Craig Hemke of the TF Metals Report joins Doc and Dubin to make sense of Deutsche Bank developments and this week’s market action.


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Eric’s thoughts on the possibility of a Deutsche Bank depositor bail-in: 

The Cypress bail-in example…. probably 70% of the money that was bailed-in was hot Russian money, some of it from organized crime, even.  Cypress was one of Russia’s primary off-shore banking centers for exactly that sort of activity.

There’s a HUGE difference between Cypress and a major western bank getting its depositors bailed-in, and especially fiscally sober and easily to irate German depositors.   The PTB has one hell of a juggle on their hands.  If they use bail-ins on DB depositors to any significant degree, the political backlash will be FAR GREATER than the political backlash created by the German government nationalization or partially nationalizing DB.    DB is going to be, in the least, partially nationalized.  That is the end game, re. DB.

As Doc and I stated the very day we broke the bail-in story, the “tool” is only useful in very limited scenarios, and as a band-aid at the edge of the system.


Gold bullion sales remained strong across the industry this week.

The US Mint sold 33,500 1 oz Gold Eagles, roughly double last week’s sales, bringing monthly Gold Eagle sales to 86,500 coins, and year to date sales to 684,500 oz. 

In Silver:

No major changes to either supply or premiums this past week on the wholesale market. 

No changes in wholesale premiums or availability on 90% Junk Silver Coins this week.

Sales of 2016 Silver Eagles reported by the US Mint came in at 420,000 coins this week, bringing September Silver Eagle Sales to 1,675,000 coins, and Year to Date Sales to 30,575,500. 

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Mr. Dubin is the Managing Editor of He has 25 years of experience as an independent buyside securities and global macro analyst. He has well over a decade of experience as a financial journalist, editor and political analyst. He’s primarily an autodidact, but his formal education includes degrees in economics, international relations and MBA. He welcomes feedback on his articles and will make an effort to respond to comments. Email Eric by sending to “Eric” and then He can also be “followed” on Facebook:

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