By: Jason Hommel, Silver Stock Report - 23 May, 2008
The vast majority of my readers understand the Perth Mint crisis. They know that when the Perth Mint is supposed to have an operating pool of $880 million Australian dollars of precious metal, and yet, the Mint has delivery delays for precious metal; they can see the obvious conflict there. Full Story
By: Bill Bonner & The Daily Reckoning Crew - 23 May, 2008
-We don't see ourselves as pessimists…the entire world isn't going to Hell in a handcart - just one nation in particular… -For the emerging markets, it's getting better all the time…the Fed is caught in the same trap as most Americans… -Consumers are tapped out…David Walker on CNBC…I.O.U.S.A. at the SILVERDOCS Film Festival…and more! Full Story
By: Peter Schiff, Euro Pacific Capital, Inc. - 23 May, 2008
The reality is that after years of reckless consumption and dollar debasement, Americans are now being priced out of markets over which they formerly held unchallenged title. As more affluent foreigners consume more of the resources and products they previously supplied to us, Americans are being forced to cut back. The rising dollar-based price of gasoline is simply an illustration of this global trend. Full Story
Thus the prime question for investors is: If numbers issued by major banks and governments and agencies cannot be relied on, and if the gold you think you own may be used by a bank for its reserves, or may not even exist, what is an investor to do? Full Story
AFTER DOZING OFF through the expert testimony of five young visitors from the financial and farming communities this week, the Senate Committee on Homeland Security & Anything Else That Takes Our Fancy was today persuaded by the opinions it had already formed in the cab on the way over. Full Story
By: Adam Hamilton, Zeal Intelligence LLC - 23 May, 2008
I’ve never seen any other commodity generate such a fanatical following as silver. There are many investors and speculators interested in nothing but silver and its miners. There are financial newsletters focused solely on silver. This metal’s ecosystem, birthed by a legendary superspike over 28 years ago, is totally unique. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 23 May, 2008
On the supply side, certain opaque realities are often overlooked and have to be faced clearly. Non-OPEC oil producers are unable to push up oil production as fast as incremental demand is expanding. Old oil fields are declining while new ones are not coming on stream fast enough. This situation will not change in the next few years, unless new oil fields are found. Full Story
When these confused Keynesian thinking money managers realize that their economic premises are totally wrong, it will lead them to stampede into the precious metals and the mining stocks. They will be a huge force pushing up prices to levels that will be unreal to even the gold bug crowd. Full Story
The gold and silver prices have broken out on the upside, not to register new highs but rather to emerge from a clear bullish wedge pattern in their daily charts. The stage is set for assaults on the 1000 gold high and the 21 silver high. Furthermore, and more boldly stated, the stage was set last January for tremendous moves in gold toward 2000 and silver toward 50 in the next 18 to 24 months, give or take. Full Story
As regular readers know, I believe the banking and credit crisis has a long way to go. We are in the 2nd to 3rd inning of a nine-inning ballgame. The solution the G7 public servants and central banks will propose is they WILL PRINT THE MONEY as they always have and always will. They are confronted with the reality of INFLATE or die, as to not do so invites a deflationary depression and the complete and total BANKRUPTCY of the financial and banking systems. Full Story
By: Richard Daughty, The MOGAMBO GURU - 23 May, 2008
'For 25 years, the Fed has kept inflation at an average of 3.2 per cent a year - that should be applauded'! Hahaha! You will go a Long, Long Time (LLT) long time before you hear something so ridiculous! Hahahaha! Applauded! Hahahaha! Full Story
The brazenly fraudulent economic data the U.S. government puts out each month would have us believe that inflation and unemployment are both pretty tame right now. Would that it were true! In reality, “underemployment” is rampant, and, according to John Williams, a speaker at the recent meeting in New York of the Committee for Monetary Research and Education (CMRE), consumer inflation would be running at closer to 12 percent than the currently alleged 4 percent if it were calculated using the 1980s formula. Full Story
By: Bill Bonner & The Daily Reckoning Crew - 22 May, 2008
-More sorrows for the markets…prices for the essentials are skyrocketing… -Serious inflation - and more on the way…three wrinkles in economic theory… -Oil may already be in a bubble - but it could still go a lot higher…and more! Full Story
By: Chris Powell, Secretary/Treasurer, GATA - 22 May, 2008
In response to our request for access to documents involving gold swaps and the U.S. gold reserve, the Federal Reserve Board has provided GATA about 900 pages that are nearly all just copies of correspondence from the public to the Fed. As might be expected, the only documents that seem as if they might have useful information have been withheld from us or redacted into meaninglessness. Full Story
This week I must address the latest Commodity and Futures Trading Commission (CTFC) findings that, “The U.S. commodities regulatory body found no evidence that silver prices had been manipulated downward by short sellers after re-examining long-term and recent allegations of misconduct.” Full Story
Wall Street may have succeeded in ignoring atrocious Q1 earnings these past few weeks, but it would appear that skyrocketing oil prices are another matter. News that U.S. reserves fell unexpectedly last week pushed crude to new record highs and stocks into their worst two-day decline since February. Full Story
By: Richard Daughty, The MOGAMBO GURU - 22 May, 2008
I will point out that you can make an argument that the corporate motto of 'No refunds for any reason, including incompetence and theft!' is not even original, as that is the whole attitude of the banks in general and the Federal Reserve in particular: incompetence and theft! Full Story
By: Bill Bonner & The Daily Reckoning Crew - 21 May, 2008
-The world of money is a world of wonder…a look at the latest legislation to clear the Senate Finance Committee… -Having completely failed in the Middle East, U.S. lawmakers turn to meddling to the Mid-West…Mmmm - mudpies… -Did anyone think about the fact that capitalism could be relied on to straighten out the agricultural sector?…and more! Full Story
I was baffled recently by a Mineweb article found here mentioning closing of hedges and Barrick’s conversion from fixed-hedges to floating-hedges. I had never heard of this before as fixed and floating usually refers to interest rates. The following is an email exchange between myself and Susan Muir, Senior Director of Investor Relations. Full Story
The fiat-money experiment – along with the financial life-forms and hallucinations it spawned – has broken out of the lab and onto the street... Full Story
By: David N. Vaughn, Gold Letter, Inc. - 21 May, 2008
I hate to break the bad news, but even though many analysts are reporting the subprime mess over it still has a long way to go. New data is pointing to the facts that the subprime scandal is merely a symptom of a much greater credit problem which is just now coming home to roost. Full Story
By: Bob Chapman, The International Forecaster - 21 May, 2008
We ask the US public to consider all the above while the dollar continues its collapse on Wednesday to below 72 and while oil simultaneously tops $130 per barrel for the first time ever. So much for any recovery of the US economy as consumers, which drive seventy percent of our economic activity, get blasted into oblivion, and as all the added costs for fuel drive inflation across the board to new and unheard of levels. Full Story
By: David Galland, Managing Director, Casey Research, LLC - 21 May, 2008
With the downturn in the precious metals markets making even the most stalwart investors question their instincts; it's good to have some advice from the field about what is really going on out there. Here today David Galland, of Casey Research (publishers of Casey's International Speculator) offers some insights into the current state of the precious metal... and what to look for in the companies that mine it. Full Story
Today, we are stretched thin militarily. Europe is stretched thin in terms of the welfare State. The engine of growth is Asia. This is not going to change over the next decade. Recession? Yes. A reversal of the policies of freer capital movement? Unlikely. Full Story
Most of us have been waiting for higher inflation to erupt on the scene for some time. Government statisticians have been able to avoid the reality of market place. How many million words have been written on these web sites on nonsense of core inflation? Full Story
By: Richard Daughty, The MOGAMBO GURU - 21 May, 2008
Soon everything you love will be gone, and then you will appreciate the wry humor of the expression 'Experience is what you have left when everything else is gone.' Hahahaha! Full Story
By: Bill Bonner & The Daily Reckoning Crew - 20 May, 2008
-If the correction in gold is over - gold fever is about to hit…a cheerful message of hope for the future - yes, you are reading the right publication… -Sub-growth has become the norm in the United States…inflation is just a fact of life… -The Century of the Emerging Markets…a new gold rush in California…and more! Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 20 May, 2008
The oil price has in the past few years been a major influence on the gold price and quite rightly too. Both represent an unalterable definer of power and value. But of late the gold price has lagged the oil price in its relationship with oil. We see this as a temporary situation, which will persist until the ‘big’ global picture forces itself onto the realities of our daily life in our local communities. Full Story
By: Theodore Butler & James R. Cook - 20 May, 2008
This is the second landmark report by the CFTC in four years, in direct response to my research and allegations of a silver manipulation. That should tell you that the issue is important. Both reports stated there was no problem in the silver market and questioned my motives. Both reports implied silver was fairly priced. Full Story
Crude oil continued to hit its new all time high of $128 today by closing above $127 for the first time, up 96% in 12 months and 165% in 3 years. The impact of the price hike is both inflationary and deflationary at the same time. Inflationary as oil is the life blood of the functioning of global economies and thus resulting in across the board price hikes. Deflationary impacts as the price hike acts as a tax on the consumer from fuel pumps to food stores thus leaving less money in the hands of the consumer to pay for the necessities let alone for luxuries. Full Story
By: Steven Saville, Speculative Investor - 20 May, 2008
Paul van Eeden recently published a very negative article about bonds (he expects bond prices to tank and interest rates to soar). We don't disagree with Mr. van Eeden's view that interest rates will eventually have to move much higher. We are, after all, long-term bearish on bonds. However, his ultra-bearish view on bonds is partly based on the false premise that the inflation (money-supply growth) rate is currently at the very elevated level of around 17%. Full Story
Why have I remained positive on the gold miners technically and held the core throughout the correction? Because the weekly chart remains more than fine. Until such time as weekly RSI & MACD fall below the green dotted lines shown, any pullbacks are to be looked at as opportunity. I don't expect such a failure any time soon. A short term pullback to support is unlikely to bust the MACD & RSI. Full Story
For those aware of the impending collapse of debt-based paper money assets, the fact that the majority still have no idea about the magnitude of the approaching danger is unbelievable. What is also unbelievable are the positions some of those people hold. Full Story
By: Richard Daughty, The MOGAMBO GURU - 20 May, 2008
Perhaps part of the humor is that this comes at the same time as the price of gasoline went up 3 cents to another record high of an average of $3.70 a gallon. This is up 22% from this time last year! 22 percent! 22! Hahahaha! Full Story
Is the end of the housing bust in sight? A prominent money manager known for his maverick views thinks so, but not without reservations. Charles Peabody, of Portales Partners, was one of the presenters at the meeting we attended in New York last week of the Committee for Monetary Research and Education. Full Story
By: Jonathan Kosares and Randal Strauss - 19 May, 2008
In three of the past seven years, seasonal lows were accessible as early as May, typically following a pre-doldrum price surge in the earlier months of the year (see graphs for 2003, 2004, 2005). Only in the years where the larger gains were later in the spring (2001, 2006), were average June and July prices actually lower than those of May. Full Story
By: Bill Bonner & The Daily Reckoning Crew - 19 May, 2008
-Inflation is usually followed by deflation - but not for the United States…we get them both at the same time… -What inflation means to central bankers, investors and the consumer…the thankless job of being the world's leader… -Dubya presents Middle Easterners with a lengthy 'to-do list'…the downside of Hollywood…and more! Full Story
Every year at this time the debate about selling in May and going away ensues. There is ample reason to take that advice in most years. Not every year though. Years in which the index has a rough spring, and this year certainly fits that bill, often see a rally that starts in early summer rather than mid fall. The summer doldrums still apply but these rallies that often last for several months, are some of the strongest ones recorded. Full Story
AS THE U.S. and British housing bubbles continue to deflate, leaking stale gas like an air-bed blown up when you're drunk, just how much trouble will come from government schemes aimed at saving over-geared debtors and over-lent lenders? Full Story
1st Hour: Headline news & Market Weatherman Forecast. Spotlight Stock Picks with big dividends. The International Forecaster and Host Chris Waltzek answer listener questions. 2nd Hour: - Monty Guild Full Story
It was quite a week, Gold broke above $900, Silver is close to $17, banks wrote down as usual. Political risk is escalating; demand is increasing while supply is diminishing. It’s the same old story, now we wait. Full Story
By: Bob Chapman, The International Forecaster - 18 May, 2008
We have entered the eye of the storm as the BLS takes this opportunity to give us another lie about inflation, which is so preposterous that they have become the laughing stock of the financial community. If you can believe that core CPI was .1% and regular CPI was .2% last month, then you probably still believe in the Easter Bunny, Santa Claus and the Tooth Fairy, and by the way, we have a bridge for sale over the East River that connects Brooklyn and Manhattan - real cheap. Full Story
It’s amazing how many people out there still do not understand the basic bullish fundamentals of the gold market. Even a large number of analysts are providing their clients with erroneous advice, by telling them to ‘wait for a bottom’. Many of these clients could well be facing the problem of looking back ruefully at the bottom, long after it is in place. Full Story
A rumor is swirling around the Internet that an inglorious end to the U.S. economy is imminent. Unlike previous rumors to this effect, this one carries the weight of recent events in the financial realm and has many believing the rumor will come to pass. Full Story
The government and its licensed monopoly, the Federal Reserve System, made possible the housing bubble. Now they must face the consequences. So must people who want to sell their homes. Nobody wants to face the consequences. But eventually reality intrudes. Full Story
By: John Mauldin, Millennium Wave Advisors - 18 May, 2008
Is the economy poised for a recovery, as the stock market seems to expect? Or are we in for another few more quarters of recession and/or slow growth? In this week's letter we take a look at consumer spending, inflation, and other data to see if we can find a clue or two to give us an idea of the direction of the economy. Full Story
By: Richard Daughty, The MOGAMBO GURU - 18 May, 2008
Why don't they do what they know they should, especially since the freaking Constitution of the United States of America requires that money be only of only silver and gold, so that a fiat currency would be impossible? Full Story
Gold had a pretty good week, up just below 2%. During the beginning of the week gold was down pretty hard, so it was a good come back as the week closed. Full Story
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