By: Bill Bonner & The Daily Reckoning Crew - 23 February, 2007
-Too much liquidity…What are the gambling-mad Chinese to do with all that money?… -Turning to gold when something's fishy…evaporating like water… -Beginning Lent in the New World…an argument that ends badly…and more! Full Story
It is not just the US government, but the entire world that is stocking up on weapons. Even pacifistic Japan recently upgraded its Defense Agency to a full Ministry position, something that was downplayed in the press as a matter of little consequence. But history teaches us that these types developments do have consequences. Momentum is not easily reversed, and arms buildups inevitably lead to war. Full Story
GOLD'S bull market continues, the noisy setbacks of "hot money" aside. And as the price keeps on rising, so more and more private investors – looking to put their money to work after 6 years watching gold outperform stocks and bonds – are joining the search for information and advice on the metal. But plain facts about gold are just as hard to come by as they are when you're trading equities or bonds. Falling for the No.1 gold myth, for instance, would have cost you 14 cents in the Dollar at today's prices. Full Story
By: Peter Schiff, Euro Pacific Capital, Inc. - 23 February, 2007
With Wednesday’s data release that showed that the increase in “core” CPI in January was higher than expected, the price of gold soared by over $20 per ounce to just shy of $680 per ounce, a new nine-month high. As this is the reaction that most market watchers would have expected, it is not surprising that these movements failed to inspire much interest. After all, gold is an inflation hedge, so any sign that inflation is worsening should be positive for gold prices. However, what is surprising is that this is one of the few recent occasions when the gold market has actually behaved logically in this regard. Could it be that some whiff of sanity has arrived on Wall Street? Full Story
China has been on my mind lately. Perhaps it is because I just recently finished writing a book that touched upon China’s voracious appetite for commodities. Maybe it’s because I am going to be speaking at a commodities conference in China in a couple months. Or maybe it’s simply because the country seems to be constantly in the news when it comes to its GDP growth, commodity demand, and its ever growing record reserves. Full Story
By: Rick Ackerman, Rick's Picks - 23 February, 2007
We’ve been using a 1469.50 rally target in the mini-S&P -- a so-called “hula number.” This is a term that I apply to forecasts about which I am so certain that, if they do not pan out, I have pledged to don a grass skirt and dance the hula in Times Square in the middle of winter. (Look for me in front of the Marriott Marquis if the forecast goes awry.) In this particular instance, the 1469.50 price objective looked like such a lock that, for good measure, I’ve promised to add a cocoanut brassiere to my outfit. Full Story
Webcasts: All Times Eastern 9:00 AM James Turk - GoldMoney.com 9:30 AM Canarc Resource Corp. 10:00 AM Julian Phillips - Gold Forecaster 10:30 AM Gold Resource Corporation 11:00 AM Peter Schiff - Euro Pacific Capital 11:30 AM Sunridge Gold Corp. 12:00 PM Bill Murphy - Le Metropole 12:30 PM Buffalo Gold Ltd. Full Story
By: Kevin Kerr & The Daily Reckoning Crew - 22 February, 2007
-Keeping everyone happy in Japan…who knows how to say 'bubble' in Vietnamese?… -Disregard the golden dinosaurs…for every foot of progress, we yield up an inch or two of satisfaction -Sleeping the sleep of the innocent - and the brain-dead…surfing isn't easy…and more! Full Story
By: Chris Powell, Gold Anti-Trust Action Committee Inc. - 22 February, 2007
Oh, we may speculate in the markets from time to time -- like every 20 minutes or so, or when our Viagra prescriptions run out -- but we figure that the exchange rates of the dollar and all the currencies and the prices of what Mike Bolser calls strategic commodities are not the results of the collective decisions of masses of traders in the futures pits but rather the results of entirely POLITICAL decisions made by the elites in chancelleries around the world. Those elites decide how much more paper and electronic digits and unfulfillable promises and real commodities will be pumped into the futures pits, whereupon the futures pits will pretend to determine prices. Full Story
By: David N. Vaughn, Gold Letter, Inc. - 22 February, 2007
Wow! Is gold ever exciting today! How well I remember those days when the price ebbed down to the low 250s, but no more. I was in a book store today in Haywood Mall and I saw gold prominently displayed on the front cover of the major business magazines. Does this mean gold is at its peak and cause for concern? Not really as we are yet on our way to 1,000 an ounce. Full Story
By: Richard Benson, www.sfgroup.org - 22 February, 2007
The subprime market is overloaded with bad loans that have effectively smashed holes into the hull of this financial ship. It has been surprisingly easy for people buying a new house to borrow hundreds of thousands of dollars by simply telling the bank how much money they make -- without any proof. It's called a "stated income" loan, but many people inside the housing industry call it something else: a “liar loan” or a “NINA” (no asset, no income verification). Full Story
This is the second article in a series of three papers, which collectively comprise the complete rejoinder to Mr. Mohamed El-Erian’s article: Complex Finance and the Brave New World Economy. The same format used in the first paper will be utilized again. The article will be broken down into paragraphs, followed by a synopsis of the main points of each paragraph, and then comments. This focus on each individual paragraph separately, facilitates an easier understanding and discussion of the complex issues involved. Full Story
By: Axel Merk, Merk Hard Currency Fund - 22 February, 2007
In his recent testimony to Congress, Federal Reserve (Fed) Chairman Ben Bernanke painted a rosy picture of the U.S. economy. If the Fed were satisfied with the economy, it could afford to be blunt about challenges ahead; instead, the Fed is working very hard to appease the markets. What is Bernanke worried about? Why is he so dovish? Full Story
-The butter is melting and the milk has gone bad…forget the house, give me the land… -Morons, maybe - but not idiots…guns or butter; you can have one or the other… -Osama, Israel, and defense contractors…something stupid might just be a certainty…and more! Full Story
By: Richard Daughty, The MOGAMBO GURU - 21 February, 2007
Among the vile, sulfurous things I am muttering to myself under my breath is that the mind-control rays that the CIA are beaming into my head have affected my golf game, and now I'm slicing my irons into the sand traps and topping the ball off the tee! The bastards! Full Story
Street is now into forecasting weather, selling off oil. Somehow and someway this action is connected to the price of Gold. No one knows how, but that is the accepted thinking. Street is the only part of the globe that is bearish on Gold. Given that Gold's five year returns exceed that of most investment managers perhaps their attitude is reasonable. One would not want customers to discover they could do better in Gold, and not have to pay management fees. Full Story
By: Chris Mayer & The Daily Reckoning Crew - 20 February, 2007
-Distracted by trees, flowers, and monkeys…an ATM machine on the blink… -Countertops to Tombstones…buy your next Big Mac with yen… -Ortega won't ruin anything…new tourists on gorgeous beaches…fields of dreams…and more! Full Story
1st Hour: * Market report, Spotlight Pick and a new segment, the Scam Alert. * Dr. Ron Paul and Chris Waltzek discuss the Congressman's latest legislation to abolish the Federal Reserve. * Market technicians: Jack Chan & Jonathan Honig. If you'd like to be added to Chris's e-mail list, for each weeks ticker symbols and related information, please send a message to: goldseekradio@hughes.net 2nd Hour: * Yiannis G. Mostrous, author and editor, The Silk Road Investor. Full Story
Why is gold rising? Answer: Because the Fed has no choice but to inflate or die. And according to Peter Schiff we are coming ever so close to a crisis in this regard, one that will level many portfolios of naïve investors. What’s more, one should see no coincidence then in the fact John Hathaway, who manages the Tocqueville Gold Fund, thinks we are very close to a re-pricing of gold as well. Full Story
By: Steven Saville, Speculative Investor - 20 February, 2007
Which brings us to our final point: inflation sets in motion a positive feedback loop in that it causes problems and these problems are used to justify more inflation, which leads to bigger problems, and so on. But this loop could not exist if the link between inflation and the pernicious effects of inflation were readily apparent to most people. That the link is not readily apparent is, in turn, a consequence of the non-uniform way in which inflationary effects ripple through the economy. Full Story
Nine years after LeMetropoleCafe.com proprietor Bill Murphy, soon to start the Gold Anti-Trust Action Committee, started screaming that the price of gold was being suppressed by collusion on the commodities exchanges, the king of technical analysis of the markets and the most venerable of U.S. financial letter writers, Richard Russell, has fully concurred. Full Story
Thus, by not acknowledging the gold price suppression scheme, Mr. Burton does a harmful disservice to the gold mining companies he represents and more importantly, to the shareholders of these companies. The more publicity this price suppression scheme receives, the sooner government intervention will end, and the sooner will gold rise to its free-market level. Full Story
As readers of this rant know, we recently participated in a Money Show event in Orlando, Florida, at the Gaylord Palms, wherein we represented Silver investment opportunities to those who still might give a rusty one about the future of their paper money. The demographics of this Money Show crowd, some 11,000-strong, were a tad different than one encounters at an IIC conference in New Yawk or San Francisco, albeit their goals to preserve their personal wealth in the face of a runaway Fed and a lunatic President were much the same as you'd find at a resource gathering. Full Story
On 12/16/06 I attempted something I had never before tried (and likely never will again). I attempted a call on near term market direction based on several ratio charts and their perceived implications. If it is true that we are all students of the markets, I thought I would grade myself on this mostly ill-fated exercise because if you're going to put out stuff like this, that mostly falls flat on its face, I suppose you should also dig it's stinking carcass back up and answer for it. Self grade = 'D+'. I will break it down by its segments to show why I came up with this. Full Story
By: Rick Ackerman, Rick's Picks - 20 February, 2007
Fed easing just ahead? If there were any doubts about it before, they should melt away with this latest piece of bad news from an already staggering real estate sector: “Sharp Drop in Housing Starts Adds / To Fear of Wider Economic Impact”. Just how sharp? In fact, construction plummeted in January to the lowest level in almost a decade, according to a Wall Street Journal report published over the weekend. New homes were down 14.3% from December and 37.8% from January 2006 levels. Full Story
By: The Mogambo Guru & The Daily Reckoning Crew - 19 February, 2007
-Which bubble will win?...Superbowl doesn't spark housing sales... -Tax evasion should be legal...Americans cannot escape... -Being rich is better in bed...and more! Full Story
Transparency in monetary policy is a goal we should all support. I've often wondered why Congress so willingly has given up its prerogative over monetary policy. Astonishingly, Congress in essence has ceded total control over the value of our money to a secretive central bank. Full Story
There is a major event taking place in the gold world right now that has gotten little attention so far, that may cause the gold price to perhaps more than double in the next 12 months. The IMF may be admitting that GATA is right! The IMF may be deciding that they want to actually know how much physical gold the central banks really have left. Full Story
By: John Mauldin, Millenium Wave Advisors - 18 February, 2007
I have often written about the high probability of a recession following an inverted yield curve (where short-term rates are higher than long-term rates), based upon research which suggests the yield curve is our most reliable indicator of future recessions. I am often asked whether a yield curve causes a recession. The (very) short answer is no. But then what is the mechanism that makes it so reliable? Is it different this time? How can we believe that the economy has a few bumps in its future when things are just so darn good? We ponder these questions in today's letter, as well as peruse the "shocking" housing data released this morning, and look at a very interesting chart on gold. Full Story
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