By: Bill Bonner & The Daily Reckoning Crew - 21 July, 2006
-The price of fuel keeps on rising - but that doesn’t seem to deter anyone from keeping their tanks full... -The age of decadent capitalism...the big money is in managing other’s money... -Blame the heat...sometimes it doesn’t pay to get out of bed...and more! Full Story
On Wednesday the stock market in the US rallied because Ben Bernanke indicated that he might not push for higher interest rates. Two weeks ago the market rallied because of weak retail sales numbers (see previous Commentary, “When bad news is good news, all news is bad news”). This market is dangerous: investors are desperately searching for good news. Full Story
By: Peter Schiff, Euro Pacific Capital, Inc. - 21 July, 2006
When Ben Bernanke told Congress that moderating economic growth will likely contain inflationary pressures, Wall Street responded with its biggest one-day rally in nearly two years. Unfortunately for the Wall Street party boys, the Fed Chairman is likely wrong on both counts. In the first place the U.S. economy will not merely slow, but tumble, in the coming months/years, and rather than quelling inflation’s fire, the inevitable recession will actually stoke its flames. Full Story
It is getting increasingly silly. The new target is 'Core CPI', which excludes housing, its associated costs and taxes (mortgages and council tax), the capital cost of retirement income, and now fuel and food too! It seems improbable that savers will be impressed by this sort of selectivity indefinitely, unless they believe it useful to measure the purchasing power of savings only by comparison with the tumbling prices of imported Chinese clothing and electronic gadgetry. Full Story
When the U.S. Mint announced it was adding a .9999 gold bullion coin to its line of gold coins, it looked like a golden opportunity for the Mint to capture a big chunk of 24-karat gold coin market. When legislation was passed mandating that the new coin bear James Earle Fraser's designs that graced the legendary Buffalo/Indian Head nickels from 1913 through 1938, the new coin's future looked even brighter. Full Story
-Choose your own opinion...trying to make sense out of mixed headlines... -If only we had more hands...a "gold mine" in your mouth... -Why shouldn't there be a "soft landing" for housing?...an interesting proposition for your editor...and more! Full Story
Most Americans are aware that something has gone very wrong, but they are at a loss to sort out the causes, especially the ones that are most invisible. This is where the smashing book by William Bonner and Addison Wiggin, titled Empire of Debt, performs an extraordinary service. In addition to being accomplished financial analysts, Bonner and Wiggin are talented historical writers. And they put this talent to work in the cause of examining the political and economic effects of empire. Full Story
War is good for stocks, as some old-timers like to remind us, so perhaps all that’s needed to push the Dow to new record highs is more Iraqs, Lebanons, Gazas and Afghanistans? One could even imagine that a mushroom cloud in some already blighted corner of the world would be just the thing to send blue chip shares hurtling toward the cosmic heights once predicted with great fanfare by that shameless huckster, Harry Dent. Was it Dow 36,000 he was looking for? Full Story
During the 1990s, CNBC’s daytime ratings surpassed those of CNN. Go to any health club in 1999, and those running on the treadmill were glued to CNBC. Fast forward to 2002-04 and we saw what happened once Americans realized that the bull market of the late-90s was collapsing. CNBC’s ratings plunged and the network unsuccessfully tried to come up with new programs to attract or retain viewers. Full Story
By: Puru Saxena & The Daily Reckoning Crew - 19 July, 2006
-More on that "minor threat" in Levant...a brief history on oil-centric thought... -This just in to the DR: Oprah is not gay...phew!...We've decided to tell you how to curb the catastrophic consequences of an oil shortage... -Reports of weakness in the consumer economy are drifting into camp like soldiers after a major defeat...Bill watches the people of London undress...and more! Full Story
I told you folks at the start of summer that we would eventually see gold consolidate back around the 700 level which would serve as the floor price of gold by the end of this year. And that is what is happening…right? Full Story
By: Richard Daughty, The MOGAMBO GURU - 19 July, 2006
The policeman was yelling through the megaphone, "What are you so mad about, Mogambo? Come out of the famed Mogambo Bunker (MB), nice and quiet, with your hands up, and let's talk about it!" So I fire off another burst of machinegun fire over their heads to recapture their attention, and shout through the gun port, "Don't pretend you don't know about how the Federal Reserve reversed course from their previous outsized $11 billion injection of credit into the banking system, you stinking lying cop! So don’t insult me by acting like you were completely unaware that Total Fed Credit fell by $6 billion last week!" Full Story
Maybe investors have it right, and we’ve seen the worst of the war already. But in case you hadn’t noticed, Da Boyz are not exactly giving away put options. Puts are in fact relatively pricey, especially on stocks like Apple, Dell, Beazer, Citi and two hundred others whose horrific declines appear to have been temporarily arrested. It may be a great opportunity for smart money to unload shares on the mindless multitudes, widows, orphans and pensioners, but we are not buying into the con-game. Stocks are going MUCH lower, and soon. Full Story
By: Chris Mayer & The Daily Reckoning Crew - 18 July, 2006
-The conflict in Israel has grabbed people's attention almost as much as Britney Spears' pregnancy... -Life is simple when you are not handicapped by too much reflection - just ask Dubya...there was no joy in Squanderville... -How 'bout those homebuilders?...a dear reader set us straight on our charitable reflection on charity...and more! Full Story
Tim Wood discusses the 4 year stock market cycle. Stocks have been struggling and Tim thinks that the 4 year cycle will provide a great buying opportunity by this fall. Tim shares his thoughts on precious metals as well as equities and tells us where he thinks they are headed.
Bob Chapman shares his views on the gold and silver markets and tells why he believes gold will climb above $1,500. Plus Jack Chan takes a technical look at the charts.
In the first half of today's show we discuss a great article sent over by Peter from GoldSeek.com, regarding confiscation and exchange traded funds. We take a closer look at the new gold and silver ETF's to determine if they are the safe alternatives to gold and silver ownership that many believe them to be. You might be surprised at what we uncover. Next we look into the Federal Reserves latest money supply figures to determine just what is really going on behind all of the smoke and mirrors. Full Story
By: The Mogambo Guru & The Daily Reckoning Crew - 17 July, 2006
-Busted, broke Americans...mind the gap... -No one can save the republic - it no longer exists...consumer morale dips... -A few buffalos might be the way to go...what happens if you put a gene from lettuce in Warren Buffett...and more interesting quandaries! Full Story
Gold’s 5% increase last week was generally attributed to escalating tension in the Middle East yet at the same time the Gold Fields Mineral Services (GFMS) Base Metal Index rose 7.8%. Base metals should not respond positively to war since wars destroy capital and cause misallocation of available capital, both of which in the end are detrimental to economic growth and prosperity. What gold and base metals are doing is signaling weakness in paper money. Full Story
The U.S. financial markets for stocks, bonds and commodities are greatly affected by the willingness of market participants to behave like traders by placing bets. These bets are based on the belief that there will be a continuation of some trend or theme in the market that will ultimately affect stock prices. Contrary to the message from Wall Street professionals who say "stock prices will only go up", I'm placing my bets on a declining dollar, a stormy end to the housing bubble, and a long-term bull market in commodities, particularly precious metals. However, except for owning physical gold and silver, I do not believe it's wise to place bets every day. Full Story
By: Bob Chapman, The International Forecaster - 16 July, 2006
The old saying is you can’t keep a good man down. Well, you can’t keep real money down either. Tuesday gold and silver moved up again big time, breaking to new recent recovery highs. Gold rose $17.50 to $640.90 and silver moved up $0.47 to $11.49. This should come as no surprise to readers of this publication. The bottom was in $100.00 ago in gold. The shorts probably have another 60,000 contracts to cover, not counting their core short position. With very little long buying gold and silver should be challenging their old highs in the fall if not sooner. Full Story
By: John Mauldin, Millenium Wave Advisors - 16 July, 2006
The economy seems to be slowing. Will this be a mid-cycle slowdown as it has been the last two decades or will it evolve into a recession? In either event, does it presage a bear market in equities? Or is this just another oversold buying opportunity, a gift courtesy of panic selling because of the Israeli-Lebanon situation? If you follow the markets with any sense of history, we do in fact live in interesting times. Full Story
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