Hi guys Lynette Zang chief market analyst here and I am trading a full-service physical precious metals brokerage house
Well there were lots to talk about today but I want to start with what’s going on at Wells Fargo by forcing those fraudulent accounts i’ll remind you that i’m going to read from this piece the San Francisco Bay bank has succeeded in getting several judges to toss fraud losses over the bogus accounts remember they opened over million fraudulent accounts it’s called identity theft and if you are I were to do it but both accounts by asserting that even though the accounts are fake makes them from legitimate accounts the victims open therefore they agreed not to sue and those arbitration clauses all of these contract clauses are written broadly enough so that they can interpret them in any way so far a judge’s said no Eric could you put this up so they could see this particular case so there were several of them it’s the signatures so you can clearly see that a person that opened up a legitimate account with a certified signature on the box on the top and then the bogus signature on the bottom yet they can’t sue because they’re being held to arbitration clauses all right you might want to look at that it’s pretty interesting.
Also I want to update you on what is happening to the fiduciary rule remember the fiduciary rule said that you must do what is in the clients best interest first and that’s going to effect on the first of next month now they could cancel it but if they don’t so black rock and vanguard urge delay because they want to have a chance to take that off the books and not go into place their argument is that if they have to do with in the clients best interest that would cause investor confusion and the unreasonably high costs because they might have to put them into lower feed product I mean to me this is such a joke but look at that now what I also want to point out is what’s happening in the dollar market and the gold markets on the bottom now these are obviously the stock markets but still now on the top you can see that the dollar has broken this support level which means is technical still holdin bogus market that’s a most that the most likely next direction is for the dollar continued its downward trend that will help those foreign entities emerging markets that have taken out a lot of debt in dollar terms.
However we want to keep an eye on that but even more important is the bottom chart where you can see how I drew in that wedge formation and you should be able to see right there that that spot goal has broken out of the wedge which means that is technical tool true these days that it will continue to go up in the spot market but i would like to also point out in this big dip right in here because what happens on March fifteenth two important things number one we hit the debt ceiling which you don’t really hear anybody talking about anymore but they still have to raise it and number two Janet Yellen raised the interest rate that it pays the bank on reserves raised at a quarter of a percent now this is my opinion and also would hold true to the typical pattern up to that event we were in jeopardy of breaking above and that would have been a key technical level and more obvious so gold spot was pushed down and look at what happened here’s the right there and now it’s gone right back up so we want to keep our eyes on that because these markets are extremely vulnerable and the insiders know that so this is the weekly insider sell ratio on the bottom where you see those things circles something is going on at walmart the major holders the Waltons have been selling not just this week but an ongoing massive amount of stock into the severely overvalued market and so actually has Mark Zuckerberg over at Facebook and actually a lot of the lot of the insiders at Facebook have been selling a lot of stock why not they know these markets are vulnerable and over value do you know that could they do you know my philosophy you should always do what the smartest guys in the room are doing for themselves not what they’re telling you to do but what they’re really doing and they are getting out of these markets
Finally I want to talk just a little bit about me the april eleventh webinar it’s going to be a good one I mean I always learned so much when I do these that I focus on one topic but this is what it’s going to be about the obvious crisis but the real crisis and then taking advantage of that one of the things you need to be aware of is that on march first the Teamsters Union which was always one of the biggest if not the biggest and the most well run and successful Union well they’re out of money as of march first how about going of impact to four thousand Teamsters that were there and what does that really tell us about the rest of the system so i hope you sign up and come for that bill is out sick today so of the images and the links will be posted tomorrow when he gets back but come to us give us a call at subscribe to us on YouTube will let you know when we’re doing these live events like us on face up follow us on twitter and share this information with everybody we need to come together as community because if we do not then when this whole thing implodes the next system is going to be even worse than the one that we’re already dealing with so please share this and again call us you take care now I’ll see you on Thursday right