By: Bill Bonner & The Daily Reckoning Crew - 23 June, 2006
-Inaction is an underrated and underappreciated skill. That's why we like gold so much - it doesn't do anything... -A convenient, reliable proxy for real wealth...actual evidence of consumer price inflation is as skimpy as a Brazilian bikini... -Oh, the sacrifices Bill makes for his dear readers...the British papers are so reliable in their absurdities...and more! Full Story
By: Peter Schiff, Euro Pacific Capital, Inc. - 23 June, 2006
As real estate prices spiraled upwards over the last ten years, artificially low interest rates and lax lending standards were not the only factors helping to maintain housing affordability. Just as important were the expectations of future price appreciation and the suppression of the rental market. With these two factors largely reversed, the housing market is much more vulnerable than most people understand. Full Story
And God saw that gold was good, and he ordained it as primordial money. The gold coin was to be the savers’ guardian angel and the producers’ patron saint, they being the pillars of society. It was also meant to be the protector of the wage-earners, the most vulnerable protagonists of the drama of Human Action. The role of gold in the economy is that of regulator of the quantity and quality of debt. Gold has continued to be money as well as obstruction to the Debt Tower of Babel for over five thousand years. Until man in his infinite conceitedness wanted to be wiser than God. Full Story
By: Dan Denning & The Daily Reckoning Crew - 22 June, 2006
-Wild, wooly, and booming India...bumping down the road to the future... -Keep your eyes peeled for a cheerful, pot-bellied, elephant-headed god riding on a mouse... -The flight from risk might be heading in the wrong direction...sell GM, buy Tata...and more! Full Story
By: Doug Casey, International Speculator - 22 June, 2006
My guess is that now, after losing perhaps 25-30%, the big selling is over. The stocks will drift through summer, and the game will be on again come the fall. You should use this time to pick through the wreckage and put in stink bids on the issues likely to lead the market back. Full Story
Are you wondering why US Treasuries have firmed, gold has been creamed, and the dollar ($) is attempting to come to life? (Penned Friday morning) Peter Schiff does a good job of painting a picture in this regard, and according to him, it will involve a great deal of lipstick. And of course we must agree with his assessment / conclusions for the most part, as they appear well founded, but would like to emphasize the success factor of the new dynamic duo could be considerably better than the picture Peter is painting if the reversals in equities engineered over the past few days possess any predictive power. Full Story
By: David N. Vaughn, Gold Letter, Inc. - 22 June, 2006
I continue to see nothing but opportunity in the years to come from investing in precious metals, base metals and rare earth metals. Now if you think I am wrong in this thinking then tell me so. And the key to this growth I believe will continue to be the growing expansion in Asia and China. China today is building an empire. I really do not think that the average folks or analysts comprehend this fact or what this really means. Full Story
I made a nasty crack here yesterday about Charles Schwab & Co. that should be qualified, since the firm is a very good one that does more things right than most firms, and not just those in the brokerage business. I have elaborated below, in the context of a response to a recent subscriber’s note. He wrote me as follows, under the subject header, A Subscription a Long Time in the Making: Full Story
-How can we be sure that the global economy is in for a soft landing?...the coy, ever-changing Ms. Market... -Commentators are from Mar, markets are from Venus...U.S. jobs may be plentiful - but they sure don't pay well... -Enjoy the party; just make sure you dance near the door...sign of the times...and more! Full Story
By: Richard Daughty, The MOGAMBO GURU - 21 June, 2006
I don't know if I am just confused as usual, but I am unsure whether last week's $4.6 billion drop in Total Fed Credit is cause for celebration (that the Fed has stopped acting like profligate monetary morons) or panic (that the economy is now totally dependent on the Fed acting like profligate monetary morons). Full Story
Except for the weatherman, guys who make a living predicting things can’t be entirely comfortable predicting that “not much is going to happen for a while.” An extended forecast of “partly sunny and mild” may go down easy with TV viewers, but just try telling a bunch of traders and investors that the stock market is about to turn tediously uneventful for the entire summer. What evidence do we have? The very idea of a do-nothing summer seems implausible to me, given that the real estate bubble has already popped, and with it any chance that the consumer economy can continue to waft along on Fed vapors and home equity loans (currently around 9 percent!). Full Story
By: Harry Dent, Rodney Johnson, & The Daily Reckoning Crew - 20 June, 2006
-How to get back into "whack"...extraordinary peaks and valleys... -The real danger to the U.S. economy...the dollar bill will eventually do what it's supposed to - it'll go away... -What do you mean the government "cooks the books"? Impossible!...SpongeBob SquarePants isn't the only one to sleep in a pineapple...and more! Full Story
By: Steven Saville, Speculative Investor - 20 June, 2006
If asked the question "why do we have taxation?" most people would probably respond with something along the lines of "the government collects taxes so that it can pay its bills" or "taxes finance the operations of government". However, rather than going through the extremely costly exercise of collecting taxes -- the process of collecting taxes is costly to the government and the steps taken by people to minimise the amount of tax they pay place a large burden on the economy -- the government could simply print all the money it needs. Full Story
I’m a real tightwad when it comes to buying puts and calls, since the odds are so heavily stacked against retail players that one cannot afford to give up even a dime of edge when entering or exiting positions. That said, it is becoming increasingly obvious that put options are no longer available in quantity at bargain prices, if at all, and that we may have to pay up to get short. Full Story
By: The Mogambo Guru & The Daily Reckoning Crew - 19 June, 2006
-The secret to getting old...keep your eye on the ball - and wait for the perfect pitch... -The importance of doing nothing...can't cheat the markets, no matter how hard you try... -Measuring fear and greed...the Bonner treks through Scotland, one scone at a time...and more! Full Story
By: Bob Chapman, The International Forecaster - 18 June, 2006
There is no question in our minds that M3 was terminated to conceal the fact of the rate of increase of world prices and inflation. We now expect the path of inflation to be ever upward. As we have said innumerable times, inflation has been higher than 10% for the last four years. In order to mislead the investment professionals and investors, all government and Wall Street want to talk about is core inflation, which is essentially a semi-worthless piece of information. We currently see what was once M3 over 12% in the US and over 10% in Europe. Full Story
By: John Mauldin, Millenium Wave Advisors - 18 June, 2006
This week we look at index funds, and specifically at problems that certain types of capitalization weighted index funds have. It is intuitively obvious that capitalization-weighted indexes have a larger proportion of their assets in the larger stocks. (Capitalization-weighted means that larger stocks are given more "weight" or proportion of the index or fund.) But is this what a rational investor should actually want? I think the information we look at today will surprise many. Full Story
Friday proved to be a triple-witching dud, the broad averages having shown no pluck at all following their whoopee cushion rally a day earlier. Still, by next Wednesday it could look like a one-day pause in a short-squeeze that has yet to play out. Forutunately, without much price movement, we were able able to make some position adjustments that have pared risk in some of the stocks we hold. For starters, we sold, for 26.92, half of the Goldcorp shares we’d acquired 26.04, giving us a cost basis of 25.16 for what remains. Full Story
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