By: Chris Powell, Secretary/Treasurer, GATA - 21 August, 2015
Of course Shedlock is misleading here, since GATA has not been complaining about ordinary market makers in gold but rather about largely surreptitious intervention in the gold market by central banks. Shedlock is additionally misleading by failing to acknowledge that this intervention and a policy of price suppression particularly could be implemented with a gradually rising gold price to maintain what central banks like to call "orderly" currency markets, which are something other than free markets. Full Story
Here we are six years after the "Great Financial Crisis". Since then, every acronym in the book has been thrown at the economy and financial markets but to what end? The economy has gone nowhere over these six years, "recovery" has been the meme ...but never "expansion". Hasn't anyone wondered about this? In the good old days we used to hear the word "expansion" for two or three years before the natural recession would roll through. This time we've heard nothing but recovery ...year after year. "Hope" (which is the vestige of fools), year after year. Full Story
By: Adam Hamilton, Zeal Intelligence - 21 August, 2015
The smaller gold miners and explorers have suffered catastrophic stock-price losses in recent years. These extreme declines have led investors and speculators to assume that much of this sector won’t survive lower prevailing gold prices. But nothing could be farther from the truth. The hated and left-for-dead junior-gold sector is not only very strong financially today, but could still thrive at much lower gold prices. Full Story
Today, I will attempt to make the case for how one might go about turning one billion dollars into five billion dollars by buying silver. At first, some of my specific points might seem to be at odds with my long held argument that fully paid for positions in the actual metal at current price levels are as close to a sure thing as it gets in the investment world. But it is still my conviction that owning unencumbered and unleveraged metal is the best way to go; what’s different about this article is that it is directed to any entity that can plunk down a cool billion dollars or more in buying silver. Full Story
Precious metals for the most part have reached their initial rebound targets. Gold has led the charge by pushing above $1140 to $1150/oz resistance (for now) while Silver rebounded back to former support (the mid $15s). GDXJ has nearly touched $23 but GDX has failed to touch $17. This leaves us to question how much upside could be left and what happens next. Full Story
There are various reasons, both fundamental and technical, to believe that a market crash is almost upon us. This crash will affect virtually all world markets, including and especially the big Western Markets which have thus far escaped the devastation already afflicting the developing markets. Here we are going to focus on US markets, but they will all get taken down – European markets including the UK, and Far Eastern markets such as Hong Kong and Japan. Full Story
We concluded in previous article that gold is not an inflation hedge, at least for the short or medium-term investors. So maybe it is a safe-haven, the second most important feature assigned to gold? At first though, we should find out whether gold is a safe-haven or a hedge, and what is the difference between them? What is gold supposed to be a safe-haven or a hedge in relation to? Full Story
Gold is none of these things, because gold does not do anything other than sit there as a solid, pretty rock that irrational humans have alternately over obsessed upon and ignored for long stretches. That is what makes it a marker or barometer. Its very lack of utility and income distribution make it the anti-asset. In that resides its value when the levered up games start to unwind. Full Story
Adrian Day of Adrian Day Asset Management joins GoldSeek TV Anchor Vanessa Collette to discuss the global economy, the Fed, and his outlook on interest rate hikes. Full Story
By: Gary Dorsch, Editor, Global Money Trends - 21 August, 2015
On August 11th, the hierarchy of the Chinese Politburo surprised the global financial markets, by unilaterally devaluing the yuan against the US$, without any advance notice. Beijing quickly engineered a -3% devaluation of the yuan against the US$ in two days, in what it called a “one-off” operation. Still, the surprise move sent various financial markets around the world into a tizzy, as analysts, pundits and traders began to speculate that the latest move by Beijing was just the first salvo in a campaign to gradually weaken the yuan against the US$, and possibly, to keep the yuan on an even keel with other major reserve currencies, such as the Euro and the Japanese yen. Full Story
By: Steve Saville, The Speculative Investor - 21 August, 2015
In many TSI commentaries over the years and in a couple of posts at the TSI blog over the past year I’ve explained that changes in GLD’s bullion inventory are not directly related to the gold price. Neither a large rise nor a large fall in the gold price would necessarily require a change in GLD’s inventory, the reason being that as a fund that holds nothing other than gold bullion the net asset value (NAV) of a GLD share will naturally move by the same percentage amount as the gold price. Full Story
In summary, government coin sales are a good barometer for true investment demand worldwide. Additionally, government coin sales are meaningful to the silver balance and therefore prices. At this point in time it may seem as though government coin sales are immaterial as well as retail silver bar demand. Further, it may continue to seem that way until it doesn’t, and that my friends is at the point where the physical market allows for true price discovery. Full Story
It is official; the multi-month trading range on Wall Street has now ended with a breakout to the downside. You will recall that the major US indices were in a quiet, consolidation phase since December and over the past several weeks, we wrote extensively about the deterioration in the stock market’s internals. Full Story
After yesterday’s selloff, we might benefit from pondering market psychology right now. Even if we get it wrong, merely knowing by how much could be of use later. My take in recent months has been that short-covering constitutes the only source of buying power — i.e., that there are no bullish buyers of stocks, only bears made nervous by whatever news could be construed as even remotely bullish. Of course, more than six years into the most powerful and relentless bull market of them all, bears who have been betting the ‘don’t pass’ line have grown understandably skittish. Full Story
It seems that the entire investing world has caught on to the "disinflation bias" theme as stocks are sagging and bonds and rallying. The metals have moved up smartly again this morning and are once again poised to achieve breakout closes. Will they? Can they?? Full Story
Instead of focusing on the Federal Open Market Committee’s sideshow regarding the US interest rate, gold investors should monitor the Chinese foreign reserve for investment clues. I like gold’s risk-reward profile at $1,120. I own physical gold and silver and manage a company engaged in silver exploration. Full Story
From a fundamental perspective the collapse in these shares was NEVER warranted in the first place and that is currently being rectified. Most of the major miners came in with costs below projections and earnings above projections. Apparently, cash burn rates of epic proportions are OK if you stream movies or make fancy cars but cutting costs and managing debt are frowned upon in the gold mining sector? Full Story
Many investors believe that the 2008 Crisis was THE Crisis of their lifetimes. They are mistaken. The 2008 Crisis was a stock and investment bank crisis. But it was not THE Crisis. It was just Round One. Round Two, or THE Crisis, concerns the biggest bubble in financial history: the epic Bond bubble… which, as it stands, is north of $100 trillion. Full Story
Back when I was fifteen and in gifted and talented camp, I found myself on the wrong side of Rick. Funny thing about gifted and talented camps—by process of elimination, eventually you will find the least gifted guy there, and that might have been him. Full Story
Silver prices hit a low of about $14.33 on July 24 after High Frequency Traders had run stops that week. It has happened before and will again. Occasionally they will run stops going up, not down. The gold to silver ratio has been hovering around 75. Full Story
The photography argument against silver is getting old. It simply means less supply becomes available from scrap. But nevertheless, more silver is now used for digital camera electronics and soldering. There are thousands of industrial uses for silver that add up to a massive cumulative demand - ill understood by the likes of most analysts. And why not look at the mechanics of the futures — look under the hood - compare the CFTC”s data. You are so willing to use government sponsored inflation data… Full Story
NFTRH 353 introduced the idea of a Macrocosm, a planetary representation of elements that need to come into place for a real investment stance on the gold stock sector (as opposed to the imagined elements cooked up by perma-bulls over the last few years). The Macrocosm idea came to me when the gold sector was acting firmly counter-cyclical on a day that most other markets were suffering. Then it happened again. Full Story
I always advise investors to follow the smart money, and two people high on the list are Stanley Druckenmiller and Warren Buffett. Second-quarter regulatory filings show that Stanley Druckenmiller, the famed hedge fund manager, just placed more than $323 million of his own money into a gold ETF, at a time when sentiment toward the yellow metal is in the basement. Meanwhile, Buffett announced this week that Berkshire Hathaway is purchasing aircraft parts supplier Precision Castparts for $32 billion. Full Story
My friend Neil Howe, author of Generations, The Fourth Turning, and other books and president of Saeculum Research, joins us today in Outside the Box with a succinct, eye-opening essay on generational differences in debt levels and attitudes towards debt. Full Story
By: Steve St. Angelo, SRSrocco Report - 20 August, 2015
In a surprising update, the Shanghai Futures Exchange reported one of the largest single-day withdrawals of silver off its exchange today. As of yesterday, the total amount of silver stored at the Shanghai Futures Exchange (SHFE) was 256 metric tons (mt). If we look at the chart below, we can see how the SHFE silver inventories grew slightly over the past week and then dropped significantly today. Full Story
It’s always refreshing to see the stock market get the crap kicked out of it, even if it will take a 10,000-point fall in the Dow to cast out the thieves, thimble-riggers, broad-tossers, carny men, grifters, mountebanks and child molesters who have ruled the global banking system for the last umpteen years. The sleazeballs tried to run up stocks yesterday on the latest Fed ‘news’ — and what a shocker it was! Seems that the ‘done deal’ calling for tightening in September has been undone yet again. Surprise, surprise. Full Story
Brent Cook of Exploration Insights joins GoldSeek TV Anchor Vanessa Collette to discuss selling discipline, mine supply, global warming, why investors have the best chance of success investing in exploration success today, and why Iran is the most exciting new mining jurisdiction in the world. Full Story
I’ve been visiting the Islamic Republic of Mauritania with a short side trip to Senegal. I’ve been pursuing my hobby, which is to propose to a backward country a plan for complete and total free marketization… including taking the country itself public on a major stock exchange and distributing most of the shares directly to the people who theoretically own the government assets. I felt like I had Maria Muldaur’s “Midnight at the Oasis” playing in the back of my mind the whole time I was there. Full Story
HSBC, the fourth-largest bank in the world, is predicting that the price of gold will be up 10 per cent by the end of this year and finish the year worth around $1,225 an ounce. Gold is down six per cent year-to-date. The bank believes Goldman Sachs and other commentators are wrong to say gold will fall in price as interest rates go up. HSBC’s analysis of the data showed that the last four times that the Fed raised interest rates the gold price went up, not down. Full Story
The short and simple answer to this question is yes! Some will say--that is just my opinion. I could show you numerous equations proving the gold stocks were cheaper in 2008 than today and vice versa using similar metrics. Over the past 4-to-6 weeks there have been countless articles arguing one way or other, however each one I’ve read suffers from one serious flaw, not one has even mentioned how the value of an asset is determined. The value of any asset is the present value of the (free) cash flows generated over the life of an asset. Full Story
By: Steve Saville, The Speculative Investor - 19 August, 2015
Gold is very different from all other commodities. This is due to physical characteristics that caused it to be money for thousands of years and led to its aboveground supply becoming orders of magnitude greater than its annual production*. However, despite the huge size of its existing aboveground supply relative to the rate at which new supply is created, that is, despite its massive stocks-to-flow ratio, gold is still a commodity and its US$ price is still affected by the overall trend in commodity prices. Full Story
The paradox in the question of who wins in a currency war presupposes that any participating combatant can actually claim victory. If winning means ending up with the most cash, when the value of the money as a store of tangible wealth is debased, it is doubtful anyone can be declared the victor. The absurdity of lowering the purchasing power of a countries currency to enable exports to be more competitive is economic sacrilege that the heretical “Free Trade” mythos is based upon. Full Story
The Labor Department reported that the US economy created 223,000 new jobs—the 57th month in a row of net job creation—and a drop in the unemployment rate to 5.3%, the lowest level since April 2008. Sounds good… right? However, despite those feel-good headlines, the average American is far, far from solid financial footing. Full Story
Something is very wrong. I was told years ago by a "famous" trader I was nuts regarding backwardation. He told me it didn't exist on COMEX and LBMA didn't matter. What possible explanation can be given for the current situation on COMEX (which supposedly "does matter") where backwardation clearly exists from the August contract all the way out to December? I would love to hear theories on how the current backwardation is "normal" and or "it doesn't matter"??? I assure you it does matter and should not be ignored! Full Story
Stan Druckenmiller is going big on gold. Druckenmiller is one of the world’s most successful and respected traders. As a hedge fund manager from 1986 to 2010, he generated an incredible average annual return of 30%. Druckenmiller was also George Soros’s right-hand man at Quantum, Soros’s famed hedge fund. Quantum’s now legendary 1992 trade shorting the British pound was Druckenmiller’s idea. It made Quantum about $1 billion. People say the trade “broke the Bank of England.” Full Story
The FOMC minutes release tomorrow should bring some short term weakness to global gold prices, but I expect many individual gold and silver stocks to continue their strong rallies. That’s the daily gold chart. After bursting upside from a small symmetrical triangle pattern, gold has rallied to about $1122. The 14,7,7 series Stochastics oscillator is overbought now. Gold enthusiasts should cheer for higher prices, but be open to the possibility that a small and sharp correction could start now. Full Story
Jeff Clark author of Big Gold and Senior Analyst at the Hard Assets Alliance sits down with GoldSeek TV Anchor Vanessa Collette to discuss how gold has been the victim of a "drive-by shooting", China's gold holdings, and what he recommends investors do with their gold holdings. Full Story
Jonathan Awde, co-founder of Gold Standard Ventures sits down with GoldSeek TV anchor Vanessa Collette to discuss why he's spent the last 3-4 years of the mining market downturn to seize opportunities, assembling the second largest land package in the Carlin Trend after Newmont! Full Story
We have looked at plenty enough evidence in recent weeks that a crash is looming for US markets, and now we are going to take a look at another important piece of evidence that we haven’t previously considered – the Junk Bond market. When confidence deteriorates Junk Bonds get sold off. A reason for this is that Junk Bond Holders are low on the list of creditors who can expect to be paid off in the event of corporate default, hence the name. They yield more because they carry more risk, so when risk threatens to rise or rises, savvy holders want out. Full Story
The gold price traded lower by a few bucks in Far East trading on their Friday—and this trend reversed starting around 1:45 p.m Hong Kong time. The price crawled higher, but the HFT boyz weren’t allowed to let it out of the box. The high tick, such as it was, came minutes before 10:30 a.m. EDT in New York—and about fifteen minutes later, just before the London close, JPMorgan et al spun their algorithms—and down went the price. Full Story
By: Steve Saville, The Speculative Investor - 18 August, 2015
Supply always equals demand, with the price changing to maintain the equivalence. In this respect the gold market is no different from any other market that clears, but it’s incredible how often comments like “demand is increasing relative to supply” appear in gold-related articles. Full Story
Gold ran out of short covering based buying near $1124. It will thus take a new push through that level to force any additional short covering of the size needed to take it to $1130 and higher. Downside support currently is near the session low of $1108. Below that is $1104 and then psychological round number support at $1100. Full Story
The price of silver has been crushed during the last four years. Prices are ready to reverse. We will know soon enough after the High-Frequency-Traders have their way with prices for paper silver and gold on the CME. Full Story
By: Steve St. Angelo, SRSrocco Report - 18 August, 2015
As the world races towards another financial calamity, the U.S. Empire’s strategy to shield itself from this impending disaster, is to export all of its gold supply. That’s correct. The U.S. Gold Market can be explained in three simple words… ZERO SUM GAME. Full Story
Copper is an important commodity when it comes to the health of the world economies and how it does often reflects how strong or weak the economy is. Its been awhile since we took an indepth look at Dr. Copper to see how healthy it is so tonight we’ll look at a few charts starting with a daily look. Full Story
First it was the U.S. Federal Reserve. Then, in 2013, Japan launched what became known as Abenomics. The European Central Bank (ECB) followed suit in 2014. And now the People’s Bank of China has joined the parade. All of them in some way stimulated economic growth by initiating monetary quantitative easing (QE) programs. Full Story
Mr. Market has been making it extremely painful for bears to stay short. The reason for this is that nearly everyone we know is bearish right now; and, for the first time in more than six years, it would appear that they are finally going to be right. The market is in a major topping process as far as we can tell, but there’s no way all of us permabears are going to make a big score when stocks collapse. Mr. Market simply doesn’t work that way, although the precise manner in which he will screw bears out of the payoff they’ve awaited for years is maddeningly unpredictable. Full Story
Sean Broderick of the Oxford Club joins GoldSeek TV Anchor Vanessa Collette to discuss how China is planning to take over Antartica, become the world's reserve currency, the state of the Euro, the US Dollar, the Russian ruble, Greece, economic espionage and financial war taking place globally. Full Story
Do you have an uneasy feeling regarding the future? Are you feeling uncertain about your future financial prospects? Do you seek out meaningless distraction at every opportunity like some debased hedonist perpetually seeking to escape reality? Do you view government as benevolent and serving your best interests? Do you depend on government and serve the beast? Full Story
John Williams of Shadowstats.com returns to the show with dire comments on the domestic economy. Headline inflation is understated by opaque statistical methods, making national output seem much more robust than reality. Dr. Leeb and the host discuss the opportunity for every nation to extend friendship, embrace and glean pearls of wisdom from the second largest economic powerhouse, China to garner synergies across this national borders. Full Story
China devalued the yuan by the most in two decades as policymakers stepped up efforts to introduce more market-based reforms. China’s exporters have been hurt by keeping the yuan pegged to the dollar. The new policy spooked markets, prompting fears of a currency war with their Asian rivals. Gold, in response, climbed to a three-week high. Full Story
As you know, I’ve been calling for a bond market crisis for months now. That crisis has officially begun in Greece, and will be spreading in the coming months. Currently it’s focused in countries that cannot print their own currencies (the PIIGS in Europe, particularly Greece). Full Story
This is an unholy mess we find ourselves in and anyone that thinks there is enough capital to convert privately the outstanding debt into equity at the sovereign level is clueless. So, put your crash helmets on and watch the carnage unfold but if you are looking for someone to blame forget it. The fatal blow that Nixon dealt to the globe was hatched by those that have long since passed being relevant in the monetary world. Full Story
Billionaire investor Stanley Druckenmiller has just raised his gold holdings to 20 per cent of the asset allocation reported by his Duquesne Family Office, according to Zerohedge.com. He’d not been a big investor in gold in the recent past despite public warnings about the danger of zero interest rates and money printing. But this latest filing showed that at the end of June his largest portfolio allocation was 2.9 million shares in the GLD exchange traded fund, or 20 per cent of total holdings. Full Story
For quite a while, we have been talking about scarcity in gold. The cobasis for both October and December is positive. These contracts are backwardated. The cobasis for the February 2016 contract is not far from backwardation. The gold market is tight. Why? Let’s explore. Full Story
In this update we are only going to look at one chart, because I don’t want to dilute its impact by including anything else. There are many other charts supportive of a positive outlook for the Precious Metals sector going forward, which we will look at separately. Full Story
This week’s yuan devaluation was big news, but it’s really part of a much bigger saga. Events around the globe are combining to create huge economic change over the next few years. We are watching giant, multidimensional chess games played by some master players. Full Story
By: Steve Saville, The Speculative Investor - 17 August, 2015
The impossibility of knowing whether a bull/bear market or an up/down trend is going to continue, or even whether the market is currently in bull or bear mode, makes risk management essential. Someone who knew the future would never have to bother with risk management; they could, instead, risk everything on a particular outcome because for them it wouldn’t be a risk at all. Full Story
By: Steve St. Angelo, SRSrocco Report - 17 August, 2015
Even though most of the world’s gold supply continues to flow to the East, German demand for physical gold investment remains the highest in the West. This is probably due to a percentage of Germans who are not at all happy with the current financial system with the European Union, including the ongoing situation in Greece. Full Story
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