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Bill’s Commentary:
“One of them should have worn blackface? A world gone mad…”
California University Cancels Governor Debate Over ‘Blowback’ for Candidates Being All White
All white is not alright, apparently.
The University of Southern California abruptly canceled its planned gubernatorial debate that was set for Tuesday night after the college was criticized for all six candidates being white.
That led to “outrage” and “blowback” against USC and compelled the school to scrap the debate less than 24 hours before it started, according to The New York Times.
Bill’s Commentary:
“Our pal Brian on Hotel California back in 2005.”
HOTEL DEBT CALIFORNIA
In a dark desert country, Christmas coming fast
Congress still in session, 1913 here at last
Seven men in the chamber; a Fed Proposal fright
My head grew heavy and my sight grew dim
We signed the contract that nightThis gave us free money, but war takes tolls on thee
Gold coins and certificates were outlawed by thirty-three
And I cried to my God: “What have I unleashed”;
In sixty-five silver coins were gone; how will we stop the beast?Welcome to Hotel Debt California
Such a lovely rate (such a lovely rate) in a debtor state
Plenty of room at Hotel Debt California
Any time of year (any time of year) you can buy it hereNixon is Japanese twisted, he’s refusing the French
No more Gold, only Fiat for you; but let’s still be friends
You’ll like reserve dollars; earn them with your sweat
Some work to save beast bucks, some work to pay debtSo I called up Magoo Man; I’ll pay gold for my stay
he said, We haven’t had that coinage here since long before yesterday
And still those voices keep calling from far away
Wake you up in the middle of the night, just to hear them sayWelcome to Hotel Debt California
Such a lovely rate (such a lovely rate) in a debtor state
They livin’ it up at Hotel Debt California
What a nice surprise (what a nice surprise) bring your alibisMasterChip in your forehead, a pink invoice is nice
And she said we are all just prisoners here of our own device
At the master’s image, they’re bowing at his feet
They charge it with their bobbing bows but they just can’t pay the beastLast thing I remember I was running for the door
I had to find the passage back to the place I was before
Relax said the high priest; we are programmed to deceive
You can charge-up anything you like, but you can never be free.The latest from USA Watchdog –
Bill’s Commentary:
“It looks like it will not be the March delivery month…
As you know, I believed there was a strong chance of the March silver contract being the one to fail on delivery. January, a non delivery month, saw over 50 million ounces drained followed by February with 25 million. These amounts were roughly 7 times normal deliveries. March came along and it looked like 52 million ounces on first notice day. This was significant because for the last couple of years, whatever stood on first notice day increased and sometimes more than doubled by the end of the month. We now stand at 42 million ounces standing for delivery for March, a decrease of about 10 million ounces. What happened?
The pattern of increased demand during the current delivery month over the last two years mysteriously ended this month unless there is a rush for metal over the next few days. I am going to call this another hat and another rabbit because physical demand all over the world is extremely strong and inventories held have shrunk dramatically. Shanghai now only stands at 13 million ounces, a fraction of what is was, while COMEX registered has dropped to 73 million ounces from well over 100 million. I ask, why were January and Feb so strong while not primary delivery months, and March as a primary delivery month was a dud? I do not have the answer to this.
The above said, COMEX silver total open interest is only 111,000 contracts. This is as low as I can remember going all the way back 20 years. I view this in 2 possible ways – the lack of interest by traders playing in a rigged casino, or big money not wanting to play the game because they understand the potential problems for delivery? In any case, the supply demand situation is tenuous at best as we have been in deficit for 5 years. Last year alone demand exceeded supply by some 450 million ounces.
Gold and silver have/had become oversold and the bottoming process is in the works, “bottom” has probably already occurred Sunday/Monday AM. So, we sit and wait for the inevitable. The grand picture has always been money supplies growing faster than mining production, so price reflected higher prices with more cash chasing a nearly static supply. I still believe silver will be the one that breaks first with a failure to deliver… time will tell.”
Standing watch,
Bill Holter
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Bill’s Commentary:
“Hotel California at its finest!”
Bill,
My Oh My.
Look at all the teetering funds.
Shades of 2007 credit default swaps.
All these funds gating investors. They're like Venus fly traps...easy to get in, but you can't get out.
This smells like a Black Swan event with trillions in bailouts coming.
Can you feel it? The smell of inflation in the morning? "Smells like victory" (RIP Robert Duval)
People are constantly talking about inflation in terms of Cost Push, Demand Pull, Phillips Curve, blah blah blah.
These are only explanations. The root cause is rarely, if ever, addressed.
That is money printing.
I personally believe that without monetary expansion, you'll never get inflation.
You could get huge recessions (which correct higher prices). But not inflation.
How soon we forget Milton Friedman:
“Inflation is always and everywhere a monetary phenomenon, in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in output.”
So hold onto your gold.
WolfgangApollo Private Credit Fund Is Latest To Gate Investors As KKR Fund Gets Junked By Moody’s
Amid the ongoing fracturing of the private credit industry, which after enjoying years of stable, levered growth (and when it ran out of institutional greater fools, it aimed lower, toward HNWs and retail) finally hit a brick wall thanks to the Claude-inspired SaaSpocalypse, which has led to a historic surge in redemption requests across the biggest (and certainly smallest) names in the industry, last week we said that debt funds managed by powerhouse firms including Blackstone, BlackRock, Cliffwater, Morgan Stanley and Monroe Capital have agreed to honor only 70% of the $10.1bn of redemption requests they have faced, according to FT calculations, as fund after fund is gating investors.
Bill’s Commentary:
“I have no way to verify if this story is 100% accurate; what I can say is, they do not want people to understand how money is created or what “money” really is. Whether you see it or not, that strategy has worked… and here we are!”
Bill’s Commentary:
“2008 redux…”
Moody’s cuts rating on private credit fund run by KKR and Future Standard to junk as bad loans grow
Moody’s Ratings on Monday downgraded a private credit fund run by KKR and Future Standard to junk amid rising bad loans and a string of weak earnings.
The ratings firm lowered the debt ratings of FS KKR Capital Corp by one notch to Ba1 from Baa3 — pushing it into “junk” territory — saying that the fund’s underlying asset quality had worsened more than its peers.
Non-accrual loans, meaning loans that borrowers have stopped making payments on, rose to 5.5% of total investments at the end of 2025, one of the highest rates among rated business development companies, according to the report.
Bill’s Commentary:
“You can ask 100 people if the US is broke and 95 will say “of course they are but it doesn’t matter.” Well, it may not matter today, tomorrow, or a year from now… but trust me, it will matter!”
The Treasury just declared the U.S. insolvent. The media missed it
The U.S. government is insolvent. That’s not hyperbole — it’s the conclusion drawn directly from the Treasury Department’s own consolidated financial statements for fiscal year 2025, released last week to near-total media silence. The numbers: $6.06 trillion in total assets against $47.78 trillion in total liabilities as of September 30, 2025.
Importantly, the $47.78 trillion in reported liabilities does not include the unfunded obligations of social insurance programs like Social Security and Medicare — those are disclosed separately in the off-balance-sheet Statement of Social Insurance (SOSI).
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Bill’s Commentary:
“And who exactly are they negotiating with? I thought they’ve already blown up 3 successive groups of leaders?”
Israel, US Strike Gas Facilities In Iran’s Isfahan, Possibly Triggering Retaliation Against Gulf
Summary
- Israel, US strike gas pipeline, distribution station in Iran
- Trump announces “productive” talks with Iran, “postpones” military strikes for 5 days
- Iran Foreign Ministry + Parliament speaker say no talks have happened, after Trump said “speaking with a top person in Iran”, says will “just keep bombing” if Iran talks fail
- Trump says Hormuz will be “jointly controlled”; Russia and Pakistan step-up as potential mediators, engage with Tehran; US officials have told CBS News that there are at least a dozen underwater mines through the vital passageway, citing US intelligence.
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Bill’s Commentary:
“Another conspiracy fact…”
Bill is interviewed by Liberty and Finance (Also posted under Interviews)
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Bill’s Commentary:
“I feel I need to comment on this video;
“STOP IGNORING WHAT HOLTER IS SAYING – HIS LAST 3 PREDICTIONS WERE 100% ACCURATE…”
I have no idea who is behind “John AG”, but as I have previously written regarding his other videos, I believe he is about 90% correct. Most of his errors are dates and timelines. I assure you I never ever talk about price and dates at the same time, he is mistaken on his timeline to $50, and I certainly never gave out any date(s) as to when it would occur. I have publicly said many times that silver should have pierced $50 many years ago but did not due to outright manipulation, of this we have proof. I also did not predict $120 in January, however, I did say that
$100 seemed to be a logical price target when silver traded $65-70. His broad strokes on economic/financial/derivatives are very sound, and I believe to be correct. Warren Buffet calls derivatives “weapons of mass financial destruction”, it will be derivatives that crater the entire financial system. Of this, I am 100% confident because math is math and it does not lie.
While it is nice that someone put together a “puff piece” on me, I did not make the calls he claims. I am a broad picture guy and take an aerial view. I moved to Texas in the late 80’s during the oil bust and bought a foreclosed, 6-month-old 4,000 sq/ft house on water for $139,000. Back in 1997 when gold dropped below $335 it was game on for me because the cost of production was about $350. Any time you can buy something below the cost of construction/production, you will make money. I also “retired” and left the United States in Nov. 2006. Three Bear Stearns hedge funds gated investors in February 2007, this was good timing for what was to come and a very difficult decision because I had built up one of the largest physical gold, silver and mining share positions in the US for a retail broker. I continue to accumulate physical metals for clients and have done so since returning to the US in 2011. And while we are on predictions, I should say that most of our “conspiracy theories” have turned out to be conspiracy facts, proven facts.
Lastly, trying to predict “price and time” is a fool’s game. The only thing you need to know, is that when derivatives detonate, it is game over! You are either in, or out. There will be few scraps left of whatever you held in the system, and buying gold or silver will not be an option because there will be none for sale. THAT’S my prediction!”
STOP IGNORING WHAT HOLTER IS SAYING – HIS LAST 3 PREDICTIONS WERE 100% ACCURATE…
Bill’s Commentary:
“COMEX will soon be irrelevant?”
End of Western Hegemony Over the Prices of Gold and Silver?
You may recall the period following the 2008 systemic crash and the attempts to implement the Dodd-Frank rules to regulate banks. At the CFTC (Commodity Futures Trading Commission), the regulator of commodity futures markets, a team of “incorruptibles” was assembled. The task was particularly difficult: a CFTC official earned on average barely more than $3,000, and at best $4,000, while facing extremely powerful banks that regularly manipulated the precious metals market. These banks amassed millions of dollars and didn’t hesitate to try to influence those who sought to obstruct them.
At the time, Bart Chilton, one of the five commissioners of the CFTC, made commendable efforts to expose price manipulation by these dominant banks acting in concert. He unfortunately passed away following an illness. Under his authority, twenty prosecutors were tasked with enforcing the law. As of today, none remain; the last one resigned on Monday, February 23.
Bill’s Commentary:
“It’s coming!”
Bill,
$37 trillion, $38 trillion, $39 trillion all within a year!
Suddenly I’ve become desensitized to the numbers. For now. Until a pack of gum runs me $500.
Wolfgang
New data from the Treasury Department released on Wednesday showed that the gross national debt reached $39,016,762,910,245.14 as of March 17.The $39 trillion milestone comes about five months after the national debt reached $38 trillion for the first time in late October 2025, which closely followed the $37 trillion milestone being surpassed just two months earlier in mid-August.US national debt breaches $39 trillion milestone for first time amid spending surge
The U.S. national debt reached another historic milestone on Wednesday as it surpassed $39 trillion for the first time as the federal government’s persistent budget deficits send the debt soaring higher.
New data from the Treasury Department released on Wednesday showed that the gross national debt reached $39,016,762,910,245.14 as of March 17.
The $39 trillion milestone comes about five months after the national debt reached $38 trillion for the first time in late October 2025, which closely followed the $37 trillion milestone being surpassed just two months earlier in mid-August.
America’s debt has grown rapidly over the last decade as the population ages and federal spending on Social Security and Medicare rises. Another key driver of the surging debt is interest expenses incurred from servicing the debt, which have swelled due to higher interest rates meant to curb inflation as well as the growth in the debt itself.
Bill’s Commentary:
“Why is it always the “loving and caring people”?”
“Another Depraved Leftist: Many Such Cases…”
An Oregon high school principal placed on leave for celebrating the assassination of Charlie Kirk has been sentenced to five years in prison for possession of child abuse material.
Jeremy P. Williams, former head of Rainier Junior-Senior High School, now joins a disturbing list of leftists in education and politics whose public anti-conservative rage masked far darker realities threatening children.
Williams pleaded guilty to three charges of possessing sexually explicit images of minors. He was initially hit with 13 counts after the Cowlitz County Sheriff’s Office received tips from the National Center for Missing and Exploited Children on Aug. 28.
Bill’s Commentary:
“The author is correct Wolfgang. Bill”
Bill,
"CIVILIZATIONAL DISASTER".
Has a morbid ring to it. I feel we'll be hearing this catch phrase more often, and sooner than we think.
Informative article below on bank runs, past and future.
Right now it appears banks are updating their Terms of Service. You will be limited as to how much you can withdraw or even transfer, if any at all.
At least until the Fed steps in to provide massive bank bailout liquidity (money printing), which will result in hyperinflation 9 to 12 months later.
The author states: A genuine financial crisis now would be a civilizational disaster.
WolfgangWhat Would A Bank Run Look Like Today?
The movie “It’s a Wonderful Life” (1946) features what is today the most famous bank run. It’s film and fiction, yes, but fits with a scenario that has been common for centuries. When the movie came out, the bank runs of 1930–1932 were very much in people’s memory. For older people, they remember the Panic of 1907. Before that, there was the Panic of 1893, the Panic of 1873, the Panic of 1837, and the Panic of 1819.
Panics and banking go together and have for 500 years.
It’s funny that we call them panics, as if people randomly start hurling themselves around in irrational fear. All that’s really going on is that people want their own money and ask for it. Customers grow concerned that the bank—which makes loans on deposits—has overextended and cannot make good on its redemption promises.
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Bill’s Commentary:
“I feel I need to comment on this video:
“STOP IGNORING WHAT HOLTER IS SAYING – HIS LAST 3 PREDICTIONS WERE 100% ACCURATE…”
I have no idea who is behind ‘John AG,’ but as I have previously written regarding his other videos, I believe he is about 90% correct. Most of his errors are dates and timelines. I assure you I never ever talk about price and dates at the same time, he is mistaken on his timeline to $50, and I certainly never gave out any date(s) as to when it would occur. I have publicly said many times that silver should have pierced $50 many years ago but did not due to outright manipulation, of this we have proof. I also did not predict $120 in January, however, I did say that $100 seemed to be a logical price target when silver traded $65-70. His broad strokes on economic/financial/derivatives are very sound, and I believe to be correct. Warren Buffet calls derivatives “weapons of mass financial destruction;” it will be derivatives that crater the entire financial system. Of this, I am 100% confident because math is math and it does not lie.
While it is nice that someone put together a “puff piece” on me, I did not make the calls he claims. I am a broad picture guy and take an aerial view. I moved to Texas in the late 80’s during the oil bust and bought a foreclosed, 6-month-old 4,000 sq/ft house on water for $139,000. Back in 1997 when gold dropped below $335 it was game on for me because the cost of production was about $350. Any time you can buy something below the cost of construction/production, you will make money. I also “retired” and left the United States in Nov. 2006. Three Bear Stearns hedge funds gated investors in February 2007. This was good timing for what was to come and a very difficult decision because I had built up one of the largest physical gold, silver, and mining share positions in the US for a retail broker. I continue to accumulate physical metals for clients and have done so since returning to the US in 2011. And while we are on predictions, I should say that most of our “conspiracy theories” have turned out to be conspiracy facts -proven facts.
Lastly, trying to predict “price and time” is a fool’s game. The only thing you need to know is that when derivatives detonate, it is game over! You are either in, or out. There will be few scraps left of whatever you held in the system, and buying gold or silver will not be an option because there will be none for sale. THAT’S my prediction!”
Bill’s Commentary:
“In the end, Mother Nature will trump the lack of “rule of law” in these markets.”
End of Western Hegemony Over the Prices of Gold and Silver?
You may recall the period following the 2008 systemic crash and the attempts to implement the Dodd-Frank rules to regulate banks. At the CFTC (Commodity Futures Trading Commission), the regulator of commodity futures markets, a team of “incorruptibles” was assembled. The task was particularly difficult: a CFTC official earned on average barely more than $3,000, and at best $4,000, while facing extremely powerful banks that regularly manipulated the precious metals market. These banks amassed millions of dollars and didn’t hesitate to try to influence those who sought to obstruct them.
At the time, Bart Chilton, one of the five commissioners of the CFTC, made commendable efforts to expose price manipulation by these dominant banks acting in concert. He unfortunately passed away following an illness. Under his authority, twenty prosecutors were tasked with enforcing the law. As of today, none remain; the last one resigned on Monday, February 23.
The latest from USA Watchdog –
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Bill’s Commentary:
“The problem is this: they cannot print oil and drop it off where needed. By the way, how much will be left in the SPR… if more is needed in another emergency?”
U.S. To Begin 86-Million-Barrel SPR Dump Next Week Via Exchange Program
The speed of the energy shock rippling out from the U.S.-Iran conflict in the Middle East and the near-paralysis of the Strait of Hormuz forced the 32-member IEA last week to approve a 400-million-barrel release from Strategic Petroleum Reserves to help cushion the blow to the global economy. The bulk of that supply will come from the U.S., with the Trump administration preparing a request to exchange 86 million barrels of crude oil as soon as next Wednesday.
The planned U.S. SPR release of 86 million barrels of crude, part of a broader 172 million-barrel U.S. release and part of the IEA’s “historic” 400-million-barrel emergency release action plan across 32 nations to shield economies from the worst energy shock ever to hit the world, has been altered by the end of the week.
The latest from USA Watchdog –
Bill’s Commentary:
“I guess we will know who is correct in the short term soon enough? I see Iran without an air force nor navy, that is not “winning.” Long term (maybe measured in only months?) the $ is toast. As I posted, this military operation is not going over well with the BRICS nations (and new pledges). This is incredibly dollar bearish no matter what the military outcome.”
The latest from Erik –
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Bill’s Commentary:
“We told you it was all about credit, you will soon see this to be true…”
Deutsche Bank Dumps After Flagging $30 Billion Exposure To Private Credit
Yet another canary in the ever growing coalmine that is private credit appeared this morning as Deustche Bank’s annual report flagged a significant €26 billion ($30 billion) exposure to private credit, an asset class that’s grappling with fund redemptions, scrutiny of underwriting standards and the impact of AI on some borrowers such as software makers.
As the slow-motion train-wreck gathers steam (most recently with Morgan Stanley, Cliffwater, and BlackRock gating investors in their private credit funds), investors are searching various financial entities balance sheets for exposures with the giant German lender itself warning:
“Failures of a select number of sub-prime lenders in the U.S. increased investor focus on risks associated with private credit and raised wider concerns around underwriting standards and fraud risk.”
Bill’s Commentary:
“Again, it is ALL about credit!”
Failed German 10 Year Government Bond Auction is a ‘Canary in a Coal Mine’
This is a short, but important article.
Short because there is not a ton of info out ‘there’ about the actual particulars of yesterday’s German Government bond auction.
Important, because when a 1st world sovereign power can’t sell enough debt to cover its stated needs, a canary just died in the coal mine-so to speak.
The publications of investing.com, gotrade.com and Bloomberg have articles up about the German Gov’t bond offering of one day ago. And yes, the war does have something to do with inflation and rates going up a bit. The above articles reported the rate of the new bond, but not much else. Big deal.
Bill’s Commentary:
“I disagree with Erik on this one. I believe he is wrong in the short run but right in the long run, but for different reasons. Iran is getting the snot beaten out of them currently and there may not be much left afterwards. The US on the other hand, has given the world quite a display of ordnance use. But what will happen should there be a problem elsewhere such as Taiwan? Have we spent too much ammo or unveiled previous unseen weaponry? Not to mention the world coming together in BRICS fashion which destroys the dollar. I believe Ron Paul is correct, this “excursion” may very well be exposure the dollar cannot handle?”
The latest from Erik –
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Bill’s Commentary:
“True story!”
Bill’s Commentary:
“A good one from Chris Marcus”
Why Gold & Silver Haven’t Rallied After Breakout of Iran War
The gold and silver prices are rallying today, perhaps seemingly paradoxically so, given how this comes on the heels of Donald Trump saying last night that the Iran war will be over ‘very soon.’
Yet the gold futures are having a big day and are currently up $98 to $5,201, while the silver futures are up $3.75 to $88.26.
The latest from USA Watchdog –
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Bill’s Commentary:
“Filled out ballots? From various other states? How is this even possible? …And it’s now over 5 years later?”
FBI secretly seizes election records from Arizona’s largest county as voting probe expands
The FBI is expanding its criminal probe into suspected election irregularities, secretly obtaining a large tranche of voting records from Arizona’s largest county with a recent grand jury subpoena, multiple people familiar with the probe told Just the News.
The sources, who spoke only on condition of anonymity because of the secrecy of the grand jury probe, said FBI agents are receiving terabytes of electronic election data from Maricopa County, about a month after the bureau first disclosed an investigation into election irregularities by raiding a warehouse near Atlanta and seizing ballots from the 2020 election conducted in Fulton County, Georgia’s largest metropolis.
The subpoena comes five years after the GOP-led Arizona state Senate conducted a lengthy investigation into the 2020 election and concluded there were significant irregularities.
Bill’s Commentary:
“The first casualty of war is TRUTH!”
The latest from Erik –
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