rest of the world so there is a bit of an arbitrage and a weird it seems like it might be more chaotic if they're competing we see that within the big market between us twenty four seven and then you have currency markets and gold markets shut down over the weekend and you see this huge catch up where you see e.t.f. so something like gold barry celebrates gold e.t.f. that on the weekends if the price of bitcoin falls by fifteen twenty percent then you know somebody in cancer cell with till monday morning yeah varies a bit going e.t.f. yeah that's true if they're going to have to expand the hours of training i think they need to roll it out slowly they're going to do it on a limited basis and then they've got to go twenty four seven for those very reasons within a year they will be twenty four seven. and before i know people leave comments it's not see is not an e.t.f. but it's close to it's structured similar to it but who will use the domestic

industry they ask in this article in reuters well china has opened more than six thousand trading accounts including the country's oil majors and about one hundred fifty brokerages ten foreign intermediaries have registered including j.p. morgan benz financial straits financial services and other hong kong based at philly it's of domestic brokerages it will likely attract however mainly mom and pop speculative investors who dominate the country's other often volatile commodity futures markets from dates to iron ore through although transaction fees for crude are relatively higher so they're predicting it's going to be the mom and pops speculating on this. enormous buying power and they do affect prices on the margin you know we know in japan for example the mrs wants an army the housewife prototype archetype is the one who drives pricing in that in those markets and for ex the so here you've got an enormous. population online traders and on the margins you know

move prices up and down so this is and then enormous population of many hundreds of millions of traders by the way foreign investors can participate you have to open a nonresident bank account so if you want to compete with the mom and pop speculators in china you're welcome to go there apparently but you know they mention j.p. morgan and i want to turn to this headline and it shows again i had just mentioned blocked chain and what sort of transparency block chain could introduce to these commodity markets because j.p. morgan has this massive silver position and everybody's talking about it but do they really have a massive silver position we don't know however here's a headline from zero head and it's regarding john butler who is a well known commodities guy and he's written many books and does a lot of research while silver prices to surge j.p. morgan has acquired a massive quantity of physical silver j.p.

morgan continues to accumulate the biggest stockpile of physical silver in history j.p. morgan now holds more than one hundred thirty three million ounces more than held by the hunt brothers according to john butler silver hoard owned by j.p. morgan has increased from zero ounces in two thousand and eleven to one hundred twenty million ounces today money managers showing more optimism toward silver through record buying near impossible to rule out an upside price surprise at any moment this is from marco burns. gold core outfit and they were posting on zero hedge so we need to get into this with some of the actual you know david morgan he's a guy who would know i think we're going to talk to when the second half ali yes but i mean that this notion of of of whether or not these commodity markets and whether or not they could be rigged or whether or not they're going to drive prices or change fundamental outcomes or crash the dollar all these sort of things a lot of it has been disproven by the fact that we're ten years into it and it didn't happen. we had shanghai gold and futures markets the silver and gold futures

markets there that hasn't seemingly changed anything silver and gold they're still at the same price that they were when that was launched in shanghai so whether or not this oil market futures will change anything to the u.s. dollar the petro dollar remains to be seen and no one loves a good story and that's what separates us from the animals as i mentioned when we come back we'll be talking with david morgan about solver don't go away. join me every thursday on the alex i'm unsure and i'll be speaking to us of the world of politics for business i'm sure business i'll see you. in re kissinger once the brochure in the united states went into the ukrainian

crisis acting rationally based on mutual misconceptions. with tensions heightened over the scruple case it's guided by misconceptions. misrepresentation. welcome back to the kaiser report imax keyser time now to turn to david morgan he's in the pacific northwest david morgan of the morgan report dot com david welcome back to the kaiser report. you know i have to be back with you thank you. yeah well let's get into sober now j.p. morgan our friend our nemesis j.p. morgan apparently they've got a whole lot of silver that's what we're hearing at least according to many headlines now how much do they have according to this headline that we've been

reading and how much do they really have according to david laurean. that's impossible to determine the absolute about what the fact is that they have about a hundred and thirty five million ounces of silver currently and that's basis for reporting requirements from the c.m.a. so right now as of today if you morgan has five million one hundred twenty two thousand ounces of silver in the register category the register category is what they own outright at g.p. or they can you know move in and out there will also have in their warehouse one hundred thirty three a call eight hundred thirty four million ounces of silver which is the eligible category which is generally long term investors that have trusted j.p. morgan to hold their silver so you cannot sell any of the eligible category intil

the owner of that silver signs with the form basically that says i want to sell much silver put it on the markets all at this price or solid at the market or whatever so the total is one hundred thirty nine million ounces one hundred seventeen thousand five hundred eighty two out of silver own at the category j.p. morgan but again i wanted to find that most of that is the eligible category and most of us know that he knows what category. is long term investors anonymous or larry owned by j.p. morgan now can you morgan have some silver in the l a yes the can but i think it's an in afterward assumption to think that all of that silver it's owned by them and no one is joining it's over in their facility how much of it in the old categories there is it's hard to say most of us think very little of it but it can't be proven one that one way or the right so this falls under the heading of are we at

a flexion point in the price of silver in l.a. because i suffer from many errors i traded from four to fourteen for many aristotle's hand hang on that sixteen eighteen arrangements for seems like an eternity and you have got to stay at the morgan is out there apparently they're buying solver also the gold or silver a still is eighty two. which is historically very very high is all this adding of. a bullish case for solar are we about to break out of the doll jones david morgan. i believe we are if you look at the condemned to traders report which most of then. let's say i've learned about how the commitment of traders reports are especially for gold and silver and we are in a unique case something i haven't seen since i've been looking at them for like twenty years or so which is that silver base is the c o two that can enter traders

is at a level where there's basically nowhere to go but up that does not mean that it can go lower still but we're basically in a net sure position which hasn't happened. in this category for since two thousand and three i believe it's been like thirteen years so we're an extremely well positioned area force over to move higher just because the commitment of traders show. knows that it's at this level doesn't necessarily mean it's instantaneous but the other factors what you mention that's rover eighty on the gold silver ratio which usually portends a closure of that which means it's over starts to outperform go. the gold c o two is not nearly as bush as the silks you normally the coincide pretty much but at

this point in time that's not the case so one of the best traits i think you could use at this time would be to do a thread which means to short gold or go on silver and all that means is not that you dislike google just expects to get out form go as rather conservative trade and it also requires less margin to form spreads i found out so now you know we've been talking to you for a number of years and the big bugaboo with talking about all the sellers allah is the fact that the us dollar has got tremendous support and all us start and ahmed assets are supported and you've got special banks around the world and on the game and they love the dollar they had precious metals because they want to plus the theocracy and everything associated with it however now we've got in china launching an oil futures market priced in us and many say this is the beginning of the petro us and the end of the pats dollar so this would paul possibly a leg under out from underneath that dollar as well reserve currency as

a fair statement or what are your thoughts on that statement so it's a very statement max the only thing i'm of more public concern a little older doesn't make me any wiser although i hope could i do figure it out will have an impact i'm just not willing to use going to be immediate but they go over time it definitely will cut into the dollar hedging only at your dollar over time and what does that mean david i guess you know six months to a year could be instantly or very soon we've only had one trading i've read some articles about it certainly the train was robust. i use in the you want and there was a arbitrage opportunity which is interesting right from the get go so i do think you have something the tide of gold that's a little bit of a stretch or did an interview with alister. from. gold and we're friends are a chance see that there's a possibility of two traits but it isn't tied directly to although those

a trade in that parameter in this new on big picture dollar contract could if they elected to move in another contract go back but it isn't tied directly right south china lost a gold features price and you add a year ago or two years ago and has this had any impact now it hasn't yet really i mean any time you take you know physical gold from the overall supply doesn't have enough fact and truth yes i mean it moved from one hand to another hand but really did it affect the price would affect the price of stand surely and the answer to that is basically no china and russia particularly have been accumulating wealth for years as the data guys like to say that there's been given that gift with the derivatives market getting a price at a level that they just keep buying and buying and buying so as far as the shift of physicals concerned it's been nass of it's been

a genial asian for years and years that cannot be discounted and if you go to a gold backing and no words hounds curtseys out there versus i'm unschooling still by a nation state russia has the best ratio so i think it's very important from that perspective or from a fundamental perspective but as far as does it you know affect the price the answers there are too smart to let it affect the price at this point in time that's my view they're taking advantage of data says oh what the derivatives market gives them as far as a price finding a can is. right you may get point there russia's been accumulating all china's been accumulating all the precious battles and as far as precious metals as a percentage of their reserves and g.d.p. they're pretty well positioned going forward you know where the environment where there's a lot of rhetoric a lot of heated rhetoric something called war two point zero and is this type of vironment sansa favor gold and sell for david. absolutely i mean

the whole system is you know as we both know max kron game it's a confidence game and that's the problem because once confidence is lost then things break apart rather rapidly so right now the brics you know brazil russia india china and south africa four years ago the asian infrastructure investment bank then moved down the swiss system slave position themselves to basically. isolate themselves financially from the dollar collapse now whether or not that would hold or not i would say remains to be determined but obviously the effort has been made and again to repeat they continue to buy that one thing that's been trusted for a thousand years old so if you look at it as objectively as i possibly can and it speaks volumes and why would the central banks in these you know in the brics want so much goal i mean it's pretty obvious they don't trust the dollar so i think it's

a continuation and when is the breaking point meant to be determined i think we're ever closer especially with this the petro situation that we just talked. all right and the big competitor for the process battle block over the past years of cars has bankrupt the car saying because i had a head drop and twice haven't seen now big pullback in twenty eighteen do you think is going to be a rotation now from those are looking for sound money and alternatives to the us dollar would rotate out of crypt as an enterprise us models and particularly into silver because over it seems a paper uniquely undervalued at this stage david. well it'd only certainly say one day does make a market but a minute young man at the n.r.a. poker prop that's where i spoken i had suggested on one of the interviews that it be a good time perhaps take some coin profit moved into silver he did it one bit closer seventeen thousand so he's pretty happy at that point in time i think the next

phase could be again this is my bias where you start to see what we're already seeing which means more and more crypto currencies that are backed by gold or silver or both and you see more of those i think that could be the next leg of the currency or the distributed legit technology going forward there's been a lot in the because and world either like or in some of the better known ones are probably the most legitimate and there's been probably i don't know a large number that have been basically what's in it for me only type of things it's a great technology i'm not against the block chain i am a little skeptical of what the true anonymity of this and also what it's a long term of bill ability meaning and i digress for a moment mexico's the silver some in san francisco november of last year it was myself the case the idiot in a couple of other presenters and were asked ten years out if you could buy one

asset bitcoin or gold what would you buy and all of us answered go. all right. while the nose attracted a lot of interesting heavyweights like ron paul in the big quiet space i was at the gym race to land one t.v. they had an ira first over and on the other t.v. was ron paul advertising iras with bitcoin so these two are battling it out but so over certainly is looking like it's like bitcoin circa you know beef after the mt gox collapse it's it's been time for a rally and of course you're on the front line anecdotally i started to see order flow and interest and so far we've had about five seconds david now very little of both main dealers here in the last week you know more still flat are still sellers in the market overall so it's still flat but are you growing no no never saw a market so you want to be all right fair enough never sell

a quiet market thanks david morgan for being on the kaiser report thank you well that's going to do it for this edition of the kaiser report with me most guys are at stake here it want to thank our guest david morgan and you can find him over at the morgan report dot com is trying to find us on twitter scott as a reporter until next time you know. britney actions can be very dangerous this is the atmosphere engulfing the west relations with russia the poisoning incident in the u.k. has yet to be explained to the public but this is not stop the british and american governments from playing the role of judge jury and executioner.

there are some was some it's all of them mama. i don't mama little bit of that over . the old riddle of the few. i'm not getting through a lot what if there could be chilcote for you know. the sort of. what i mean i knew would think he's going to get so for us with. the question is three aspirin or yes a chest but. here for everyone that is. of the. welcome

to well the part p. years ago henry kissinger is sad that russia and the west full speed into the ukrainian crisis while acting rationally based on their misconceptions of the other tensions heightened once again over this crippled case either side still guided by the same misconceptions or perhaps deliberate misrepresentations of the other well to discuss that i'm now joined by eve gagne bush and ski and retired lieutenant general of the russian army and the chairman of the board of the peer center mr brzezinski it's great to talk to you thank you very much for your time thank you

now you recently gave an interview it's you b.b.c. radio which carries a lot of people in that interview you said you want to actually have that russia and the west moving very far so a war and not just a war you said this would be a conflict that would be worse than the cold war in fact the last war in the history of humanity for a military guy like yourself i think that's a pretty dramatic statement what made you reach that conclusion well first of all maybe i exaggerated a little bit and maybe it was a bit misunderstood a little bit but what i actually meant first of all comparing the present day situation with the days of the cold war i must say that the day of the cold war in the seventy's eighty's i was active military i felt more comfortable with the way it was everything was clear yes it was ideological confrontation maybe it's

a little tricky. they should but still there are rules definite rules red lines the corner of the soviet union oh i say well you know containing the soviet union well . yes but no it's not containment no there are wrecked threats to corner russia to isolate russia politically to strangle it economical it to to do everything possible even to well the latest the latest statement by the pentagon concerning syria to heed damascus if the syrian government allegedly used chemical weapons which there was a very serious statement made by general direction of that and keys the central damascus will be hip where the center for a consolation where the russian military russian policeman. russian federation will have to do to answer and now it will intercept the cruise missiles and carriers

what does that mean carriers since all the cruise missiles launched from u.s. warships that mean their russian air force will strike a pretty serious yes it's unprecedented in my. you make spirit well i think what's also unprecedented. is an allegation of a heart from the united kingdom that russia actually used military grade chemical weapons that put civilians at grave danger. in the center of a large community in the united kingdom i cannot recall anything of this or that was. this similarly geishas during the times of the soviet union can you you see i think first of all i'm absolutely sure it's a grand provocation and it's so poorly organized that well you see so many

questions. so many questions first of all it's a crime it's definitely trying to be investigate the first question the investigate the investigator and start the investigation who has the benefit but. mr brzezinski i think it's very clear that that the british side is not interested in the investigation it's interested in the political response to that yes and i wonder i mean russians are often accused of you know making up all sorts of conspiracies and it's hard not to do that when you have so little information at such a great grave allegation but how do you explain that personally to yourself both the use of the supposedly military grade chemical agent the miraculous improvement in the health of fuel escape all as well as the persistent denial of the russian access to its citizens well because you see i think that nobody in the west is interested in the even if i didn't choose the major effect that has already been

achieved russia has been accused russia has been solidarity has been produced e.u. summit was devoted not the brics it durham's not the financial compensation on the british part but on the. of russia of chemical effect the civilized world the west so. i think for any neutral observer it should be. do you think that's actually not because i'm obviously not a military person but from what i understand the claims of tourists amaze government they actually saying that russia attacked them by the use of military means and when you are attacked by the use of military means i suppose you would respond militarily do you expect that to come well i don't expect u.k. to count the russian militarily because well with all respect to the british.

military with all respect the united kingdom it's not the it's not the nation to confront pressure militarily at present but i think it's not the it's not the probably cation organized only by great britain the u.k. will be scase was used as a tool i think that it was at least carbonated because washington and the follow up reaction by watching them show that they most interested they expelled not just symbolically just to show solidarity a couple of freshman diplomas they expelled sixty people they closed our consulate in seattle so it's. what frightens me that spiral of confrontation between the well we call it collective collective west but it's mainly the united states where the degree and been there for more than a year but. what i hear from my colleagues from my friends the

degree of anti russian. president now speaking of which just a few days ago president putin's foreign policy adviser euro shackle suggested that the russian president may actually be open to visiting washington add the invitation of donald trump and that comes after all these expulsions that you mentioned after the closing of the of the consulate ins in seattle on what moscow believed to be a fabricated pretext why would the russian literature should be so open and so accommodating to the united states after such a hostile act to meet the american president on his own territory. well you see for me it's i can understand the what the americans are doing now because he said. it was. because never being that the president says one thing and he's administrations he's key ministers says well say quite the opposite for

example it turning to syrian president trump says will withdraw very shortly immediately make your set will it will reinforce the whole group of forces in syria what does that mean do you think that's a deliberate conclusion or just i think they're waiting around for i think that president tramp i don't know how it comes but he's acting on his own he says. it's good to cooperate with russia but his administration said come russia is our enemy is zero adverse or e all the all the documents issued. during the last four months i mean a national strategy nuclear posture review national military review all national defense review there is reason that the russia ellen said with china are reversed arrays now you mentioned that the fallout from this criminal case has so far been

limited to mutual expulsions although on the a massive scale is that going to a fact of the quality of diplomatic relations and are there any diplomatic relations still left to be affected well of that very good question of course when they speak about the the spiral of confrontation if you see the classical the classical moves first message expulsion they expel sixty people more than sixty people so certainly five in december sixth the now also around one hundred diplomats on the diplomats. so. what is the next step logical step the breach of diplomatic relations and after the breach of diplomatic relations what's the next step ensure usually now a few weeks ago they had a russian intelligence and security services visit to washington to have also just

seen a former cia had being designated as the next secretary of state doesn't mean that spies or former spies are now taking over the roles that were previously have reserved for career diplomats well i don't like that we are spies. in the intelligence as an service or as yes the be the be the be polite the more correct i think it's normal that what once president any challenge yourself this is around. president bush the not the junior the senior said once that all decent people served in the intelligence services but they we also have made a good quality a diplomat so i think yes you know i'm joking of course but i think that the.