The precious metals sector has declined sharply in recent weeks with no pause or intermittent breaks in the decline. Including today, Gold is down eight consecutive days and 16 of the past 18 days. The gold miners (GDX) have lost roughly 20% in the past seven days. The sector is extremely oversold in the short term and a reflex rally could begin in the next few days. While Gold and gold bugs should get temporary relief, the larger picture remains quite bearish. Full Story
By: Steve St. Angelo, SRSrocco Report - 6 November, 2015
Yes, its true. Precious metals manipulation has taken place, but the real reason may not be fully understood by either gold and silver investors or their critics. Lately, I have seen many articles written about this subject. Even though some articles offered some interesting insight and data, there’s also a lot of misinformation as well as name calling on both sides of the discussion. Full Story
By: Adam Hamilton, Zeal Intelligence - 6 November, 2015
Gold has enjoyed a strong new uptrend in recent months following last summer’s extreme gold-futures shorting attack. But speculators returned with a vengeance this past week, aggressively dumping gold futures again following a hawkish surprise by the Fed. The resulting gold plunge shattered its support, and thrust sentiment back into hyper-bearish territory. But gold-futures shorting soon reverses to big buying. Full Story
By: Chris Powell, Secretary/Treasurer, GATA - 6 November, 2015
Gold from governments and central banks can be added to the Comex system almost instantaneously, and governments and central banks will never let the market know how much metal remains available to them for currency market control. Indeed, that information -- the true location and disposition of government gold reserves -- is the most sensitive information on the planet, for it would reveal the amount of ammunition available to governments for market intervention. Full Story
Chris welcomes back Bob Hoye, senior investment strategist of Institutional Advisors. The discussion begins with the news from South America, that the Venezuelan government has plans to sell the national gold stockpile. If implemented, the operation would undo the significant efforts of the late Hugo Chavez. Full Story
Editor’s Note: In yesterday’s Weekend Edition, Casey Research founder Doug Casey explained why you should be skeptical of government “science.” In today’s edition, Doug says the nanny state is tightening its grip on people’s lives… Louis James: If we end up in a totalitarian police state or nanny state, I don't want my children to lift their manacled wrists before my eyes and ask me why I didn't resist while resistance was possible. Full Story
Many gold market analysts focus on irrelevant, but catchy factors, such as mining production or jewelry demand. Others think gold is a simple inflation or stock market hedge. It is a bit strange that the relationship between the bond and gold markets is not commonly examined, given that bond market is much bigger than stock market, while real interest rates are one of the main drivers of the price of gold. The negative relationship between gold and interest rates imply positive correlations with bond prices, since the price of bonds is negatively related to the yields they offer. Full Story
By: Ira Epstein, Linn & Associates, LLC - 5 November, 2015
In the short term gold has to make a decision. Does it find reason to bounce or lock in a bearish posture going into year end? The seasonal chart points to a bounce. The Daily Chart might develop a bearish embedded reading, which means prices are very oversold right now. The key looks to be where the market closes in tomorrow’s trading range. Full Story
After writing my last piece regarding Martin Armstrong I thought that would be enough, it wasn't. A reader replied and forwarded this recent article by Mr. Armstrong "Did Gold Survive the Depression? Please read this short article twice before continuing to my commentary. I had to read this twice myself because the first time through I kept saying "Huh?", the second time through all I could say is "WHAT???"! Full Story
A recent report illustrated that roughly 90% of all articles published in the Washington post have a negative connotation. With the election cycle underway and as the candidates jockey for the head position of Jackass, the airwaves will be blasted with even more negativity. Negativity attracts even more negativity; expect every negative story to be blown out of context while positive events will be marginalized. As far as we are concerned, this is a great development, for negativity is a precursor to panic and panic is the precursor to opportunity. Full Story
Further, our debt based monetary system requires ever increasing debt, inflation, and expansion. Think about the implications of $400,000 helmets and $85 Billion per month in QE. The continued devaluation of all fiat currencies is a given, based on debt, government spending and central bank policies. Hence silver and gold prices will rise substantially in upcoming years, partially because people want and need it, and mostly because fiat paper currencies are devaluing every day. Full Story
President and Director of Goldsource Mines (GXS.V), Yannis Tsitos makes his show debut. Peter Spina has chosen his firm as the top PMs stock opportunity of 2016. With close to 30 years to perfect his work, President Tsitos knows how to turn a small mining company into a world-class operation. The company vision includes expanding to a medium sized gold producer. The South American project shows great potential. Full Story
Along with the yen's retracement over the past few weeks, gold has given back all of its gains for October. Should the yen breakdown again from previous support it currently resides on, we would expect new lows for gold to follow. All things considered, we like the yen's prospects here and expect gold to also firm. Full Story
When I was a teenager, I had a different sort of part-time job. I was a church organist. Actually, it was the best job ever because I was something of a piano prodigy as a child. Around age 12, my parents and I had to make a conscious decision about whether I was going to pursue a career in music. I decided not to, which has greatly reduced the amount of Ramen noodles I have eaten over the years. Full Story
In the September 10 column entitled, “The bear makes a welcome return”, we discussed the return of the infamous bear image on the front cover of several news magazines and newspapers. The most conspicuous example of the bear could be seen on the front cover of Businessweek magazine, shown below. Full Story
For the same reason as the Euro was sharply lower today, so was gold, namely, a hawkish Yellen testimony in which see used the words, “living possibility” when referring to a potential December rate hike. With interest rates moving higher on the Ten Year Treasury once more today, ( at 2.23% as I type this), gold simply cannot compete with better returns on interest bearing assets such as notes and bonds as it casts off no yield whatsoever and depends completely on capital gains to produce any sort of increase for its owners. Full Story
Stocks have rallied over the last 10 days in part by ECB President Mario Draghi’s statement that if push comes to shove, the ECB will push interest rates even further into negative territory (NIRP). This represents just another round in the War on Cash, first implemented by the Central Banks in 2008. It’s a little known fact that the cause for the gut-wrenching collapsing in late September-October 2008 was due to a significant portion of investors trying to move their money out of money market funds. Full Story
Just when you thought that the perversion of the paper "markets" couldn't get any worse... The disgustingly-leveraged JOKE that is Comex reached another dubious milestone yesterday as Scotia Mocatta reclassified over 79,000 ounces (2.5 mts) of "gold" from their registered category. By journaling this "gold" into the eligible category, The Scoshe dropped the TOTAL registered stock of the Comex vaults down to a new record low of 151,384 troy ounces or just under five metric tonnes. That's all! Just five metric tonnes! Full Story
Recently it appeared the ‘confusion’ regarding Chinese Commodity Financing Deals (CCFDs) that was provoked in 2013 has still not been elucidated in the international gold community. CCFDs are believed to be the reason for the immense discrepancy (± 2,500 tonnes) between physical gold supply in China and Chinese consumer gold demand, which is the same as the difference between Shanghai Gold Exchange (SGE) withdrawals from the vaults and consumer gold demand. Regarding gold, CCFDs constitute of gold round tripping and gold leasing. Full Story
There is more than one reason behind China’s air pollution problem, but the primary culprit is the fact that China gets about 64% of its electricity from burning coal, according to National Energy Administration data. The Chinese government understands that it needs to “do something”; it has pledged to improve the air quality and has taken serious steps to do it. Full Story
A hearty-breakfast devotee who ate eggs (up 72%) and toast (white bread +25%) saw very high breakfast inflation. Someone who liked their daily Cheerios (down 6%) and milk (down 13%) had a different experience. Other goods and services have similar differences. That’s why “average” CPI inflation never precisely reflects our own individual experiences. Few people are exactly average. We all spend our money differently. No surprise, then, that some of us see high inflation while others don’t. Full Story
Just when the short-term prospects for Gold were looking good, precious metals reversed lower this past week. It could be that Gold was surprised by last week’s FOMC minutes, which signaled a potential December rate hike. When the minutes were released, Gold dropped immediately, and it’s been straight downhill for the metals since. Full Story
Editor’s Note: As you may have heard, the World Health Organization (an arm of the United Nations) issued a major report this week. The report claims that eating processed meat, like bacon, causes cancer. The report also says eating any kind of red meat may cause cancer. In today’s Weekend Edition, Casey Research founder Doug Casey explains why you should always be skeptical of government “science”… Full Story
By: Steve Saville, The Speculative Investor - 4 November, 2015
Due to the nature of modern money, it would technically be possible to adjust the way the monetary system works such that governments directly print all the money they need. If this change were made then there would be no requirement for the government to ever again borrow money or collect taxes. This would have an obvious benefit, because it would result in the dismantling of the massive government apparatus that has evolved to not only collect taxes but to monitor almost all financial transactions in an effort to ensure that tax collection is maximised. Full Story
Whether you like it or not, markets rally and markets correct. And, no matter how much QE the Fed throws at the market, no matter what the Fed does, the market is going to complete its correction before it begins its next bull market phase. And, guess what? When the market begins that next bull market phase, all those claiming that the market is manipulated will fall by the wayside because when the market is going up there is no “manipulation.” Right? Full Story
At the LBMA conference in Vienna, which was held from 18 – 20 October 2015, the Executive Director of the Austrian central bank, Peter Mooslechner, was interviewed by Editor-in-Chief for Kitco News, Daniele Cambone. You can watch the interview here. This particular interview is interesting because the central banker from Austria made some exceptional remarks about repatriating gold and indirectly about gold management by central banks around the world in our current economic climate. Full Story
It is not rocket science and certainly not even speculation or conspiracy "theory" anymore, it is well documented that markets are in fact manipulated and done so in the directions central banks and sovereign treasuries wish. This is now FACT by admission of various central bankers, various sovereign treasury officials ...and various admissions of guilt from financial firms who were doing the dirty work! Full Story
By: Peter Schiff, CEO of Euro Pacific Capital - 3 November, 2015
Most economists and investors readily acknowledge that the current period of central bank activism, characterized by extended bouts of quantitative easing and zero percent interest rates, is a newly-blazed trail in economic history. And while these policies strike some as counterintuitive, open-ended, and unimaginably expensive, most express comfort that our extremely educated, data-dependent, central bankers have a pretty good idea as to where the trail is going and how to keep the wagons together during the journey. Full Story
In the month of October, there were thirteen two hour blocks during which gold traded in a range greater than $10 – not an alarming price range to be sure, but collectively, these high activity moments represent the most volatile trading periods for the gold price all month – by far. What’s more interesting is that a whopping ten of the thirteen occurred well within the first hour of trading on the COMEX (6AM MST), frequently on little to no news of any consequence, at a time when most normal people are barely making their way to the coffee machine. Full Story
About a week ago, as gold rallied into the $1170 – $1190 area, the roadmap I laid out for gold was “first a scary drop, and then an upside pop”. For an updated roadmap for the gold price, please click here now. That’s the daily gold chart. I suggested gold would quickly decline to the $1130 apex area of a beautiful symmetrical triangle, and that’s exactly what has happened. Gold is trading at about $1131 this morning. Full Story
John Hathaway is a Senior Portfolio Manager, and currently co-manages the Tocqueville Gold Fund (TGLDX). Beyond expertise as an investment advisor and portfolio manager, John is one of the most popular writers and speakers in the investment world, particularly in the precious metals market. His insights on gold have been published in numerous online and printed publications and he makes regular appearances as an expert in the financial media. Full Story
Global debt is over $200 Trillion and rapidly climbing. Governments must borrow more currency into existence to pay off maturing debt, but total debt inevitably increases. Charles Ponzi used a similar scheme for his wealth transfer process. Full Story
In Greek mythology, sirens were dangerous yet beautiful creatures that lured passing sailors with enchanting music and voices, who ended up shipwrecked on the rocky coast of their island. Fast forward to today, and this same imagery can be used to warn people about the perils of ‘modern day finance’, where the dangerous yet beautiful creatures that inhabit the parasite classes continue to lure all strata of ‘wannabees’ as close to their shores as possible, only to end up on the rocks once they have been used up. Full Story
We spent much of the summer telling people to get into bitcoin for a number of reasons I’ll go over below… and I’ll expand on where I think it, gold & silver and the markets are going next and how they are all interrelated. To begin, though, bitcoin has skyrocketed higher, up $55 today alone to $370 and up $132 in the last month. Full Story
So, the world’s three largest economies, the US, China and Japan are all approaching if not already in recession. These countries represent nearly a third (29%) of global GDP approaching. Anyone who thinks that somehow this will not impact the rest of the globe is out of his or her mind. Another Crisis is coming. And this time around, Central banks will have next to no ammo to face it. Full Story
In September, former Morgan Stanley Investment Management Chief Global Strategist Joe McAlinden announced in an interview with The Gold Report that he had reversed his view on commodities. In this interview, he predicts that the gold price could double in the next two year and envisions even more upside for the mining equities. Full Story
Last week the Federal Reserve announced it would delay the interest rate liftoff yet again, but while everyone seems concerned about nominal rates—the federal funds rate, in this case—real rates have already risen about 5 percent since August 2011. This “invisible” rate hike is much more impactful to commodity prices and emerging markets than a nominal rate hike, which is simply the “tip of the iceberg.” Full Story
Ron Paul put sound money issues on the national radar screen during his presidential campaigns in 2008 and 2012. His push to Audit the Fed introduced Americans to the sordid origins of our central bank. For the first time, large numbers of people began questioning the benevolence and wisdom of an institution, wholly owned by the nation’s largest banks, with total discretion to do whatever it wants in near total secrecy. Full Story
One of the common themes we have spotted it that many of the readily available tools don’t provide their users with any meaningful edge. If the indicator is easy to use and easy to master, that means a plethora of individuals will be relying on it to give them some edge over the masses. What they fail to understand is that they are the part of the mass, they are trying to outwit. A lot of chatter has sprung about lately regarding the death cross. Full Story
Gold consumption in mainland China may match or exceed the record in 2013 after financial market turmoil and the yuan’s devaluation have boosted the metal’s appeal. Further, China’s net imports of gold from Hong Kong increased for the third month in September as lower prices and inventory building before a week-long holiday spurred buying. Net purchases rose to 96.6 metric tons from 54.7 tons in August and 61.7 tons a year earlier. Full Story
The bottom line is that the recent report on personal income and outlays is disappointing and will not raise the odds for an interest rate hike this year (this is good news for the gold market). However, given the FOMC meeting in October, investors should not be surprised if the Fed ends up raising interest rates in December. Such move should be theoretically negative for the price of gold, but this is not granted, given the fact that the shiny metal has been pricing in such an outcome for about one year. Full Story
Chris welcomes back, Charles Hughes Smith, from the Of Two Minds blog. The discussion includes the excessive risk posed to Americans from overpriced / overvalued housing. Chris welcomes back Bill Murphy from GATA.org who is in New Orleans with Chris Powell at an Investment Conference, amid a stealth precious metals rally. Our guest is convinced that the a big opportunity for oversized profits exists in the silver coin market, due to supply constraints. On the heels of a multi-week PMs sector rally, John Embry, Chief Investment Strategist at Sprott Asset Management, returns to the program. His work indicates much higher levels ahead for the sector, once the underlying bullion regains its footing. Full Story
The US economy grew at a 1.5% inflation-adjusted rate in the third quarter, or so said the Bureau of Economic Analysis in its first GDP estimate last week. The number is subject to revision and will probably change. Based on recent experience, revisions could easily push it below 1% or above 2%. Since this is “real” GDP, it also depends on inflation numbers. BEA doesn't use the familiar Consumer Price Index for this purpose – CPI comes from an entirely different agency, the Bureau of Labor Statistics. Full Story
It was ironic that when Dr Watson complained to his companion Sherlock Homes that he had a stomach ache, Holmes clarified the situation at once by saying “Alimentary, my dear Watson”. More generally, the legendary sleuth of Victorian London would make light of his accomplishments after solving cases that baffled the police, by remarking “Elementary, my dear Watson”. Doubtless this expression was deeply irritating to his arch-enemy Moriarty. Full Story
Markets, we are told, are predictive. If so, what is the stock market telling us at current levels? What is the bond market yield telling us? What is the gold market telling us? Of the three, only stocks are predicting a bright economic future. Gold and the bond yield are both telling us that the global economy is in the grip of disinflation and perhaps on the verge of going over the cliff – to a full blown deflation. Full Story
By: Chris Powell, Secretary/Treasurer, GATA - 1 November, 2015
Claiming breathtaking omniscience with his latest commentary, the economist and market analyst Martin Armstrong asserts that market manipulation is nothing to worry about and that complaints of manipulation of the gold market are nonsense. Full Story
On 28 and 29 October respectively, Bloomberg and Reuters filed reports highlighting a decline in Venezuela’s gold reserves through the end of May 2015. The Bloomberg report is here, the Reuters report is here. Both reports merely focused on the currency value of Venezuela’s gold reserves, and neither report addressed the critical metric that is needed in any discussion of central bank physical gold dealings, i.e. quantity or weight of gold. Furthermore, neither Bloomberg nor Reuters seems to grasp how the BCV values its gold reserves. Full Story
By: Steve St. Angelo, SRSrocco Report - 1 November, 2015
These two charts show that investors have increasingly switched to buying more physical gold investment rather than gold jewelry… especially since 2008. As conditions in the world’s bond and stock markets continue to weaken, I would imagine we will see physical gold investment surpass gold jewelry demand for the first time in recent history. Full Story
Metals were acting good and strong until the Fed released no news on their announcement and then gold swiftly fell and is now breaking down and the other metals are set to follow gold lower. I’ve said it many times and will again. There are much easier and safer ways to make money than trading gold and that is what this game is about, making money, and what I focus on so take the easy road, with me. Full Story
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