A German newspaper just published one of the most important things on gold you’ll read all year. It’s an interview with Pierre Lassonde, one of the smartest guys in mining. One of the smartest guys in the world. Pierre is the billionaire founder of top mining royalty firm Franco-Nevada. In an industry with plenty of pretenders and shady salesmen, Pierre stands very tall. He’s a brilliant deal maker, he has an incredible long-term track record, and he’s an all-around good guy. Full Story
But of course central banks and governments do sell gold. They "lease" it too, insofar as they at least put gold credits into the marketplace. They buy and sell gold derivatives. They buy gold back when they can do so without spiking the price. They do this to control the monetary metal and -- at least in the sphere of influence of the United States -- to try to drive it out of the world financial system. They aim to maintain the superiority of the U.S. dollar or the International Monetary Fund's Special Drawing Rights, a contrivance that long has been largely under the U.S. government's control. Full Story
The silver miners’ stocks have mostly drifted sideways this year, looking vexingly comatose. Such dull price action repels speculators and investors, so they’ve largely abandoned this lackluster sector. That weak trader participation has led to silver stocks’ responsiveness to silver price moves decaying. What can shock silver stocks out of their zombified stupor? And how soon is such an awakening catalyst likely? Full Story
At ground zero in Puerto Rico Harry S. Dent Jr. offers first hand perspective on the plight of 3.4 million inhabitants struggling to survive. Harry Dent recalls a harrowing 15 hour ordeal amid Hurricane Maria as he waited out the storm in his condo. Goldseek.com sent a small power inverter to facilitate laptop / mobile usage. Listener's are asked to send care packages to his address. Full Story
Leverage is the use of credit or borrowed capital to increase the earning potential of your investment portfolio. But like everything else in finance, higher returns mean higher risk, so leverage is not for everyone. Nevertheless, leverage can be a useful tool for those accepting the risk. If you choose to use it to maximise the return of your gold and silver, there are two key factors to getting it right. Full Story
Every now and then, there’s a rash of commentary on national productivity. And for the British, productivity is all part of the Brexit angst, with the OECD, the Treasury, the Bank of England and Remainers all saying the average Brit’s poor productivity just goes to show how much they need the certain comfort of being in the EU. As Hilaire Belloc put it, we must hold on to nurse, for fear of something worse. Full Story
In light of the 30-year anniversary of the Black Monday Crash in 1987 (when the Dow lost more than 20% in "one day", we should be reminded that investor anxiety usually increases when markets get to extremes. If stock prices fall steeply, people fret about money lost, and if they move too high too fast, they worry about sudden reversals. As greed is supposed to be counterbalanced by fear, this relationship should not be surprising. But sometimes the formula breaks down and stocks become very expensive even while investors become increasingly complacent. History has shown that such periods of untethered optimism have often presaged major market corrections. Current data suggests that we are in such a period, and in the words of our current President, we may be "in the calm before the storm." Full Story
A well-known story from yesteryear: when Venustiano Carranza was President of Mexico (1917-1920). Carranza issued a great quantity of worthless paper money, which caused much resentment on the part of the population. Someone (whose identity was never discovered) printed up some papers, and these were pasted one night on the walls of buildings in the heart of Mexico City; the papers had the following text: “The Mexican eagle is a very cruel animal: It eats only silver, and shits only paper.” Full Story
Yesterday, the Department of Labor announced that initial jobless claims dropped. Quite a lot. So naturally, markets reacted. The stock market began to rise. The euro rose, at least for a while. And the prices of our favorite heavy metals rose, particularly silver. Silver was around its low of $16.92 before the report. Two and a half hours later, it was $17.26. Our first reaction was to ask, “really?? Unemployment causes silver buying?” Full Story
Despite my warnings of caution in the metals complex over the last month, we expected to see a rally begin over the last two weeks. Thus far, the market has complied rather well. But, the question is how high can we continue to rally? And, based upon the market’s answer in the coming month, it will either set up a more bullish corrective pullback into year end, or a much deeper pullback, especially in the miner’s complex. Full Story
For most of the year, as Bitcoin soared, crashed, and soared again, cryptocurrency vs. physical gold-silver talking heads engaged each other in heated rhetoric about which of these venues is here to stay. Some of the biggest names in finance, government, and the newsletter analyst space have made comments that – to be charitable – appear less-than-fully informed. Comments like "Even though bitcoin could rise to $100,000, it's still going to zero!" Full Story
The market is on the verge of something serious. For months we’ve been climbing steadily in a tighter range. Stocks have been BEYOND overbought having gone 300 days without even a 3% pullback. This latest move has formed a sharp rising wedge pattern that has just broken out to the downside. Stocks need to SERIOUSLY reverse and go parabolic here or the trend has changed. Full Story
As US equities continue to break 120 year records, Peter Grandich of Peter Grandich and Company outlines the reasons for his short position Record debt levels, entitlement programs, crumbling domestic infrastructure, social / political division and unfunded pensions make US shares precarious. The discussion includes the push for monetary independence for the masses by champion silver coinage, Hugo Salinas Price. Full Story
By: Avi Gilburt with Ryan Wilday - 19 October, 2017
In conclusion, getting involved in the crypto market is not hard, and doesn’t require much tech knowledge. But it is a new use case and requires setting up new accounts for exchanging, trading, and sending crypto currency assets. Despite the new behaviors, it is a market with an extremely low cost of entry so one need not accept much risk to transact within this market. Full Story
The gold industry has been built on the leveraging of debt and energy. The days of using human and animal labor to produce the precious yellow metal are long gone. While some gold is still mined the old fashion way, the overwhelming majority is produced by using colossal-sized mining equipment, massive amounts of capital, energy, and materials. Thus, the global gold supply comes via a very complex industry with a lot of moving parts. When one of these critical parts are in short supply or removed, then the entire gold supply system disintegrates. Full Story
Mike responds to questions about Jeff Clark’s recent story on Chinese oil imports being priced not in dollars, but yuan. And how they're convertibility into gold on the Shanghai futures exchange creates a new and large source of gold demand. Full Story
It may feel like we’ll escape a debt crisis since, well, the world hasn’t ended in spite of runaway debt levels. Some of us hard money people feel like we’re taking crazy pills; how the heck can debt be so out of control, so completely unpayable, and yet the financial system keeps chugging along as if nothing’s wrong? Full Story
If the GDX is able to make a higher high in the 26 region in the coming weeks, then it leaves the door open that green wave (2) may not break below the July lows. However, if the market is unable to develop a higher high over that struck in September, and then breaks below the low made before the current rally began, it opens the door to the GDX dropping down towards the 17 region before year end to complete a much more protracted wave ii, as presented in yellow on the daily GDX chart. Full Story
The Fed is no longer even trying to hide the fact that it WANTS inflation. In the last month, the Fed has attempted to feign ignorance about the true nature of inflation. Fed Chair Janet Yellen even went so far as to claim the Fed doesn’t “fully understand” inflation during a QA session in September. The Fed “understands” inflation just fine, it just chooses to feign ignorance so it can maintain a “gosh, we didn’t know!” attitude about the coming inflationary storm. Full Story
Gold fell about $100 from the $1362 area highs as seasonally soft Chinese buying was accompanied by a collapse in Indian demand. That collapse was caused by the “Know Your Client” rule imposed by the government on gold jewellery purchases. The price decline was exacerbated by the “Golden Week” holiday in China. Also, the Chinese government chopped commercial bank reserve requirements. That created a huge “risk-on” mentality in global stock markets during what is normally a weak period. Full Story
The dollar looks to have completed a daily cycle low and gold a daily cycle top. Gold is failing to hold the critical $1,300 level and I suspect will not conclude an intermediate degree cycle low until sometime in early December. Full Story
Many will simply read the headline to this article, and use it as support for their belief in the market striking a multi-year top right now. I mean, aren’t headlines like this proof that the market is overheated? Well, the answer is a definite “sometimes.” You see, back in 2015 and 2016 I was writing articles with headlines saying that we are going to target the 2500SPX region. Full Story
Platinum was once the most precious of metals. For decades, it traded at a premium to gold. The other platinum group metals – palladium and rhodium – barely registered on investors’ radar screens. Platinum lost its crown to gold in 2015. It was overtaken by the other PGM metals in recent weeks. Given that platinum, palladium, and rhodium demand is largely driven by automobile manufacturing and the production of catalytic converters, one of these things is likely true; platinum is currently undervalued, or the other two have gotten ahead of themselves. Full Story
Several factors are driving the price of the red metal right now. Manufacturing activity, as measured by the purchasing manager’s index (PMI), is expanding at a pace we haven’t seen in years in the U.S., eurozone and China. The U.S. expanded for the 100th straight month in September, climbing to a 13-year high of 60.8. Speculators are also buying in response to word of copper shortages in China, despite September imports of the metal rising to its highest level since March. The world’s second-largest economy took in 1.47 million metric tons of copper ore and concentrates last month, an amount that’s 6 percent higher than the same month in 2016. Full Story
The yield curve is a remarkably useful leading indicator of major economic and financial-market events. For example, its long-term trend can be relied on to shift from flattening to steepening ahead of economic recessions and equity bear markets. Also, usually it will remain in a flattening trend while a monetary-inflation-fueled boom is in progress. That’s why I consider the yield curve’s trend to be one of the true fundamental drivers of both the stock market and the gold market. Not surprisingly, when the yield curve’s trend is bullish for the stock market it is bearish for the gold market, and vice versa. Full Story
Official gold reserve updates from the Russian and Chinese central banks are probably one of the more closely watched metrics in the gold world. After the US, Germany, Italy and France, the sovereign gold holdings of China and Russia are the world’s 5th and 6th largest. And with the gold reserves ‘official figures’ of the US, Germany, Italy and France being essentially static, the only numbers worth watching are those of China and Russia. Full Story
Bear markets are tough for geologists. The first item to get thrown out the 30th floor window of a mining executive’s Toronto corner office is the exploration budget. The second are the exploration geologists. The five-year bear market ravaged the exploration space as the entire mining industry slashed costs, sold off non-core assets and repaid boatloads of debt that had been accumulated during the good times. Full Story
When Janet Yellen, Chairman of the US Federal Reserve, said in June that she does not expect another financial crisis in our lifetime, eyebrows were raised. None more so than Richard Sylla’s. Sylla, a professor emeritus at the Stern School of Business and co-author with Sydney Homer of the magisterial A History of Interest Rates, has studied past business cycles. He is thus able to put today’s events in a broader context. Full Story
In a recent speech, Warren Buffett came down boldly on the side of optimism when it comes to both the economy and financial markets. What he said was "being short America has been a loser's game... And it will continue to be a loser's game." And to throw down the gauntlet against some the current negative talk in the markets, Mr. Buffett boldly predicted something quite extraordinary - which was that in 100 years "the Dow will be over a million." Full Story
Gold traders and analysts surveyed by Bloomberg are bullish for the first time in five weeks, reports Bloomberg. Following the release of the Fed minutes which showed rising concern about low inflation, the yellow metal climbed to a two-week high. A fresh flare-up in tensions with North Korea pushed gold higher this week, writes Bloomberg, along with a U.S.-Turkey diplomatic spat regarding visitor visas was supportive. Full Story
As for what should replace an inflation target managed by omniscient central bankers, the classical gold standard offers an example. For over a century prior to World War I, governments didn’t bother trying to manipulate prices. They simply defined their currencies as various weights of gold, a form of money whose supply rises by about 1.5% a year. This limited supply kept prices in line – inflation was, on average, negative throughout this time – without hampering growth. Full Story
Last week, we discussed the ongoing fall of dividend, and especially earnings, yields. This Report is not a stock letter, and we make no stock market predictions. We talk about this phenomenon to make a different point. The discount rate has fallen to a very low level indeed. Full Story
The head of SchiffGold, Euro Pacific Capital, and Euro Pacific Gold Fund (EPGFX) returns. Our guest owns a house and condo in Puerto Rico, where a direct hit from CAT 4 Hurricane Maria plunged all 3.4 million inhabitants into total darkness. Hundreds of thousands will require relocation. Bill Murphy of GATA.org returns with bullish commentary on Bitcoin and the precious metals sector. Bill Murphy clarifies news on China's in-ground gold reserves figure that soared to 12,100 tons. The discussion includes today's break above $5,200 Bitcoin - some top analysts are calling for $7,000, while Clif High makes a plausible case for $13,000 BTC. Full Story
We’ve all had people come up to us and say “Do you want the good news first or the bad news?” I always opt for the bad news first, to get it out of way and end on a lighter note. The bad news is that the dollar looks set to stage a significant “swansong” rally in coming weeks, which will probably result in gold being beaten down again. The good news is that once that’s done its toast – and that’s when the big gold and silver bullmarket that longer-term charts are calling for will really get underway. Full Story
“The bull market in everything”—so blared the headline of the latest issue of The Economist (October 7th–13th 2017). The full article can be found at https://www.economist.com/news/leaders/21730019-ultra-loose-monetary-policy-coming-end-it-best-tread-carefully-asset-prices-are. Well, we don’t wish to fully embrace the alarmists but the bull market since the bottom of March 2009 is not yet the granddaddy of all bull markets. So far, the current bull market is 104 months old, having experienced only two pullbacks, both less than 20% in 2011 and 2015/2016. Full Story
Tonight I would like to update you on some of the longer term gold charts we’ve been following which are still hanging in there from the bullish perspective. Keep in mind these are long term charts so changes come slowly. Lets start by looking at the long term weekly chart for gold which shows its 2011 bear market downtrend channel we’ve been following for a long time now. Back in July of this year the price action broke out above the top rail and just recently the top rail was backtested from above and we are getting a bounce exactly where we needed to see a bounce. Full Story
Longtime readers know that I read a wide range of newsletters, articles, and websites every day. There are times when I see patterns in the information flow that are like puzzle pieces begging to be put together. I have been struck in the past few days by the amount of analysis and number of data sets that are all pointing to the same conclusion: There is a bull market in complacency. Full Story
On September 1, 2017, the Nikkei Asian Review published an article titled, “China sees new world order with oil benchmark backed by gold”, written by Damon Evans. Just below the headline in the introduction it states, “China is expected shortly to launch a crude oil futures contract priced in yuan and convertible into gold in what analysts say could be a game-changer for the industry”. Not long after the Nikkei piece was released ‘the story’ was widely copied in sensational analyses throughout the gold space. However, ‘the story’, as presented by Nikkei, doesn’t make sense at all. Allow me to share my 2 cents in addition to what I shared previously on the Daily Coin. Full Story
The world’s largest oil companies are in serious trouble as their balance sheets deteriorate from higher costs, falling profits and skyrocketing debt. The glory days of the highly profitable global oil companies have come to an end. All that remains now is a mere shadow of the once mighty oil industry that will be forced to continue cannibalizing itself to produce the last bit of valuable oil. Full Story
For nearly two decades, GATA has seized on Frank Veneroso’s original research which provided first-hand evidence that Central Banks were actively operating to suppress the gold and has presented direct evidence of precious metals manipulation. Beyond this, there are public admissions from Henry Kissinger and Alan Greenspan acknowledging this fact. Unfortunately, those who deny that gold/silver are manipulated have never offered any response to the direct proof that Central Banks intervene directly in gold trading. The article below presenting just the facts was published by GATA. Full Story
There is zero chance of a significant pull back in the stock markets until the semi conductor index ($SOX) reaches its all-time 2000 high of 1350. The index closed this week some 11% lower than 1350 at around 1220. I expect we will now see a runaway move that slowly grinds higher, forcing shorts who are trying to pick a top to cover, and keeping longs on edge. Full Story
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