I don’t suppose it’s going to surprise many of you when I say that Our nation is VERY SICK!  We’re not just citizens of a nation with a failing economy that has financially bankrupted itself, no it’s way, WAY worse than that!  If it were only about money, solutions (unsavory as they might be) could be found.


But it’s not just about money, or financial common sense.  It’s about a moral bankruptcy that unfortunately emanates from the top down.  I have no idea how this can be resolved, but without a moral backbone our nation is lost.


This week my wife and I watched the 2016 movie Snowden, which I highly encourage all of you to view if you haven’t already.  There were virtually no surprises in it for me as I had followed Edward Snowden’s story in real time right from the beginning.  I view Edward Snowden as a brilliant patriot and a national hero who risked everything in defense of every American citizen’s civil liberties.


This week Wiki-Leaks has again come out with a huge amount of information, this time revealing a whole lot more of the Orwellian iceberg that Snowden had first given us a chance to see the tip of starting in 2013.  This is about a government that uses the fear of  “terrorism” as an excuse to take away our citizen’s civil liberties.  As Benjamin Franklin so succinctly put it, “Those who desire to give up freedom in order to gain security will not have, nor do they deserve, either one”.


Our immoral government is not the servant and protector of U.S. citizens that it was authorized to be, instead it has become the tool of the elite where vast sums of money corrupts all government machinations using economic and social control for the sole purpose of supremacy of government.


How this all plays out in the future is way beyond my pay grade to know, but you may rest assured that it’s going to be a Bad Day At Black Rock for a hell of a lot of people.  It is my strongest recommendation to be prepared as best you can for a very challenging future.


Preparations should be focused on all manner of things which enable you to be as independent as possible.  This includes food, water, personal needs, some method of protection, and a valid means of monetary exchange (a healthy inventory of real good prayers would be advisable as well).  Many things that we currently put substantial value on in our very out of whack society, may prove to be of little value at some future date.  Obviously this could be expanded upon greatly, but much is available on the internet in this regard.  The main thing to remember is items that are most essential for survival should get your most attention.  Also, items whose value are most easily corrupted, i.e. paper money and other paper assets (savings accts., bonds, etc.) could prove to be a serious mistake when held in large amounts.


Take care.


Oh, and this email’s subject title comes from the Sovereign Man article copied directly below.





Another spying scandal in the Land of the Free.



March 8, 2017

Santiago, Chile

It happened again– another spying scandal in the Land of the Free.

Yesterday Wikileaks released 8,761 CIA documents detailing the agency’s hacking of smart phones, routers, computers, and even televisions.

These files reveal that the CIA can and has hacked devices that were supposedly secure–  iPhones, iPads, and Android devices.

The documents further reveal that the CIA is deliberately infecting personal computers with spyware, including Windows, Mac OS/X, Solaris, Linux, and other operating systems.

They’re also hacking WiFi routers to deploy software that monitors Internet activity, and have even figured out how to bypass anti-virus software so that their spyware cannot be detected.

They’ve also managed to make the rest of the world believe that Russian hackers, not the CIA, are behind all this malware and spyware.

It’s like a restatement of that old Mission Impossible line– “Should any of your IM force be caught or killed… we’ll blame Russia.”

The CIA is pretty shameless about its activities, nicknaming its various hacking programs “Assassin”, “Medusa”, and “Brutal Kangaroo”.

One of the deepest revelations is that the agency is able to hack Internet-connected televisions, including Samsung smart TVs, through a program called “Weeping Angel”.

Basically the CIA can turn your TV into a listening device, recording conversations in the room and transmitting the audio to a CIA server.

Even if you think the TV is off, it’s not.

CIA hackers have been able to spoof the on/off display and set the television to a “false off” mode.

Bottom line, no device that’s connected to the outside world is truly safe.

And future Wikileaks publications may show that the intelligence community is hacking home automation devices, Internet-connected automobiles (including driverless vehicles), and artificial intelligence like Amazon’s Alexa.

It’s hard to be shocked at this point that the government is spying on its own allies and citizens.

This is just the latest in a pattern of brazen surveillance and flagrant Constitutional violations on the part of the US intelligence community.

But that’s precisely what I find MOST concerning– the LACK of concern over these new CIA documents.

People have such a low expectation of their government now, and have become so accustomed to the government routinely violating their civil liberties, that there’s hardly any public outrage anymore about these spying scandals.

More importantly, the lack of concern is indicative of what freedom means in the Land of the Free today.

Here’s a great example–

Young people are traditionally the most politically charged activists in the country.

But where are the protests across university campuses demanding freedom and privacy?

It’s not happening.

That’s because university students are too busy protesting against ideas they don’t want to hear about.

At Middlebury College last week, a small liberal arts school in Vermont, a small mob of student protestors physically assaulted a conservative speaker because his ideas offended them.

They couldn’t simply skip the lecture and allow interested students to attend.

No, they had to engage in violent censorship, oppressing any idea that doesn’t conform to their narrow agenda.

The only thing these cry bullies are interested in hearing is apologetic white men groveling over their privilege.

This is the new reality in the Land of the Free: freedom has deteriorated into some gender studies professor’s socialist fantasy.

Constitutionally guaranteed liberties have become irrelevant.

Forget about “free speech”.

Any intellectual dissent from the intolerant Social Justice view is now considered “hate speech”.

And the Fourth Amendment, which establishes “the right of the people to be secure in their persons, houses, papers, and effects against unreasonable searches and seizures,” has become a distant memory.

As a child who grew up in the 80s during the height of the Cold War, I imagine there would have been widespread disgust if a similar scandal had been exposed.

Spying on citizens and allies? That’s what the Soviet Union did.

But today, everything else is more important.

Transgender bathrooms. Silencing hate speech. Forcing elementary school children to feel guilty about their white privilege. Political correctness in extremis. #everyone-else-but-white-people’s-lives-matter.

This is what dominates the social conversation now in the Land of the Free.

Privacy is no longer a Western value.

After all, people narcissistically upload their entire lives to social media (as if anyone cares what they’re having for dinner) so that Mark Zuckerberg can auction off our details to the highest bidder.

And it is precisely this decline that I find most disturbing.

Some people hold the idiotic belief that, “If I have nothing to hide, I have nothing to fear.”

This is dangerous logic, for so many reasons.

Even the use of the word ‘hide’ is ridiculous… as if the fact that I don’t upload photos of my nether regions to Instagram means that I’m “hiding” something.

We all keep things private. It’s why we wear clothing, don’t discuss our personal finances in polite company, and worry when our social security number is stolen.

But more importantly, if it doesn’t matter that the CIA is monitoring people’s most intimate moments, then does anything matter?

They keep moving the line, probing deeper and deeper into our lives and enveloping the nation inside an Orwellian surveillance state.

And it doesn’t stop… because we’re in the midst of a complete breakdown of western values.


Until tomorrow,

Simon Black

Founder, SovereignMan.com






February was an extraordinary month…

President Trump was busy issuing executive orders and reversing those issued by his predecessor. Gold prices have been steadily climbing. The secret Obama executive order, which must have opened the US gold reserve to the banksters, does not appear to have been reversed quite yet. When it does happen, it should spark some mild price fireworks, as the manipulators dump remaining short positions. In the meantime, in all likelihood, the manipulators are loading up on as many physical gold bars as they can, at the lowest possible prices. It is, I believe, an indirect courtesy of the US government, thanks to the actions of the previous President.

It would appear that America’s treasure continues to be drained away at a fantastic rate, although as we will discuss later, there is a hesitancy to commit to future orders that is growing fast in London. In spite of the delay in reversing Obama’s executive order, gold’s price and timing continue to follow the pattern I described in an article in November. Probably, that’s because although it isn’t closed yet, the US Gold Reserve could be closed at any moment.

The price attacks will continue but are temporary and opportunistic. They will be geared more toward the collection of a few quick bucks and/or the collection of some discounted physical gold bars than trying to make a long-term impact on gold prices. Most likely, that’s because the recent updraft in gold prices is driven by physical demand. Physical buyers are thrifty people who stop buying when prices go up too fast. Their resistance doesn’t last forever, but they do need to get used to significant price hikes.

We know that physical buyers were ready to pay much more for gold just a few years ago. Based on the gold market of 2012, the point at which physical supply and demand balances in the longer term, was somewhere within the $1,500 – $1,600 range. Since nominal earnings are universally higher now than they were 4 years ago, it shouldn’t take too long for people to get used to the higher prices. The willingness to pay a much higher price has already been demonstrated. Downward biased manipulation can only be partially effective without government subsidies and support.

The recent price attacks can safely be viewed for the transient events that they are. It appears that the banksters are simply attacking highly leveraged get-rich-quick schemers for the short-term benefit of doing so. Such speculators are fools, who face bankruptcy from small price movements, and must run at the slightest negative price pressure. If they think gold will go down, they quickly take the opposite side from their usual bullish view, and try to get rich quick that way. The problem for them is that they are being tricked. The manipulators want to buy physical gold bars at rock bottom prices and transient price attacks in paper-based futures markets helps them do it.

The manipulators are being careful not to push gold prices below the hard physical buying orders. Manipulators piled on last Thursday, for example, with staggeringly large waves of short selling designed to torpedo prices. Gold and silver tend to follow the similar patterns of manipulative activity, and the exact numbers have actually been already documented in the silver market. Approximately 151 million troy ounces of paper silver were “sold” in a space of 45 minutes from 11:25 am to 12:10 pm, almost four times the amount of silver produced by the top mining company in an entire year! The net effect was a steep price decline and a great deal of cash to fill the pockets of manipulatorsWe can presume that the same thing happened with gold. Then, on Friday, the very next day, prices went right back up.

In spite of the effort being put in, Thursday’s manipulation event has no legs. By April, the folks who did it will have slowly bought back all the short positions they took on to do it. In contrast with the way they torpedoed prices, they will buy back the shorts in a slow and orderly manner that affects prices as little as possible. They will then likely stand for delivery of gold they purchased at rock-bottom prices from a shell-shocked market filled with hapless non-connected hedge fund managers. The hedge fund managers and their clearing brokers will scramble around searching for physical gold to meet  delivery obligations. Overall, the process will help keep prices moving steadily upward over time.

If the manipulators play their game right, even as hard physical buyers raise their bids, the artificial price of gold will be kept just a little bit above the physical bids. The risk they face is only from miscalculation. For example, some unanticipated event could happen that creates a sudden and unexpected willingness, by physical buyers, to raise their bids. Thus, there is always an element of uncertainty.

Recent dramatic events at COMEX futures exchange, however, increase my level of confidence in my current forecast. As I reported last month, we saw a 729% increase in the demand for delivery of physical gold at COMEX during off-month of January 2017, year over year. This month (February) was a major delivery month, and there was another 230% increase in the delivery of physical gold bars. The huge increase in gross demand for actual physical gold bars is impressive. However, it is not the amount that was purchased but, rather, who was doing the buying that is the most important factor.

The biggest banks in the western world continued to be the biggest physical gold bar buyers during February. In many cases, their own customers are being called upon to deliver the bars to them. In total, about 18.66 metric tons worth of physical gold bars were delivered on COMEX in February. That compares to 7.99 tons delivered in February 2016. The net increase totals out to be 233% year over year, which is enormous.

HSBC, in particular, was the biggest single buyer this month. HSBC bought just over 10.62 tons worth of physical gold bars. Neither it nor its customers delivered much gold to speak of. As was the case when it made massive purchases in 2015 and 2016, these gold bars are now an asset of the bank.

J.P. Morgan was also one of the huge buyers this month. It didn’t buy quite as many gold bars as it did, last month, but it purchased about 2.4 additional tons. In contrast, J.P. Morgan’s customers were called upon to deliver about 10.95 tons, perhaps part of which went into the bank’s own asset base. As the customers scrounged around to find gold to deliver to the banks, they probably propelled gold prices upward in February.

As was the case last month, Scotia Bank was also a big net buyer. It bought about 1 ton of physical gold. Last month, it purchased 3.82 tons.

Oddly, CME, Inc. was also a significant buyer. It has consistently been a significant gold bar purchaser throughout 2016. Like Goldman Sachs, HSBC, J.P. Morgan, Scotia and others, it has been stocking up. The exchange operator didn’t buy as many gold bars as a “too-big-to-fail” megabank, but its purchases were enormous, and way out of line from a historical perspective. Remember, the futures exchange operator is not a bank, a hedge fund or an independent investor. It has no obvious reason to buy physical gold bars — except one which we will discuss in a moment.

CME, Inc. bought about 1/3rd of a metric ton in 2016. This past month, it purchased another 62 kilograms. In comparison, it bought only 5 gold bars in all of 2015. The exchange is contractually liable on any default in delivery by clearing members. There hasn’t been any default yet. However, the fact that the company is now buying so many gold bars implies that it is preparing for that  to happen. It seems to be planning on weathering a major supply disruption.

If some of the COMEX clearing members end up defaulting on delivery, the exchange is on the hook to supply either gold or the cash value of that gold at the time of default. It is perfectly legal for the exchange to pay customers cash, instead of the gold they contracted for, BUT if the company does that, COMEX will be discredited as a forum for price discovery. It usefulness for market manipulation purposes will end forever. All of which brings us to the celebrated London-based metals market whistle-blower Andrew McGuire…

Mr. McGuire has a history of accuracy in his description of what is going on behind the scenes at the London precious metals market. In a recent public interview, he stated that a huge crisis is in the offing. London gold dealers don’t have enough gold to meet demand. Most of the “gold” controlled by LBMA banks is actually not theirs. It is all “stored” under “non-allocated” storage contracts,. These contracts give banks the right to use the gold in any way they want, including selling or leasing it.

Apparently, they’ve been selling and leasing the gold they don’t own for many years. All of it is spoken for, and there isn’t any left. With no stockpiles of their own, and facing the prospect of being cut off from the US Gold Reserve, they seem ready to default on metal delivery obligations. McGuire says that the banks are on the verge of declaring a cash settlement of all gold obligations. Because of the clever lawyers who wrote the contracts, however, this will not equal a legal default.

All the non-allocated storage contracts have a clause that allows for the “substitution” of cash in settlement of gold obligations. If McGuire is right about an oncoming crisis in London, and a cash based “reset” is about to happen, what CME, Inc. is doing makes perfect sense. Most smaller COMEX dealers refuse to tie up cash on vaulted gold, and simply wait until the last minute to buy gold to make deliveries. But, after the defacto default in London, physical gold will be unavailable at any price. These firms will be unable fulfill COMEX delivery obligations.

An educated guess would be that CME, Inc.’s motive, in buying so much physical gold, is to prevent collateral damage to the COMEX exchange’s reputation. Meanwhile, the big banks’ motivation may also revolve around an expected London default. Most of the same players operate in both NYC and London, but COMEX is the more critical market for price manipulators because it is there that world prices are set. The same people who now manipulate gold prices downward, will probably turn to upside biased manipulation once the government’s subsidy ends. To profit from price manipulation, they must be able to control prices.

Continuing the credibility of the COMEX futures market, in spite of a massive London default, will enhance its dominance in price discovery. COMEX has always been the key to controlling the price of gold, in spite of the fact that the London gold market is five times larger. The London price and the world price of gold is primarily set by banks and hedge funds fighting with one another at the futures exchange. If the futures exchange allows a large scale default, it will end up as discredited as the LBMA in London.

Here is the bottom line. When the appropriate time comes, LBMA obligations can be cashed out, and the organization can be closed down. But, if COMEX is discredited, the primary profit making vehicle will be lost forever. In contrast, by preserving COMEX in spite of the collapse of the London market, attention can be quickly shifted toward upwardly biased manipulation activities, and profit can be preserved. Meanwhile, in the shorter run, there is the prospect of selling gold bars to the hedge funds and smaller COMEX clearing members around the time of the London default. Thus, buying gold bars now, for later sale, is going to be an extraordinarily profitable gambit.

In the face of the oncoming massive upward “reset” in the price of gold, I am reminded of a recent article in Forbes magazine. The author urged President Trump to bring back the gold standard in order “to make America great again.” According to the article, there are only three choices open to President Trump.

First, muddle along under the current “dollar standard,” a position supported by resigned foreigners and some nostalgic Americans—among them Bryan Riley and William Wilson at the Heritage Foundation, and James Pethokoukis at the American Enterprise Institute.

Second, turn the International Monetary Fund into a world central bank issuing paper (e.g., special drawing rights) reserves—as proposed in 1943 by Keynes, since the 1960s by Robert A. Mundell, and in 2009 by Zhou Xiaochuan, governor of the People’s Bank of China. Drawbacks: This kind of standard is highly political and the allocation of special drawing rights essentially arbitrary, since the IMF produces no goods.

Third, adopt a modernized international gold standard, as proposed in the 1960s by Rueff and in 1984 by his protégé Lewis E. Lehrman …and then-Rep. Jack Kemp.

Of course, to bring back the gold standard, the price of gold versus the US dollar must be reset much higher. If Mr. McGuire is right, however, the implosion of the London gold market will do just that. It will also bring the role of gold as money back into the world’s consciousness. A massive one-off price reset will happen, dramatically devaluing cash currencies including the US dollar. Going back to the gold standard might end up being enough to offset the enormous debts built up under decades of incompetent economic management.





https://www.youtube.com/watch?v=SXFJUAf9afA  In this Greg Hunter interview internet data mining expert Clif High shares thoughts from his March report regarding the ongoing success of the Trump Presidency in gaining traction with the electorate, what the future looks like for the precious metals and Bit-coin, the Antarctica story, and other matters.  Listening to Clif’s interviews is always worth your time.


http://kingworldnews.com/greyerz-global-panic-is-now-only-days-away/   No matter how you look at it, the prices of gold and silver are now selling at one of the steepest discounts in history. But when they turn, the violent spike higher will send prices to levels that people cannot even imagine today.”


https://www.youtube.com/watch?v=7xgNncFHAng  Here’s a Bill Holter interview that has some very interesting stuff.


http://www.zerohedge.com/news/2017-03-07/   Legendary NSA whistleblower William Binney (and creator of NSA’s global surveillance system) confirmed to Fox News, that President Trump is “absolutely right” to claim he was wiretapped and monitored… he was.


http://thecrux.com/bill-bonner-americas-druggy-stupor/   Why does extreme poverty persist in Baltimore and other places?  Because the feds pay people not to try… and not to learn.  Why do rich kids often get nowhere in life?  Because their parents give them money; they don’t have to figure things out for themselves. They spend; they don’t learn.


https://srsroccoreport.com/new-uncovered-information-why-central-banks-were-forced-to-rig-the-gold-market/   According to newly uncovered information in the gold market, it provides additional evidence of why the Fed, Central Banks and the IMF were forced to RIG the gold market.  Actually, looking at this new information, I had no idea of the amount of Fed, Central Bank and IMF gold market intervention until I put all the pieces together.


http://www.oftwominds.com/blogmar17/beneath-surface3-17.html   You can’t rebuild a moral center with more regulations and legislation, or by trying to silence critics. Proliferating regulations and attempts to silence critics are simply proof that the disintegration is accelerating down the slide to disorder and collapse.


http://kingworldnews.com/this-is-one-of-the-most-shocking-and-unimaginable-exposures-of-how-badly-the-public-is-suffering/  Notice that the true unemployment rate in the United States is still hovering near a staggering 23 percent, which can only be compared to what was seen during The Great Depression of the 1930s.  This was, of course, an era of great suffering for a very large segment of the population of the United States as well as many other countries.


http://www.oftwominds.com/blogmar17/CRE-domino3-17.html   Commercial real estate is grossly overbuilt in retail and office space. Combine sky-high valuations with cratering demand and billions in short-term CRE loans that must be rolled over into new loans, and we don’t have a liquidity crisis, we have a collateral crisis— the assets supporting the debt are no longer worth the loan balance. Unless the Federal Reserve intends to buy up every dead and dying mall in America, this is one crisis that the Fed can’t bail out with a few digital keystrokes.


http://economyandmarkets.com/markets/housing-market-markets/harry-dent-real-estate-will-never-be-same/   After this brief bounce in housing demand in recent years, net demand will drop into 2040.  Basically, we don’t need to build more houses for a long time, if ever!  Knowing that, do you want to be a housing developer, or even invest in them?  Yes, residential real estate will never be the same! It most certainly will be nothing like what we experienced into 2005.


http://thecrux.com/drained-pension-fund-has-retired-new-york-union-workers-pinching-pennies-to-survive-as-doom-looms-for-reserves-across-u-s/   The stopgap measure didn’t work — and after years of dangling over the precipice, Local 707’s pension fund fell off the financial cliff this month. With no money left, it turned to Pension Benefit Guaranty Corp., a government insurance company that covers pension.  Pension Benefit Guaranty Corp. picked up Local 707’s retiree payouts — but the maximum benefit it gives a year is roughly $12,000, for workers who racked up at least 30 years. For those with less time on the job, the payouts are smaller.




Gold is Not Behaving According to Theory. That’s Good for Gold Investors.


A basic rule of thumb for gold investors is that the dollar price of gold is simply the reciprocal of dollar strength. If the dollar is strong, the price of gold should go down. If the dollar is weak, the price of gold should go up. That rule does have good explanatory power, but it’s not the only vector operating on the gold price. Sometimes the reality does not follow the theory. This is one of those times. This article shows that in recent episodes of dollar strength going back to 2015, gold has performed strongly. The most recent example is the Fed’s rate hike in mid-December 2016. That rate hike sent the dollar higher, but it also sent gold prices much higher at the same time. When gold moves higher on dollar strength, it means another hidden factor is affecting the gold price. There are several strong candidates for this hidden factor. The first is that fiscal policy could be more powerful than monetary policy. Expectations of bigger deficits from Trump’s tax cuts and infrastructure spending have caused some investors to expect inflation, which drives gold prices higher. Another factor is a Fed flip-flop. Ironically, whenever the Fed tightens, the economy slows, stock prices retreat and the Fed has to flip to a dovish policy through forward guidance. This has happened eight times since 2013 and investors could be anticipating a ninth flip-flop. Fed ease coming in the future is a good reason for higher gold prices today. The third reason is good old-fashioned supply and demand. I’ve traveled from Switzerland to Shanghai in recent months and the story is the same everywhere. Gold is leaving the banks and going into private storage where it is unavailable to support the paper gold market. It’s just a matter of time before the paper gold market freezes up and the gold price resets to a much higher price based on physical availability. If gold is going up despite the headwinds of a stronger dollar, you can be sure that powerful forces are driving it behind the scenes. We expect these hidden gold boosters to continue in the months ahead.


All the best,


Jim Rickards



Peru’s Silver Production Surged Early In 2016, Then Suffered Double-Digit Decline in December


by SRSrocco on February 27, 2017


While Peru’s silver production surged in the beginning of 2016, it experienced a double-digit decline in December versus the same month last year.  Peru is the second largest silver producing country in the world, trailing Mexico by approximately 40 million oz, but now leading third-ranked China by a wide margin.


Peru started off 2016 with a bang by increasing silver production 14% in the first three months of the year:



(note: Enero = January, Marzo = March, Plata = Silver)


The mining production figures in the table (Source: Peru Ministry of Energy & Mines), shows that Peru’s silver production in March increased 10% versus the previous year and nearly 14% in the first three months compared to the same period in 2015.


However, during the last quarter of 2016, Peru’s silver production started to level off and then declined in November.  For example, Peru’s silver production declined 2% in November versus the same month last year and even lower by 11% in December:

The highlighted red area shows Peru’s silver production declined 11.38% in December versus the same month in 2015, while overall production increased 6.65%. What is interesting to see here is that Peru’s strong percentage gain in silver production in the first half of 2016 was cut in half as production leveled off and then declined in November and December versus the same two months in 2015.


According to the data put out by Peru’s Ministry of Energy and Mines, the country’s silver production will increase from 4,102 metric tons (mt) in 2015 to 4,374 mt in 2016.  This is an increase in silver production from 132 million oz (Moz) in 2015 to 141 Moz in 2016.


However, this big surge in Peru’s silver production may peak and decline as mining investment has declined significantly over the past three years.  When the spot price of all metals were reaching new highs 2011-2013, mining investment in Peru surged to a record high of $9.9 billion in 2013:

Unfortunately, as the commodity and metal prices declined sharply after 2013, investment in Peru’s mining industry plummeted.  As we can see, Peru’s mining investment fell 57% in 2016 versus its peak in 2013… and 44% compared to the prior year.


While overall mining investment has most certainly dropped significantly in the past three years, the biggest decline came in the “Plant Investment” area.  Investment in Peru’s mining plant capital expenditures fell a stunning 83% from $1.4 billion in 2013 to $234 million last year.  This huge decline in Peru’s mining investment will have a negative impact on future metals production in the country.


Furthermore, the Silver Institute (using Thomson Reuters GFMS data) forecasts that global silver production will decline 1% in 2016 even with a 6.6% growth in Peru’s domestic mine supply.  When the U.S. and global markets finally crack, the prices of base metals will continue to decline.  Thus, base metal’s production will likely start to fall off in the coming years.


This will have a negative impact on global silver production as copper, zinc and lead account for 56% of by-product silver production (2015).   A 20% decline in global copper, zinc and lead production, would likely knock off 100 Moz of global silver production.  This assumes that copper, zinc and lead by-product silver production of 500 Moz in 2015, would fall 20% to 400 Moz.


Regardless, the world is now reaching peak production in energy and metals.  Unfortunately, the downside of the production profile will not be slow and subtle.  Rather, we will likely experience something resembling a CLIFF-LIKE decline in the future.


Global silver supply will be impacted a great deal more than most other metals due to the majority of its supply coming from base metal and gold production.




OK, I rarely do this but this was just too funny so I copied the following joke:


Sister Mary Ann…

Sister Mary Ann, who worked for a home health agency, was out making her rounds visiting homebound patients when she ran out of gas. As luck would have it, a Texaco Gasoline station was just a block away.

She walked to the station to borrow a gas can and buy some gas. The attendant told her that the only gas can he owned had been loaned out, but she could wait until it was returned. Since Sister Mary Ann was on the way to see a patient, she decided not to wait and walked back to her car.
She looked for something in her car that she could fill with gas and spotted the bedpan she was taking to the patient. Always resourceful, Sister Mary Ann carried the bedpan to the station, filled it with gasoline, and carried the full bedpan back to her car.

As she was pouring the gas into her tank, two Lutherans watched from across the street.. One of them turned to the other and said,

‘If it starts  . . . I’m turning Catholic.’

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