any unusual trading patterns or volume when gold was smashed.  Even silver, after an initial “sympathy” sell-off, has held up remarkably well.  This was an intentional raid on the gold market.

Between 8:00 a.m. and 8:30 a.m., 19,595 contracts were traded, largely dumped into the market.  This is many multiples higher than the typical pre-Comex floor open volume. Make no mistake, any seller looking to move, 1.96 million ounces of paper gold – approximately 58 tonnes – would wait for the periods of time when the there’s is a lot more volume in order to mask the amount of paper he needs to sell AND to maximize the sale proceeds.

The sell operation put into motion did not have the slightest intent to maximize proceeds – it was sheer shock and awe.  Interestingly, GOFO/lease rates in London are exhibiting the signs of increasing “stress” on the demand for physical gold deliveries.  The GOFO rates posted this morning were negative out to three months and the rates for 1 week and 1 month had moved from -.30/-.20 to -.35/-.25, respectively.   This means that any entity looking to borrow gold collateralized by a cash was willing to pay a higher rate to do so today than last week.

Interestingly the mining stocks seem to be looking “through” the extreme price suppression of the price of gold and have recently been diverging from the latest take-down:

Only time will tell if this positive divergence between the mining stocks and the price of gold is aUntitled harbinger of a big move higher in the price of gold.  A lot of contrarian style analysts are starting to call for a big move up in the price of gold:  Gold/Gold Stocks and Get Ready For a Year-End Gold Rally, for instance.

I believe that as it becomes more apparent to a wider audience that the U.S. economy is collapsing, big investors will be forced to dump their hideously overpriced stocks and find a hiding place, away from the fraud-infested paper assets.  That hiding place will be physical gold.

Gold (Silver) Is The Most Manipulated Market In History

Our fractional reserve financial system is just a gigantic Ponzi scheme. It can only survive as long as it expands, which is to say, as long as new debt is flushed through the system to finance old debt. But like all Ponzi schemes, the larger it grows the more unstable it becomes. Eventually, it collapses of its own weight.  -James Sinclair in 2009

The western Central Bank/bullion bank paper gold manipulators have become obvious. The reason is that the there is nothing stopping them from manipulating the market. Eventually the physical demand from Asia will undermine their paper gold manipulation activities, but big buyers of physical who demand delivery have no reason to stop the price capping, obviously.

James Turk discussed the various factors driving the manipulation in a King World News interview. I’ve created a graphic to illustrate the manipulation of the gold market as it occurred from Sunday into Monday:

This rally in the precious metals was the result of investors moving out of currencies to a safe-haven. It was an expected and natural reaction after the Paris attacks. Then came the unnatural, second and completely different precious metals market. Gold and silver ran into a solid brick wall when London opened. The difference between the way gold and silver traded in Asia and what happened in London was as stark as the difference between night and day.

Are we to believe that in striking contrast to what we saw in Asia, there were no safe-haven buyers in Europe?

The reality is that the central planners were out in full force with their market interventions in London, selling persistently and using their algorithms to prevent gold and silver from climbing any higher.

Untitled

The price of gold jumped at the open of Globex trading on Sunday evening. This would be expected after a string of bad economic and earnings reports littered the news wires late Friday. And then, of course, the event in Paris. But as you can see, after Asia was done feeding on the cheap gold provided to them from the fierce manipulation last week that drove the price of gold back under $1100, the typical Asia closed/London opens sell-off began.

The massive manipulation has taken on “shock and awe” proportions.  The fact that is has become so blatant and extreme reflects the growing sense of desperation by the elitists to keep the entire western financial/economic system from collapsing.

If gold were allowed to trade free from the control imposed using western paper derivatives, the price would shoot higher and send the warning to everyone that the system is on the verge of collapse.

Several friends and colleagues recently have expressed a high degree of frustration and have asked me when I thought the suppression of gold would end.  I point out them, and I believe correctly so, the the criminals looting our system have no choice but to use any means at their disposal in their attempt to keep gold from moving higher and to keep the stock market aloft.

They have no choice.   A falling price of gold and a rising stock market are the only cover stories they have left in their cabalistic effort to hide the absurd lies which belie the flood of propaganda about the economy, inflation and unemployment.

But at some point their ability to keep the wheels on the fraud that is the United States is going to fail.  Every Ponzi scheme in history eventually collapses.  It’s impossible to predict when this will occur.  I do believe that there is a growing sense of awareness among the population that something is wrong.  This is reflected in the fact that US Mint gold coin sales hit a 29-year high in the third quarter this year.   For those wallow about in the cesspool of blind hope and have not prepared for what’s coming, their lives will be shattered.

Gold Withdrawals On The Shanghai Gold Exchange At A New Record High

For the week ending November 6, gold withdrawals from the SGE were 44.97 tonnes.  This put the YTD total withdrawals at 2,210 tonnes.  Gold withdrawals YTD from the SGE are running 29% higher than last year and 20% higher than 2013, which was a record year for withdrawals:

Untitled

Smaugld.com has compiled an excellent summary of the gold withdrawal statistics on the SGE plus some data on Central Bank holdings globally. You can read his post here: China and Gold.

China’s “consumption” of gold this year is on track to exceed the total amount of gold produced this year by mines globally.  India is on track to import close to 50% of world gold production this year.  Russia adds to its Central Bank gold holdings every month.  In June alone it added 800,000 ozs, over 23 tonnes.

On the other hand, paper manipulation of all of the markets by western Central Banks – specifically the S&P 500 and gold by the Federal Reserve – is starting to reach an insane extreme.  Today was a prime example as the S&P 500 futures spent most of the overnight session starting Sunday evening down 8-12 points.  Gold was up $12 most of the night.

As the U.S. stock market opened, gold began to get hit and the S&P 500 popped from down 8 into positive territory.  This was after extremely negative economic and earnings reports were released.  Then, as gold faded back to Friday’s closing levels, around 1:30 p.m. EST the S&P went parabolic, rising 30 points on absolutely no news or reported events that would have possibly triggered a sudden surge like this.

As it so happens, on a preliminary basis, it looks like 11,215 gold contracts were added to the Comex futures open interest tally.  This is 1.12 million paper ounces, or 74x more paper gold than the amount of gold reported to be available for delivery on the Comex.  The total paper gold to deliverable gold (as reported) is 290:1.

Given that the appetite for gold from the east exceeds the amount of gold produced to feed that appetite on a “hand-to-mouth” basis, we can only speculate as to the sources being tapped by the BIS/Fed/Bank of England/ECB to feed the gold consuming beast.

What I will say with 100% certainty is that if you want to own gold but do not have possession of it – or at least have it safekept with an extremely trustworthy custodian – you will probably never have a chance to hold that gold in your hand.  It  is gone and it if it’s not gone by now, it will be gone by the time you understand the reasons why it is gone.

The only question now in my mind is how far will the bullion banks have to stretch the paper game in order to keep the price contained and the interest from the hoi polloi in gold subdued.   If the entities holding the long positions in Comex paper do not hold the paper short-sellers accountable, what’s to stop them from taking that 290:1 up to 500:1 if they have to?

The insane degree of intervention in the markets reflects sheer desperation by the manipulators to keep the wheels on the system.  When the intervention fails, the reaction by the markets will be spectacular to watch.

SoT – Jeff Brown From Beijing: The Rise Of China And The Collapse Of The West

“The Americans are very good at using future money – the Chinese are good at saving.”  – Alibaba founder, Jack Ma at a UN meeting led by Chinese President, Xi Jinping

In China gold is money.  Every bank in China sells gold and silver right at the teller window. The savings rate of the Chinese population is 50% and the favored store of wealth is gold held in bank safety deposit boxes.  In fact, Jeff Brown quickly discovered after his first gold purchase that every safety deposit in Beijing was taken.

When you go into a bank here they hand out brochures that explain the Shanghai Gold Exchange to the people.  If you buy your gold through the Shanghai Gold Exchange you are exempt from the value-added tax.  –  Jeff Brown in Beijing, Shadow of Truth

The western media propaganda machine has inundated the airwaves with countless misleading and false reports about the Chinese economy.

It’s so surreal to hear about Armageddon and implosion [in China] because of the stock market.  That affects maybe 6% of the population that is invested in the stock market here…outside of the stock market correction things are just thriving over here…the manufacturing economy is down but the service economy booming here  – Jeff Brown, Shadow of Truth

Although the manufacturing sector of the economy in China has slowed down considerably, it’s still producing economy growth.  However, the service economy is exploding in ways that is not reported at all by the western media.  Furthermore, the manufacturing output slowdown has been caused by a dramatic decline in exports, which reflects the extent of the economic contraction occurring in Europe and the United States, China’s two largest export markets.

With regard to China unloading $200 billion recently in U.S. Treasuries, the western media has once again promoted highly misleading reports that China was dumping to raise liquidity in order to support the yuan.  But conveniently overlooked by everyone in the west is the fact that China committed and recently funded $150 billion for the Asian Infrastructure Investment bank ($50 billion) and $100 billion for the new BRICS bank.

And lets put this in perspective.   China is sitting on approximately $3.4 trillion in foreign exchange reserves, $1 trillion of which is Treasuries.  It was only a matter of time before China decided to diversify away from the U.S. dollar component of its FX reserves. Furthermore, contrast this the paltry $30 billion in foreign exchange reserves of the United States.

They were very upset when the United States snuffed China from putting the RMB into the IMF Special Drawing Rights you could just “feel” the anger over here among the leadership.  That’s when they announced that bogus amount of PBoC gold holdings and then a week later they came out and devalued the Renminbi.  – Jeff Brown, Shadow of Truth

Jeff Brown in Beijing provided us with an absolutely fascinating, must-hear perspective of the incredible proliferation of the middle class in China and the booming local economies all throughout the country.

“There’s so much going on that is not reported in the west that it’s unreal” – Jeff Brown, Shadow of Truth

Please visit Jeff’s website 44days.net and find his articles on the link to his blog: LINK

From Dystopia To Armegeddon

When the going gets weird, the weird turn pro.  – Hunter S. Thompson

I mentioned the news reports of fist-fights breaking out at traffic intersections in Denver. Then yesterday I hear two different news reports of random gun shots.  One of shots fired into someone’s house in a not so great part of Denver (Aurora).  The second report of bullets flying across one of Denver’s busiest highways and hitting cars.  Then I learn last night that bullets flying into cars driving on highways in Arizona have become part of everyone’s daily routine.

We’re sliding into the “Mad Max” scenario which many of us for a long time have envisioned eventually hitting this country.  I would have thought that this environment would have started engulfing this country in 2008.  But the Government pulled what appeared to be a rabbit out of its hat which enabled it to kick “Mad Max” down the road for a bit.  That “rabbit” by the way, while preventing an all out collapse and actually making life better for the people closest to the money spigot, was nothing more than a disguise designed to help the elitists confiscate even more wealth from the middle class.

The population’s hatred for the Government grows stronger by the day.  The popularity of Trump’s candidacy for President is a reflection of this intensifying despise.   A growing segment of the population cheers harder for Trump everyday as he lashes out with insults at the politicians everyone now hates.  Let’s be honest, Trump is at least as corrupt as the career politicians he’s humorously defacing.  He would be a horrible President.  Of course, so would every other candidate on the roster for both Parties.

Perhaps the best – yet least understood – evidence of the darkness which is slowly engulfing the the U.S. is the disappearance of physical precious metals from the global financial system.   Gold and silver is being removed hand-over-fist from public view.  Most of the gold is being moved from west to east, where it’s being removed from the bullion exchanges by the 10’s of tonnes on a daily basis.  For instance, the Hong Kong Metals Exchange just had its largest daily withdrawal – 19.7 tonnes – in its history.   Roughly 100 tonnes per week is now being removed from the Shanghai Gold Exchange.  This is Gresham’s Law in action, folks.

We already know about the growing shortages for minted silver products around the world, especially in the U.S.   And the disappearance of gold from the Comex bank vaults is nothing short of stunning.  The ratio of fraudulent paper gold to deliverable physical gold hit 229:1 to yesterday.  To say this is “silly” is an insult to the word “silly.”  This reflects and epitomizes the extreme degree of corruption, fraud and theft which is burying the United States.

I was exchanging emails this morning with GATA’s Bill “Midas” Murphy.  We were marveling at just how extreme and blatant the manipulation of the precious metals market has become.  I find it beyond amusing that mainstream financial media – which rolls out charts of stocks and select commodities all day long – has failed to put on display the chart that shows that gold gets hit 90% of the time only when the Comex floor trading is open.  Funny non-coincidence, that.

I suggested to Bill that something really bad is going to hit our system:

Think about the manipulation of the metals market that occurred just before the Lehman, AIG/Goldman collapses. They took silver from $21 in March that year to $7 by late October.

Now think about how much more brutal this manipulation is both in the context both of the intensity and the disappearance of physical metal from the system.

I’d estimate that the manipulation now is probably 5x worse and more blatant than in 2008. Which means whatever is going to hit the system will be at least 5x worse than 2008.

I know most people who understand what is going on would like to see a collapse and thorough flush of the system.  Unfortunately, the dystopic behavior starting to show up in the general population will be met with brutal force by the near-totalitarian U.S. Government in an attempt to control it.   The inevitable systemic collapse will enable the Government to impose totalitarian control on the country to a degree that would be heartily admired by history’s despots.

It’s going to start to get really weird in this country (as if it has gotten weird enough already)…

Something Is Percolating In The Gold Market

Note:  The junior mining stock featured below is now up 11% since I re-published the updated version.  Technically it’s getting ready to break out.  The junior mining stock I have it paired with is an insanely undervalued “prospect generator/royalty” company.  As the price of gold continues to move higher, both of these stocks will continue to outperform the market.

A longtime friend/colleague of mine sent me a note tonight in which he said he thought something significant might be coming to light about gold in the next week or two.  There’s certainly some unusual behavior on the Comex, with Goldman taking delivery of 98,300 ounces last week (2.8 tonnes), the amount of gold cleared on the LBMA at the a.m. fix spiked up from an average of about 100,000 ozs per day to over 150,000 ounces, the Shanghai Gold Exchange saw the 4th largest withdrawal of gold in its history and the premiums on both physical gold and silver rose considerably.

It’s anyone’s guess what might be going on, but China is certainly accumulating an increasing amount of the Wall Street Journal’s “Pet Rock.”  And the Chinese seem to be unloading a massive amount of dollars/Treasuries.

If you think gold is getting ready for a big move, you should take some capital and buy some high quality junior mining stocks.  I only evaluate and invest in juniors that have several characteristics:  1) a 43-101 resource report demonstrating a significant deposit of gold/silver (or at least a lot of drill holes with “strikes” on a property that is situated in area with surrounding mines;  2) plenty of liquidity; 3) low-risk jurisdiction; 4) management owns a decent amount of stock; 5) ideally, but not a definitive requirement, the stock has a large cap miner with a significant amount of equity or a JV partner.

This stock has all five objectives plus it has significantly outperformed the GDXJ since Jan 1 – click to enlarge:

UntitledA major gold mining company recently bought 50% of stock this Company issued to raise capital in order to advance its projects.  I recently updated my research report on this company, which you can access here:

DE-RISKED JUNIOR MINER

I’ve added a technical analysis supplement to the report on this stock, which was provided to me courtesy the DenaliGuide’s Summit blog, which accompanies access to a mining stock and stock market technical analysis subscription service. I highly recommend both.

The report on the stock above is available individually for $30 or packaged together with another one of my favorite, highly undervalued junior mining stocks for $45 (for two reports):    TWO REPORT SPECIAL  – Click on the image:

TwoMiningStockReports

Massive Shortages In Gold And Silver Developing – GLD Looting Continues

Renowned gold expert James Turk says prolonged gold backwardation like we are seeing now, where the spot price is higher than the future price, has never happened before. Turk contends, “No, never, and I am a student of monetary history as well, and I have never seen it happen like this in monetary history.  – James Turk on Greg Hunter’s USAWatchdog

The signs are everywhere.  We are seeing extreme “backwardation” in gold on the LBMA. Backwardation occurs when the spot price is higher than the future price for LBMA forward contracts.  It means that buyers of gold are willing to pay more for gold for immediate delivery than pay a lower price to receive delivery in the future (30-day, 60-day, etc).  It means that physical gold buyers do not trust the ability of the market to delivery physical gold in the future.

It is an unmistakable sign of physical gold shortages.

Not surprisingly, the LBMA suspended reporting the gold forward rate which was the best indicator of physical gold shortages in London, but we can still get reports on physical market conditions from London gold market participants, like James Turk.

To reinforce this information, Bill Murphy reported his latest conversation with his LBMA trader source in London (www.lemetropolecafe.com):

The essence of it is more confirmation that the BIG MONEY is buying down here at these price levels.More confirmation that silver is extremely difficult to buy in size. It takes two to four weeks for delivery. What is new is that buying gold in size is now becoming a thing … for our source says it now takes two weeks to buy in size.

Perhaps the most visible sign is the removal of gold from the GLD ETF.   The only way gold is removed from the Trust is when an Approved Participant bank redeems 100k share block in exchange for delivery of bars from the Trust. – (source:  John Titus of the “Best Evidence” Youtube channel, edits are mine) – click to enlarge:

GLD tonnage.001

Make no mistake about it, the bullion banks often can borrow GLD shares to scrape together 100k share lots in order to redeem gold. Or they can smash the gold price with paper and force weak holders of GLD to sell shares in the hands of the bullion banks.  In the last two weeks the short interest in GLD has soared 49% from 9.4 million shares to 14 million.  That represents roughly 46 tonnes.

The ongoing raid of GLD gold is perhaps the most direct evidence that the Central Banks and their bullion bank agents are struggling to find gold in which to deliver into Asia.  But speaking of which, something interesting is occurring on the Shanghai gold exchange.  In the last three days, 298 tonnes of gold have been delivered into the SGE.  While everyone monitors the amount of gold withdrawn from the SGE, the amount of gold flowing in to the SGE is just as important.   This is by far the most amount of gold that has been delivered into the SGE that I can recall.

I get my data from John Brimelow’s “Gold Jottings” report, which is invaluable for tracking the physical gold market outside of London.  He had this to say about the stunning flow of gold into China over the last three days:

Delivery Volume was 90.444 tonnes (Wednesday 112.454 tonnes) and open interest surged 48.374 tonnes (11.26%) to 477.920 tonnes. Since last Friday Shanghai open interest has risen 18.68%. Something is happening in gold in China. What is not immediately apparent.

Finally, to further reinforce the evidence of physical market shortages, we can monitor the gold lease rates, published by Kitco everyday.  I sourced this graph from Jesse’s Cafe Americain, who sourced it from Sharelynx – click to enlarge:

JessesCafeGold lease rates spike up like this when there is heavy demand from bullion banks to borrow physical gold from Central Banks in order to sell the gold into the market or deliver gold that can’t be readily procured in adequate quantities in the spot market.  It is one of the most visible signs that there is a shortage of physical gold on the market.

To be sure, the unprecedented degree manipulation of the gold price in the paper gold market reflects a serious desperation by the Central Banks and western Governments to cover up an enormous disaster fomenting beneath the heavily applied of veneer of “things are so good we need to raise interest rates in September” mantra.  In fact, the specific reason to keep a lid on the price of is to enable the Central Banks to maintain a zero interest rate policy.

The truth is, the Fed can’t afford to raise interest rates and anyone with two brain cells to rub together and a willingness to look at the truth knows that the Fed is trapped – unless it wants to crash the system for some reason.

We note that physical off-take of gold is spiking higher, with Reuters reporting yesterday that the South Koreans are buying gold in record sums while the US Mint reports that sales of gold coins in July were nearly 5 times what they were a year ago.  – John Brimelow, “Gold Jottings” report

 

Shanghai Gold Exchange Has Third Largest Withdrawal Week In Its History

I was exchanging emails with Eric King of King World News earlier this week and, in the context of the unprecedented degree of paper gold manipulation and anti-gold propaganda regurgitating from the financial media, I asked him if he thought what was happening signaled a bottom:

Yes I do think it’s the bottom, Dave.  The anti-gold propaganda is off the charts.  I have never seen it this bad.  Every bullion bank and mainstream media station is bashing gold.  – Eric King, King World News

I thought the “pet rock” article in the wall street journal was the height of the madness.  But an article featured by Marketwatch which suggested that gold might hit $350 and that its fair value is $875 is perhaps the culmination of absurdity.

The irony in this is that, while the U.S. propagandists who are pulling the proverbial rug out from under the American public and extracting as much wealth from the public as they can before the country collapses, the Chinese are accumulating physical gold – aka real money – at a record rate.

Meanwhile gold and silver eagle sales from the US Mint have begun to accelerate this summers.  My good friend and colleague of several years, “Jesse” of Jesse’s Cafe Americain posted commentary which succinctly encapsulates contrast between fact and fiction:

And as you may have seen in the posting from earlier today showing the sea change in leverage over even the past ten years there, it is seemingly getting a lot less physical all the time, even compared to just five or six years ago. Winning…Even the US Mint seems to be getting in on the act.  The mint sold 202,000 ounces of gold in the form of coins for the month of July, one of its largest monthly sales totals in several years.  

That’s a lot of pet rocks.  Do the math. I wonder where the poor, deluded ignoramuses who obviously do not understand finance are getting all that money to spend on such worthless trifles.  Does the US Mint take food stamps?

You can read the rest of his piece here:  Jesse’s Cafe Americain

In contrast to Jesse, the Wall Street Journal’s Jason “Gold is a pet rock” Zweig is perhaps the most pathetic journalist of our era…

 

IRD On “Turning Hard Times Into Good Times”

History tells us that Government interventions always fail and when they fail, they fail spectacularly. I don’t think they can keep up this intervention in gold market much longer and I think we’re getting close to the end of it. – Dave Kranzler on “Turning Hard Times Into Good Times”

We’re not wrong about the reasons for owning gold and silver.   In fact, if looked at over the entire duration of the precious metals bulls market starting in 2001, gold and silver have outperformed every asset sector.  If we’re wrong about anything, it’s in underestimating the degree to which fraud, corruption and criminality have completely engulfed the entire U.S. corporate, Wall Street and political system.

A perfect example of the lies and propaganda is the fact that the Obama government, Wall Street and the media are forcing this idea on the public that the economy is “recovering.” And yet, the economic metrics – including and especially the price of oil – are telling us that we’re entering a depression.    Does this graph reflect that idea that the public feels good about the future? (source:  Zerohedge, edits are mine):

GallupHope

The graph above is a Gallup poll that measures the economic outlook of those polled as of the last week.  The sentiment is plunging along with the economy.

Below is my interview with Jay Taylor on his “Turning Hard Times Into Good Times” internet radio show on the VoiceofAmerica network: