News

• Fundamentals Could Not Be Stronger for Gold and Silver, nor Weaker for the U.S. Dollar and Stocks, Despite Fed or Market Nonsense to the Contrary • There Is No V-Shaped Recovery • Battered, Non-Recovered May 2021 Payrolls and Unemployment Confirmed a Still-Ravaged Economy on Par With the Great Depression • Severely Negative Annual Revisions to Industrial Production Mean the Economy Was in Recession Well Before the Pandemic Hit • Business-Cycle Conditions Are Collapsing Rapidly, Amidst an Extreme Acceleration in Inflation • 2021 Social Security Cost of Living Adjustment (COLA) Could Spike to a 40-Year High, Based on Potential Third-Quarter 2021 CPI-W • Bureau of Labor Statistics Reveals It Cannot Measure the CPI Properly, At Present • FOMC Has Trouble Forecasting Inflation One Quarter Ahead, Let Alone Two Years Ahead • Despite Talk of ?Tightening? in 2022 or 2023, FOMC Is ?Easing? Anew in Its Latest Actions

• Benchmarked Industrial Production Revised Sharply Lower; Both Manufacturing and Mining Were Hit Hard • New Numbers Indicate the Economy Was in a Deepening Recession, Well Before the Pandemic Shutdown and Collapse • Old Numbers Showed Production Peaked in December 2018 and Flattened Out, February 2020 Pre-Pandemic Peak Was 3.75% Higher Than the Pre-Great Recession Peak • New Numbers Show Production Peaked in August 2018 and Entered Protracted Decline, February 2020 Pre-Pandemic Peak Was 1.11% (-1.11%) Below the Pre-Great Recession Peak • Manufacturing Sector Has Never Recovered Pre-Great Recession Peak Levels • April 2020 Pandemic/Economic Trough Revised Lower by 5.1% (-5.1%) • Economic Recovery Is Not as Close as Hyped by the Consensus Outlook • Negative Implications Here for the July 29th GDP Benchmarking • Chances Are Reduced for Moderating Extreme Monetary and Fiscal Policies • Evolving Circumstances Remain Extremely Strong for Gold and Silver, and Weak for the U.S. Dollar and Stocks, Despite Central Bank or Other Systemic Machinations to the Contrary

• Benchmarked Industrial Production Revised Sharply Lower; Both Manufacturing and Mining Were Hit Hard • New Numbers Indicate the Economy Was in a Deepening Recession, Well Before the Pandemic Shutdown and Collapse • Old Numbers Showed Production Peaked in December 2018 and Flattened Out, February 2020 Pre-Pandemic Peak Was 3.75% Higher Than the Pre-Great Recession Peak • New Numbers Show Production Peaked in August 2018 and Entered Protracted Decline, February 2020 Pre-Pandemic Peak Was 1.11% (-1.11%) Below the Pre-Great Recession Peak • Manufacturing Sector Has Never Recovered Pre-Great Recession Peak Levels • April 2020 Pandemic/Economic Trough Revised Lower by 5.1% (-5.1%) • Economic Recovery Is Not as Close as Hyped by the Consensus Outlook • Negative Implications Here for the July 29th GDP Benchmarking • Chances Are Reduced for Moderating Extreme Monetary and Fiscal Policies • Evolving Circumstances Remain Extremely Strong for Gold and Silver, and Weak for the U.S. Dollar and Stocks, Despite Central Bank or Other Systemic Machinations to the Contrary

• Intractable and Deteriorating Conditions Still Signal No Imminent Economic Recovery, Irrespective of Some Bounces in March Activity Against Weather-Driven February Collapses • Monthly Annual and Post-Pandemic Payroll Declines Have Stabilized Around Minus Six-to-Seven Percent for the Last Eight Month, Weakest Showing Since 1946 • Annual-Change Gyrations Are Just Beginning for Economic, Inflation, Money Supply and Financial Return Numbers, as the Pandemic-Driven Collapse Passes It First Anniversary • Beyond Year One, Multi-Year, Crisis-Driven Collapses Need to Be Assessed Against Pre-Crisis Levels, or Stacked Two-Year Change, As Well As Year-to-Year Change • The Federal Reserve Overhauled Its Money Supply Reporting, Redefining Traditional M1 from 34.8% to 93.4% of a Not-Redefined Total M2 • This Masked Accelerating Flight-to-Liquidity in Traditional M1 from Non-M1 Components of M2 • ShadowStats Defined “Basic M1” — Combined Currency and Demand Deposits — Still Reflects the Extraordinary Liquidity Flight to, and Surge in the Narrower Money Supply • Expanded Federal Reserve Accommodation Remains Likely Well Into 2023, Given the Increasingly Negative Outlook for Imminent U.S. Economic Recovery • Fed Chair Powell Noted That Surging Money Supply No Longer Boosts the Economy • That Is Because the Current Collapse Is Pandemic, Not Business-Cycle Driven; Surging Money Growth in a Non-Business-Cycle Collapse Can Trigger Hyperinflation • Surging Monetary Base, Reserves and Currency Indicate Intensifying Systemic Problems • Underlying Fundamentals Remain Extremely Strong for Gold and Silver, and Weak for the U.S. Dollar and Stocks, Despite Central Bank or Other Systemic Machinations to the Contrary

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