By: Pierre Lassonde And The Gold Report - 19 September, 2008
As a veteran gold analyst, co-founder/chairman of Franco Nevada Mining Corp., acting chairman of the World Gold Council, and former president of Newmont Mining Corp., Pierre Lassonde knows this sector inside and out. He understands the plight of the juniors and the many influences on gold's behavior. In this exclusive interview with The Gold Report, he predicts limited downside given the accelerating demand for natural resources. Full Story
By: Bill Bonner & The Daily Reckoning Crew - 19 September, 2008
-What will they think of next?…a very costly debt plan…oh, the irony… -Mr. Market never loses…this week is a reminder that the war is not over… - When the smoke clears, only one will be left standing…the patterns of history…and more! Full Story
By: Peter Schiff, Euro Pacific Capital, Inc. - 19 September, 2008
Just three days ago, after looking at the prospect of bailing a string of distressed financial institution in the country, the government seemingly drew a line in the sand, and refused to bail out Lehman Brothers. The authorities clearly saw Lehman’s demise as a trial balloon to see how the markets would react if the government stayed on the sidelines. That trial balloon quickly turned into the Hindenburg. Immediately reversing course, the Government has decided to go “all in” and bail out every institution with financial exposure to U.S. mortgages. Full Story
By: Adam Hamilton, Zeal Intelligence LLC - 19 September, 2008
Commodities investors were treated to an extraordinary event this week when gold skyrocketed 11.1% in a single trading day! This was all the more impressive since everything non-commodities was getting crushed. That same day the SPX plunged 4.7%, erasing 1/20th of the US stock markets’ value, for the second time in 3 days. Full Story
The U.S. Taxpayer Bailouts of Fannie Mae, Freddie Mac, Bear Stearns, and AIG - - catalyzed by the U.S. Federal Reserve and Treasury - - are only four of many symptoms that something is structurally rotten and dangerous, and very costly, to U.S. Taxpayers, about the U.S. Financial System. Full Story
The skeleton of the world's dollar denominated financial system is one quadrillion dollars worth of unregulated over the counter derivative contracts. These derivative contracts can not be closed out. Forget about the solutions that you have heard about so far. There are only two possible resolutions... Full Story
All things considered, it is hard to imagine that this plutocrat control of the markets, to crash commodities (as they have been crashing home values), will continue much longer. The shortages of silver and problems over silver as outlined at Silverseek.com are spelling out the need for a soon resolution of the problems since things obviously can not logically continue much longer in this situation. Full Story
In an unexpected move intended to prevent the continued slide of financial stocks, the SEC has banned all forms of frowning, scowling or cursing with regards to stock market activities. “We needed to find a way to keep speculators from forcing valuations of our insolvent financial institutions to zero” said SEC Chairman Christopher Cox. This move follows another earlier move today in which the SEC banned short selling of nearly 800 financial stocks. Full Story
Wall Street has been rallied by news that Messrs Paulson and Bernanke plan to spend a weekend together to get the financial markets all sorted out. Can it really be that simple? Surely we are just going to see more of the nationalization and money injections of the past week, but dressed up as a plan. Bottom line: this is all going to be inflationary and extremely good for precious metal prices. Full Story
By: Richard Daughty, The Mogambo Guru - 19 September, 2008
Ten years ago, the average investor invested a whole 6-slice pizza, and now, ten years later, they have as little as one slice of a pizza to show for their efforts? And somebody still thinks that they can fund a retirement on that kind of performance? Full Story
By: Rick Ackerman, Rick's Picks - 19 September, 2008
The Dow Industrials rallied 614 points from their lows yesterday. Do we risk your scorn, gentle reader, by characterizing the move as unimpressive? Let us explain. Notice in the chart below that, at the very height of yesterday’s hysterical short squeeze, the Dow Industrials failed to take out Tuesday’s imposing peak. Why should that matter? In two words: impulse legs. Full Story
We are in historically unprecedented times. The foundation is being laid for a default of USTreasurys in the wake of the greatest regulatory failure in modern history, and the collapse of the US financial system. Anyone who cannot see that suffers from poor vision, chronic nostalgia, low mental wattage, a paycheck from Wall Street, a post in financial press media, or owning an Economics advanced degree. Full Story
‘That’s ridiculous’ I can hear someone saying. But is it really all that far-fetched? Let’s begin by adjusting the previous high gold price of $850 set in 1980, into today’s dollar value. By using the US government’s own inflation calculator, we find out that gold should be trading at $2,260 to match the 1980 high of $850. For silver the price today should be $129 to match the 1980 high of $48. Full Story
Since the Federal Reserve reimbursed J.P. Morgan, presumably and ostensibly, with public monies [that taxpayers will be on the hook for] – doesn’t the public have the right to know what that 138 billion was spent on? Full Story
By: Bill Bonner & The Daily Reckoning Crew - 18 September, 2008
-Feeling the Earth move under our feet…gold is still the refuge of choice for savvy investors… -The fed to the 'rescue' yet again…the government takes on the insurance business…even the 'full faith and credit' of the United States has its limits… -The Dow is down 16% for the year - and that makes it one of the best performing markets in the world…all the scams are coming home to roost at once…and more! Full Story
By: Olivier Garret, CEO of Casey Research - 18 September, 2008
The AIG and any subsequent bailouts may delay the pain, but that is the best they can do. Our recommendation to investors is to use the little time they have left to find refuge in real, tangible money -- specifically gold -- and in the stocks of companies that produce gold and other commodities the world uses, especially food and energy. Full Story
The incredible run up in metals over the past 24-hours was caused, in my opinion, because of a shift by asset managers into hard assets, a shift that caught many traders short and is not going to go away quickly. Whether this shift has “legs” to it is the question. Full Story
Yesterday was the biggest one day rally gold has ever recorded in dollar-terms. It just goes to show how the market can coil and then explode when prices are artificially suppressed by paper sales amidst strong physical demand and ever-tightening physical supplies. Full Story
DAMNED IF THEY DO, damned if they don't, politicians the world over are looking pretty sheepish right now. Nationalizing failed banks, mortgage lenders and insurance firms hardly makes for a strong election pitch. It won't do much to coax fresh risk capital into shoring up financial balance-sheets, either. Full Story
By: Frank Holmes, CEO and Chief Investment Officer, U.S. Global Investors - 18 September, 2008
The Democratic and Republican candidates think of it as a Wall Street problem and that “Main Street” shouldn’t be asked to “bail out” these fat-cat financiers. This is a flawed way of looking at a financial hurricane that will defy Washington’s usual approach of exploiting the “haves vs. have-nots” issue. This is a killer storm that will flatten everything in its path. Full Story
Looking ahead, if $740 was the low for Major TWO, then the market must be moving into Major THREE, which is expected to be a very strong upward wave with many huge surprising rapid gains. The sharp $100 leap in gold over the past 24 hours certainly fits this expected pattern. Full Story
What are we to make of the more than $100 gains in the gold price within the past 24 hours? It is certainly a historic day with the biggest movements in precious metals seen for decades. But as US President Ronald Regan once commented: ‘You ain’t seen nothing yet!’ Full Story
By: Bob Chapman, The International Forecaster - 18 September, 2008
If you do not own gold and silver, you will be vaporized. We can assure you that the Illuminati themselves are now scarping up gold and silver like it was going out of style, adding more bullion to their already gargantuan hoards. This is there failsafe asset, being hard bullion instead of fiat paper, and it may serve to back a new regional currency, and later a world currency, to be issued by private banks free of government regulation and interference, meaning the banks will be able to do as they please. Full Story
Today we are witnessing why in paper fiat-land debt is a four letter word; and a nasty one at that. The only thing the Federal Reserve has accomplished since its creation in 1913 is the loss of 95% of the dollar’s purchasing power; and they are hard at work destroying what little is left. Incompetence does not even begin to describe their actions. Full Story
Consequently, I have now concluded our country's treasury no longer has any gold reserves. The gold our ancestors entrusted to government for safeguarding is gone. And been gone for quite awhile. Yes, we're given paper "audits" all neatly officially bundled for our consumption. But, no commanding officer has ever demanded a physical inventory. Full Story
This may prove to be the straw that broke the camels back, and the UK government may follow the United States earlier decision to highly regulate short selling in key financial stocks. The aim of which is not to prevent long-term trends, but to give a company breathing space to investigate options such as a takeover or re-financing which is much more difficult to do in the face of relentless short selling. Full Story
Failures of Freddie Mac, Fannie Mae, Lehman Brothers and the weakening of Merrill Lynch and AIG point to a broadening systemic risk in financial markets -- a crisis that Alan Greenspan describes as "a once in a century event", all leading to burgeoning investor demand for gold to diversify portfolios. Full Story
By: Richard Daughty, The MOGAMBO GURU - 18 September, 2008
I prove this brash allegation by showing how few of them own any gold, even as the Federal Reserve keeps expanding the money supply, which is so stupid that it qualifies as 'moronic.' Full Story
By: Rick Ackerman, Rick's Picks - 18 September, 2008
Strongly trending markets have yielded an apparent bonus, causing stocks, futures and options to move more precisely than ever to our Hidden Pivot targets. Gold, for one, appears to have put in an important bottom within a single dollar of a 738.80 target that went out to subscribers on September 10. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 17 September, 2008
We are close to the end of the fourth year out of the five years of the second Central Bank Gold Agreement in which a ‘ceiling’ was placed on the sales of gold by the signatories to this agreement of 500 tonnes a year. This piece looks at the prospects for sales by these signatories in the final year of the agreement and the prospects of a third agreement, which would govern sales of gold in the ‘open’ market. Full Story
By: Bill Bonner & The Daily Reckoning Crew - 17 September, 2008
-Is AIG too big to fail? If the feds have their way, we may never find out…we thought we saw the Japanese writing on the wall… -The United States can't afford a Japan-style slump…deflation is on the march… -We're still sticking with our formula - sell stocks on rallies and buy gold on dips…an interesting cross-section of Parisians…and more! Full Story
There have been several highly visible clues that accepting paper promises from some of the leading financial counterparties in the US may be lethal to your financial health. If you have any common sense at all you have to recognize that the official pricing of gold and silver that is accepted in the industry is a complete farce. Full Story
By: Peter Schiff, Euro Pacific Capital, Inc. - 17 September, 2008
By nationalizing nearly 80% of AIG for $85 billion, the Fed is doing a lot more than simply flushing taxpayer money down the toilet. The greater wrong is allowing the agency that has the power to print money to take control of a private enterprise, especially without the approval of the company’s shareholders. The move represents the largest lurch toward socialism that this country has ever seen, and signals the end of the vibrancy of America’s once vaunted free market economy. Full Story
While it may look superficially similar to the recent implosions of such investment giants as Fannie Mae, Freddie Mac and Lehman, the takeover and bailout of AIG is quite different, and means that the market is entering the next and even more dangerous phase. What is driving the fall of AIG – and potential government losses that may far, far exceed the $85 billion bailout announced late on September 16th - is not mortgages or real estate (directly), but fears that AIG’s huge, global credit-default swap positions will unravel. The $62 trillion dollar credit derivatives market is 50 times the size of the subprime mortgage derivatives market, and is indeed larger than the entire global economy. Full Story
It sure has been a brutal year for the junior sector so far. The horror show has decimated most juniors and many are trading at levels not seen since the beginning of this bull market in 2001. Does it mean the death of the juniors? Although most people would tend to believe that would be the case indeed one has to remember that we were there before in 2001/2002. Juniors were trading at penny levels coming down from multiple dollar levels the years before. In 2003 however many juniors caught tail wind and appreciated by 1000% or more in just a year. It's all about perception. Full Story
This is the end of a system. It is not a cyclical correction. It is not a market pullback and it is not a repricing of risk in an otherwise resilient marketplace. We are witness to the end of an economic system based on credit-based paper money that began 300 years ago in England. All beginnings have endings—and that we didn’t expect it to end doesn’t mean that it wouldn’t. Full Story
A newspaper in Dubai has asked me to write an article on the best future option for career investment bankers who now find themselves unemployed. This is intended to be a humorous item although it will clearly depend on whether you are a casualty or not. Full Story
The bottom line here is that the Federal Reserve takes orders primarily from the Rothschilds; perhaps with some input from other powerful banking dynasties--like the Rockefellers, Lazards, Oppenheimers, Cecils, etc. And though I cannot define the link, it is a good guess that the Bronfmans are also involved. Full Story
By: Richard Daughty, The MOGAMBO GURU - 17 September, 2008
Drawing myself up in a posture of overbearing arrogance born of what appears to be some kind of natural law or something, I point out that booms always turned to busts, and precious metals always turned out to be the best investment of all. Full Story
By: Rick Ackerman, Rick's Picks - 17 September, 2008
So, now the Fed is using a little reverse psychology, hanging “tough” on interest rates while investors beat the drums for another rate cut. Just this once, we would have to concede that Bernanke & Co. got it right, since a 50-basis-point cut would only have demonstrated to the world the Fed’s powerlessness to affect much of anything besides short covering on Wall Street for a day or two. Full Story
By: Bill Bonner & The Daily Reckoning Crew - 16 September, 2008
-We hate to say 'We told you so' but…watching the masters of the universe go down… -Will the next boom be in bankruptcy lawyers?…the handwriting has been on the wall for quite some time… -Suddenly, gold is looking good to investors again…when the going gets rough, the feds fire up the printing presses…and more! Full Story
Financial developments are occurring so quickly that last week’s "warp speed" comment seems slow. These are truly unprecedented times. I think it’s safe to say that no one alive has any experience with the ramifications of the unfolding events. The financial turmoil is radically altering how everyone looks at his or her assets. In a real sense, we seem to be in a fight for financial survival. One misstep and a lifetime of asset accumulation can vanish. Full Story
There are several examples of ‘range bound’ markets today that appear to be trading within defined parameters no matter what is happening in the external world, with crude definitely an interesting study in this regard. Here, it’s fascinating to note that no matter what the news is these days, which for crude is quite bullish, again, ranging from events unfolding associated with Russia to those of Hurricane Gustav, oil prices remain subdued and unable to break out of a recent price range bounded at the top by $120. Full Story
By: David N. Vaughn, Gold Letter, Inc. - 16 September, 2008
The gold market this summer has been slip siding away. Any chance things will turn around? There are those who believe this to be the end of the bull market and the other camp believes this just to be a normal pullback in a bull market. You, ultimately have to decide which is correct. Full Story
There has been some disappointment among followers of the yellow metal about its response to the meltdown on Wall Street this week. Gold picked up but gained little on one of the blackest days in recent financial history. What is the answer to the conundrum of a gold positive situation and only modest performance? And what comes next? Full Story
By: Steven Saville, Speculative Investor - 16 September, 2008
The real interest rate is the nominal interest rate adjusted to account for the currency's loss of purchasing power. And for lack of a better alternative, most people who do real interest rate calculations assume that changes in the CPI approximate what's happening to the currency's purchasing power. Full Story
Oh what a two weeks it has been. It is a CHALLENGING task to figure out the latest FINANCIAL and Geopolitical curveballs that need to be interpreted. The activity in the last two weeks is EXACTLY why the “Crack Up Boom” series has continued. They stepped over the line with Bear Stearns (they had to) and the next dominoes to fall have done so. As Fannie and Freddie continue on the path to their demise, and that of the US dollar, the money printing now must go into a gear that is feared by the US Treasury and the Federal Reserve. Full Story
By: John Browne, Senior Market Strategist, Euro Pacific Capital - 16 September, 2008
Last week, the U.S. government took the unprecedented step of effectively nationalizing mortgage giants Fannie Mae and Freddie Mac. Together, the two companies hold or guarantee some $5.2 trillion, or about half, of all American residential mortgages. A substantial portion of this debt is tilting toward default. Given the size of the numbers, American tax payers should be very concerned. Full Story
The other shoes are dropping. The “cleansing process” as I like to call it is taking place, reeling financial markets, but not causing them to fail. As such, as this process takes place, the mess gets cleaned up. I now am wondering other than AIG and WaMu, if the market is starting to run out of shoes to drop as eventually all the shoes are out of the closet. Full Story
What is really at stake here, folks, is not simply the U.S. Dollar or U.S. banks. It’s FIAT MONEY – period. The BIS has a franchise to protect – CENTRAL BANKING. As such, I look for U.S. Inc [the Federal Reserve] to become increasingly more isolated in the days ahead. Full Story
By: Roland Watson, The Silver Analyst - 16 September, 2008
So when will the “rebirth” of gold and silver stocks be? I must say that talk about a new bull arising so quickly from this debacle should be taken with a pinch of salt. I only regard this current down move as the first part of a three part correction. The other two parts of the correction will hopefully not take the HUI down any further but it is the time element that needs to be considered here. Full Story
The fall in commodity prices has created an environment that has made it very challenging for natural resource companies—mining equities in particular—to obtain financing for exploration and project development. It seems cash, not metal in the ground, is king. Full Story
By: Richard Daughty, The Mogambo Guru - 16 September, 2008
It gets spooky when he goes on to note that 'indeed, the Mint's inventory did vary monthly, up until March 2006. But according to the Treasury's reports, the Mint's working stock has remained exactly 2,783,218.656 ounces since April 2006.' Full Story
By: Rick Ackerman, Rick's Picks - 16 September, 2008
U.S. Treasury paper racked up huge gains yesterday, and all it took to make it happen was for Secretary Paulson to say the magic words “Drop dead!” to Lehman Brothers. The Treasury Department’s surprising hardball decision amounts to tough love for Lehman employees and shareholders, but any Econ 101 student could explain why we’ll all be better for it in the end. Full Story
By: Bill Bonner & The Daily Reckoning Crew - 15 September, 2008
-Now it is Lehman's turn…in nominal terms, stocks have gone nowhere for ten years… -Lehman files for bankruptcy protection…everything returns to the mean, eventually… -History is a good indicator of what to expect…the mood is turning gloomy on Wall Street…and more! Full Story
The English language apparently doesn’t have words forceful enough to describe the pig-headed and ham-handed approach of the gold mining industry to the marketing of its unique product, the king of metals and the metal of kings. One is reminded of the words of the late conductor, Arturo Toscanini, who once publicly upbraided a cellist in his orchestra in these words: „Lady, you don’t realize that you have a most precious instrument between your legs, but all you can do with it is scratch it!” Full Story
It could be that a return to market conditions not seen since 1998 is a very real possibility. While that should have the net effect of making mineral deposits more valuable to the senior companies that rely on juniors to maintain their production portfolios, nothing seems to make sense in this market. Full Story
By: Peter Grandich, Grandich Publications, LLC - 15 September, 2008
There are enough fundamental problems in the stock market to last for quite a while, but one that hardly gets any play these days is the great wealth transfer. Nearly 80 million Baby Boomers have begun reaching retirement age and these folks were going to sell their equities and move into fixed income or the like creating a bonanza of business opportunities (at least that’s what was hailed within the financial services industry). Full Story
By: Llewellyn H. Rockwell, Jr. - 15 September, 2008
What should have happened in 1929 is precisely what should happen now. The government should completely remove itself and let the market reevaluate resource values. That means bankruptcies, yes. That means bank closures, yes. But these are part of the capitalistic system. They are part of the free-market economy. What is regrettable is not the readjustment process, but that the process was ever made necessary by the preceding central bank and other interventions. Full Story
Lehman's which survived the 1929 crash, survived Sept 11th (having offices in the World Trade Center), was taken down by its exposure to Tulip backed securities through huge positions in the over the counter derivatives market at huge leverage, the bank has been teetering on the brink since March this year following Bear Stearns collapse. Its decimated stock price having lost some 94% of its value reflects the banks true financial state as it prepares to disappear into the history books. Full Story
The bankruptcy of Lehman Brothers is going to be a severe test for the Wall Street investment banks and the counterparty risk that they are exposed to through derivatives. This could well precipitate a crisis of confidence in the entire US banking system which has piled up derivative exposure equivalent to hundreds of times the nation’s GDP. Full Story
As with gold, any rally from these levels may be seen as just that, a rally not a reversal. Too much damage has been done to the price. For a recovery to take place it should go through a period of consolidation and strength building. We are probably not looking for a real recovery anytime this year although anything could happen. Full Story
The uptrend from 2001 is still strongly intact and is likely never to be tested. The uptrend from late 2005 is being tested here and now and should hold, otherwise we may see a run to $700 or even $650. This would devastate even the most adamant of bulls. Fundamentally and historically the prospect is distant. Full Story
By: Board of Governors of the Federal Reserve System - 14 September, 2008
"In close collaboration with the Treasury and the Securities and Exchange Commission, we have been in ongoing discussions with market participants, including through the weekend, to identify potential market vulnerabilities in the wake of an unwinding of a major financial institution and to consider appropriate official sector and private sector responses," said Federal Reserve Board Chairman Ben S. Bernanke. "The steps we are announcing today, along with significant commitments from the private sector, are intended to mitigate the potential risks and disruptions to markets." 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: -Bob Moriarty, 321Gold -Axel Merk, Merk Investments Full Story
Because our economy uses a paper fiat debt-money system, it is pre-ordained that the monetary system must inflate or die. It can be no other way. Money, credit, and debt are the same three faces of Eve in paper fiat land – you can’t have one without the other. They are like the three sisters of fate. Full Story
A confluence of factors suggests that we have just seen the bottom in gold and silver, or if not that the bottom is very close. The last update called the bottom too early as renewed dollar strength resulted in another downleg in the metals. Full Story
It looks like the financial crisis will claim its first big victim this week in the shape of Lehman Brothers, unless ‘a miracle occurs’ in the words of one observer. Meanwhile, shares in Merrill Lynch plunged 50 per cent last week on fears over its viability; American International Group and Washington Mutual, the largest US savings and loans institution, are also teetering on the brink. Full Story
At times like this, I wonder about the possibility of another bubble out there on the horizon; a very unlikely bubble that could be more powerful then the tech stock bubble, the credit/housing market bubble, the oil and various commodity bubbles... the bubble I wonder about is a gold stock bubble. Full Story
By: The Gold Report and John Embry - 14 September, 2008
John Embry, Chief Investment Strategist for Sprott Asset Management and renowned industry expert, has researched the sector for 30 years. He expresses disbelief as he explains today's irrational pricing in this exclusive interview with The Gold Report. He attributes gold's alarming distress to "violent intervention by the paper players." But he's convinced they can only hold prices down for so long and forecasts four-digit gold by January 2009. Juniors present the best opportunity to leverage the coming gold price explosion. Full Story
By: Bob Chapman, The International Forecaster - 14 September, 2008
It was unusual for the powers behind government to take on the Fannie and Freddie bailout two months before a general election. They had to be desperate to do so. It is a major admission that the socialist, fascistic program of FDR didn’t work. The phony dollar rally will end and only one investment will remain gold and silver. The dollar is way over-bought (over manipulated), and gold and silver are way over-sold (manipulated.) the world is in deep trouble and there is only one place to be and that is in gold and silver related assets. Full Story
By: John Mauldin, Millennium Wave Advisors - 14 September, 2008
This week we look at the housing market in some detail. When can we expect it to turn around? Part of the problem is that a new wave of foreclosures is coming due, and this time it is not subprime. And that means more problems for the large financial companies. Also, as predicted here, consumer spending is taking a hit as consumers are finding it increasingly difficult to get credit and a deteriorating labor market is dragging down total spending. Full Story
By: Richard Daughty, The MOGAMBO GURU - 14 September, 2008
You elected corrupt, socialist scumbag morons who have now spent us into deficit-spending bankruptcy by letting the Federal Reserve create the money that people borrowed (thus creating a debt) so that they could buy Treasury debt! Hahaha! Going into debt to buy a debt! Full Story
By: Rick Ackerman, Rick's Picks - 14 September, 2008
The Great American Bailout Burlesque has taken an unexpected turn over the weekend. Here it is mid-day Sunday and no white knight has been announced yet to take over Lehman Brothers with a little help from the Federal Government. Full Story
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