The Gold Market Is On Fire

If you are inclined to buy gold or silver you should do it now while you can still get in at a decent price.-Lou

The Last Time Gold ETF Flows Were This Strong, The Fed Was Starting QE

From: ZeroHedge

The cracks are starting to appear in the ‘paper’ gold market.

BlackRock’s rather shocking decisision to halt ETF creation due to gold demand (i.e. being unable to source enough physical gold to meet mandated requirements given the inflows) follows the largest gold ETF inflows since Feb 2009 (just as The Fed started QE1 and unleashed trillions of freshly digitized exuberance into the markets). 

As BloombergBriefs reports, investor flows into the two largest gold exchange-traded funds topped $5 billion for February. 

State Street’s SPDR Gold Shares ETF attracted $4.186 billion for the month and BlackRock’s iShares Gold Trust fund raked in $887 million. 

The last time flows were higher the S&P 500 had fallen more than 18 percent for the year and the U.S. Federal Reserve was just three months into its first quantitative easing program to stimulate demand and shore up the financial sector. That was February 2009.

In fact, transparent gold holdings across all instruments has been soaring since the start of 2016.

Source: ShareLynx.com

Given these extremes in demand, and clear signals of discontent with the monetary and fiscal authorities, Casey Research’s Justin Spitttler had some interesting perspectives on what could happen next…

If you’re buying gold right now…the government could be tracking you.

If you’re buying gold, you’re likely not doing it to make money. You’re buying it to make sure you don’t wake up poor one day.

Gold has been used as money for thousands of years because it is easily divisible, easily transportable, has intrinsic value, is durable, and has consistent form around the world. And, as Doug Casey reminds us, it’s a good form of money because governments can’t print it on a whim. You can’t “Bernanke your way” to wealth with gold.

When today’s dramatic central banking experiment blows up, gold will hold its value…unlike paper currencies such as the dollar.

That’s exactly why the government will try to take it from you.

The last time the government confiscated gold was during the Great Depression. In 1933, President Roosevelt outlawed owning most forms of gold. He claimed that people “hoarding” gold were making the Great Depression worse. The penalty for not turning your gold in to the government was a $10,000 fine and 10 years in jail.

Of course, Roosevelt gave his closest supporters notice before issuing the ban. They had time to move their gold to another country. Most folks weren’t that lucky.

This time around, the confiscation will be digital.

Most people own gold through a fund like Sprott Physical Gold Trust (PHYS) or Central Fund of Canada (CEF). The former will give you physical gold in exchange for your shares, once a month, if you own enough shares. The latter won’t give you the physical gold.

Because this gold is owned through a brokerage account, it will be easy for the government to confiscate.

What about physical gold? If you bought it from a dealer and paid with a wire transfer, the banking regulators have plenty of documentation. They’ll likely let you keep the gold. But it will be illegal to trade. If you don’t obey, you’ll be subject to a 99% tax on its value.

But there’s one way to buy gold so the government can’t track you. I’ve been doing it for years. You can do it, too. It’s buying at a locally owned jewelry store. These stores get a few common gold coins in every week. If you know what you’re looking for, it’s a great way to buy gold with cash.

However, the window of opportunity is closing quickly. In fact, I went to buy gold today…and saw this new sign.

It says, “CASH transactions are limited to $6,000 within a 48 hour period.”

$6,000 seems like an arbitrary number. And 48 hours seems even more contrived. This is a sign of the times. Governments are cracking down on cash. They want to know every detail of your financial life. They want to know what you buy and what you sell.

Paper cash is hard to track. So, little by little, governments are getting rid of it. Notice the $500 bill featuring President McKinley to the left of the sign. Years ago, $500 bought you a brand new car. Today, it barely buys a steak dinner for a family of five.

Cash is on its way out of existence. The government stopped issuing $500 bills in 1969. Last week, Harvard professor Larry Summers wrote an article titled “It’s time to kill the $100 bill.” The New York Times published an article arguing the same thing. Their reasoning is, big bills make it easier for criminals to commit crimes. If you’re not a criminal, you shouldn’t have a problem with the government knowing everything you buy and sell.

The $6,000 limit will soon be $1,000. The local jewelry shop is the last place you can buy gold without the government tracking you. Take advantage of it while you can.

Deutsche Bank: It’s time to buy gold

It certainly is time.-Lou

Deutsche Bank: It’s time to buy gold

Gold is still expensive, but rising economic risks and market turmoil mean investors should buy it for insurance, Deutsche Bank said Friday.

The recovery since the global and European financial crises had put theprice of gold under some pressure. The yellow metal, which some analysts view as a safe haven or as a protection against rising inflation, typically underperforms during periods when the economy is growing or inflation is low. However, in a note issued Friday, the German Bank said economic signs are pointing in gold’s favor.

“There are rising stresses in the global financial system; in particular the rising risk of a U.S. corporate default cycle and the risk of a sharp one-off renminbi devaluation due to the sharp increase in China’s capital outflows,” Deutsche Bank added.”Buying some gold as ‘insurance’ is warranted.”

However, even though gold has fallen from levels over $1,900 an ounce in 2011 to around $1,200 an ounce currently, Deutsche Bank said it still looks expensive, ranking as the most expensive commodity relative to its 15-year trading history.

“A bit like insurance, which is often a grudge purchase for many, some investors may balk at the current levels,” it said. “We would, however, argue that given the plethora of negative deposit rates globally, the holding cost of gold is now negligible in many jurisdictions, and therefore gold deserves to be trading at elevated levels versus many other assets.”

More…

The Subprime Auto Loan Meltdown Is Here

Will they ever learn?-Lou

 

The Subprime Auto Loan Meltdown Is Here

 

Michael Snyder

The Economic Collapse Blog

Uh oh – here we go again.  Do you remember the subprime mortgage meltdown during the last financial crisis?  Well, now a similar thing is happening with auto loans.  The auto industry has been doing better than many other areas of the economy in recent years, but this “mini-boom” was fueled in large part by customers with subprime credit.  According to Equifax, an astounding 23.5 percent of all new auto loans were made to subprime borrowers in 2015.  At this point, there is a total of somewhere around $200 billion in subprime auto loans floating around out there, and many of these loans have been “repackaged” and sold to investors.  I know – all of this sounds a little too close for comfort to what happened with subprime mortgages the last time around.  We never seem to learn from our mistakes, and a lot of investors are going to end up paying the price.

Everything would be fine if the number of subprime borrowers not making their payments was extremely low.  And that was true for a while, but now delinquency rates and default rates are rising to levels that we haven’t seen since the last recession.  The following comes from Time Magazine

People, especially those with shaky credit, are having a tougher time than usual making their car payments.

According to Bloomberg, almost 5% of subprime car loans that were bundled into securities and sold to investors are delinquent, and the default rate is even higher than that. (Depending on who’s counting, delinquency is up to three or four months behind in payments; default is what happens after that). At just over 12% in January, the default rate jumped one entire percentage point in just a month. Both delinquency and default rates are now the highest they’ve been since 2010, when the ripple effects of the recession still weighed heavily on many Americans’ finances.

The chart below was posted by David Stockman, and it shows how the delinquency rate for subprime borrowers has hit the highest level since 2009.  In fact, we are not too far away from totally smashing through the previous highs that were set during the last crisis…

Subprime Auto Loans

It is quite foolish to try to sell expensive cars to people with bad credit.  This is especially true now that the economy is slowing down significantly in many areas.  But people are greedy and they are going to do what they are going to do.

The most disturbing thing to me is that many of these loans are being “repackaged” and sold off to investors as “solid investments”.  The following description of what has been happening comes from Wolf Richter

The business of “repackaging” these loans, including subprime and deep-subprime loans, into asset backed securities has also been booming. These ABS are structured with different tranches, so that the highest tranches – the last ones to absorb any losses – can be stamped with high credit ratings and offloaded to bond mutual funds designed for retail investors.

Deep-subprime borrowers are high-risk. Typically they have credit scores below 550. To make it worth everyone’s while, they get stuffed into loans often with interest rates above 20%. To make payments even remotely possible at these rates, terms are often stretched to 84 months. Borrowers are typically upside down in their vehicle: the negative equity of their trade-in, along with title, taxes, and license fees, and a hefty dealer profit are rolled into the loan. When the lender repossesses the vehicle, losses add up in a hurry.

It almost makes you want to tear your hair out.

This is exactly the kind of thing that caused so much chaos with subprime mortgages.

When will we ever learn?

Meanwhile, we continue to get even more numbers that indicate that a substantial economic slowdown has already begun

More…

Monopoly Is Going Cashless. Could We Be Next?

It’s all about control. A cashless society is easy to surveil. It also prevents a run on the insolvent banks.-Lou

 

US Global Investors

Monopoly Is Going Cashless. Could We Be Next?

February 22, 2016

Monopoly is going cashless could we be next

 

 

Nearly everyone can recall playing Monopoly as a child, and for many, the game served as their first exposure to handling different denominations of cash. It was exhilarating to have someone land on your Park Place property, complete with hotel, and in turn receive a fistful of $50s and $100s.

A new generation of players might never get the chance to experience this, however, as Hasbro Gaming just released an “Ultimate Banking” version of the popular board game that nixes the funny money in favor of play credit cards and an electronic scanner.

You could argue it’s just a game, but Monopoly has always had a reputation for being a reflection of capitalism as it operates in the “real” world (which is why it was banned in communist states such as the Soviet Union). The cashless version of the game is no exception, as it comes at a time when calls to limit—or in some cases eliminate—the use of cash are intensifying. And to be clear, “cash” here means cash in your pocket, not cash in the bank.

Just last week, former treasury secretary Larry Summers published an op-end in the Washington Post arguing it’s time to “kill the $100 bill,” the reason being that it’s preferred by those involved in money-laundering, corruption and other illegal activity. (One million dollars denominated in $100 bills weighs 2.2 pounds, he points out, whereas the same amount in $20 bills weighs a much more cumbersome 50 pounds.) The European Union, he argues, should also consider getting rid of the 500-euro note, a position that’s echoed by European anti-fraud officials.

Bye-Bye Benjamin?

Having had the opportunity to hear Secretary Summers speak when I visited Harvard recently, I respect his opinion and believe his intentions are good. But ultimately the argument to eliminate the $100 bill is based on the presupposition that anyone using such a note is a drug trafficker or money launderer. This seems to go against one of the main tents of common law, namely, that we’re innocent until proven guilty.

The risks far outweigh the benefits when you consider where this anti-cash sentiment is leading us—a cashless society. As I discussed back in December regarding Sweden’s own trend toward a cashless economy, every transaction could be monitored, not to mention taxed and charged a fee. Accounts could be frozen, which, in a cashless world, would leave you with nothing.

I’ve experienced the inconvenience that sometimes comes with electronic transactions, as I’m sure many of you have. Occasionally my credit card couldn’t be read for one reason or another, and if you’re not carrying cash, what do you do? When I’m traveling, domestically or abroad, I always carry cash with me, and $100 bills are much more convenient than a pound of $20s.

Capital controls are nothing new, but they would be much easier to impose. In Colombia, a tax is levied on every transaction, whether it is a direct deposit from your employer, transfer of funds between accounts or a purchase. Since 2003, Venezuela’s government has significantly regulated the amount of money citizens can take with them on trips abroad, in effect blocking access to foreign travel. Currently the limit is $2,000, but for travelers headed to the U.S., it drops to $700. This, along with a labyrinthine exchange rate (there are three), has only created a black market currency exchange. And since credit cards in Venezuela are issued by state-run banks, there’s no stopping the government from restricting payment on any goods or services, or from any vendor, it wishes.

Colombia and Venezuela are extreme cases, and there’s no reason to expect the same would ever happen in the U.S. At the same time, scrapping the $100 bill would further debase Americans’ economic liberty.

More…

Lines Around The Block To Buy Gold In London; Banks Placing “Unusually Large Orders For Physical”

From ZeroHedge

Lines Around The Block To Buy Gold In London; Banks Placing “Unusually Large Orders For Physical”

And as Mike Krieger of Liberty Blitzkrieg blog details, physical demand is soaring…

First, let’s look at the improved fundamentals. Gold bugs will exasperatingly proclaim that fundamentals have been great for the past four years yet the price plunged anyway, so who cares about fundamentals? To this I would respond with two observations. First, large institutional investors and sovereign wealth funds have been anticipating a rate hike cycle for a very long time now. They didn’t know when, but they expected it. The fact that the gold bugs never believed this is irrelevant; what matters is that big money believed it, and it was perceived to be very gold negative. In their minds, this anticipated rate hike cycle would confirm that things were getting back to normal, and if things are normal you don’t need to own gold, right?

 

The problem is that this assumption is quickly being called into question. Sure the Fed hiked rates once, but it is starting to look more and more like a policy error. Meanwhile, other major central banks around the world are going in the opposite direction, toward negative rates. I am a huge believer in market psychology, and the psychology dominating the minds of most institutional investors over the past few years has been that things were slowly getting back to normal. This has weighed on institutional demand for gold in a big way, and been a meaningful factor in the bear market (manipulation aside). If this psychology shifts, the shift back into gold could be very meaningful.

 

While that backdrop is interesting in its own right, what may make the move into gold that much more explosive is the lack of alternative investments…

What a difference a couple of weeks can make. The Telegraph is reporting the following:

BullionByPost, Britain’s biggest online gold dealer, said it has already taken record-day sales of £5.6m as traders pile into gold following fears the world is on the brink of another financial crisis.

 

Rob Halliday-Stein, founder and managing director of the Birmingham-based company, said takings today had already surpassed the firm’s previous one-day record of £4.4m in October 2014.

 

BullionByPost, which takes orders of up to £25,000 on the website but takes higher amounts over the phone, explained it had received a few hundred orders overnight and frantic numbers of phone calls this morning.

 

“The bullion market has been building with interest since the end of last year but this morning things have gone bananas,” said Mr Halliday-Stein. “Some London banks are placing unusually large orders for physical gold.”

 

London-based ATS Bullion added it had been inundated with orders for the past week. The firm has sold 4,000 gold bars and coins since February 1, a 40pc rise on the same period a year ago when it sold 1,500.

 

“It’s been crazy – it’s been the best week since 2012. We’ve had people queuing round the block,” said Michael Cooper of ATS Bullion, a family run firm that trades online and also from an outlet in the West End.

But that’s just part of the story. As reported by the World Gold Council, the buying really started to pick up in the fourth quarter, courtesy of the Chinese and central banks. Reutersnotes:

Buying by central banks as well as Chinese investors seeking protection from a weakening currency helped lift demand for gold in the final quarter of last year and the trend looks set to continue, the World Gold Council said on Thursday.

 

Chinese demand for gold coins surged 25 percent in the fourth quarter from a year earlier as consumers sought to protect their wealth after Beijing devalued the yuan currency. But stock market turmoil and a slowing economy knocked consumer sentiment and Chinese demand for gold for jewelry fell 3 percent from a year earlier, WGC said.

 

Central banks have been buying gold to diversify their reserves away from the U.S. dollar and their purchases edged up to 588.4 tonnes last year, second only to a record high 625.5 tonnes in 2013, the report showed.

 

Central bank buying accelerated sharply in the second half of last year and jumped 25 percent in the fourth quarter, from a year earlier, as the need to diversify was reinforced by falling oil prices and reduced confidence in the global economy, WGC said.

 

Chinese demand for gold totaled 985 tonnes last year, followed by India on 849 tonnes. They accounted for nearly 45 percent of total global demand, with consumer demand up 2 percent and 1 percent respectively in those countries.

Think about the lack of gold buying from the U.S. relative to its global wealth and it becomes quite easy to see where the fuel for the next bull market will come from.

More…

Gold surges to one-year high on fears of financial uncertainty

I can’t recall gold up $50/ounce in one day. The gig is up, the great financial crisis of 2016 is here.-Lou

To match feature GOLD-FIXING/

Gold surges to one-year high on fears of financial uncertainty

By Clara Denina

LONDON (Reuters) – Gold surged nearly 4 percent on Thursday to its highest in a year as fears about financial instability, a lower dollar and U.S. Treasury yields persuaded investors to seek refuge in the precious metal.

Traders said financial instability fears were fuelled by European bank shares slumping to multi-year lows, with concerns mounting over banks’ profitability in a low-growth and low-interest rate environment.

Spot gold jumped as much as 3.6 percent to $1,240.90 an ounce, its highest since February 2015, and was up 3 percent at $1,233.70 at 1254 GMT. It is on track for its biggest daily rise since Dec. 1, 2014.

“We have a good explanation for gold’s rally; it is to do with worries about the U.S. economy and the rest of the world,” Macquarie analyst Matthew Turner said.

“Investors are concerned that central banks’ solution (is) negative interest rates or at least not raising rates – and that is gold friendly. The key risk to gold is that the U.S. economy manages to put in a good performance, like it did last year.”

Cautious comments from the head of the U.S. Federal Reserve were taken to mean no near-term interest rate hikes. A slower pace of rate rises keeps down the opportunity cost of holding gold.

Longer-term U.S. debt rallied as investors wagered that the Fed would either be unable to tighten at even a gradual pace, or that if it does increase rates that would only hasten the arrival of recession and deflation.

The benchmark 10-year U.S. Treasury yield fell to lows last seen at the end of 2012 when the Fed was busily printing money. Because gold does not pay interest, the fall in returns from U.S. bonds is seen as positive for the metal. [MKTS/GLOB]

Gold option volatility surged to the highest in more than a year as investors have placed new bullish bets that prices will extend their recent rally.

Gold-backed exchange-traded funds (ETFs) have recorded net inflows since the start of the year, signalling renewed investor interest.

“Investors are returning to gold as a core diversifier and safe haven investment,” James Butterfill, head of research at ETF Securities, said in a note. “Given the increasingly challenging investment and economic environment, we expect this trend to continue.”

Silver rose 1.9 percent to $15.60 an ounce, its highest since November 2015.

More…

Check out this chart of the gold ETF GLD:

Citi: World economy seems trapped in ‘death spiral’

Yes it is.-Lou

Citi: World economy seems trapped in ‘death spiral’

The global economy seems trapped in a “death spiral” that could lead to further weakness in oil prices, recession and a serious equity bear market, Citi strategists have warned.

Some analysts — including those at Citi — have turned bearish on the world economy this year, following an equity rout in January and weaker economic data out of China and the U.S.

“The world appears to be trapped in a circular reference death spiral,” Citi strategists led by Jonathan Stubbs said in a report on Thursday.

“Stronger U.S. dollar, weaker oil/commodity prices, weaker world trade/petrodollar liquidity, weaker EM (and global growth)… and repeat. Ad infinitum, this would lead to Oilmageddon, a ‘significant and synchronized’ global recession and a proper modern-day equity bear market.”

Stubbs said that macro strategists at Citi forecast that the dollar would weaken in 2016 and that oil prices were likely bottoming, potentially providing some light at the end of the tunnel.

“The death spiral is in nobody’s interest. Rational behavior, most likely, will prevail,” he said in the report.

Crude oil prices have tumbled by around 70 percent since the middle of 2014, during which time the U.S. dollar has risen by around 20 percent against a basket of currencies. 

The world economy grew by 3.1 percent in 2015 and is projected to accelerate to expand by 3.4 percent in 2016 and 3.6 percent in 2017, according to the International Monetary Fund. The forecast reflects expectations of gradual improvement in countries currently in economic distress, notably Brazil, Russia and some in the Middle East.

By contrast, Citi forecasts the world economy will grow by only 2.7 percent in 2016 having cut its outlook last month.

Overall, advanced economies are mostly making a modest recovery, while many emerging market and developing economies are under strain from the rebalancing of the Chinese economy, lower commodity prices and capital outflows.

Stubbs added that policymakers would likely attempt to “regain credibility” in the coming weeks and months.

“This is fundamental to avoiding a proper/full global recession and dangerous disorder across financial markets. The stakes are high, perhaps higher than they have ever been in the post-World War II era,” he said.

Just 151,000 new jobs were created in January in the U.S., in the latest sign that the world’s biggest economy is slowing. Economists are concerned about an industrial or manufacturing recession in the country, following some warnings from companies in earnings seasons and recent weak manufacturing activity and durable goods orders data.

More…

The Beast System Arises: The Largest Bank In Norway Calls For The Elimination Of Cash

Coming to your bank soon.-Lou

cash

The Beast System Arises: The Largest Bank In Norway Calls For The Elimination Of Cash

By Michael Snyder

End Of The American Dream

The biggest bank in Norway is calling for the complete and total elimination of cash. Many local bank branches in Norway already don’t deal in cash, but that is not good enough for DNB. They want a blanket ban on the use of cash, and they are selling this as a way to crack down on criminals and money launderers. But in the end, the truth is that they want to be able to force everyone in society to use the banks and it would enable them to collect fees on almost every transaction. It is an agenda that is being driven by greed, but it could also open the door for great tyranny. Unfortunately, we are not just seeing aggressive movement toward a cashless society in Norway. It is also happening in Sweden, in Denmark and in many other nations all around the globe. The Beast system is rising, and yet very few people out there even seem alarmed by this.

When I first learned about what was happening in Norway, I was absolutely stunned. I have ancestors that came over to America from over there, and I had no idea that this was happening. The following comes from the International Business Times

The largest bank in Norway has called for the country to stop using cash, the Local reported Friday. This comes as the latest move in a country that has been leading the global charge toward electronic money in recent years, with several banks already not offering cash in their branch offices and some industries seeking to cut back on paper currency.

Of course this idea is being sold as something that will be really good for Norwegian society. DNB promises that eliminating cash will help authorities crack down on criminal activity and money laundering. Here is more from the International Business Times

“Today, there is approximately 50 billion kroner in circulation and [the country’s central bank] Norges Bank can only account for 40 percent of its use. That means that 60 percent of money usage is outside of any control. We believe that is due to under-the-table money and laundering,” Trond Bentestuen, a DNB executive, told Norwegian website VG, the Local reported.

There are so many dangers and disadvantages associated with cash, we have concluded that it should be phased out,” he added.

But in addition to catching more criminals, there are many other reasons why governments really like the idea of a cashless society. It would also mean that no financial transaction would escape taxation, and it would also enable them to watch, track and monitor everything that we do much more closely.

And banks would be absolutely thrilled with a cashless society. Every member of society would be forced to use the system, bank runs would be eliminated, and every time we swipe our cards they would collect a fee.

In addition, there would be absolutely no escaping the bank bail-ins that are coming in Europe. If there was no way to pull your money out of the system, there would be no way to avoid the kind of theft that has now been institutionalized by European authorities. I covered the brand new bail-in rules that went into effect in Europe on January 1st, 2016 in a previous article

If you have a bank account anywhere in Europe, you need to read this article. On January 1st, 2016, a new bail-in system will go into effect for all European banks. This new system is based on the Cyprus bank bail-ins that we witnessed a few years ago. If you will remember, money was grabbed from anyone that had more than 100,000 euros in their bank accounts in order to bail out the banks. Now the exact same principles that were used in Cyprus are going to apply to all of Europe.

Sadly, we are now witnessing a major push toward a cashless society all over the planet.

It is happening in China, in India, and all over Europe. In fact, some nations in Europe have already banned cash transactions over a certain level. Here are just a couple of examples

As I have written about previously, cash transactions of more than 2,500 euros have already been banned in Spain, and France and Italy have both banned all cash transactions of more than 1,000 euros.

Little by little, cash is being eradicated, and what we have seen so far is just the beginning. 417 billion cashless transactions were conducted in 2014, and the final number for 2015 is projected to be much higher.

Of course the epicenter for the transition to a cashless society continues to be northern Europe.

Denmark intends to entirely eradicate cash by the year 2030, and the transition to a cashless society in Sweden is now almost complete

Canadians Panic As Food Prices Soar On Collapsing Currency

Canadians Panic As Food Prices Soar On Collapsing Currency

 

It was just yesterday when we documented the continuing slide in the loonie, which is suffering mightily in the face of oil’s inexorable decline.

As regular readers are no doubt acutely aware, Canada is struggling through a dramatic economic adjustment, especially in Alberta, the heart of the country’s oil patch. Amid the ongoing crude carnage the province has seen soaring property crime, rising food bank usage and, sadly, elevated suicide rates, as Albertans struggle to comprehend how things up north could have gone south (so to speak) so quickly.

The plunging loonie “can only serve to worsen the death of the ‘Canadian Dream’” we said on Tuesday.

20160112_CAD

 

As it turns out, we were exactly right.

The currency’s decline is having a pronounced effect on Canadians’ grocery bills. As Bloomberg reminds us, Canada imports around 80% of its fresh fruits and vegetables. When the loonie slides, prices for those goods soar. “With lower-income households tending to spend a larger portion of income on food, this side effect of a soft currency brings them the most acute stress,” Bloomberg continues.

Of course with the layoffs piling up, you can expect more households to fall into the “lower-income” category where they will have to fight to afford things like $3 cucumbers, $8 cauliflower, and $15 Frosted Flakes. Have a look at the following tweets which underscore just how bad it is in Canada’s grocery aisles.

cuc

pep

 

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