By: Peter Schiff, Euro Pacific Capital, Inc. - 6 October, 2006
This week, the professional stock market boosters, who masquerade as wise market commentators, filled the airwaves with celebratory musings on the significance of a record high Dow. Many spoke of it as the milestone that will usher in a new bull market reminiscent of the one which roared during the 1990s. However, the Dow’s new high is merely an inflationary illusion. Full Story
This October, 2006 Letter is the fourth in a series of Deepcaster's work "Juiced Numbers" regarding market and data manipulation. The primary topics of this installment are: 1) The August - October Intervention Phase that took down crude oil, as well as gold and silver prices; and 2) Cartel Intervention as the key feature of both the late-Spring and the late-Summer Takedowns. Full Story
Payroll figures will be out today, but we should expect stock market bulls to run with them no matter what they show. Wall Street is expecting a Commerce Department report due out this morning to say that 125,000 jobs were added to the economy in September, slightly more than in August. But if stocks continue to climb today as they’ve been doing on most days since mid-July, expect the jobs data to be spun as the best of all possible worlds regardless of the actual number. Full Story
-Still in a confessional mood...like most market commentators, we have no idea what we are talking about - but at least we can admit it... -The fundamentals matter...the more things change, the more they stay the same... -Our main error was in overestimating the good sense of our fellow man...government officials are driving probably the least 'low-pro' cars around...and more! Full Story
By: Axel Merk, Merk Hard Currency Fund - 5 October, 2006
The recent volatility in the price of gold reflects the odds that we may actually be heading towards a deflationary recession. While possible, we believe we will have lower short-term interest rates a year from today as the Fed will loosen monetary policy to give support to an ailing economy. In the months to come, it may become increasingly apparent that the dollar and its purchasing power are less important to the Fed than the pain that would be suffered by a significant portion of the population if monetary policy was too tight. Full Story
It's becoming quite clear to most Americans that a serious credit and debt crisis exists in this country. From national budget and trade deficits unprecedented in human history to rising levels of personal and credit card debt, our nation is increasingly threatened by a culture of consumption and credit that is the terror within our borders. Full Story
By: Bob Chapman, The International Forecaster - 5 October, 2006
Our government and others came back to slam gold and silver on Tuesday in a powerful fashion. Oh! The benefits of a corporatist fascist society. It wasn’t only the gold and silver markets, it was commodities as well. Hedge fund selling assisted this downward move. Our spies tell us two more big hedge funds are going to bite the dust momentarily. It forced them to sell everything including the kitchen sink. The attack comes and the support for the dollar, stock and bond markets is a move of desperation by George and the elitist neocons, Republicans and all incumbents are in serious trouble. Full Story
-The Dow hits a new all-time high...the DR weekly confessional... -Strange booms and recessions...everything comes to an end - even the big, bad housing bubble... -Don't be cruel, dear reader...do you think you are smarter than us?...and more! Full Story
By: Richard Daughty, The MOGAMBO GURU - 4 October, 2006
I don't know if it was because Total Fed Credit was down again by $3.7 billion last week, or that foreign central banks pulled out $12 billion from their account at the Fed, or that my wife is getting suspicious about something, or what, but something unnerving is in the air. And at times like these I think of the lyrics of the song "Ghost Busters" that goes something like "Something strange in the neighborhood. Something weird, and it don't look good!" And if you saw the movie, you know he was exactly right! Full Story
By: David N. Vaughn, Gold Letter, Inc. - 4 October, 2006
Gold definitely wants to climb higher. Remember the story about the water balloon being held under water? This is the result of that action taking place. Gold is fighting and struggling with every breath to reach its true price range which is well higher than 700 an ounce. This is why I say over and over let the price drop further south because this will only help it to eventually spring to the blue sky above. Full Story
Next to my desk, I keep a cardboard box. Into that box I toss all of the many stock promotions I receive in the mail. You know… those ubiquitous faux newsletters and research reports that breathlessly proclaim that this or that precious metals or energy stock is perched on the verge of making investors rich. Before dropping each new promotion piece into the box, I note the date I received it. I do so out of a sort of morbid curiosity as to whether anyone would possibly buy a stock based on receiving a blind solicitation in the mail. Full Story
By: Puru Saxena & The Daily Reckoning Crew - 3 October, 2006
-From fraud to farce to disaster - the public spectacle never fails to entertain...lenders gone wild... -How will the nation's economy hold up as all these loony mortgages are reset, rescheduled, and regretted? -The Fed has to keep the bubbles boiling somehow...a lofty promise from a fund manager...and more! Full Story
By: The Mogambo Guru & The Daily Reckoning Crew - 2 October, 2006
-There is a time and place for virtue...we have to toot our own horn, but... -Why hasn't the economy reached Hell in a handcart yet?...all bubbles require the willing suspension of disbelief... -Every neighborhood has its charm...financial advice from a man in a cardboard box...and more! Full Story
After a recap of this weeks top headlines, in the first hour, Bob Chapman joins me to discuss his current take on the markets. Next, Jack Chan is watching the recent move in the energy sector closely for signs of a recovery. Jack believes the four year cycle in stocks may have arrived early this year and the worst may be behind for the equities markets. Plus, Gary Kaltbaum shares his market wisdom with the listeners. The first hour wraps up with the 3rd installment of audio excerpts from Benjamin Graham's: The Intelligent Speculator.
In the second hour of this weeks program, Goldseek Radio is excited to present: "The Most Entertaining Man in Economics," The Mogambo himself returns to the show. Richard Daughty pulls no punches as he illustrates why America is: "...DOOMED," sending Prozac sales to record levels. You won't want to miss Richard's astounding gold price forecast - its beyond the dreams of avarice. According to the Mogambo, in the long run, the dollar must collapse to zero and gold will soar to infinity. Next up, Bob Chapman rejoins me to discuss his calculation of the M3 money supply figure. Bob thinks inflation has reached double digits and he warns investors to take cover from the impending financial fallout. Many, thanks to our lucky callers, your silver coins are on their way. Full Story
If you're one of the few remaining citizens in the country who still thinks the US has a free press, take a look at the covers of the international editions of Newsweek (or should I say Newsweak?). Europe, Asia and Latin America feature the exact same cover story on America "Losing Afghanistan" and the "Rise of Jihadistan." Full Story
By: Bob Chapman, The International Forecaster - 1 October, 2006
The recent minor correction in commodities and the bursting of the real estate bubble has redirected liquidity back towards stocks and bonds. This is a highly dangerous situation. If the Fed doesn’t cut back on credit the market will get dangerously overvalued. That will in short order send capital back into commodities and gold and silver, probably right after the elections. That will send inflation screaming again. The economy already has all the money and credit it needs. If M3 stays at current levels inflation will boom, because the real economy is sated and further credit/liquidity will do nothing but fuel inflation. Full Story
While most commodities have been plummeting in vicious corrections of late, one commodity remains not only unscathed but is relentlessly moving higher. Uranium closed the month of September with the most recent spot and term prices at $54 per pound, up over seven times from its lows in the year 2000 of around $7 per pound! Uranium stocks have traded down somewhat in sympathy with energy and precious metal stocks in the last month, yet the need for new production could not be more glaring. Full Story
By: John Mauldin, Millenium Wave Advisors - 1 October, 2006
It's been a random walk through the data fields this week. The headlines say that inflation rose a mere 0.1% in August. The markets liked that. But digging deeper, the data is not as sanguine. We had the depressing Philly Fed manufacturing index last week, but today we find that Chicago is doing more than fine. The Dow flirted with a new all-time high, but then took the train home early for the weekend, leaving those who care about such things feeling like a teenage boy at a Baptist youth camp, flush with excitement during the day but frustrated as you go back to your dorm. But there's always tomorrow. Or maybe not. Full Story
The chat room at Rick’s Picks continues to be a great place to hang out for anyone wanting to keep close tabs on bullion and precious-metal shares intraday, or to manage the risk in either. Consider the following snippet, reproduced almost exactly as it appeared on the Web site. (Note: All names have been changed for reasons of privacy.) The dialogue was posted to the chat room shortly after 11 a.m. Eastern. Gold was trading slightly north of $601, having fallen sharply from an opening that ranged as high as $607.50: Full Story
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