The biggest news of the day is that Scotiabank announced that it was closing its metals trading business. According to Zerohedge, Scotiabank has been involved in the metals trading business since 1684.
This handsome fellow sat on the throne of England and Scotland when Soctiabank established its metal trading business. (For the historically challenged, that is a portrait of Charles II.)
link to full article:
The World's Oldest Gold Trader Is Closing: https://www.zerohedge.com/markets/worlds-oldest-gold-trader-closing
The carnage continues in the economy. Hertz Rental Car misses its lease payments and is on the road to bankruptcy. If Hertz files bankruptcy a huge ripple will be felt across the economy. Think about the auto industry. Think about all the pension funds holding the corporate debt. On the plus side an already bloated used car market will be inundated with more vehicles, so if you need another car the opportunity for a great deal may be in your future.
Hertz Bankruptcy Imminent After Massive Layoffs, Missed Lease Payment: https://www.zerohedge.com/bailout/hertz-bankruptcy-imminent-after-massive-layoffs-missed-lease-payment
And in retail we get this:
Saks Fifth Avenue may be preparing to file for bankruptcy if so the company joins an ever growing list of retailers going bust.
Will any Malls survive? Again, its time to think about the ripple effects. Many pension funds invest in REITs (real estate investment trusts). The cash flow from rents is used to send the checks. If all the retailers suspend rents then there is no cash flow into the REITs and thus no checks can be mailed out.
Saks Fifth Avenue Is Latest Mall Anchor To Prepare For Bankruptcy Filing: https://www.zerohedge.com/markets/saks-fifth-avenue-latest-mall-anchor-prepare-bankruptcy-filing
And if that is not bad enough news we get this:
Due to the Wuhan virus, meat packing plants across America are being shuttered leading Tyson Foods to warn of a complete break down in the food supply chain.
This may be a good time to load up on some cans of tuna and chicken. Just saying.
Tyson Foods Warns "Food Supply Chain Is Breaking": https://www.zerohedge.com/health/cracking-americas-food-supply-chain-serious-problem
And in the shiny metals today:
Gold was up today. Is that a breakout from another bull flag?
Tomorrow will be interesting.
Silver is still just kicking around, if you are bullish lets hope this is a very long "cup and handle" formation that will lead to a big run to the upside.
While COMEX gold is priced at $1729 over at JM Bullion a beautiful Eagle will cost you significantly more.
A small premium of only $140 dollars above the COMEX price.
Are these markets cracking????
As for a silver Eagle over at JM Bullion, you can pick one up for a mere $23.74 an $8 dollar premium.
The premiums over the futures price is nothing compared to the premium over the spot price for gold and silver.
kitco
Amazing.
Checklist:
- buy canned meat
- plant some more beans in the garden
- buy some more ammo
- buy more silver coins
- pray a little harder
- drink a little less
That should do it for now.
Pay Attention!
Peace out and stack on!