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Weekly Archive
By: Bill Bonner, Lila Rajiva & The Daily Reckoning Crew - 20 July, 2007
-Traveling through time with the dollar…memories and money make you immortal…
-The trouble with slippery money…gas prices that make you think about slowing down consumption…
-Europe is expensive for Americans…why gold is great - but not that great…a teleological debate…and more! Full Story |
By: John Rubino - 20 July, 2007
This week the markets got a glimpse of how the competitive devaluation story might play out, as Europe confronted the impact of a “strong” currency. For the past few years, the European Central Bank has shown admirable restraint, raising rates in response to a surging money supply and allowing the market to set the value of the euro. Full Story |
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 20 July, 2007
By far the greatest majority of you who read this article live in well-ordered societies, where the bulk of your problems can be contained within the good order of the rest of your life. Indeed, from this position it seems easy to couch your views and criticisms of others, from within this secure framework. Full Story |
By: James West - 20 July, 2007
Ultimately, all currencies are measured in a historical sense against the value of gold. Civilizations come and go, along with their fiat currencies, while gold’s value endures, and gold itself endures, ad infinitum, across all the manifestations of human delusion. Full Story |
By: Adrian Ash - 20 July, 2007
WE ONLY have ourselves to blame. Consumers in the West, rich in credit ratings if not cash, shouldn't have borrowed and spent so much money when interest rates hit a half-a-century low in 2003. Nor should we have continued to borrow and spend when the rate of interest slipped below the inflation rate – making debt pay as cash savings lost value – over the next two years. Full Story |
By: Michael Nystrom - 20 July, 2007
If money can be created from thin air, the opposite is also true: it can be destroyed as well. Usually it is the Federal Reserve System that does the creating, but the destruction comes by other means. Bear Stearns’ hedge fund investors have found this out the hard way. Full Story |
By: George J. Cocalis - 20 July, 2007
It is interesting to note the difference of opinions and attitudes in the last few months from family, friends and customers toward the phenomenal growth of other nations and at the same time the economic weakness of the U.S. - not that this is enlightening news to the seasoned investor, but to the average American it surely is! Full Story |
By: Adam Hamilton, Zeal Intelligence LLC - 20 July, 2007
In a rapidly developing world starved for energy, the powerful surge in energy stocks in recent months certainly has a strong fundamental foundation. With decades left to go in the massive industrialization of Asia, global energy demand is going to continue relentlessly growing for many years to come. Full Story |
By: Peter Schiff, Euro Pacific Capital, Inc. - 20 July, 2007
During his testimony before Congress this week, Ben Bernanke didn't hesitate to opine on a number of topics that had very little to do with his mandate as Fed Chairman. The wealth gap, racial factors in income inequality, and the impact of capital gains tax policy were all fair game. But when queried about the one issue where his impact is unrivaled, the value of the U.S. dollar, the Chairman quickly passed the buck to the Secretary of the Treasury. Conveniently, the Secretary was nowhere in sight. Full Story |
By: Deepcaster - 20 July, 2007
Based on the rationale elaborated in Deepcaster’s Letters and Alerts over the last two months Deepcaster believes that this precious metals move will be linked to the equities markets move. The primary reason for this is the Fed-led Cartel will be motivated to act to protect its Treasury Securities and Fiat Currency regime. Full Story |
By: Gary Tanashian - 20 July, 2007
Gold weekly paints a picture of a potential upside explosion. The miners have broken out and in ‘traditional’ gold market analysis, the hui-gold or xau-gold ratios lead the metals. So, is this a ‘traditional’ gold market? We are about to find out. Full Story |
By: Richard Daughty, The MOGAMBO GURU - 20 July, 2007
Your problems are all self-inflicted, as you are the same drooling 'I Love Big Government Creating Perpetual Entitlements' moron that elected the Congressional morons that have spent us into the Hell Of Crushing Debt… Full Story |
By: Jordan Roy-Byrne - 20 July, 2007
On Thursday gold stocks broke out from the consolidation that began in May 2006. The XAU closed at 158.25, exceeding its consolidation high of 153.15. The HUI closed at 371.88, exceeding its consolidation high of 369.69. If not for the recent slip in Eldorado Gold (EGO), the HUI would be at least a few points higher. Full Story |
By: Ira Epstein - 20 July, 2007
This week’s Weekly Metals Report is going to be different as I want to diverge from our normal format as something big and important is taking place. It is now time for you to get yourself ready on price breaks to get long. Some may want to play using December Call Options while others may prefer to use futures. In either case, the time is now to fund your trading account to take advantage of what I think is going to be one heck of ride in gold and silver. Full Story |
By: Rick Ackerman, Rick's Picks - 20 July, 2007
We gave up trying to pick the Mother of All Tops when the Dow Industrial Average blew past a major target of ours at 13045 last April. As early as 2004, one could have seen this bullish explosion coming when the blue chip index tripped a major “buy” signal of ours at exactly 10542. Full Story |
By: Dudley Pierce Baker - 19 July, 2007
Liquidity and so much of it, continues to drive the markets around the world, but for a few brief moments yesterday (Wednesday) with Ben Bernande talking about inflation, I thought we finally had a separation. At one point, the DOW was down well over 100 points, the HUI (gold index) was up very strong as was gold and silver and the U.S. Dollar on the verge of total collapse. It actually appeared the markets were starting to make some sense (at least to those of us, bullish on the natural resource sector). Full Story |
By: Howard Ruff - 19 July, 2007
History tells us that the first paper currencies were notes payable (redeemable) in gold or silver, or, mere warehouse receipts for stored gold. Over the years, it became obvious that it was easier to simply exchange the receipts after a transaction than go to the warehouse with the receipts to get the gold and silver. The receipts became currency in common usage, and the people began to think of the receipts (currency) as money all by itself, completely detached from any stored gold. Full Story |
By: Tom Au & The Daily Reckoning Crew - 19 July, 2007
-Bernanke dumbs-down remarks for dumbbells…bad news from the top of the mortgage loan food chain…
-No slump can stop this Super Market…printed money poised for a disappearing act…
-The tortoise and the world…the great distance between London and Maryland…and more! Full Story |
By: David F. Beahm - 19 July, 2007
There is a lot of information out there including concerns over the economy, higher oil prices, potential mining strikes, and the vulnerability of the dollar against major currencies around the world, which will continue to push gold higher. Blanchard continues to support its prediction of $700 gold in September. Full Story |
By: Clif Droke - 19 July, 2007
Turning our attention to the precious metals market, the spot gold index closed on Wednesday, July 18, at a recent rally high of $672. As we looked at last week, the 10-month rate of change indicator for gold has reached a normal, healthy reading and is reflecting a somewhat “oversold” internal condition. This is an ideal backdrop for a gold rally. Full Story |
By: Bob Chapman, The International Forecaster - 19 July, 2007
The real estate and mortgage CDO debacle are surfacing simultaneously, and no matter what the forces of evil do they cannot be covered up indefinitely. The 30-year fixed rate mortgage has already risen to 6.73%, up some 75 bps in the last couple of months. CDOs have to be rating reset and that will happen soon. Congress is preparing tightening legislation so that the Federal Reserve will never again be able to pull this fast one. We will make sure though that “Greenspan’s Folly” will never be repeated nor forgotten. Full Story |
By: Mike Hewitt - 19 July, 2007
This essay takes an in-depth look at the magnitude and consequences of the large debt levels within the United States. Topics discussed include: composition of foreign and domestic holders of U.S. debt, consequences of the government borrowing from the Federal Reserve, and a look at the current U.S. housing market. Full Story |
By: Rick Ackerman, Rick's Picks - 19 July, 2007
It took the XAU Gold & Silver Index four months to reach a Hidden Pivot resistance at 152.98 and only two hours to demolish it. How bullish is that? Very. We generally try to tone down our precious metals forecasts, since bullion’s rallies over the last year-and-a-half have done little but disappoint. Indeed, for all but the most patient gold bugs, there have been too many false signals, almost, to endure. But we think yesterday’s thrust could prove to be the start of something big, for two reasons. Full Story |
By: Howard Ruff & The Daily Reckoning Crew - 18 July, 2007
-Depressed homebuilders have gun-hiding wives…CDOs begin to stink…
-The next homeland security star - new reality show, or opportunity to invest…suspicious byproducts take AAA batteries…
-Getting stucco in the cracks of a boom…how long till China throws its weight around…and more! Full Story |
By: Vincent Bressler - 18 July, 2007
Money is the foundation of civil society. Money allows us to transact business with strangers. Without it we would live in a barter society, in villages, limited to the circle of who we know and who we trust. At 7 billion, we have grown well beyond the point where most of us can survive without the efficiencies of money. Full Story |
By: Michael Nystrom, MBA - 18 July, 2007
Yesterday afternoon, with the Dow pushing 14,000, I decided to take the afternoon off and go out and document what I’ve been seeing with my camera. You’d think that with stock markets pushing all time highs that the economy would be booming. But as many observers have amply noted, fundamentals don’t back up the strength in the financial markets. Full Story |
By: W. Lorimer Wilson - 18 July, 2007
I’m sure you’ve heard of gold, silver, platinum, palladium, uranium and perhaps even molybdenum but have you ever heard of vanadium, cadmium, lithium, rhenium, niobium or tantalum? This essay is limited to an examination of tantalum (Ta) and what the companies that explore for, mine and process tantalum might expect in the prices of their shares given the possible shortage of a product that is used in many, many areas of our lives. Full Story |
By: Theodore Butler - 18 July, 2007
We are all familiar with the concept of substitution. This principle holds that, given no dramatic fall-off in quality, it is rational to replace one item with another based upon a cost advantage. In other words, we all try to get the best bang for our buck. We substitute as retail consumers, constantly seeking out the best product or service. Whether shopping for big or small ticket items, we seek the best over-all value. Full Story |
By: Rick Ackerman, Rick's Picks - 18 July, 2007
Crude oil at $100 a barrel? Someone wanted to know whether we were joking when we broached the possibility yesterday in the Rick’s Picks chat room. From a Hidden Pivot standpoint, prospects over the next few months are not quite that scary, since the highest target I can predict right now with any confidence is a “mere” 88.68. Full Story |
By: Puru Saxena & The Daily Reckoning Crew - 17 July, 2007
-The ample features of a worldwide credit boom…allowing prosperity its tantrums…
-Markets like polite teenagers…a treasonous clergyman in Zimbabwe…laughing at the Labor Department…
-Ron Paul on where the country is headed…remembering a medicine woman…and more! Full Story |
By: Adrian Ash - 17 July, 2007
"BEAR STEARNS Investors Await Tally on Losses," said the Wall Street Journal two weeks ago. The two-week deadline, set by America's fifth-largest securities firm itself in an email to investors, came and went yesterday. So far, no news from Bear Stearns, nor from the WSJ. No news either from the co-chief executive officer and director of the two funds in question. Which is odd. For Ralph Cioffi did so love to talk! Full Story |
By: Gary Dorsch, Editor, Global Money Trends newsletter - 17 July, 2007
In London, the price of North Sea Brent, the benchmark for two-thirds of the world’s oil, touched an all-time high of $78.40 per barrel this week, with no sense of alarm at the world’s top central banks. Regarded as a key indicator of global inflation, central bankers are sitting in stone faced silence about the surge in crude oil, and that’s good news for bullish speculators in gold and energy shares. Full Story |
By: Rick Ackerman, Rick's Picks - 17 July, 2007
Gold also disappointed when the August Comex contract popped a few ticks above a midpoint Hidden Pivot in the early going, only to succumb to gravity just as quickly. The move above the midpoint resistance was bullish, but I’d stipulated that the futures would need to close above it to signal an imminent thrust to our next target, a moderately ambitious one. However, despite yesterday’s weakness the futures remain in good position to make their move. Indeed, the target will remain viable as long as 660.30 is not breached to the downside. Full Story |
By: The Mogambo Guru & The Daily Reckoning Crew - 16 July, 2007
-The Treasury is like a two-faced duelist…join in the fun of the boom if you dare…
-Why we keep our Crash Alert Flag flying…hoping for profits in the stock market…
-The hype that is biofuel…a report straight from the farmers mouth…and more! Full Story |
By: Captain Hook - 16 July, 2007
A great deal has already been written on this subject as it pertains to both stocks and commodities, with Michael Alexander’s work a shining example in this regard. Of course if you were to compare how the markets are behaving in relation to how conventional analysis along these lines was foretelling what we should expect back at millennium’s turn, one might be quite surprised today. Full Story |
By: David N. Vaughn, Gold Letter, Inc. - 16 July, 2007
The US dollar continues to see saw back and forth. And as the dollar continues to demonstrate its weakness gold will continue to dig deeper into its present 600 per ounce foundation. Full Story |
By: Greg Silberman CA(SA), CFA - 16 July, 2007
Sometimes it pays to step away from the daily gold stock price action and remind ourselves why we are in a MASSIVE Gold Bull Market. Just how significant is the 80 level on the Dollar Index? Take a look, you decide? Full Story |
By: Nadeem Walayat - 16 July, 2007
The break above $666 has strengthened Gold, expectations are for Gold to consolidate before attempting to break higher above $680, towards $730. A failure to hold $646 / $642 would signal a continuation of the corrective downtrend towards $600. Full Story |
By: Sol Palha, Tactical Investor - 16 July, 2007
Normally we would be inclined to call this a spectacular turn around given that the number of new highs are dramatically outpacing the number of new lows. However this change is occurring when all the big traders have left and so while it’s a positive it’s not something to focus on as the numbers are distorted due to the fact that the markets are very easily manipulated during these time frames. Full Story |
By: Clive Maund - 16 July, 2007
As many of you may recall, on the site we had earlier been wary of a substantial dollar rally, which was a big reason for fearing that a Double Top may be forming in gold and silver. However, the mounting evidence of an incubating major advance in the Precious Metals and PM stocks over the past few weeks, specifically signs of substantial accumulation of the larger PM stocks and the increasingly bullish COT profile of both gold and silver, have led us nevertheless to turn strongly bullish on the sector. Full Story |
By: Jack Chan - 16 July, 2007
The gold and silver ETF, along with both the US and Cdn gold stocks ETFs are all on a buy signal. Our breakout model has also confirmed a major breakout, and if past history is a guide, we should see new highs in both metals and stocks ETFs in the next few months. Nevertheless, we continue to manage risk. Full Story |
By: Douglas V. Gnazzo - 16 July, 2007
Gold and silver having been doing well, gold and silver stocks have been the better performer. This is positive divergence for the precious metals complex as a whole. Short term a consolidation may be needed before moving on to higher ground. The action this past week by the Xau was very constructive and hints at higher prices in the near future. Full Story |
By: Merv Burak - 16 July, 2007
Before going into a gold analysis, a few words about the U.S. Dollar Index shown here two weeks ago. Over the past two weeks the $ Index has moved lower and is sitting right on top of its indicated P&F support, at 81. As mentioned, it has been here several times in the past 20 years with significant rallies following. Only once had it dropped below this P&F support but then only for a couple of short weeks. Looking at a daily futures chart we see that the dollar is below the 81 level, more than half way towards the 80 level. Momentum is negative and the volume action seems to suggest that no one likes the $. Full Story |
By: radio.goldseek.com - 15 July, 2007
This Weeks Guests & Highlights:
Sara Nunnally.
Bill Moyer & Gretchen Morgenson discuss housing crash. (YouTube)
3 Spotlight Picks with big dividends! Full Story |
By: Clif Droke - 15 July, 2007
In last week’s commentary I wrote that “When bearish headlines show up on the editorial page it heightens the significance of the fear and is always bullish for stocks.” This statement was driven home by the expansion in negative and fear-laden news headlines that showed up in the leading financial papers even as the stock market made new highs this past week. Full Story |
By: John Mauldin, Millenium Wave Advisors - 15 July, 2007
Is the economy slowing down or is it getting ready to go on a new tear? Judging by the run-up in the Dow, the answer is a major turnaround for the economy in the last half of the year, from the close-to-recession numbers of the first quarter. So, what has happened to my forecast of a slowdown or minor recession? This week we look at some hidden problems in the employment data, analyze retail sales and consumer spending, and speculate about the last half of the year. Full Story |
By: Rick Ackerman, Rick's Picks - 15 July, 2007
Some big lenders, TIAA-CREF among them, are growing skittish, and even Moody's has begun to sour on the orgy of funny-money buyouts. But given the irresistible incentives to consummate a deal, any deal, it's clear that nothing short of a financial crash is likely to slow the mania down. Think about it. If you could buy the Hilton hotel chain for little more than it would cost to have a dozen lawyers gin up the paperwork, wouldn't you jump on it? Full Story |
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