Kerry Lutz's--Financial Survival Network

Chairman Newsom is selectively closing businesses but leaves his own business open. He’s banned singing in houses of worship. He said the people looting and rioting were expressing themselves and that’s okay, but heaven help a businessman trying to support his family by opening without government permission. A lot of people are in a state of disbelief. Criminals are allowed to run rampant and there’s no police to stop it. When will order be restored?

While the economy might look better while looking at the economic statistics. The employment report is better than expected. The number of people still receiving unemployment benefits, it’s over 31 million. A lot of companies laid off employees in March were laid off and are expecting to go back to work. And many of them will not be going back to work, perhaps as much as 40 percent. They’ll be transitioning from temporarily unemployed to permanently unemployed. This will probably lead to another market decline later in the year. Don’t be misled by rosy statistics. 

It appears that the US Dollar has peaked. Metals prices will be going up, especially silver. We saw silver go to multi-year lows but Eric believed that after the second quarter of 2020, silver would become the leader and would advance rapidly. This trend will continue through at least the second quarter of 2021. Lots of parallels to 1980 (40 year cycle) and 2018. Eric called February the mother of all sell signals, as have other FSN guests. The market could see a bigger selling period between Q2 2021 and Q3 2022. Late July or early August we could see another rally in the market. Lots here about oil, interest rates and the economy. 

John O'Connor served as an Assistant U.S. Attorney in Northern California representing the United States in both criminal and civil cases. He represented Mark Felt, the notorious Deep Throat of Watergate Fame. 

He discusses Mark McCloskey, the armed homeowner who went viral on Sunday night after he and his wife defended their property from rioters, said during an interview on Monday that the rioters threatened him and his family and that his rifle was the only thing that saved him.

McCloskey, who is a lawyer, noted in an interview with a local news station that the rioters broke down a gate to the community and illegally trespassed on their private property.

“I went inside I got a rifle … because as soon as I said ‘this is private property,’ those words can enraged the crowd,” McCloskey said. “Horde, an absolute horde came through the smashed-down gates, coming right at the house. … And then I stood out there, the only thing we said is, ‘This is private property, go back, private property, leave now.’ At that point everybody got enraged, there were people wearing body armor.”

“One person pulled out a loaded pistol magazine and he clicked them together and he said, ‘You’re next,'” McCloskey said. “We were threatened with our lives, threatened with the house being burned down, my office building being burned down, even our dog’s life being threatened. It was about as bad as you can get. You know, I really thought it was the storming of Bastille, that we would be dead and the house would be burned and there was nothing we could do about it. It was a huge and frightening crowd and they broke in the gate and they were coming at us.”

TALK TO DEEP THROAT'S LAWYER!

Deep Throat’s lawyer discovers the Washington Post betrayed his client—while covering up the real truth about the Watergate scandal.  

The conventional wisdom of Watergate is turned on its head by Postgate, revealing that the Post did not uncover Watergate as much as it covered it up. The Nixon Administration, itself involved in a coverup, was the victim of a journalistic smoke-screen that prevented mitigation of its criminal guilt. As a result of the paper’s successful misdirection, today’s strikingly deceptive partisan journalism can be laid at the doorstep of the Washington Post.

After Deep Throat’s lawyer, author John O’Connor, discovered that the Post had betrayed his client while covering up the truth about Watergate, his indefatigable research resulted in Postgate, a profoundly shocking tale of journalistic deceit.

In an era when numerous modern media outlets rail about the guilt of their political enemies for speaking untruths, Postgate proves that the media can often credibly be viewed as the party actually guilty of deception. Americans today mistrust the major media more than ever. Postgate will prove that this distrust is richly deserved.

For decades, we were unprepared for a pandemic. Politicians on both sides of the aisle were briefed on it, again and again. We need people in policy roles that understand what the subject matter experts are saying, not career politicians with no real-life experience. Congress was even briefed on the potential for a pandemic like COVID back in June of 2019 and failed to act. Congress was too busy being stuck in gridlock to do anything about it. As Colorado's congressman, I will treat these warnings like I would with a patient. Remember, an ounce of prevention is worth a pound of cure. Sustainable government requires that we don't overload the legislative process by bills that will not pass muster in a bicameral legislature that is controlled by different parties. Partisan solutions to our problems is worse than going nowhere fast- it’s driving the debate in reverse. We win against the next pandemic by putting subject matter experts into a position where they can form policy.

In this interview Craig Hemke explains what is really happening on the Comex and how it has transitioned it's turned into a delivery market. Craig is looking forward to near record gold prices by the end of 2020 and $20 plus silver. The formula is quite simple, people are figuring out what's really happening with the economy, the Federal Reserve and QE to Infinity. We always knew it was coming and now it has. The situation can't last forever, but the alternative is to simply allow total collapse, and they're just not going to do it. The question is when will they start bailing out states and cities?

Silver closing in on $18.50, key technical point. 5000 year high for the gold to silver ration. Now it’s back down to 95 and probably going lower. David is hoping for $20 silver. He’s not seeing confiscation as a possiblity. Perhaps at the ETF level. Perhaps the RobinHood Traders are jumping on the mining stock bandwagon, since they’ve been showing high momentum and big recent gains. At the latter stages of the rally, people will be buying anything with gold or silver in their name. Why hasn’t gold and silver gone higher and why haven’t the stocks gone higher. It’s very hard to analyze. Why did the metal not go higher when the mines were shut down? Is the absence of earnings enough to explain its under performance?

Gold traded at 1776 over the 4th of July weekend.

Massive flooding is currently taking place in China. The once vaunted Three Gorges Dam may not survive the rainy season, at least according to an increasing number of Chinese experts. And yet, you have seen nothing about it on the mainstream media. Why? Should it happen, this will be the greatest disaster in recorded history. The Yangtze River runs through cities in which 400-600 million people live. 66 nuclear power plants are in the path of massive floods that will only increase and could turn into giant tidal waves should the dam collapses. Three Gorges was built by Li Peng, the so-called butcher of Tiananmen Square. It used substandard steel and concrete, improper welding and poor design. In 1992 when construction started, Chinese technical and engineering prowess were in their beginning stages. Now they know better, but it's too late. The dam's workers have been described as frightened to death every day they work there. Why haven't you been told? Why are they hiding this? You be the judge!

It's no secret that we're going through an extraordinary economic collapse. Compounding all the previous financial problems, we have a shutdown that threatens to plunge the world into a massive depression. Is there a way out? Is there reason for hope. Darryl Schoon explains how we got where we are today and why there's reason for hope. 

Henry Weingarten of the Astrologers Fund joined us today. He says this is a very important time for the stock markets. He's fully prepared for an August pullback of at least 8-10 percent or even higher. There are 4 sectors of the market that he's looking at for increased returns and safety. They are Entertainment, Precious Metals (including Bullion and Mining Stocks), Safety and Security and Some Tech (although not necessarily the Fang Stocks). The reasons to be concerned about August include, Biden's VP pick, late reporting bad earnings, Wall Street's "A" Team is on vacation and the "B or C" Team is filling in. Henry also believes we're going to advances in gold and silver prices with gold perhaps heading into record levels. It's going to be an interesting summer.

Stock markets continue to recover, from their March losses: Dow up 1.7% to TSX.V up 12 percent. VIX at a still high 30.4. Dollar was down 1% and Euro gained 1.3%.  10 Year yield barely up at .66. Bitcoin was down 3.5%. Gold was up 2.5% to 1772. Silver up 2% to 18.20. PT down .4%. PD up .4% for the month. Copper gapped up 13% to 2.73. WTI up 12%. Brent 18%. Natgas down again 7.6% to 1.71 per mm. Uranium slumped nearly 8% to 31.40.

Ratios: Au/Ag 97.4 - Pt/Au .46 - Pt/Pd .44 - BRT/WTI 1.05 WT/HH 23.2 and AU/WTI 44.6. 

Jonathan's new book Bellwether Blues: A Conservative Awakening of the Millennial Soul is a must read. Americans live in an era of increasing political turmoil where tensions are heightened and conflict is the new normal.

Having grown up in this environment, millennials know nothing different. Their experiences have driven them toward disillusionment and frustration with the political norm. In sum, they have caught a case of the Bellwether Blues. The resulting skepticism has brought out the worst in those who engage in political dialogue, only adding fuel to the fire.

In an era where the political world is ablaze with hatred, Bellwether Blues offers a highly effective antidote. Rather than allowing the ends to justify the means, Jonathan Jakubowski encourages conservatives to rethink their approach to reaching the millennial generation. Fight or flight might be the natural response to conflict, but there is a third option for conservatives if they choose: Make friends. This counterintuitive approach is gleaned through the stories of seven millennials in Wood County, Ohio who changed their voting preferences from liberal to conservative.

Pending home sales spiked a stunning 44.3% in May compared with April, according to the National Association of Realtors. 

That is the largest one-month jump in the history of the survey, which dates back to 2001. It beat expectations of a 15% gain. Sales were still 5.1% lower compared with May 2019, however.

Pending sales measure signed contracts on existing homes, so it shows that buyers were out shopping during the month of May. Sales had fallen 22% for the month in April, as the economy shut down to slow the spread of the coronavirus. 

“This has been a spectacular recovery for contract signings, and goes to show the resiliency of American consumers and their evergreen desire for homeownership,” said Lawrence Yun, NAR’s chief economist. “This bounce back also speaks to how the housing sector could lead the way for a broader economic recovery.”

The market, however, still needs more supply, Yun noted. “Still, more home construction is needed to counter the persistent underproduction of homes over the past decade.”

The supply of existing homes for sale at the end of May was nearly 19% lower annually, according to the NAR. Single-family housing starts in May were not as strong as expected, although building permits, a measure of future construction, did gain some steam.

The supply of homes is still extremely low, but is improving in some markets. Active listings were up by more than 10% for the month in San Francisco, California, Denver and Colorado Springs, as well as Honolulu.

Buyers came back to the market despite restrictions on open houses in many states. Real estate agents are offering virtual tours as well as individual tours of empty homes, where buyers can open a lock box and tour the homes themselves. Some buyers are signing contracts on homes they’ve never even entered physically. 

Rock-bottom mortgage rates are also helping buyers in a market that remains pricey due to high demand. The average rate on the 30-year fixed mortgage started May around 3.20%, according to Mortgage News Daily. By the start of June it was falling below 3%.

Sales of newly built homes, which are also measured by signed contracts, jumped nearly 17% in May, compared with April, and were 13% higher than May 2019, according to the U.S. Census. Builders have been seeing strong demand from buyers looking to leave densely populated urban areas. They are also benefiting from the shortage of existing homes for sale.

While the recovery was swift in May, the future is not exactly set, especially given the latest spikes in cases of Covid-19.

“Emerging virus hot spots in the South and West could derail the improving trend,” said Danielle Hale, chief economist for realtor.com. “For now, demand remains resilient, but we’re watching the new listings trend as it’s a good indicator of what’s ahead for home sales.”  

Regionally, pending home sales in the Northeast rose 44.4% for the month but were down 33.2% from a year ago. In the Midwest, sales rose 37.2% monthly and were down 1.4%annually.

Pending home sales in the South increased 43.3% month-to-month and were up 1.9% from May 2019. In the West sales jumped 56.2% monthly and were 2.5% lower annually.

President Trump signed an executive order Monday suspending several popular working visas until the end of the year. The new restrictions will apply to a host of employment-based visas.

This is just another blow to immigrants - not to mention the legal apparatus, private and otherwise, which depends on these visas to retain and generate business," says Immigration Attorney and Founder of Immigration Law Firm 'SMA Law' in Long Island City . 

The ban on new visas applies to H-1B visas, which are used by major American technology companies, and their immediate families, H-2B visas for non-agricultural seasonal workers, J-1 visas for exchange students and L-1 visas for managers of multinational corporations.

Is it more political than for purposes of sound economic policy? This policy will stop businesses from opening US divisions because their managers can't get Visas. In addition, H1B visa applicants are being paid a prevailing wage, so there's no worker importation to save costs on American workers. Let's see where this goes after the election.