STOCK MARKETS IN DECLINE – YOU DON’T KNOW IT

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I AM AVAILABLE FOR TECHNICAL CONSULTATION ON THE VOLUME REVERSAL (TM) STRATEGY AND ACCOMPANYING TECHNICAL ANALYSIS.  PLEASE EMAIL  MARK.VRTRADER@GMAIL.COM

One interesting piece of Wall Street Week history is that my profile places me among a relatively small group of market technicians who achieved long-term national visibility through the show,Wall Street Week with Louis Rukeyser.

Seven years as a Wall Street Week Elf
More than thirty years as a Market Monitor guest on PBS’s Nightly Business Report
Two-time Timer Digest #1 market-timing recognition twice
Creator of the trademarked Volume Reversal Indicator.

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END THE FED:

We as citizens and voters indeed have a lot to do. We need to overhaul or abolish the FED. After 113 years of incompetence and stupidity, including rates during the Great Depression, we have take the bull by the horns and get our Congress to reverse the decision made in 1913. I have with help prepared an initial document which should be entered as legislation in Congress:

RESTORE CONGRESSIONAL MONETARY AUTHORITY ACT OF 2026

Congress created the Federal Reserve in 1913. Congress has the authority to restructure or replace the statutory system it created.

This proposal draws in part on monetary-reform ideas previously advanced by Congressman Ron Paul and G. Edward Griffin—but addresses a critical question:

If the Federal Reserve is abolished or fundamentally restructured, what replaces it without destabilizing America or the global financial system?

The proposal would:

• Restore congressional authority over the nation’s monetary framework.

• End the Federal Open Market Committee’s independent monetary-policy authority—but ONLY after a replacement monetary system is operational.

• Prevent simply transferring unlimited money-creation power from the Fed to the Treasury.

• Require Congress to consider a rules-based dollar, gold/precious-metals linkage, commodity backing, Treasury-issued money under strict limits, and other alternatives.

• Preserve the U.S. dollar and existing lawful contracts.

• Protect bank deposits and deposit insurance.

• Honor Treasury securities and prohibit repudiation of U.S. debt.

• Keep Fedwire, ACH, FedNow, currency distribution and essential settlement systems operating without interruption.

• Determine who provides emergency liquidity during a genuine banking crisis—and place strict statutory limits on that authority.

• Transfer banking supervision to appropriate regulators.

• Require a comprehensive accounting of Federal Reserve assets, liabilities, securities, guarantees and commitments.

• Address the international consequences of restructuring the institution behind the world’s principal reserve currency.

• Establish contingency plans for disruption in Treasury, banking, credit, foreign-exchange and dollar-funding markets.

• Require a STAGED transition. There would be no overnight shutdown and no monetary vacuum.

The objective isn’t simply “End the Fed.”

The larger question is:

What monetary system should replace the Federal Reserve—and how do we prevent the successor from acquiring the same unlimited monetary powers under another name?

That is the debate Congress should have.

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PROPOSAL TO RESTRUCTURE COMEX GOLD AND SILVER MARKETS

RESTORE HONEST PRICE DISCOVERY

PURPOSE

The purpose of this proposal is to strengthen confidence in the U.S. gold and silver futures markets by ensuring that futures-market price discovery remains reasonably connected to the supply, demand, ownership and availability of physical precious metals.

Futures markets perform legitimate and important functions, including hedging, liquidity and risk transfer. The concern is that excessive leverage, concentrated positions and an enormous volume of financial contracts relative to immediately deliverable physical metal can create conditions in which derivatives trading exerts disproportionate influence over gold and silver prices.

The solution is not necessarily to abolish futures trading. The solution is greater transparency, accountability, physical-market discipline and independent verification.

PROPOSED REFORMS

1. Establish a meaningful physical-backing standard

COMEX should establish reasonable limits between outstanding futures exposure and the quantity of registered metal demonstrably available for delivery. The market should not permit unlimited expansion of paper exposure without regard to underlying deliverable supply.

2. Strengthen delivery requirements

Contracts representing physical commodities should retain a credible connection to physical delivery. Exchange rules should ensure that participants standing for legitimate delivery cannot be disadvantaged by a market structure overwhelmingly dependent upon offsetting, rolling or financial settlement.

3. Publish a Paper-to-Physical Exposure Ratio

The exchange should prominently disclose, in plain English:

• Total gold and silver futures open interest;

• Equivalent ounces represented by those contracts;

• Registered inventories available for delivery;

• Eligible inventories held in approved warehouses;

• Actual deliveries;

• Warehouse inflows and withdrawals; and

• The resulting relationship between paper exposure and immediately deliverable physical metal.

Registered and eligible inventories should be clearly distinguished.

4. Strengthen position limits and aggregation rules

The CFTC and exchange should review whether existing position limits adequately prevent excessive concentration.

Positions controlled by affiliated or related entities should be aggregated where appropriate so that position limits cannot effectively be circumvented through multiple accounts, subsidiaries or related financial instruments.

Hedge exemptions should be transparent and subject to meaningful regulatory review.

5. Require independent third-party audits

COMEX-approved depositories should undergo regular independent physical audits.

Public reporting should include sufficient information to verify inventories, including bar lists, serial numbers where practicable, registered-versus-eligible classifications, audit methodology and appropriate assay verification.

Investors should not be expected simply to take inventory claims on faith.

6. Increase transparency of concentrated positions

Regulators should provide greater disclosure regarding unusually concentrated long and short positions while protecting legitimate confidential trading information.

The public should be able to determine whether a handful of institutions have acquired sufficient derivatives exposure to exert disproportionate influence over price discovery.

7. Strengthen anti-manipulation surveillance

The CFTC and exchange should aggressively monitor:

• Spoofing;

• Layering;

• Coordinated trading;

• Sudden exceptionally large orders;

• Concentrated short selling;

• Trading designed primarily to trigger stop-loss orders; and

• Other practices capable of producing artificial price movements.

Enforcement should be timely enough to deter misconduct rather than merely penalize it years later.

8. Reduce excessive leverage

Margin requirements should reflect the size, volatility and physical liquidity of the underlying precious-metals market.

Extremely large speculative positions should require sufficient capital so that enormous leveraged derivatives positions cannot cheaply overwhelm normal physical-market price signals.

9. Incorporate physical-market conditions into surveillance

Persistent physical premiums, backwardation, shortages, extraordinary delivery demand or unusual warehouse withdrawals should automatically trigger enhanced regulatory review.

A futures benchmark should not become disconnected for extended periods from the commodity it is supposed to price.

10. Restore confidence in gold and silver price discovery

COMEX can remain an important international marketplace only if producers, industrial users, investors and the public believe its prices result from a transparent and competitive market.

The objective is simple:

ONE MARKET — TRANSPARENT RULES — VERIFIABLE METAL — HONEST PRICE DISCOVERY

Congress and the Commodity Futures Trading Commission should undertake a comprehensive review of the structure of U.S. precious-metals futures trading and determine whether current leverage, position limits, exemptions, warehouse reporting and delivery mechanisms adequately protect the integrity of gold and silver price discovery.

If the present system cannot demonstrate a reasonable relationship between derivatives trading and the underlying physical market, structural reform is warranted.

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MY 2011 BOOK:

MY 2027 BOOK IN THE WORKS:

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