We published a video update a few days ago discussing the short-term outlook for the precious metals sector which includes the gold miners. With regards to the miners, we took the view that they could digest recent gains and hold support or break lower and trade close to the support near summer lows. After this week and today especially, one scenario is more likely. Full Story
As long as the government spends money, it will find some way to make you pay for it - either through direct taxation, money printing, or debt (which represents deferred taxation/money printing). It’s as simple as that. Like most other governments that get into financial trouble, I think they’ll opt for the easy option…money printing. Full Story
By: Adam Hamilton, Zeal Intelligence - 23 October, 2015
Silver is finally showing some signs of life after suffering a dark year. The epically-bearish sentiment that bludgeoned this metal to major secular lows is cracking, with a strong rebound rally now underway. And this recent buying is likely just the earliest vanguard, as silver remains deeply undervalued relative to its primary driver gold. Silver will need an utterly massive upleg to fully mean revert to normal levels. Full Story
We will no doubt look back upon the current era as the "crime of the century" for so many different reasons. Actually, current times represent the worst financial crimes of ALL TIME! The various crimes and how they are operated are too numerous to list and would probably fill a three volume set of books, let's concentrate on just one. Central to everything is the U.S. issuing the global reserve currency by fiat knowing full well it truly means "non payment". The absolute cornerstone to the dollar retaining confidence and thus value has been the suppression of the price of gold. Full Story
Wolf plugs Bernanke's new book but in what must have been at least an hour with the former Fed chairman never poses a troublesome question, a question Bernanke doesn't want to answer, like questions about the Fed's secret interventions in markets and its resistance to freedom-of-information requests for documents. Full Story
I do not wish to get too dramatic here but the truth is that the Europeans simply do not want the Euro above 1.140 and they did their best to take it down. Traders can take away from his comments today that they will have the ECB at their back if the Euro starts getting too goofy to the upside. that will enable to sell rather comfortably up there should the Euro revisit that level. It would take some sort of huge sea change in sentiment tied to a fundamental development for the ECB to tolerate the Euro above 1.14-1.15 based on what Mr. Draghi said today. Full Story
By: Steve Saville, The Speculative Investor - 23 October, 2015
My two “Gold Is Not Money” articles (HERE and HERE) provoked numerous disagreeing responses, the majority of which were polite and well-meaning. Despite presenting various arguments, these responses had one thing in common: they did not offer a practical definition of money that gold currently meets. As I mentioned previously, a practical definition of money cannot avoid the primary economic role of money, which is to facilitate indirect exchange*. Full Story
The Seven Biggest Lies about Gold tell the sordid story of a dishonest, bankrupt government, aided by a cozy, compliant news media, and perpetuated by a deficient educational system. Judging from the constant onslaught of anti-gold propaganda, and the relatively small percentage of Americans owning or knowing anything about gold, these lies have done their damage. Full Story
Again, the talking heads are claiming that there is a pattern that overtly implies that the Dow tends to follow the DAX. When the markets were free or had some elements of freedom in them, one could give some credence to these patterns, but today where fraud and manipulation are the order of the day....... Such patterns have to be taken with a jar of salt. Full Story
So what’s moving gold right now? Quite a lot, actually, from widespread doubts of a 2015 interest rate hike, to strong seasonal demand in India and China, to Russia’s military action in Syria. Gold also received a huge endorsement recently from billionaire Paul Singer, CEO of Elliott Management Corp., who said that the precious metal “should be a part of every investment portfolio, maybe five to 10 percent.” Full Story
Libertyhangout.org is looking for donations to pay for enrolling presidential candidate Bernie Sanders in Walter Block’s economics course at Loyola University in New Orleans. Of course no one expects Sanders to take the course even if the necessary $3,096 is raised. But it draws attention to what some people believe is a serious flaw in his thinking, that socialism is a defensible economic system. Full Story
By: John Browne, Senior Economic Consultant at Euro Pacific Capital - 22 October, 2015
The U.S. presence in the Middle East, which for years provided some control over one of the world's most volatile regions, appears to have dissolved into chaos. By removing Saddam Hussein from power, the U.S. removed his tyrannical but stabilizing hand from the powder keg that always existed in the poorly designed nation state of Iraq. Rather than attempting to repair the damage, President Obama appears intent on leaving what he terms "a quagmire." Predictably, chaos has emerged, not just in Iraq, but in Syria as well. The rapidly changing political landscape is pushing major regional players like Turkey, Egypt and Saudi Arabia to drastically reshuffle their assumptions and allegiances. Full Story
Harper, in some ways, had an accidental 10-year reign. Canada is about 60% left-wing and 40% right-wing, but has two left-wing parties (the Liberals, who are center-left, and the NDP, who are allegedly far left) that have been splitting their votes in every election. Canada is slipping into recession, and Harper, sort of a Canadian Sean Hannity, has worn out his welcome over time with his hawkishness/paranoia. Full Story
By: John Mauldin and Jawad Mian - 22 October, 2015
I generally send out two letters a week. The letter that arrives in your inbox over the weekend is Thoughts from the Frontline and is written by me. The second letter, which is called Outside the Box, generally comes in the middle of the week and is an article or essay written by someone else that I think merits your time. Quite often I disagree with the sentiment or analysis being expressed, but I find the writer makes me think about alternatives to my personally favored presuppositions. It is always good to listen to the other side of the story, especially when we are talking economics and finance and our investment portfolios! Full Story
It’s easy to calculate the cost of physical metal. If you buy at $4 over spot, that’s about 35 basis points (bps). You will also pay for storage an insurance, say 30 bps per year. In 10 years, you sell it at the spot price. Your total cost is about 3.3%. If you started with enough to dollars to buy 400oz of gold, then at the end you would have dollars equal to about 386.8oz at the then-current price of gold. Full Story
By: Steve St. Angelo, SRSrocco Report - 22 October, 2015
It looks as if 2015 will turn out to be a record year for silver investment demand. Not only will total silver bullion demand be the highest in many decades, it will account for nearly one-third of total fabrication demand. This is a huge increase when we consider less than 1% of investors are buying silver. Full Story
If you’d suggested just a few years ago that we’d soon be living in a global economic landscape in which an increasing number of central banks would have their interest rates set to zero, or even negative, most people would have thought you where outright mad. What seemed crazy and absurd then is reality now in an increasing number of nations. Since Februari 2012, Sweden, from which I myself originate, are amongst these nations. Full Story
The hype and hope of more QE misses the point... The bull market of the last six years is over. We will get bounces, like the one that has occurred in the last two weeks. But the trend is now down. Already investors have begun to realize that Central Banks have lost control of the markets. This is why they erased months' worth of gains in four days’ time. Full Story
Doug Casey was asked to leave the stage… If you’ve never heard Doug speak, you should. His controversial opinions always rile up the room. This time was no different… The founder of Casey Research opened our ninth annual Casey Research Summit this weekend in Tucson, Arizona, with a lively talk about “the perversion of words.” Full Story
While Russia is bombing ISIS in Syria and consolidating their influence in the middle-east, the US bombed a hospital in Afghanistan and changed the “spin” on the story at least four times. This could be symbolic of a decline in US leadership and political influence in the middle-east and the beginning of a long-term decline in the US dollar. Full Story
For many years I have written about "debt saturation" being the ultimate problem and the end game to the current system. Back in 2007 I wrote how we were facing a solvency problem rather than a liquidity problem. When the Treasury and Fed treated the 2008 debacle with more liquidity, I was adamant they were treating the wrong disease with the wrong cure. Fast forward to present day, we should soon see what the "disease" actually was, how incurable it now is and how devastating to our way of life it will be. Full Story
Seven out of the last ten months have seen retail sales slump. You've read that correctly, the economic downturn that many have been predicting is not on its way, it is here and now. Month after month, economic data reports continue to trickle in, despite the mainstream media's MOPE and their seemingly endless ability to convince a large portion of the public that everything is "peachy", things continue to get worse. Full Story
By: Chris Powell, Secretary/Treasurer, GATA - 21 October, 2015
Did Peter Mooslechner, an executive director of Austria's central bank, interviewed this week by Daniela Cambone of Kitco News on the sidelines of the London Bullion Market Association conference in Vienna, say that Asian central banks are using their gold reserves for market intervention? That's what Mooslechner seems to have said, even as Cambone had not asked particularly about gold market intervention and did not pick up on his comment. Full Story
There are two ways to run a gold mining company. One respects the simple fact that it is producing money. It is not eager to trade the money it produces for government paper, legal tender laws be damned. It keeps its books in gold, and produces and trades to earn more money (i.e. gold). This article is about the other kind, the conventional gold miner in our dollarized world. With its books in dollars, and more importantly its debt in dollars, it must generate positive cash flow in dollars. Or else. Full Story
With the move in gold/GLD, it has opened the door for the metals and miners to head higher still in what I am counting as a corrective rally. Yet, I have to note that silver is clearly the weakest of the three attached charts, and it may be providing us the best topping signal of all. Silver seems to be within an ending diagonal for this final move higher. And within that ending diagonal, it looks like it needs at least one and, maybe even two, moves higher within the confines of its diagonal pattern. A break down below the 15.60-15.80 support level is our first confirmation of the breakdown of this structure. But, again, the upside pattern looks incomplete at this time. Full Story
Feels like 2011 all over again. The Dow is tracing a pattern that bears an uncanny resemblance to the one set in 2011. History could be repeated again; the Dow could be ready to rumble instead of being taken down for the count. When the markets were plummeting in 2011, many experts were making the same dire predictions, while others were wondering if the bull had bashed its head into a brick wall. Turns out that the so-called crash was nothing but a hiccup in what turned out to be one of the most massive bull run’s of all time. Full Story
In the early 2000’s, I began to advise friends and associates that much of the world would likely be entering a depression before the decade was out. In my belief, it would happen in stages, first with an initial mini-crash and recovery, but at some point, several years later, the recovery would prove to be a false one. The economy would remain in the doldrums. Then, a far bigger crash would take place and the world would be in a full-blown depression. As a hedge, I recommended that they buy gold, as gold would survive and retain value, as stocks, bonds and even currencies went south. Full Story
Bottom line: You should absolutely believe the Fed when it says that it will “remain highly accommodative for quite some time.” If you’re an income-focused investor, that conclusion has gigantic implications for how you should invest your money, and if you’re keeping your money in short-term CDs, T-bills, and money funds in anticipation of higher rates… you are making a big mistake. Full Story
Canada has now clearly chosen to follow the Asian model, leaving America and Europe to fall even further by the “new era wayside”. As a result, I’m immediately issuing a prediction for the Canadian dollar, to begin a major rising trend in 2016. Chinese demand for commodities related to domestic consumption (like oil) is not falling. It’s relentlessly rising. Full Story
The stock market crashes were – alongside the devaluation of yuan – the most important recent developments in China. The stock market started rising during the summer of 2014, when the property market started to burst. The timing is no coincidence, as the government wanted to replace one bubble by another. Full Story
The US Treasury’s recent announcement that the government will reach the debt ceiling on November 3 means Congress will soon be debating raising the government’s borrowing limit again. Any delay in, or opposition to, raising the debt ceiling will inevitably be met with hand-wringing over Congress’ alleged irresponsibility. But the real irresponsible act would be for Congress to raise the debt ceiling. Full Story
After its stellar performance last week, gold might do something it hasn’t done since 2012—that is, end the year in positive territory. You can see past returns for yourself in our perennially popular Periodic Table of Commodities Return. Responding to a weaker U.S. dollar, continued contraction in global growth and wide speculation that interest rates will stay near-zero for the remainder of the year, the yellow metal broke above its 200-day moving average and is close to erasing its 2015 losses. Full Story
By: Steve St. Angelo, SRSrocco Report - 20 October, 2015
The collapse of the Western Financial System already occurred years ago. Even though the top banks continue to behave as if they are solvent institutions with functioning balance sheets, they are totally bankrupt without Fed and Central Bank intervention. Full Story
It can happen in the blink of an eye. You can wake up one morning, and everything is different. Everything you thought was right is wrong. Complacency is replaced by genuine fear, not just a neurotic phobic malaise gripping your conscious state. This is when it happens. If you still consider yourself in the Western ‘middle class’, this is when you will see a mass awakening and acceptance your world is changing too – that this is not just happening to some unfortunates in the far off periphery. Full Story
The financial sector has pulled back nicely during the market sell off in August, setting up a nice opportunity for the contrarian player. The masses are fixating on whether or not the Fed will raise interest rates by a minuscule 0.25%. While they fixate on this issue opportunity could be at hand;now might be the time to put some money into banks. One simple way to achieve this would be via KBW Nasdaq Bank Index (BKN). Full Story
With respect to gold, it has not reacted to significant geopolitical unrest in several regions of the world over the past year, including several new conflicts in the Middle East, the Russia-Ukraine civil war, higher incidences of radical Islamic terrorism, and most recently, a refugee crisis in Europe. Gold has seemingly become immune to world events except when the Swiss franc was floated against the Euro in mid-January. That repricing caused gold to hit $1300 for one day and stay above $1250 for a little more than three weeks of trading. Full Story
By: Chris Powell, Secretary/Treasurer, GATA - 19 October, 2015
Sunday's market letter by Toronto market analyst and mining entrepreneur Michael J. Ballanger, whose work often appears at GATA Chairman Bill Murphy's LeMetropoleCafe.com, eloquently reiterates some points made often by GATA. Particularly, Ballanger writes, technical analysis is useless in markets as rigged by governments and their agents as the gold and silver markets are. Full Story
Gold is beginning to shed its reputation as a dead asset thanks to the string of lukewarm economic reports in recent weeks. As a result, there is speculation that the Federal Reserve probably missed its window to hike in 2015. Gold has now managed to rise above the technically important 200-day moving average for the first time in five months. Furthermore, the world’s largest gold ETF recorded its highest daily inflow since early February with an addition of 7.7 tonnes. Full Story
Gold and silver markets enter this week on improved technical footing. The precious metals each rallied above resistance levels last week as disappointing economic data stimulated safe-haven buying. Silver cleared the $16.00 level, while gold poked above its 200-day moving average for the first time in five months on Wednesday. And prices closed Friday right at the 200-day line and remain there this morning. Full Story
It’s been my belief that one of the primary reasons the Fed is propping up the stock market is to prevent a complete catastrophe in the nation’s pension system – both public and private. The culprit is underfunding. The underfunded of status of every single State pension fund is highly visible. However, through the magic of GAAP accounting and widespread upper management corporate fraud, most private pension funds may be even more underfunded than State funds. Full Story
One of the greatest con jobs in history was convincing ordinary people that Central Bankers care about the “economy” or Main Street. Aside from the complete lack of relevance that Main Street has for Central Bankers from a professional perspective (more on this in a moment), when do you think was the last time that Janet Yellen or her ilk spent an evening with non-banker/financial types? Years ago? Decades ago? Full Story
Once again, paper metal prices on the Comex are being set up for a smash. The Cartel Banks, acting as de facto "market makers" are issuing huge amounts of new paper contracts in order to sop up speculator demand and squash momentum. Please take a moment to understand how a "normal" market works. Let's take an individual equity as an example. Full Story
They've been rationing, they're selling by allocation. As many silver Eagles as they can produce it's not enough currently, so when you have to pay a much higher price, in this case it's a premium, on the coins and you have to wait on them… That generally is the definition of shortage. Full Story
The dollar dropped about half a milligram gold, and 50mg silver. But who wants to read about the universal currency falling, failing? Few people are so barbarous as to think of the dollar’s value as being priced in terms a monetary metal. As all right thinking folks know, the value of these commodities is only whatever dollar price they may fetch. In that case, it’s more exciting to report that popular betting commodities are back in a bull market. Full Story
Chris welcomes back Louis Navellier of Navellier Growth for another market discussion. Louis has a knack for identifying multi-year themes in the market, well ahead of the top financial pundits. Chris welcomes Peter Schiff, Chairman of SchiffGold.com. The discussion includes less than robust economic reports including sluggish retail sales. Full Story
The amount of ink spilled on this topic could fill a supertanker. Goldbugs the world over believe in the suppression story as an article of faith, and indeed, the evidence that “something is happening” appears incontrovertible. Given how important the subject is to Peak Prosperity and the bullion-owning community, and the volume of energy we expend talking (and talking, and talking, and talking) about it, how much information do we really have about what is actually going on? Full Story
Gold’s cheerleaders are at it again, jumping up and down with excitement as they proclaim the birth of a new bullmarket, and herding their flocks into the sector, when they have barely recovered from the last fleecing. There are 3 factors that we are going to look at which suggest that this latest rally is just another false dawn. One is the unbroken downtrends in gold and silver, the next is the unfavorable alignment of their moving averages, and finally their latest COTs, which call for caution – especially silver’s which is downright bearish. Full Story
In the past I have written a couple of times regarding the delusions of Harry Dent. I have decided once again to write about this as he is now even more outspoken and creating more fear in an already panicked gold community. First, this link is Mr. Dent's latest writing and interview(Listen at the 18:00 minute mark). He believes gold will fall to a minimum $700 and probably to the $250-400 range. I will explain why he is both dangerous (to your financial well being) and delusional. Full Story
As I mentioned in last week’s letter, I traveled to San Francisco last Monday with my friend Patrick Cox, who writes our Transformational Technology Alert newsletter. We had dinner with Dr. Mike West of Biotime and then spent the next morning at the Buck Institute for Research on Aging. Pat and I decided we would jointly report on what we learned. He has already written his part, which was published last week. I am going to reproduce portions of that letter, which highlight the conversation with Brian Kennedy and his team at the Buck Institute, and then add my own thoughts about our conversation with Mike West the previous night. Full Story
My father Irwin A. Schiff was born Feb. 23rd 1928, the 8th child and only son of Jewish immigrants, who had crossed the Atlantic twenty years earlier in search of freedom. As a result of their hope and courage my father was fortunate to have been born into the freest nation in the history of the world. But when he passed away on Oct. 16th, 2015 at the age of 87, a political prisoner of that same nation, legally blind and shackled to a hospital bed in a guarded room in intensive care, the free nation he was born into had itself died years earlier. Full Story
Year to date withdrawals from the vaults of the Shanghai Gold Exchange (SGE) came in at a staggering 1,958 tonnes on 25 September 2015 – a record high – according to data released by the SGE on Friday. In week 38, which runs from 21 September until 25 September, 66 tonnes of gold were withdrawn from the vaults. The weak price of gold throughout 2015 and the crashing Chinese stock market has stimulated the Chinese people to purchase gold in great quantities. Full Story
Markets rested and worked off the extreme overbought conditions they were seeing last weekend and then Thursday they began to breakout and then rested a bit on Friday. The fact is, seasonality is working well so far and markets and stocks are in our favour. I’m starting to build positions now and we are seeing more and more stocks setup so it won’t be long until I have a full load of stocks to work with. Full Story
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