That’s right: the long-awaited Mania stage in gold may be nigh. How can I make such a claim? After all, some have been screaming “It’s here! It’s here!” for months or even years. So I propose that instead of simply declaring that Mania time is near, I lay out the facts and see if you come to the same conclusion. Full Story
By: Bill Bonner & The Daily Reckoning Crew - 18 July, 2008
-No joy to economists' hearts…the party is over - and the mess has to be cleaned up… -Financial hanky panky going on in the guest room…pretending to be important parts of private enterprise… -Who's dumber: the public voter or the public shareholder?…right about the problem; he is wrong about the solution…and more! Full Story
By: Peter Schiff, Euro Pacific Capital, Inc. - 18 July, 2008
Unfortunately, the laws of capitalism are now demanding that home prices continue to fall precipitously. But, based on the speed in which our government, public and financial institutions are willing to abandoned free market principals at the first whiff of economic pain, the likelihood that this impulse will take hold is increasingly remote. So hunker down as the United States finds itself on the express track to state socialism with Paulson’s Bazooka locked, loaded and pointed right at us. When the government pulls the trigger the blast will blow the dollar, and what’s left of our capitalist economy, to smithereens. Full Story
By: Adam Hamilton, Zeal Intelligence LLC - 18 July, 2008
In recent weeks a major secular milestone was achieved in the US stock markets. But because of all the distracting market turbulence, very few investors are even aware it happened. And truth be told, even if the markets weren’t plunging I still suspect only the most diligent students of the markets would have any inkling. Full Story
The serious study of Volatility is a sophisticated subject, especially suitable for professionals and graduate seminars. But here we intend to make only a few brief observations potentially profitable to Investors and Traders in major Sectors of Interest: Gold and Silver, Crude Oil and the Energy Complex, and Equities-in-General. Full Story
Is there a mounting sense of panic in North American stock markets, or is the freefall led by financials just a reflection of the demise of ludicrously leveraged banking? Should we panic? Should we be in the stock market or the bond market or the supermarket? Or should we cling to our cash in the hopes that increasing prices lock-stepping with currency devaluation don’t finish us off financially? Full Story
The United States Mint's capacity to produce American Eagle Silver Bullion Coins is quite large. United States Mint facilities have sufficient production capacity to meet the unprecedented demand for these coins. However, we have encountered challenges in acquiring enough silver blanks that meet the exacting specifications of the American Eagle Silver Bullion Coin Program to fulfill the current high demand. Full Story
Yesterday I visited the local coin shop in my home town, Salisbury in England and while full of interesting medals and collectables something was missing this year. The coin counter had shrunken to a small selection in the corner. Full Story
If you are glued to the evening news or the radio, you might believe that the whole nation is waiting in suspense to see how our leaders are going to deal with the economic challenges of our day: recession, inflation, unemployment, bank runs, etc. There are proposed laws, bills flying everywhere, candidates promising this and that, press conferences, debates, op-eds, talking heads, regulations, investigations, proposals, and policies. Then there is the real world. Full Story
Leave the people alone and leave the markets alone, and finally make the money REAL by linking it to some form of standard and not left to the decision of human beings, greed will always be too strong a motivator if we allow that, which is precisely why we are now in this mess. Full Story
By: Richard Daughty, The MOGAMBO GURU - 18 July, 2008
Yet, against this staggering load of incestuous liabilities, and liabilities masquerading as assets that totals a third of the annual GDP output of the whole freaking country, these two greedy, corrupt, filthy pieces of debt-addled Government Sponsored Enterprise crap have only a paltry $80 billion in capital! Hahahaha! Full Story
Finally, some good news for those who have always wanted to live in the Bay Area but couldn’t afford it: the median price of a home has fallen below the half-million-dollar mark. With prices back to levels not seen since 2004, will Northern California now be inundated with Okies and Rust Belters looking to start anew in the vineyards of Sonoma? Full Story
The simple fact is that the credit woes are not over. No where near it. How many more bodies have to be carried out weighs on the markets. Yes, the stock markets have rallied in the past two days. So what? Nothing has changed. After the dust settles, more problems will surface. Full Story
A grotesque grandiose nationalization initiative is gradually being forced upon the USEconomy, US financial system, US political system, and the hapless US citizenry. Its crucible for construction comes from the desperate situation unfolding for the banks, the mortgage holders, and homeowners. Rising costs, falling incomes, failing banks, declining home values, eroding mortgage bonds, interfered financial markets, corruption in Congress, endless war, destructive economic counsel, an unconstitutional USDollar without gold backing, these factors all contribute toward a crisis without remedy. The only possible response will be an implosion with greater state assumption of losses, responsibility for operations, and extended power. Full Story
By: Bill Bonner & The Daily Reckoning Crew - 17 July, 2008
-What's the real story behind the oil price?…we see both a bubble behind oil prices - and a useful commodity responding to economic forces… -Investors are waking up to something they should have seen a long time ago…viva la (coal) revolution… -The stock market is delighting over yesterday's oil slippage…a 'draw' in the 'Flationary War…and more! Full Story
By: John Browne, Senior Market Strategist, Euro Pacific Capital - 17 July, 2008
This week, we were treated to strong statements by both Treasury Secretary Hank Paulson and Fed Chairman Ben Bernanke about the desirability of a “strong dollar”, and the intention of policy makers to pursue strategies that will enhance its value. To the relief of many, the dollar responded to the moral support and managed a mild rally. The move is inconsequential. The harsh realities have not changed in the slightest, and the dollar is set to continue its overall decline. Full Story
One must also, I think, avoid being blinded by rather typical American paternalism. What many people are really asking is: Why does gasoline cost so much in the U.S. now, and why did the price go up so quickly? The simple fact of the matter is that gas has been over $4.00 a gallon outside the U.S., off and on, for years. Full Story
This time the fear is real with IndyMac Bank in California disappearing, and Freddie Mac and Fannie Mae under a great deal of stress. Yes, more government bailouts which will cost billions and even more reason for a U.S. Dollar collapse. So, the credit and liquidity crisis continues, the economy slows, oil remains high and inflation is rising in the world setting the stage for much higher prices for gold and silver in the coming months and years. Full Story
By: Bob Chapman, The International Forecaster - 17 July, 2008
What you are witnessing is the acceleration of a complete systemic breakdown of the US and world financial systems and economies. It is happening right before your eyes. It is in your face. The Scylla and Charibdis of real estate finance, Fannie Mae and Freddie Mac, which are currently in possession of, or have insured, over 5 trillion dollars worth of mortgages, a good portion of which are nothing but toxic waste, have imploded and will now be nationalized in the most egregious example of moral hazard in the history of the world. Full Story
By: Richard Daughty, The MOGAMBO GURU - 17 July, 2008
Currency in Circulation, which is actual cash money created out of real paper and ink or various metals, rose over $6.3 billion last week alone! $6 billion bucks! In one week! That's almost $20 for every man, woman and child in America! In one week! Full Story
Bears looking for the culprit that has been keeping this deadest-of-dead-duck stock markets aloft should look in the mirror. Although there are indeed a hundred great reasons for the Dow Industrials to be trading at half their current levels, the implied adjustment is unlikely to happen as long as everyone is betting aggressively on it. Full Story
By: Dr. Ron Paul, U.S. Congressman - 16 July, 2008
Here is the full video of Dr. Ron Paul from C-SPAN. Today's live video feed on CNBC was cut off during the questioning but per Rick Santelli's assessment, was still well received in Chicago's futures trading pits. Full Story
By: Bill Bonner & The Daily Reckoning Crew - 16 July, 2008
-The global financial system is falling apart, and the world economy is slowing down - but it makes for interesting newspaper reading… -The American consumer is slowing down - and no one knows what to make of it…what would happen if the Fed chief actually gave it to Americans straight? -Inflation at 16-year peak…the U.S. commitment to free market principles is weakening…and more! Full Story
A subscription to the Wall Street Journal costs several hundred dollars a year, so most people out there don’t get it and DollarCollapse.com rarely posts links to its articles. But everybody should see today's edition, which probably sets the modern-day record for disturbing headlines. Here's a sampling of what subscribers read this morning: Full Story
Communism was a public relations gift to the bankers. By diverting the dialogue to “controlled versus free markets” it obscured the bankers’ real intent—to insert debt into every aspect of free markets. The bankers’ overwhelming success however would destroy both the bankers and the free markets on which they preyed. Full Story
By: David N. Vaughn, Gold Letter, Inc. - 16 July, 2008
Well, what’s gold doing right now? There are still very few who take the present financial situation serious enough to act on it. I believe gold hit 500 in 2005 and over 700 in 2006. Today it is well above 900. Anyone care out there? Full Story
Clearly, individual investors should have been asking whether their money was safe time and time again over the past year, rather than listening to the pundits on CNN. Many investors thought they had invested their money wisely and relied solely on the advice of their brokers. But now they’re emotionally distraught because they realize they were misled big time. But how were they misled? Full Story
Just in case you have been on Mars for the last week, Fannie Mae and Freddie Mac in the U.S. seem to be having some financial trouble. For those outside the U.S., these two private companies are involved in funneling money to the U.S. housing market. Well, funneling might not be the right word. Shoveling, with big ones, might be more appropriate. Full Story
By: Richard Daughty, The Mogambo Guru - 16 July, 2008
Yesterday, when inflation in the money supply raised the prices of stocks and the prices of bonds and the prices of houses and the prices of monumental government spending (including the money for programs like his), that was not a 'danger zone' either. Full Story
Our leaders are getting closer each day to acknowledging the dire condition of the economy, even if their statistician have yet to cop to the fact that the country has been in deepening recession since around December. Full Story
By: Bill Bonner & The Daily Reckoning Crew - 15 July, 2008
-All the world's major markets are in decline…the Fannie and Freddie bailout didn't have quite the healing power the U.S. was hoping for… -The dollar continues to slide against the euro - and gold is sitting pretty…since the free market didn't turn out so well, now it's time for 'adult supervsion'… -U.S. pension plans have lost $280 billion in assets…the three core values to an American…and more! Full Story
For quite a few years, I have extolled the virtues of investing in silver. I based my premise on the real facts and supply/demand fundamentals specific to silver, its market structure, as well as the macroeconomic developments around us. My conclusion was that silver was about the best practical investment one could make. More than ever, I still am of that conviction. Fortunately, the results to date have supported that conclusion. Full Story
In previous commentaries we took a close look at the attributes of the 6-year cycle, which is bottoming this summer. The 6-year cycle is a component of the famous 120-year Kress Cycle and when it bottoms it tends to have a pronounced effect on stock prices and often the economy. Full Story
Bernanke and Paulson have now sung their very own baadassss song. They have sold out themselves and the American people in a futile attempt to keep two burnt-out cases, Fannie Mae and Freddie Mac, alive and nubile. Full Story
By: Steven Saville, Speculative Investor - 15 July, 2008
With reference to the following daily chart, over the past two weeks the HUI has moved from resistance at 460 to support at 420 back to resistance at 460. The chart already has a bullish tinge, but a solid break above 460 would enhance the picture (from the perspective of those who are long). Full Story
By: Richard Daughty, The MOGAMBO GURU - 15 July, 2008
The advice to never touch your 401(k) is not so cut-and-dried, and it could easily be that immediately taking all that money out of the retirement plan would be the optimal move… Full Story
We had Armageddon in mind when we sent out bear-market price projections for a list of bank and financial stocks in early June. At the time, we noted the following: “The attached charts when taken together suggest that U.S. financial stocks are verging on a selling panic. The picture becomes even more compelling when you consider the recent plunge in base metals and the bullish stirring in junior golds.” Full Story
IndyMac Bancorp Inc. collapsed late last week. Shares in companies having anything to do with banking have been dropping for months and losses have accelerated in recent days due to concern financial problems are spreading. The mainstream media cannot be trusted... Please Contact us here so we can share with our readers and continue to do what we can to help spread financial truth! Full Story
This essay makes comparisons between the money supply of 25 selected economic areas and discusses the ratios between the values of official gold reserves to outstanding currency. Full Story
By: Bill Bonner & The Daily Reckoning Crew - 14 July, 2008
-Things are heating up in the 'Flationary' War…Fannie and Freddie are finito… -See what happens when you lend money to people who can't pay it back?…"too big to fail" - but who has the money to bail the dark twins out? -A good time to neither a borrower nor lender be…Happy Bastille Day…and more! Full Story
The big gold and silver producers are preparing to unleash a round of bidding for junior exploration companies that will bid up the value of the whole sector, and stocks that are good, bad and indifferent will jump in value. You have been warned. Now is the time to buy. It is so obvious with gold and silver prices on the march… Full Story
Inflation is destroying fixed-income bonds. Stocks have tipped into a bear market, down more than one-fifth worldwide. Real estate suffers both over-supply and an historic shortage (too many units vs. no mortgage finance). And this is clearly no time to launch a business relying on discretionary spending, consumer debt or prompt payment. Full Story
Of course gold and silver are not commodities, but instead currencies. This has been gold’s roll for since before Christ, that being the primary store of wealth and medium of exchange amongst the human race. From time to time in man’s history gold’s role as money has been minimized however, with the present episode most profound ever. Full Story
My, my! How the mighty are falling! The collapse of the U.S. economy continued apace on Friday, with selloffs in Lehman Brothers, Citigroup, Bank of America, Wachovia, Fannie Mae and Freddie Mac leading the plunge. At the same time, gold surged to $964 an ounce and oil topped $146 a barrel. Full Story
By: Bob Chapman, The International Forecaster - 14 July, 2008
Well, the meltdown continues. Men of "Chaos," better quickly get those two dark liquidity bourses, Project Turquoise and Baikal, up and running while you can still get out of the markets behind everyone's backs -while we still have markets, that is. The Dow on Friday dropped below 11,000 before closing at 11,100.54, the lowest close since August 14, 2006, some 23 months ago. On August 14, 2006, spot gold closed at 626.60, while this Friday spot gold closed at 958.85. Dow: Zippo - Gold: +53% - GET THE PICTURE?! Full Story
Gold had a dynamic half year (from Aug. ’07 to March ’08), but was somewhat lackluster during the spring. An analysis of this quiet period is very revealing. It was a pause, probably in the middle of the bull move, and will carry another (approximately) 7 months and 55% into early 2009. Full Story
1st Hour: Headline news & Market Weatherman Forecast. Spotlight Stock Picks with big dividends. The International Forecaster and Host Chris Waltzek answer listener questions. 2nd Hour: James Turk Full Story
Last week both gold and silver staged important breakouts from base areas to commence major uptrends. This is a development that we had been expecting for quite some time. On the 1-year chart for gold we can see how it first broke out from the 3-arc Fan Correction that we earlier delineated with the biggest one day rise for many years - itself a very bullish development. Full Story
For several months now, junior resource stocks have been in a highly depressed state. Many juniors are now testing their 2-3 year lows despite the commodity bull market raging strong. As stock prices remain depressed, financial positions of these junior exploration, development and production companies are deteriorating. Full Story
By: John Mauldin, Millennium Wave Advisors - 14 July, 2008
It seems that with each passing month the estimates for losses in the international banking system keep rising. This time last summer the largest estimates (from credible sources), if memory serves me correct, were around $400 billion, give or take a few months. By the end of the year it was in the neighborhood of twice that. Then last quarter we saw estimates approaching $1 trillion. Last week, the number being broached was $1.6 trillion, by Bridgewater Associates, one of the top, and more credible, analytical firms in the world. Full Story
Fannie Mae and Freddie Mac account for approximately 80% of the mortgage market. They either “own” or insure about $12 trillion of mortgages – nothing like putting all your eggs in one basket. The GDP of the U.S. is about $13 trillion – smart – real smart. Full Story
The week was very constructive and is signalling continued strength in the precious metals especially Gold and Silver. Financial houses and mortgage lenders continue to reel from their troubles. Demand for the metals is increasing weekly as more and more investors realize it is their time to shine and possibly be the only avenue to make money in today’s economic environment. Full Story
By: Richard Daughty, The MOGAMBO GURU - 14 July, 2008
Your gain on the $7,200 is just enough for you to have, after 28 years, an after-tax price of a new car ($26,950), which means that you just break even! Hahaha! In essence, you invested a new car to get a new car, after waiting 28 years! Hahaha! Full Story
Although inflationists have always argued the Fed would do “whatever it takes” to prevent a credit collapse, evidence continues to mount that policymakers are in fact taking a deflationary course, even if inadvertently. Why else would they let Fannie and Freddie shares fall to zero even as bondholders lick their chops in expectation of a “restructuring”? Full Story
Congressman Ron Paul talks with Treasury Secretary Henry Paulson on the dollar and other matters at the July 10, 2008 Financial Services hearing. Full Story
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