By: Peter Schiff, CEO of Euro Pacific Capital - 6 June, 2014
Economists, investment analysts, and politicians have spent much of 2014 bemoaning the terrible economic effects of the winter of 2014. The cold and snow have been continuously blamed for the lackluster job market, disappointing retail sales, tepid business investment and, most notably, much slower than expected GDP growth. Given how optimistic many of these forecasters had been in the waning months of 2013, when the stock market was surging into record territory and the Fed had finally declared that the economy had outgrown the need for continued Quantitative Easing, the weather was an absolutely vital alibi. If not for the excuse of the bad weather, the entire narrative of a sustainable recovery would have been proven false. Full Story
By: Adam Hamilton, Zeal Intelligence - 6 June, 2014
The precious metals plunged last week, knifing through key support zones to unleash an explosion of bearish sentiment. This troubling heavy selling wasn’t news-driven, it emerged out of the blue. Who was dumping gold and why? Later data confirmed it was American futures speculators short selling gold and silver at record levels. Extreme shorting is very bullish, as these bets soon have to be covered. Full Story
By: Richard (Rick) Mills, Ahead of the herd - 6 June, 2014
Well, we’ve been there done that dwarfing thing. So what’s next? What’s going to save us this time round the mulberry bush? Nada, zilch, nothing, zip. We’ll have to keep dumping fertilizer on a decreasing arable land base while trying to increase irrigation using our rapidly depleting fresh water aquifers. All the while staring at the effects of climate change, rising transport costs and increasing geo-political risks. Full Story
The economies of the developed world are improving; their housing markets are on the rebound and unemployment rates are sliding. On the monetary front, central banks remain accommodative, interest rates are at historic lows and the yield curve is steep. Furthermore, inflationary pressures remain subdued in the vast majority of the developed nations; thereby exerting downward pressure on long dated interest rates. Full Story
The alleged widespread manipulation of silver and gold prices should become more difficult after the ending of the silver price fix on August 14th with a survey of 440 London Bullion Market Association Members last week preferring an electronic, auction-based process that’s tradeable with more participants. Full Story
With gold prices down over $130 from its most recent high in March 2014 and only a little over $60 above the lows of June and December 2013 one has to wonder if there is another major bear drop to come. Gold remains down over $600 from its all-time (nominal) high of $1,911 seen in September 2011. This has played out against the backdrop of the US stock markets making ongoing moves to new all-time (nominal) highs. Full Story
The Russians came up with an extraordinary statement recently, central to why Russia and China are buying gold, the importance of which was missed by the media. President Putin said that "Russia and China need to secure their gold and foreign reserves." He may have been overstepping the mark in making comments about China's monetary policy, but he was unlikely to have done so without good reason. Furthermore it is impossible to secure foreign currency reserves, because they are at all times under the control of the issuing central banks. So what Putin was actually implying was that China and Russia need to secure their gold. Full Story
Although the principle is an oversimplification, it can be restated as: In a property dispute (whether real or personal), in the absence of clear and compelling testimony or documentation to the contrary, the person in actual custodial possession of the property is presumed to be the rightful owner. Full Story
Barry Ritholtz is out with another article spelling more doom for the precious metals sector and the gold bugs. The self proclaimed “Gold Agnostic” penned a 2500 word missive in January which followed a blog post amid the spring 2013 collapse titled “What are Gold’s Fundamentals.” For the record, Ritholtz’s calls on the markets and Gold have been very good. He was bullish during most of the 2001-2011 advance and sold out prior to the 2013 breakdown. Give credit where credit is due. Yet, while the anti-gold and anti-gold bug mainstream eat up his gold analysis like a lap dog we have to mention some errors and a startling omission of Gold’s key driving force. Full Story
The European Central Bank’s action today caused the Eurocurrency to rally. That rally took some of the upward pressure off the US Dollar. As the Dollar weakened, gold rallied as gold often acts inversely to movement in the Dollar. If short, you stay short until the embedded reading is lost. If today’s low is taken out in the next two trading sessions today’s rally should be labeled a “bull trap” and set in place another leg down. Full Story
In one of the most stunning political developments in recent decades, the group of political parties that are being collectively called "Euroskeptics" won more votes than any other individual party in several major European nations in the May elections for the EU Parliament. Full Story
We’d all been waiting for the big day, but the chapel the ceremony took place in was very small—just a room with Christian symbols and a few chairs. My wife Jo's father was waiting for us in his hospital bed, grinning from ear to ear. Despite the feeding tube, he still managed to devour a few bites of our wedding cake. Full Story
By: Peter Schiff, CEO of Euro Pacific Precious Metals - 5 June, 2014
Even investors who typically eschew precious metals have been hard-pressed to ignore the platinum industry this year. The longest strike in South African history paired with surging Asian demand is set to push the metal back into a physical deficit in 2014 - and could have repercussions for years to come. While gold remains the most conservative choice for saving, the "industrial precious metal" platinum is a compelling investment for those, like me, who are bullish on global net economic growth. Full Story
This conclusion is firmly on the horizon; let’s call it the great INSANITY. I believe this version is the greatest in history and will be written about for centuries. Those that forget history are doomed to repeat it and this time is no different. However, there is always great opportunity with great danger as the greatest transfer of wealth from these that hold it in paper to those that don’t is underway and there is nothing that can stop it. Full Story
The S&P 500 continues to hit new all time highs, but is your portfolio built on a house of cards? The politics to kick the proverbial can down the road may unleash dynamics that could be hazardous to your wealth. The one thing politicians throughout the world have in common is that they rarely ever blame themselves. They tend to diffuse responsibility or place blame on groups such as political opponents, the wealthy, or foreigners. Full Story
How do you calculate ROI on investment conferences? They often require travel expenses, time away from the office and some eating of rubber chicken with mysterious sauces. But the right conference can result in a whole new way of looking at your portfolio. To evaluate the recent Altegris/Mauldin Strategic Investment Conference in San Diego, The Gold Report asked attendees for their insights on the major themes from thought leaders such as Former Speaker of the House of Representatives and host of CNN's Crossfire Newt Gingrich, Gluskin Sheff + Associates Chief Economist David Rosenberg and Hoisington Investment Management Executive Vice President Lacy Hunt. Full Story
Excellon's 100%-owned La Platosa Mine in Durango is Mexico's highest grade silver mine, with lead and zinc by-products making it one of the lowest cash cost silver mines in the country. The Company is positioning itself to capitalize on undervalued projects by focusing on increasing La Platosa's profitable silver production and near-term mineable resources. Full Story
GoldSeek.com TV presents an exclusive interview with the President of GoldSeek.com and SilverSeek.com, Peter Spina. He discusses several topics with interviewer Vanessa Collette including:
- Silver Price
- Why is Russia buying so much gold?
- India, China, Belgium, Ukraine and more. Full Story
Since the advent of the quantitative easing (QE), the Fed’s unprecedented attempt at reversing the impact of the credit crisis, many long-held beliefs and assumptions have been demolished. One of the most sacred assumptions on the part of investors and economists alike is that central bank money printing always eventually leads to inflation. Yet six years have passed since the Fed first embarked on its historic attempt at reversing the effects of the credit crash and alas, no signs of inflation are on the horizon. Full Story
In the big picture, foreign investment is pouring into India. Last night, India’s central bank announced policy guidance, suggesting inflation will moderate and GDP growth will improve. As the economy strengthens, spirits are high, and this bodes well for the gold jewellery business during the second half of 2014. In America, home of the world’s largest gold fear trade, signs of inflation are beginning to appear. The Fed uses an eight year business cycle, and the last few years of that cycle tend to be when inflation appears. Full Story
The US Dollar could crash at a finger snap under at least one circumstance: if the gold holdings at the Federal Reserve Bank of New York (NY Fed) are revealed to be missing. An event last week made that circumstance edge a bit closer. Austria wants to audit the 150 tons of gold it stores in the UK (some sources say 280 tons.) According to Austrian Trend magazine, “there is a rising disbelief among Austrians about the existence of the gold." Full Story
With few exceptions, state and local pension funds are woefully underfunded. Five heavily populated states—California, Illinois, Ohio, New Jersey, and Texas—collectively lack $431.5 billion; money that won’t be paid out to hopeful pensioners. Full Story
Russian Roulette: Put one bullet in the cylinder of a revolver, spin the cylinder, point the gun at YOUR head, and pull the trigger. Most revolvers have 6 chambers so your odds of surviving are 5 in 6, IF you quit after pulling the trigger once. Press your luck, spin the cylinder, point the gun, and pull the trigger again. It might be okay. Try for a third time? Full Story
To conclude, we believe that any rational investor considering this collection of facts would consider, like us, that gold prices are long overdue for a re-rate. As we all well know, almost all markets are manipulated; and the recent Barclays settlement is one example vindicating our views (more to come?). Full Story
The Cloward–Piven strategy is a political strategy outlined in 1966 by American sociologists and political activists Richard Cloward (1926–2001) and Frances Fox Piven (b. 1932) that called for overloading the U.S. public welfare system and government in order to precipitate a crisis that would lead to a replacement of the constitution and the free enterprise capitalist economy with a new socialist/marxist centrally planned economy and an end to poverty through redistribution of wealth".
Where does it all end? We are in debt up to our eyeballs and borrowing more every second so we can go even deeper into debt. Whenever anyone mentions cutting the budget we are told that we must cut tours to the White House, cut COLAs for social security, cut Veteran’s benefits. Why don’t we ever talk about cutting personal jets (BIG EXPENSIVE ONES) for every cabinet member and brass hat in government service? Why don’t we ask if we really need 6,500 employees in the Secret Service (3,200 special agents)? Full Story
By: Laurynas Vegys, Research Analyst - 2 June, 2014
According to a study commissioned by the World Gold Council, to take an example from mining of our favorite metal, the gold mines in the world’s top 15 producing countries generated about US$78.4 billion of direct gross value added (GVA) in 2012. (GVA measures the contribution to the economy of each individual producer, industry, or sector in a country.) That sum is roughly the annual GDP of Ecuador or Azerbaijan, or 30% of the estimated GDP of Shanghai, China. Full Story
What does the truism ‘stupid is as stupid does’ mean? It means an intelligent person who does stupid things is still stupid. This saying comes from the movie Forest Gump, used as a metaphor to show that despite his lack of intellectual prowess, Forest did smart things, and prospered in life. Fast forward to today, and we have another instance this saying fits well in describing North American precious metals investors, few and far between as they are, which adds further layers of irony onto the situation. Full Story
It is interesting that stocks have continued to rise despite declining yields, whereas previously they had been rising with yields. One victim of this phenomenon however, has been a stock market leader, the banks. It is no surprise at all that bank leadership broke down as yields broke down because ZIRP provides in essence free money where they borrow (Fed Funds) and higher long-term yields provides the implied profit incentive, where they package this stuff out to public and commercial borrowers. Full Story
The editor of the Trends Journal thinks that it's time to end external entanglements and rebuild the country; 700+ US military bases located around the globe is an excessive figure. Instead of suffering wounded limbs, minds and hearts, our honorable troops must be evacuated, returned home and offered adequate training to reenter the modern workplace. Senior Investment Strategist at Institutional Advisors, Bob Hoye returns with his latest market report. He thinks that the Fed has created two new bubbles; it's time for an equities / bond market retreat. Full Story
In this Weekend Report I would like to compare gold to some of the more important markets to get a feel for the bigger picture that seems to be shaping up or gold. During gold’s bull market years it generally was stronger than most areas of the markets but since the 2011 high that has changed significantly. Gold has been under performing just about everything to a certain degree. Full Story
I am writing this introductory note from London during a layover on my way to Rome, and I’ll append a personal ending tonight after I finally make my way back from dinner to the hotel. One of the few consensus ideas that I took away from the Strategic Investment Conference is that China has the potential to become a real problem. It seemed to me that almost everyone who addressed the topic was either seriously alarmed at the extent of China’s troubles or merely very worried. Full Story
Animal Farm and 1984, meet 2014. The Western world no longer makes any sense, and common sense has been sidelined for decades. It is lies, deceit, and debt ruling supreme. The “American Way” [which once was a standard for emulation] is now a source of embarrassment, advanced by the bankrupt federal government doing the bidding of the moneychangers, those who adhere to and hide behind the Rothschild formula. What is that formula? Full Story
Government never wants to lose the ability to inflate. To surrender it would be to surrender sovereignty over money, and it will never do that. Not willingly. It’s sometimes said that if people understood what government was doing they would rise up in protest. But when was the last time you saw average Americans rise up in protest on a national level? Most Americans are grateful they can pay their bills. If the digits they use pays the bills why should they care? Full Story
As for gold, it broke down hard this week and saw lots of follow though. Gold is in serious trouble and not something I’ll be looking to trade for some time, perhaps even many years as its bull market may be done now. That is not set in stone if gold can hold the $1,000 area, and we should see that happen by the fall. Full Story
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