By: Peter Schiff, President and CEO Euro Pacific Capital - 16 June, 2017
Perhaps the Fed sees an opportunity? Although they may have wanted to spare the Obama administration from the economic turmoil that would have accompanied a hawkish policy, they likely feel no such charity towards Trump. In that sense, Janet Yellen may be a bigger danger to Trump than Robert Mueller could ever be. Wonder Woman indeed. Full Story
One of the most important economic debate today is whether the economy will experience reflation or deflation (or low inflation) in the upcoming months. Has the recent reflation been only a temporary jump? Or has it marked the beginning of a new trend? Full Story
What happens if central banks cease purchases, or “heaven forbid,” those central banks sell aggressively? Could such sales create a “market event” to crush an economy or a sitting President or be used to enrich Wall Street? Full Story
Most importantly, the result shows how quickly political pendulums can swing. Republicans should take notice that unless better communication and coordination is achieved with the White House, then midterm elections in 2018 could deliver one, or both, chambers of Congress to Democrats. Proceed with caution. Full Story
– Very little hype in gold – Sentiment is important in the gold market as is other markets particularly stocks – Article ignores the large body of research showing gold is safe haven asset – Gold may struggle to breach $1,300 in short term – Trading gold and short term speculation is high risk and for professionals – Important for investors to focus on long term fundamentals which remain sound Full Story
In order to keep the flow of money moving in the direction of that all-important bank collateral, these timely interventions serve to train the millennial horde of selfie-snapping, Facebook-posting newbies that "Gold is bad" and that "Stocks, bonds, and housing are good" and only through this constant pounding in both actual and psychological warfare has the public narrative been able to reshape the accepted methods of inflation hedging. Full Story
Today, let's start with one of my "favorite" topics, given my strong belief that OPEC's highly visible death throes presage the epic level of chaos the gold Cartel will eventually experience when it spectacularly fails - per what I wrote in last month's "OPEC, like the London Gold Pool, proving Cartel's always fail." To that end, no blog I am aware of - outside of those focused principally on energy - has expended more digital ink on this topic - given how confident that, contrary to the all-time high long position Wall Street took in crude oil futures earlier this year, the "production cut" required to save not only the energy industry, but countless sovereign nations, would miserably fail, no matter how much propaganda and market manipulation was expended to create the perception of "balance," amidst history's worst - and likely, irreversible - crude oil glut. Full Story
Indeed, lower bank leverage is given as an argument as to why volatility is lower these days. Except that the run-up to the financial crisis of 2008 - a period in which banks were extra-ordinarily levered - also showed low volatility in a variety of markets. It was the perceived safety, embodied by quasi-sophisticated value-at-risk (VAR) models that got risk managers at financial institutions to gear up. What could possibly go wrong, right? Full Story
CFTC investigators supposedly spent 5 years searching for illegal market manipulation, but somehow, managed to find nothing.
The cheating became hard to ignore after Deutsche Bank turned over voice recordings and 350,000 pages of documents which revealed bank trading desks being run like the back office of a crooked casino. Full Story
Daniel Marburger, CEO of European coin dealer CoinInvest, told Bloomberg that he had just finished working with a German customer whose bank account was charged negative interest rates. To prevent this from happening again, the customer converted his cash into gold and silver, which he sees as a more reliable store of value.
Negative rates are “definitely a driving factor and will lead to more sales and also more storage clients,” Marburger said. Full Story
Amid unease over a congressional hearing on possible links between Russia and the Trump campaign, holdings in SPDR Gold Shares (the world’s largest gold-backed ETF) climbed to the highest this year on the back of safe-haven demand, reports Bloomberg. In the two weeks through the end of May, hedge funds and other large speculators boosted their bullish bets on the precious metal by 37 percent, notes another Bloomberg article, the most since 2007 according to government data. Full Story
As most in the gold community know, the UK Chancellor of the Exchequer Gordon Brown announced on 7 May, 1999 that HM Treasury planned to sell gold. The dollar began to rise, from about 110mg gold to 120mg on 6 July, the day of the first sale. This translates into dollarish as: gold went down, from $282 to $258. It makes sense, as the UK was selling a lot of gold… or does it? Full Story
From a near-term perspective, the three previous rate hikes have closely marked retracement lows in gold, with the initial rate hike in December 2015 setting the bear market cycle low (daily close) the next session. Full Story
The commercial net short position in gold is now up to 21.64 million troy ounces of paper gold.
Ted said that the Big 4 traders added another huge chunk to their short position, as they increased it by about 19,900 contracts during the reporting week. The Big 4 have been going short big time over the last three weeks -- and neither Ted nor I are at all happy about that. The '5 through 8' large traders also added a chunky 9,300 contracts to their short position, which is also a big increase -- and Ted's raptors, the almost 50 small commercial traders other than the Big 8, reduced their long position by around 3,900 contracts. Full Story
Just recall how Ben Break-the-banky failed to see the last recession when he was standing right in the middle of it. The Fed has a peculiar talent for that. Sometimes I think conspiracy rises as the most likely answer only because its so hard to be believe that people who are that smart can be that stupid. Yet, Gentle Ben was either supremely stupid in the area of his supposed greatest expertise, or was lying about the lack of recession, which often happens when people are conspiring. So, you choose — stupid or conspiratorial. Either one is still going to take this market down. Full Story
Why are these billionaires buying precious metals?
Their cited reasons can basically be summed up with six categories: wealth preservation, store of value, inflation hedge, portfolio diversification, future upside, and investment fundamentals. Full Story
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