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Scorpio

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no I did not buy the dip in the crypt earlier,

but I have bought the massive decline in silvah and natty

24.00 and 4.63 respectively

fook it martha............I'm goin' in
 

Scorpio

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just for giggles,

Apple has had a swing of - over 9 bucks to now positive .50

this algo trading stuff is a altogether different animal
 

solarion

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So the nascrap saw an 850 point swing trough to peak today...-3% to +3.36%, and as far as I can tell nothing changed, except the fake president blathered about some new sanctions on Russia. The 10y yield is almost exactly where it was this time yesterday, and the dollar is stronger vs other funny munny.

Unless the plunge protection team suspended the laws of economics, I ain't seeing whatever tech stock bargain shoppers are seeing aside from the obvious. That being the fact that the criminals at the fed won't be hawkish afterall...cuz duh...they never were going to be hawkish.

Seems to me that means massive monetary and price inflation going forward and that's bad for equities, but what do I know...I'm one of those crazy bastards that actually studies equity valuations.
 

Scorpio

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That is just it,

nothing has changed,
russia is still active,
situation all messed up in ukraine
hidin' planning or already created greater sanctions

there is no excess crude capacity in the system, etc.

and yet, massive reversals across the board

if that doesn't demonstrate the lack of validity to the markets, nothing will change that mind
 

madhu

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The crime syndicate at CME group is working overtime to knock down metals today. lol

Gold is down 51 bux(2.59%) from its daily high, silver is down $.89(3.48%) from its high, and platinum is down $48(4.28%) from its high of the day.

We should all get together and file a complaint about commodity market rigging with the CFTC. No doubt that'll get some results. ...provided Rostin is done "tamping down" all the PM markets for his bosses over at goldman sucks.

It'll be interesting to see if they can manage to make more of the metals negative on the day, while the plunge protection team and exchange stabilization fund communists work diligently to dress up their overpriced tech stock scam over at the nascrap. Gotta love free markets.
heavy shorting in the oil commodities is happening at the same time , so don’t feel bad that gold and silver are being treated like stepchildren. There is also disconnect between oil stocks and oil commodity. Every morning the public are being sheared of their money by shorting all the oil paper stocks. Up is down, down is up. Lest the real inflation and price discovery becomes obvious. Every data that is coming out ofUSSA is suspect.
 

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this algo trading stuff is a altogether different animal
Make no mistake a 800 move down & a 900 move up. HUGE money was made both ways.
Guy at work is starting to make ppt jokes & laughing. It's funny until it isn't.

Do fund managers play fundamentals in a rigged market?

Has anyone heard of value in the past couple of years................. or just bet on this horse. PE rations, earnings is for suckers just get on board to hot ride to the sky.

I think we are in a time where holding metals & even fiat is better than gambling in a rigged game.
 

Scorpio

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that is just it, you are out gunned,

they have info, they have speed, and they have big dough to go

strike one, strike two, strike three for us

so if you are going to play the game, you had better out guess their moves, or be very very nimble

and don't even think stops are going to protect 'yo a$$, they aren't
 

madhu

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Do fund managers play fundamentals in a rigged market?

These Are clueless managers who are playing with other peoples money and there is a disconnect between their performance and fund return. Everyone is trading of technical chart patterns totally disconnected of value, earnings etc. I think this is another psyop , basically the markets are reflecting group think and trying to get the investors into being dependent on gubermint for Statistics and manipulation of interest rates And if these don’t work, demand govt to pass fiscal stimulus aka largesse, in the name of infrastructure or whatever fancy name you want to call it. I guess everyone has to be happy and magically everyone has to be a winner, so there you go 800 point drop turns into 200 point gain. Magically create fictional numbers ,electrons and keep the sheeopole distracted
 

Uglytruth

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Imaging what devious thougths they had in the early 80's when companies changed from pensions to 401K style plans. It would ahve been very hard to lose. Up up & away everything went. As everything went up fundamentals went away. They have built a house of cards on baby boomer pensions. As teh money is pulled ther are very few young workers putting money in because they can't service their debt load of education, house, cars, credit cards etc.....

So the question becomes when does reality step in?

What is the spark? Bank run like Canada?

What is the ds exit plan?

Kill us off with jabs?

Kill us off with bad or lack of food?

Take the pension moneys & go to ubi?

Default on ss?

Fade it away with inflation? If you think it's 10% a year in 10 years no one will have anything?

How does one position themselves for the future?

If we have deflation is one can have any asses worth anything it should get you through to the other side.
But the problem is what is the other side? Homeless on the outside and gated communities for the haves?
 

RebelYell

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Make no mistake a 800 move down & a 900 move up. HUGE money was made both ways.
Guy at work is starting to make ppt jokes & laughing. It's funny until it isn't.

Do fund managers play fundamentals in a rigged market?

Has anyone heard of value in the past couple of years................. or just bet on this horse. PE rations, earnings is for suckers just get on board to hot ride to the sky.
What is value, exactly? Is it absolute, or relative to time and place? When an economy consists of free markets, opportunities to create wealth abound, and P/E ratios are low because that reflects the facts that creating wealth is easy in that environment, and that competition is plentiful so that a company's longevity is also questionable. On the other hand, in a highly regulated monopoly-capitalism type economy opportunities to create wealth are harder to come by but also much better protected from competition (note when I say better, I'm not in any way suggesting this is a good thing for society). Therefore a higher PE doesn't necessarily mean that you are not getting the same value. You're just buying in a completely different environment.

Markets today are legislated into existence. Look at electric vehicles. The demand is almost entirely a function of political will and consequent propaganda and legislation. So Tesla, for example, cannot be valued like a normal company operating in a free market, because it will receive political and legal help as necessary to guarantee success - and that makes it worth far, far more.

I think we are in a time where holding metals & even fiat is better than gambling in a rigged game.
I have long ago given up trying to guess what is better than what. I don't seem to be very good at it.
 

madhu

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The fake rally has no legs, no volume. The volume plays to the downside. I was thinking why some of these stocks have been going up steadily all day, 5-7% on one Dow company, then I realized that it is for attracting the little guy to invest and many have been used to buying the dip with feds running the ppt successfully. 2 back to back days of gains. Chicken little gains and waiting for huge losses. It will be even better for the people to buy the dip if the ppt announces when they are going to goose up the indices.

It might be cheaper to just goose up these numbers than righting the big ship economically.
 

Uglytruth

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If the market tanks joe 6 pack will wake up & start paying attention.
They can crash the market every day & be assured it will be lifted with money like mana from heaven from debt to enrich the few playing the rigged game.
 

JayDubya

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Electrification metals nickel, cobalt, palladium in play following Russian moves in Eastern Ukraine

https://aheadoftheherd.com/electrif...y-following-russian-moves-in-eastern-ukraine/

2022.02.23

Weeks of failed diplomacy over a potential invasion of Ukraine resulted in Russia’s decision, over the weekend, to recognize the independence of two Russia-backed breakaway separatist areas in Eastern Ukraine’s Donbas region.


Vladimir Putin declared the self-proclaimed People’s Republics of Donetsk and Luhansk independent, prompting sanctions from Western countries including the United States and Germany, which halted the approval of a major gas pipeline from Russia. (Putin’s timing was not coincidental, coming immediately following the conclusion of the 2022 Winter Olympics in Beijing, China, a Russian ally)


As Kyiv and its Western partners wait to see whether Russian forces entering Donetsk and Luhansk will try to break through Ukrainian positions, Germany reportedly put the under-construction Nord Stream 2 pipeline on hold. The threat of Moscow withholding gas supplies to Europe in retaliation saw EU gas futures surge 8%, to around €80 per megawatt-hour. The trading bloc has become increasingly reliant on Russian gas for electricity generation, industrial usage and home heating, importing over 80% in 2020 compared to 65% a decade earlier.


image-113.png
EU natural gas prices. Source: Trading Economics

Meanwhile the EU imposed sanctions on members of Russia’s Duma (parliament), and agreed to a ban on the purchase of Russian government bonds.


The United States for several weeks has been threatening sanctions on Russia should it exercise its territorial ambitions on Ukraine, and on Monday morning President Joe Biden made good on that threat, by issuing an executive order banning “new investment, trade, and financing by U.S. persons to, from, or in the so-called DNR and LNR regions of Ukraine.”


The latest update by the Wall Street Journal had Biden saying his administration will levy sanctions on two Russian financial institutions, its sovereign debt and elite individuals. Some US lawmakers are calling for harsher sanctions. Senate Minority Leader Mitch McConnell said any path forward should ensure that the Nord Stream 2 pipeline “not be allowed to ever proceed” and that Moscow should be made to pay a far heavier price than it did for previous invasions of Georgia and Ukraine.


(On 12 September 2014, the United States imposed sanctions on Russia’s largest bank (Sberbank), a major arms maker and arctic (Rostec), deepwater and shale exploration by its biggest oil companies (Gazprom, Gazprom Neft, Lukoil, Surgutneftegas and Rosneft — Wikipedia)


As US and European retaliation for what they consider to be an act of aggression against Russia’s pro-Western, democratic neighbor continues to solidify, prices are soaring on a number of key metals that Russia supplies.


Commodities vulnerable to sanctions


While Russian metal producers have for the most part escaped Western sanctions, an exception is Rusal. The world’s largest aluminum producer outside China was included among a set of sanctions imposed by the United States between April 2018 and early 2019. Rusal last year mined about 3.8 million tons of the lightweight metal, about 6% of world production. The aluminum market is running low on supplies, causing prices to near a 13-year high earlier this month.


“Bullish factors include power costs having spiked due to winter and Russia capping gas supply, which in turn had prompted production cuts leading to supply shortages,” Liberum head of commodities strategy Tom Prices told S&P Global Platts.


Nickel is similarly undersupplied. It jumped to an 11-year high of $25,000 a ton, Monday, on fears of dwindling supplies that are already at a low level.


The base metal used in stainless steel and lithium-ion battery cathodes advanced as much as 3.2% to $25,135/t. ($11.40/lb). According to Bloomberg it’s the top performer on the London Metal Exchange this year, climbing amid a wave of forecasts that supply will fall short of rapidly growing demand from the electric-vehicle industry.


The nickel market’s tight fundamentals are reflected in warehouse inventories which have dropped to their lowest since 2019. Nickel is now in “steep backwardation,” referring to a condition when spot prices are much higher than futures. So far prices are up 18% in 2022.


image-114.png
Source: Kitco

image-115.png
Source: Kitco

Russia is the third largest nickel producer in the world, behind only Indonesia and the Phillipines. In 2021 it mined 250,000 tonnes, including 193,006t from Nornickel, the globe’s top producer of refined nickel. Norilsk Nickel’s output amounts to around 7% of global mine production, which in 2021 was 2.7 million tonnes, according to the USGS.


image-116.png
2021 mined nickel production. Source: USGS

Other metals likely to feel the effects of Western sanctions on Russia, whether or not they are targeted directly, include copper, cobalt, gold, palladium and platinum.


The USGS says Russia produced 920,000 tonnes of refined copper last year, about 3.5% of the world total. Close to half, 406,841t, was mined by Nornickel, with UMMC and Russian Copper Company being the other two main producers.


Nearly three-quarters of the world’s cobalt is mined in the Democratic Republic of Congo (DRC), with China having a lock on the refining of the metal used in EV battery cathodes. While far behind the DRC’s 170,000 tonnes produced last year, Russia’s 7,600t of mined cobalt puts it in second place, accounting for more than 4% of the world total.


Nornickel is the largest cobalt producer in Russia, the globe’s biggest producer of palladium, and a major miner of platinum. Last year it produced 2.6 million ounces of palladium or 40% of global mine production, and 10% of world platinum production or 641,000 ounces.


Russia isn’t top of mind when it comes to gold mining, but the country is the third largest producer following Australia and China. According to the World Gold Council, in 2021 Russian gold production amounted to 3,500 tonnes, including output from Polyus and Polymetal.


Russia also produced 76 million tonnes of steel last year, nearly 5% of the world’s total, and a large percentage of its diamonds. State-controlled Alrosa is the planet’s largest producer of rough diamonds. In 2021 it mined 32.4 million carats, about 30% of the world total, exporting mostly to Belgium, India and the United Arab Emirates (UAE).


Beyond metals, Russia is a huge producer of potash, phosphate and nitrogen used in fertilizers, representing more than 50 million tonnes, or 13% of global annual fertilizer output.


Finally, Russia is the world’s largest wheat exporter, producing 76 million tonnes last year with Turkey and Egypt among its main buyers. Reuters reports the US Department of Agriculture expects Russia to export 35 million tonnes of wheat in the July-June season, 17% of the global total.


Wheat exports are particularly at risk of supply disruptions resulting from a conflict between Russia and Ukraine. A war could affect commercial shipping in the Black Sea, the main wheat export route of the two countries.


Sulfide nickel importance


A disruption to nickel supplies would not only harm nickel end users, but the entire lithium-ion battery supply chain because Nornickel mines sulfide nickel, the kind of nickel best suited to lithium-ion batteries.


To digress briefly: what’s important is the type of nickel needed to make batteries.


Producing nickel-rich battery cathodes requires high-purity nickel, in the form of nickel sulfate, derived from ‘Class 1’ nickel sulfide deposits. This nickel can be processed at relatively low cost, and with minimal waste, using a simple flotation technique.


However, there is a problem, in that the majority of today’s nickel production is nickel pig iron (NPI) used in steelmaking (also known as ferro-nickel), which is ill-suited for making battery-grade nickel.


Another problem is the rarity of nickel sulfide deposits. Nickel deposits come in two forms: sulfide or laterite. About 60% of the world’s known nickel resources are laterites, which tend to be in the southern hemisphere. The remaining 40% are sulfide deposits.


image-117.png
Map of nickel sulfide and laterite deposits

Existing sulfide mines are becoming depleted, and nickel miners are having to go to the lower-quality, but more expensive to process, as well as more polluting nickel laterites such as found in the Philippines, Indonesia and New Caledonia.


In Indonesia, nickel is produced from laterite ores using the environmentally damaging HPAL technique. The advantage of HPAL is its ability to process low-grade nickel laterite ores, to recover nickel and cobalt. However, HPAL employs sulfuric acid, and it comes with the cost, environmental impact and hassle of disposing the magnesium sulfate effluent waste. The Indonesian government only recently banned the practice of dumping tailings into the ocean for new smelting operations, and it isn’t yet a permanent ban.


Chinese nickel pig iron producers in Indonesia now are looking to make nickel matte, from which to turn laterite nickel into battery-grade nickel for EVs. The process however is highly energy-intensive and polluting, as well as far more costly than a nickel sulfide operation (up to $5,000 per tonne more).


According to consultancy Wood Mackenzie, the extra pyrometallurgical step required to make battery-grade nickel from matte will add to the energy intensity of nickel pig iron (NPI) production, which is already the highest in the nickel industry. We are talking 40 to 90 tonnes of CO2 equivalent per tonne of nickel for NPI, versus under 40 CO2e/t for HPAL and less than 10 CO2e/t for traditional nickel sulfide processing. Read more


Electrification demand


While only 10% of the world’s nickel currently ends up in the battery supply chain, the growth in EV demand is expected to transform the market.


Bank of America forecasts that 690,000 tonnes of nickel will be needed by 2025, based on its estimate of 13.6 million EVs sold that year. That represents more than the combined nickel supply of Russia and the Philippines, which in 2021 outputted 620,000 tonnes, out of the 2.7Mt total.


If we take that number out and apply it to EVs, the mining industry has to find another 690,000 tonnes to supply all of nickel’s other uses, the primary one being stainless steel.


Nickel sulfate powder made from nickel sulfide ore, is a crucial ingredient in cathode formulation for lithium-ion batteries needed to propel electric vehicles.


Nickel is popular with EV battery-makers because it provides the energy density that gives the battery its power and range. Increasing the amount of nickel in a battery cathode ups its power and range.


Recent data from Adamas Intelligence shows global EV sales nearly doubling year on year in 2021, i.e., growing by 83%. The record 286.2 gigawatt hours of battery capacity deployed in passenger vehicles represented a 113% leap over 2020.


It’s important to note that over half of that battery capacity (54%) was powered by high-nickel cathode chemistries, referring to NCM 6-, 7- and 8-series (nickel-cobalt-manganese), nickel-cobalt-aluminum (NCA) and nickel-cobalt-manganese-aluminum (NCMA). Low-nickel chemistries only amounted to 26% and no-nickel batteries were just 20%.


According to Adamas, high-nickel battery chemistries were most prevalent in North America, used by manufacturers such as Tesla, VW, Ford, Hyundai and others.


image-118.png


Reuters noted in a recent piece that The EV revolution seems to be fast approaching a state of critical mass, which is translating into record-breaking price runs for cathode inputs such as nickel and cobalt and, of course, lithium itself.


Again it comes down to supply, with Class 1 nickel containing a minimum 99.8% metal. That’s why there is such a scramble for battery-grade nickel, and why the amount stored in LME and Shanghai Futures Exchange warehouses is so low.


Reuters reports Shanghai nickel inventories have been running on empty for months and are currently sitting at just 5,301 tonnes. LME nickel stocks are currently at 83,274 tonnes, of which just over half has been canceled. This compares to 295,000 tonnes of nickel last year.


Columnist Andy Home notes that the nickel being mined and processed in Indonesia “isn’t going to go anywhere near an exchange warehouse” because it’s in the wrong form to qualify for exchange delivery. Moreover, because most nickel produced in Indonesia is by Chinese companies, “supply will ultimately be channeled to Chinese battery makers to meet domestic demand.” Translation: this nickel won’t go into metal exchange warehouses, it will go directly to China.


With so little battery-grade nickel available to the market, it seems the supply-demand imbalance problem is unlikely to be solved, especially as demand keeps building.


Consider: global carmakers have committed to spending just over half a trillion dollars on EVs and batteries, motivated by an added sense of urgency by many countries to do more to combat climate change, and looming carbon mandates in major cities such as London and Paris.


The $515 billion in auto-industry EV commitments made last year is nearly double the $225 billion on capital expenditures and R&D in 2020, according to AlixPartners.


Mercedes-Benz is latest major automaker to up its zero-emissions game, announcing that by 2025, all-electric and hybrid vehicles are expected to make up 50% of sales. The luxury car company also expects to have factories exclusively producing electric vehicles by the end of the decade, with some production lines switching over even sooner. Mercedes plans to launch production of its EQE model in Germany later this year.


The bullish market forces swirling in preparation for what many are calling the next commodities supercycle, driven by so-called “green economy” metals, is excellent news for companies on the hunt for raw materials to feed these new technologies.


Palladium One Mining


In Canada, the largest nickel deposits are found in the Thompson Nickel Belt in Manitoba, Ontario’s Sudbury Basin and the Ungava Peninsula in Quebec. Like Sudbury, Vale’s Voisey’s Bay operation in Labrador has long been one of the biggest nickel producers globally.


One project resembling Voisey’s Bay-style nickel-copper-PGE mineralization is the Tyko project near Marathon, Ontario, being developed by Palladium One (TSXV:pDM, FSE:7N11, OTC: NKORF).


image-119.png
Tyko project location map

Palladium One continues to outline a high-grade nickel-copper system, where a second-phase drill program in 2021 and an announced expansion increases Tyko by over a fifth.


At PDM’s Tyko, its main metals are nickel and copper, while at its LK project in Finland, PDM is exploring for palladium, platinum, nickel, copper and cobalt.


Combined, Tyko and LK offer investors nearly equal exposure to battery metals and precious metals — the latter in the form of platinum and palladium. Note: precious metals refers to palladium, platinum and gold.


In Finland, months of drilling success on Palladium One’s Läntinen Koillismaa (LK) PGE-Cu-Ni property have culminated in a much-increased resource endowment, further confirming the project’s potential to host a large bulk-tonnage deposit.


Renforth Resources


Also looking to benefit from the clean energy era is Renforth Resources (CSE:RFR, OTCQB:RFHRF, FSE:9RR) which holds a district-scale battery metals prospect at its Surimeau project in Quebec.


This 260 square-kilometer property hosts several target areas for industrial metals (nickel, copper, zinc, cobalt), located south of the Cadillac Break, a major regional gold structure.


Exploration focus is currently on the sulfide nickel-rich VMS targets, in particular the Victoria West prospect, which has been the site of drilling for over a year.


According to Renforth, information gleaned from drilling and trenching the Victoria West target, along with surface sampling, creates an area of interest that includes about 5 km of strike on the western end of a 20-km magnetic anomaly.


The company interprets this anomaly to be a nickel-bearing ultramafic sequence unit, which occurs alongside, and is intermingled with, VMS-style copper-zinc mineralization.


Management considers the style of mineralization to be an “Outokumpu-like” occurrence, referring to a district in eastern Finland known for several unconventional sulfide deposits with economic grades of copper, zinc, nickel, cobalt, silver and gold.


image-120.png
Renforth’s Surimeau property in Quebec

Conclusion


Nickel and other metals supplied by Russia, such as palladium and cobalt, are currently under supply pressure.


A string of annual deficits starting in 2018, combined with higher sales of gasoline vs diesel units, culminated in palladium’s historic $2,830 per ounce in May, 2021. While prices have since softened, a rebound in auto production this year should create upside for palladium, Morgan Stanley said in a 2021 year-end note.


If Russian mining companies enter the cross-hairs of Western sanctions, it will only worsen the supply-demand imbalance.


Meanwhile the demand pressure on these metals continues to build, boding well not only for their prices, but companies like Palladium One and Renforth that are unlocking deposits that will help supply a green-energy and transportation future.


Palladium One Mining
TSXV:pDM, OTC:NKORF, FSE:7N11
Cdn$0.19, 2022.02.22
Shares Outstanding 248m
Market cap Cdn$48.6m
PDM website


Renforth Resources
CSE:RFR, OTCQB:RFHRF, FSE:9RR
Cdn$0.065; 2022.02.22
Shares Outstanding 262.3m
Market cap Cdn$17.0m
RFR website


Richard (Rick) Mills
aheadoftheherd.com
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JayDubya

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And a companion piece to the above.....

The limits to growth: Why the West will struggle to find enough metals to supply simultaneous demand drivers

2022.02.25


In 2021, commodities outperformed all other asset classes, and they are expected to do the same in 2022.


A commodities “super-cycle” can happen in the late stages of an economic expansion, when growth is so strong, companies can’t produce enough commodities to keep up with demand. This is the situation the world economy finds itself in as it recovers from the pandemic, which slammed the brakes on global growth in the spring of 2020. By first halting and then restarting supply chains, supply and demand fundamentals for raw materials were thrown out of whack. Also, consumers’ spending habits shifted to purchasing more goods than services. Goods inflation has exceeded services inflation, due to higher oil prices, a topic we explored in a previous article.


According to Bloomberg investors are putting more money into commodity funds than at any time in the last decade, seeking protection against 40-year high inflation which in the US is running at 7.5%.


Citigroup estimates retail and institutional money in the sector at close to $700 billion, the most since at least 2007, with broad-based commodity exchange-traded funds now holding more than $21 billion, also the most since 2007.


Commodities super-cycle: 2003 vs 2022


The last super-cycle was 2003-11. From the bottom in 2003 to the peak in 2008, commodities rose over 300%.


The commodities super-cycle of the 2000s collapsed in the Great Recession of 2008, then resumed from 2009 to 2011. It ended in the bear market of 2011-15.


Many are pointing to the formation of a new super-cycle, driven not by fossil fuels and the rise of China, but by “green” metals needed for technologies that mitigate the effects of climate change. This includes the electrification of the global transportation system and the decarbonization of fossil-fueled energy sources (coal, oil, natural gas) as the world’s energy matrix runs more on renewables, chiefly wind, solar and hydroelectric power.


Let’s be clear: the super-cycle of 2022, if we may be so bold as to call this year the beginning, is completely different from the last one that started in 2003.


The main difference is that 2003-11 was all about feeding China’s insatiable thirst for energy and commodities. The country needed copious amounts of coal and iron ore to make steel, the foundation of its modern economy, as well as copper for construction, telecommunications and transportation. Many more metals including zinc, lead, nickel and tin, were part of the mix. The whole enterprise was fueled by oil and gas, for which China was basically a bottomless pit.


image-121.png
Source: CME Group

Today it’s not only China that needs a multitude of metals. Many countries have infrastructure deficits they need to try and reduce, along with the global threat of climate change, the evidence for which is growing stronger each year, and is driving economies to rapidly shift away from carbon-emitting energy sources to low-carbon or carbon-free alternatives. Population growth, which infers a greater need for food and manufactured goods, is another important commodities demand driver.


Fast forward a decade from the end of the last commodities supercycle in 2011, and we have a very different situation with respect to metals supply and demand.


On top of surging demand for minerals needed to feed new solar and wind power installations, lithium-ion batteries for electric vehicles and grid-scale utility storage, and traditional “blacktop” infrastructure programs (e.g. roads & bridges), we have current and emerging structural deficits for several metals, that will keep prices buoyant for the foreseeable future.


For example the aluminum market is running low on supplies, causing prices to near a 13-year high earlier this month.


image-122.png
Source: Kitco

image-123.png
Source: Kitco

Nickel is similarly undersupplied. It jumped to an 11-year high of $25,000 a ton, Monday, on fears of dwindling supplies, continuing to $25,625 after Russian forces invaded Ukraine (more on that below). According to Bloomberg the base metal used in stainless steel and lithium-ion battery cathodes is the top performer on the London Metal Exchange this year, climbing amid a wave of forecasts that supply will fall short of rapidly growing demand from the electric-vehicle industry.


image-124.png
Source: Kitco

image-125.png
Source: Kitco

During the first half of 2021, copper rallied off the back of a sharp recovery in economic activity across the world, led by top consumer China. Also pushing prices higher was the belief that pandemic-related stimulus, plus the global push for decarbonization, will further lift demand for the industrial metal.


That saw copper prices break the $10,000/t level towards the end of April, the first time that has happened in a decade, and surge to a new high the week after.


In the second half, copper received another boost amid an energy crisis that affected several major producers and threatened global supply. In October, a surge in metal orders from warehouses in Europe saw the LME inventories plunge by as much as 89%, to its lowest in 47 years.


image-126.png
Source: Kitco

image-127.png
Source: Kitco

All these events factored into copper’s record-breaking year, though many believe that the red metal is just getting started.


Jeff Currie, global head of commodities research for Goldman Sachs, in January reiterated his view that we are at the beginning of a decade-long commodity super-cycle. Currie told CNBC’s ‘Squawk Box” that the fundamental setup in the commodities complex, including oil and metals, “remains incredibly bullish.”


Currie gives two reasons for this. First is the fact that global oil inventories are about 5% below their five-year moving average, putting upward pressure on prices.


Second, investing in the oil & gas industry has gone out of favor, with ESG headwinds posing a significant challenge for a sector that badly needs new investments, for production to keep up with demand. Under-investment in new mines and new oil discoveries has resulted in a severe supply-demand imbalance in a number of areas.


Saudi Arabia has warned that, without re-investing in the oil industry to find more deposits, the world could be short 30 million barrels a day in eight years, representing about a third of global supply. Last weekend Saudi Energy Minister Prince Abdulaziz bin Salman said the focus on renewables and the campaign against oil investments is a mistake. “[N]et-zero does not mean zero oil,” he said, via Oilprice.com. The country plans on raising its crude oil capacity by a million barrels a day within the next five years.


In the current under-supplied environment, high oil and natural gas prices will be with us for the foreseeable future. Read more


War in Ukraine


The Brent crude oil benchmark exceeded $100/bbl Wednesday, for the first time since 2014, due to Russia’s invasion of Ukraine. WTI crude was sitting at $96/bbl, at time of writing.


image-128.png
Source: Oilprice.com

Natural gas prices in Europe, which gets most of its supply from Russia, opened 40% higher Thursday morning, at €125/MWh.


image-129.png
Source: Trading Economics

In Chicago trading, wheat and corn prices jumped on worries that shipments from Russia and Ukraine, two major suppliers of grains and edible oils, could be disrupted.


Nickel prices rose 5% to $25,625 per ton, the highest since May 2011, aluminum climbed 4.6% to a record 3,443/t, and palladium prices added 6%.


In fact this week’s commodity price spikes due to actual war in Eastern Europe may be just be the beginning. In a note to clients, JP Morgan’s commodity desk wrote Wednesday that “geopolitical escalation over the last few days has materially increased the risk of further aggravating commodity market imbalances. At this stage of the conflict, it is hard to see a path towards an easy de-escalation.” Consequently, JPM now expects “a steady rise of tensions in Ukraine and a corresponding intensification of sanctions from the West. In that case, the bank warns that “the world could see an extended period of elevated geopolitical tensions and high-risk premium in all commodities given Russia’s far reaching impact on global commodities markets.”


Running short



Most natural resource modeling has greatly overstated the amount of fossil fuels and minerals the petroleum and mining industries will be able to extract. Forecasters assume that as long as we have the technological capability, and resources are still in the ground, extraction will follow.


In fact this model greatly overstates the quantity of future resources that can actually be mined. The reason is because


the world economy tends to run short of many types of resources simultaneously.


Take January 2022 as an example. World Bank Commodities Price Data shows prices were high for a number of materials including fossil fuels, fertilizers, aluminum, copper, iron ore, nickel, tin and zinc.


But that doesn’t mean producers will automatically go after these commodities. For several minerals, including copper, grades are declining, meaning more ore has to be mined for the deposit to be economic. More complicated mineralogy often means more complicated, and more expensive, metallurgy.


A report last year by Goehring & Rozencwajg Associates (G&R) found that both greenfield and brownfield copper reserve additions are expected to disappoint through the decade.


According to the New York-based research firm, the number of new world-class discoveries coming online this decade “will decline substantially and depletion problems at existing mines will accelerate.”


Additionally, geological constraints surrounding copper porphyry deposits, a subject few industry analysts let alone investors understand, will contribute to the problems, the report said.


G&R also pointed out that miners have been “artificially” boosting reserves by lowering their cut-off grades when copper prices rise in order to make more profit. But this practice only works to a certain point, when cut-off grades cannot be reduced any further.


By 2015, the industry’s head grade was already 30% lower than in 2001, and the capital cost per tonne of annual production had surged four-fold during that time — both classic signs of depletion.


image-130.png


According to the G&R model, the industry is “approaching the lower limits of cut-off grades,” and brownfield expansions are no longer a viable solution.


“If this is correct, then we are rapidly approaching the point where reserves cannot be grown at all,” the report concluded. This highlights the importance of making new discoveries in establishing a sustainable copper supply chain.


Over the past 10 years, greenfield additions to copper reserves have slowed dramatically, with tonnage from new discoveries falling by 80% since 2010.


Arguably, we are at the point where no significant new technologies will be invented to make mining more efficient or profitable — unlike the “shale revolution” brought about by directional drilling and hydraulic fracturing i.e. fracking. These processes allowed previously uneconomic “tight” oil and gas formations to be drilled, transforming the United States from a net oil importer to a net oil exporter.


In the same way, farming and ranching have reached the limits of technology. The agricultural reforms and resulting production increases fostered by the Green Revolution are responsible for avoiding widespread famine in developing countries and for feeding billions more people since. Unfortunately though, high-yield growth is tapering off and in some cases declining. This is mostly because of an increase in the price of fertilizers, other chemicals and fossil fuels, but also because the overuse of chemicals has exhausted soils and irrigation has depleted aquifers.


Throw climate change into the mix, and you’re looking at a serious problem.


A warming planet also affects minerals extraction and processing. For example Chile, the world’s biggest copper producer, has problems with water and is having to desalinate seawater used for mining copper in the country’s arid north. We are already seeing major copper mines in Chile having to curtail production due to water shortages brought on by a decade-long drought.


In a thorough analysis of the DRC’s climate vulnerabilities, the Netherlands’ Ministry of Foreign Affairs rated Congo the 12th most vulnerable country to climate change among 181, and the fifth least prepared. The DRC is Africa’s leading copper producer and mines by far the most cobalt of any country.


Last year in central Brazil, the worst water crisis in nearly 100 years made navigation on one of the country’s most important river systems difficult, making it more challenging and costly to get its grains and iron ore to global markets. (last June, flows were @ 55% of the historical average).


Beyond climate change and technical constraints on minerals extraction, there is also the considerable time lag involved in developing new supplies. In Canada and the United States, it can take up to 20 years for a new mine to come online, from the initial discovery phase to commercial production.


Also, natural resource modeling assumes that industry will continue to have people with the skill sets needed to find and run mines. In fact in many countries, mining is retiring more employees than it is bringing in from universities and colleges, setting the industry up for a skills shortage that could impact its ability to deliver new supplies. A study by the Society of Petroleum Engineers found the average age of energy industry employees is 50, while for mining it’s 46.5, compared to the average US workforce age of 40.


Finally, resource nationalism is throwing up a number of impediments to bringing promising deposits into production.


Countries rich in minerals are frequently looking at ways to get more money from miners, the most common tactic being to hike royalty payments.


Governments have also gone beyond taxation in getting more out of the mining sector with requirements such as mandated beneficiation/export levies and limits on foreign ownership:


  • Mandated beneficiation/export levies – Governments are imposing steep new export levies on unrefined ores. Minerals processed in-country capture more of the value chain as the products achieve higher prices.

  • Increasing state ownership – Miners are easy targets because mining is a long-term investment and one that is especially capital intensive. Mines are also immobile, so miners are at the mercy of the countries in which they operate. Outright seizure of assets happens using the twin excuses of historical injustice and environmental or contractual misdeeds. There is no compensation offered and no recourse.

Risk consultancy Verisk Maplecroft tracks incidents of direct expropriation and nationalization, summarizing the degree of risk in an annual resource nationalism index.


Sixty six of 198 countries in the latest (2021) index, or 33%, have tightened their grip on resource wealth since 2017. Latin America stands out as the region where the risk of expropriation and tax increases have increased the most.


There’s another, less familiar form of resource nationalism, the passive-aggressive kind we see in highly developed mining nations like Canada, the United States and Australia. Here, governments are under pressure from environmental, indigenous, and anti-development groups to say no to mining.


Unlike poorer nations whose populations need the metals revenue to pay for important social services and to earn hard currency to buy imports, in the rich, developed West, citizens have the luxury of protest. They are comfortable.


Mining is seen by some as a necessary evil whose environmentally destructive practices should be stopped, or at least, shouldn’t take place anywhere near them. They don’t realize or care that without mining, there would be no modern society: no steel to make bridges, no copper wiring that powers homes and businesses, no uranium to fuel nuclear reactors, no jewelry, no rare earths to make smart phones, solar panels, color monitors and TVs. Usually they want resource extraction halted, at all costs — the minerals or the oil kept in the ground.


The Biden administration in the US and the Trudeau government in Canada have both come out with policies that can be considered anti-mining.


Demand: everything happening at once


Politicians like Biden and Trudeau seem to have their heads in the sand when it comes to an appreciation of the limits to resource extraction outlined above. Biden for example is content to let US allies do the mining, and for American companies to buy their minerals. The assumption is there will always be enough.


But for the first time in history, there is a confluence of demand drivers that threaten to outstrip supply, potentially depriving the United States (and Canada) of the minerals they need to drive the economy in the directions they want it to go.


Not only are metals required for electrification and decarbonization, the so-called green shift, they are also needed to replace traditional infrastructure (think roads, bridges, public buildings), to harden targets vulnerable to climate change (e.g. levies, storm breaks) and to relocate infrastructure and populations in the way of storm surges and sea rise.


A local example is the storm damage done to southern BC highways in the wake of the “atmospheric rivers” last fall. According to early estimates it will cost between $170 million and $220 million to fix broken roadways and bridges on highways 1, 5 (the Coquihalla), 8 and 99. Temporary repairs to Highway 5 alone cost $45-55 million, with the job taking more than 300 workers and 200 pieces of equipment 35 days to re-open the important east-west travel route.


And that’s for just one weather event. The cost of fighting BC’s 2021 wildfires that preceded the November flooding topped $500 million, more than triple the $136 million budgeted.


Previous commodities super-cycles had one or two primary causes. The cycle that began in the mid-1960s and ran through the 1970s was all about the depreciation of the US dollar following the breakdown of the fixed exchange rate system. (President Nixon in 1971 closed the gold window, meaning foreign governments could no longer exchange gold for dollars. In 1973 the president devalued the dollar, making an ounce of gold worth $42 instead of $35. This resulted in a selloff in greenbacks for gold, and by the mid-1970s inflation was in the double digits. Later in ‘73 Nixon decoupled the dollar from gold completely, which made the price of bullion soar to $120 per ounce and ended the 100-year history of the gold standard. Read more)


As we know the cycle in the 2000s revolved around China and its steady demand for oil, gas, coal and metals.


This cycle is different because its causes boil down to a number of factors, including the demand for many raw materials outstripping supply; the heavy demand for commodities envisioned by infrastructure renewal, electrification and decarbonization; climate change; pollution abatement; and population growth. Notice we haven’t even talked about the immediate supply pressures resulting from pandemic recovery, that are resulting in multi-year highs for metals such as nickel, aluminum, copper and lithium, and record-setting natural gas prices particularly in Europe.


The question is, is there a way that the system can ramp up now, to the levels of production needed to satisfy demand, for all of the above-mentioned areas, all at the same time?


The answer is no.


Even if the investments in mining/ oil and gas that have been lacking were suddenly returned to the sector, there remains the problem of most accessible deposits having been mined out, the so-called “low-hanging fruit”. Now companies are having to go deeper underground, or farther afield, to find minerals at the scale and grades needed for extraction. Their remote locations will require huge investments in infrastructure, and those with complicated mineralogy will face higher processing costs. You still have countries wanting to protect their minerals from foreign mining companies, tax them more, or enact other forms of resource nationalism. It will still take 20 years to develop a mine in North America. The trend is for more ESG, more consultations with focus groups, meaning a lot more talk and a lot less action when it comes to regulations and permitting.


Ironically, all of these deterrents to mining are there, and growing, at precisely the same time that demand for metals is rapidly accelerating.


Conclusion


Economic growth requires the supply of raw materials for manufacturing end-products, and a litany of other industrial activities, including home construction, replacing and building new infrastructure, developing a global electrified vehicle/ rail transportation system, and constructing lower-carbon sources of electricity generation.


Unless all of these areas are continuously supplied, economic growth will drop off, hurting employment and lowering our standard of living. This becomes a major challenge when demand is coming from so many directions at the same time.


In a column about finite resources, author Gail Tverberg writes:


The economy Is facing many limits simultaneously: too many people, too much pollution, too few fish in the ocean, more difficult to extract fossil fuels and many others. The way these limits play out seems to be the way the models in the 1972 book, The Limits to Growth, suggest: They play out on a combined basis. The real problem is that diminishing returns leads to huge investment needs in many areas simultaneously. One or two of these investment needs could perhaps be handled, but not all of them, all at once.


We simply can’t afford not to continue investing in mining and oil and gas exploration. We have seen what happens when there is too much focus on renewables and not enough on the oil sector — sky-high natural gas prices, borne mostly by electricity consumers in Europe — and concerns that


without re-investing in the industry to find more deposits, the world could be short 30 million barrels a day in eight years. (about a third of global oil production in 2020 of 88Mbod)


By year-end, Goehring & Rozencwajg believes global oil demand will exceed pumping capability for the first time in history.


Here in the West, it isn’t only that we have failed to maintain mining and oil investments. We have also put roadblocks in the way of mining, such as the lengthy permitting process in North America. In Canada we’ve let interest groups hostile to corporations dictate resource policy, by allowing them to scupper oil pipelines that would help to alleviate the glut of Canadian crude that has depressed prices for decades.


We haven’t built the necessary infrastructure, either. We may have the metals but in Canada, the resources are quite often stranded, located far away from roads, railways and electricity. The Golden Triangle of northwestern BC and the Ring of Fire in Ontario are two examples. For many post-secondary school graduates, mining and oil and gas are part of the old-world economy. Unless more of an effort is made to entice them, retirements will continue to outpace new hires, leading to a severe skills shortage.


All of these factors are limits to growth.


In general there has just been a total lack of planning for what is to come; a failure to invest in, and support the natural resource sector.


In many metal markets, the West’s reluctance to mine has been China’s gain.


During the 2000s, metals were much more readily available than they are currently, and China was there, ready to sign offtake agreements and lock up valuable supplies.


We know from previous articles that China has been extremely active in acquiring ownership or part-ownership of foreign lithium mines and inking offtake agreements.


Four out of the five major copper projects in the pipeline right now either have offtakes in place with non-Western countries (South Korea and China), or the mines are partially owned by Japanese companies that have a say in where some of the mined copper is destined. (ie. Japan)


The West is so behind the curve, in bringing new metal to market, that it could take decades to catch up to Asia. Truth is, by ignoring domestic mining, we’ve been outplayed.


If there is a silver lining, it’s the fact that North Americans are finally starting to realize that to have security of supply, we need to develop our own mineral deposits.


The first step is recognizing that we have these metals, we do not need to purchase them from China, the DRC, Russia or any other foreign producer, we can mine and refine them right here.


Next is upping our exploration game — and nobody is better at it than Canadian junior resource companies — so that we can find and develop the deposits that will become the world’s next mines.


Richard (Rick) Mills
aheadoftheherd.com
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solarion

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PMs seemed to pop on the horrendous January trade imbalance news, futures dropped, the DXY is weakening and the 10y yield is dropping, now down to 1.89%. Yields are now being pushed back to January highs due to the "safety trade".

Don't the people programming these algos know that the fed is all over this transitory inflation "problem"? Just lookit that taper!

1646057247748.png


Why the fed has practically zero toxic debt! ...and if you look really closely, you can kinda see that they're maybe just slowing down with adding moar toxic debt to suppress rates and volatility a wee tiny bit. Thank god they're here to ensure stable dollar value!
 

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what a flippin' joke,

metal stocks painting red numbers,

while metal contracts are all green, and decently so

pathetic
 

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Still falling too...now down to 1.872%. Cryptos have turned around despite the pressure on tech and the spike in the vix. It appeared that cardano led the way, not btc or eth.

The buck is fading pretty fast too...now down 0.71% from its overnight highs vs other funny munny. One would think that would further propel metals, but who knows in these phony markets.
 
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noticed that also, the usd was up a bunch last evening and by this am had given a bunch of it back

now basically flat a full 70 pts off its high
 

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Apparently the weakening dollar and falling rates are helping tech stocks and cryptos, but not the dow or metals. I don't know what makes people think that just because a tech stock has fallen 20% it suddenly means it's a bargain, but it should occur to these people that if price inflation gobbles up all the little people's purchasing power, then they won't be buying so much fancy tech crap they don't need. These people seem to have forgotten about the faceplant takedown already. Falling ad revenue = big haircut.

Metals at the lows of the day along with the buck and rates. We're living in cartoon world.
 

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people are all confused about this algo trading,

see some mentioning that it is chart based, tech based, etc.

it isn't

it is momentum only, chasing yield,
those things could care less about techs or charts,
they are set up to chase flows or to create flows then ride the wave

JMO for sure
 

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silver now 60ct off its highs set just last evening

to think, I sincerely thought I was positioned properly,

silly me
 

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Chicongo PMI actual came in 11% below lowered expectations and down 13% from a month prior. Obviously manufacturing around Chicago is anything but robust. I wonder if that'll spike more price inflation through reducing supply?

Nah, a slowing economy means the fed is less likely to taper, and therefore I should buy tech crap! No potential consequences from inflation at all. Fed put to the moon baby.

Then there's stuff like this...


Where the hell do they think the minerals for this stuff are going to come from? Do these investors not realize solar panels are made of silver? lol

If the past is prologue, we should see an equity sell off into the afternoon, as the "buy the dip" dingbats again get fleeced. Perhaps metals will rally on that weakness.
 
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corn and beans continue to fly to the up,

really nice gains today
 

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Some of these headlines...wow. The stupid is on full display.

1646079827194.png


All these legs connected to Russia being kicked out from beneath an already struggling world economy, and these goobers somehow push the narrative that everything will be alright anyway. Delusional much?

Strategic oil reserve releases won't do squat. ...and if/when Putin decides to put oil on sale for physical gold there's likely to be a stampede into yellow metal.
 

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and they haven't even addressed the other nat resources out of there,

what if 'ole vlad says, boys, you know that plat and pall? Yeah, well there will be no exports.

that gas to germany, sorry, we are all out of inventory, darn it

there are many ways vlad can get after them without firing a shot
 

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...or titanium. Hey doesn't Boeing use that stuff to make warplanes?

I believe China is #1, Russia is #2, and Ukraine is #5. ...and no the US and/or Europe are not numbers 3 or 4 in titanium production.
 

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The last few days people bitching about gas prices. Most are expecting $5 by Memorial day.
 

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Yields on the 10y cratering again. Now down 11.4% since the highs...way back when...four days ago. Metals again catching a bid even as the scheisse dollar strengthens vs competing funny munny(dollars in drag).

Makes one wonder if the carnage in the equity market is being slowed regularly by the PPT, and it's really just getting started. I fail to see how these high PE companies maintain these growth levels, or even the illusion of growth with plainly higher inflation pressure on the way. I sure wouldn't be in that space. Commodities, commodities, commodities.
 

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.I am with you on that,

Been wondering what is behind this whole boo hoo flu narrative ever since it began,
Just a feeling that we of course are not getting the real story

as time goes on, that was proven true, but we are still asking the same questions,
what is wrong, what is the true problem or motive here?

now sure, we have all heard the pop destruction stories, a break in the financial system, or the never ending climate narrative,
but as of yet, the picture hasn't illuminated to me
 

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The rumor mill claims stealth bailouts of the repo markets in fall of 2019, and there's some evidence to support the narrative, particularly as the fed suspended, then failed to extend the supplementary leverage ratio requirements, allegedly put in place...because virus.

The reality is they ain't talking and all we can do is speculate, though we can all see there's been a huge disconnect between wallstreet and mainstreet for some while, particularly with regard to the Russell 2k type companies. I guess studying the long term effects of QE can offer some answers as it began in late 2008 and has run nearly contiguously since.

It seems overly simplistic to say this is all a result of bond yields reaching the zero bound and the world not being okay with the reserve currency going negative in nominal terms, but aside from supporting zombie banks with huge excess reserves, suppressing rates, and limiting volatility, I don't know how else to see quantitative easing.
 

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that is just it, I have nothing to go on. My intel stinks as to who is doing what that can be confirmed.
We all hear these amusing stories of this and that, but it is all science fiction at this point.
The world has ended 17 times in the past 15 years due to one malady or another as presented by the rag writers or the msm.

crude is closing in on a 100 per barrel again, after the rapid decline from it the other day,

silver moving up toward that 25 level, to take a shot at that, currently in mid 24's

would be nice to see the metal stocks follow the action in the physical instead of reacting to the beanie babies
 

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april crude now over 101 per
 

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that is just it, I have nothing to go on.
Agreed the lack of transparency is disturbing. IMO, the beginning of the end occurred in 1999 with the dotcom bust and things have only gotten progressively worse. That's also shortly after the repeal of Glass-Steagall and the unleashing of the full force of banking derivative casino gambling. Relatively raw data collected by the bureau of propaganda, also pegs that year as the top of the labor force participation survey.

Nearly every legitimate measure of the health of mainstreet has declined since, the warmongering ramped up significantly shortly thereafter, as did the increase in tyrannical gumbymint policies that relieve the little people of the burden of what freedoms remained to them.

Funny enough, I went back to the BLS site to confirm that was the very tippy top of the US labor force participation chart, and they've now removed everything prior to Jan 2002 from the default view. It used to go back to the 1940s by default, but they had to add a bunch of stupid demographic crap to it, so naturally it had to be neutered. Seems like they "fix" everything by making it less useful now. Anything to hide the fact that the emperor is naked.

1646140458001.png
 

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I brought that up many times, and most was shouted back down,

what's a couple of points they said,

well a couple of points is millions of slaves now not in the workforce,
leaving that much more for the productive to support the largesse of .gov and them
 

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omfg

they have little marco on talking, all somber

terrible terrible tragedy, 40m people don't want him there,
heading for a quagmire

we have to impose a price on putin and we need to him to pay a price so large that it sends a msg to him and to any others who would attempt the same

funny watching him try to act as a statesman, blank ass 80 IQ and all
 

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I brought that up many times, and most was shouted back down,

what's a couple of points they said,

well a couple of points is millions of slaves now not in the workforce,
leaving that much more for the productive to support the largesse of .gov and them
I know we both have brought it up over the years. Sometimes, I think, things really aren't all that complex as we make them out to be. The goobermint financializes the ef out of everything which tends to move wealth from the bottom to the top.

This has meant that over time, not only have wages not kept up with inflation as the disparity between corporate execs has dramatically expanded relative to worker bees, but speculative gambling in the markets has also become a career choice for some, as has generational welfare for others. Bottom line is, the gumbymint has simply made it far less attractive to swap one's limited time on Earth for a handful of melty fiat and a whole lot of people have just said...no. Then too demographics clearly play a role, but this slide began long before boomers really approached retirement age.

Wage slaving simply doesn't pay very well anymore.

1646142198407.png


Looks like the regularly scheduled morning paper gold/silver smackdown has begun in earnest.
 

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These people seem to have forgotten about the faceplant takedown already. Falling ad revenue = big haircut.
That stock market cut is still working through the system. The shit bank stock is going down on huge volumes everyday. Rallies are being sold into. I keep watching other tech stocks and they are going down on lighter volumes. Lows are getting lower.

I am in India and I hears that all the soft ware executives were working from home 2-3 side gigs to earn extra money during pandemic and they don’t want to go back to the office cubicle for one job. Think of all the unintended consequences. The other story there is a lot of Indian students stuck in Ukraine and the Ukrainian mafias are harassing the students, so that pressure is built up on India to support the Ukrainian Us crazies. India rightly abstained from the vote.

Bashing Asians has become a favorite pastime. This only will push Indian interests to align with Russia and China
 

solarion

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Agree, it has been obvious for some while that the dips have just been dead cats that institutions were selling into. Clearly a reason to sell the rip and forget about buying the dip, but habits die hard for some.

Tough to wrap my head around the anti-Asian hatred thing. I suppose from the standpoint of a race baiting commie dbag, they're an inconvenient minority in America, since they're hardworking and successful despite being a minority, but that should cause people to model after them, not attack them. Oh well, I'll never understand the progressive mindset I guess.