By: John Browne, Senior Market Strategist at Euro Pacific Capital - 24 June, 2011
This week, in the second in a series of less-than-impressive press conferences, Fed Chairman Ben Bernanke offered market observers little hope that any additional quantitative easing programs are on the horizon. The Chairman continues to cling to the position that the economy is improving (with the recent "soft patch" attributable to external forces) to the extent that additional Fed support will be unnecessary. Left unsaid was any guidance as to who the Chairman believes will buy the massive amounts of Treasury debt formerly swallowed up by the QE II program? Full Story
By: The Gold Report, Doug Loud, and Jeff Mosseri - 24 June, 2011
Jeff Mosseri and Doug Loud, at Greystone Asset Management, LLC, are New York-based money managers with a nose for potential winners in the highly competitive junior resource business. In today's turbulent market, they are being more selective in their investment choices. In this exclusive interview with The Gold Report, they bring us up to date on gold and silver plays they think have what it takes to produce some major gains. Full Story
THE BANK OF ENGLAND is getting more dovish. It seems less inclined than ever to raise interest rates – despite inflation currently running at over twice the target rate. This is bad news for anyone hoping to get a better return from their savings account. Even worse, the Bank will only start raising its main policy rate – the Bank Rate – when it is confident the rise won't be passed on. Full Story
By: Adam Hamilton, Zeal Intelligence - 24 June, 2011
Thanks to June’s sizable and rather-sharp stock-market selloff, fears are growing that a new bear market is brewing. For investors and speculators, the implications of these concerns are not trivial. Optimal trading strategies vary wildly between bull and bear, as bears relentlessly maul down all sectors including popular ones like commodities stocks. So today’s bull-or-bear question is critically important to address. Full Story
Gold and Silver Investors should also invest in selected Food Producers and those Involved in the Water Treatment/Supply Business, but at the Right Time, because the Factors which help cause Gold, Silver and Crude Oil Prices increases, will also continue to impel Food Price increases, almost regardless of Economic Conditions. Full Story
The market bounced late in the session on Thursday on the heels of yet another band-aid attempt on the Greek debt crisis. This was also coupled with an attempt by the government to alleviate some pain at the gas pump by releasing oil from the strategic petroleum reserve. Government intervention aside, it was a logical time for the market to bounce. The S&P 500 was approaching the March low and 200 day moving average after declining for almost two months. Full Story
Once again, S&P is at it, issuing its monthly threat to the USGovt to fall into compliance or risk its AAA credit rating. On the surface, these warnings have become rather laughable in that the ratings agency feels the need to say something while, in effect, saying nothing. Full Story
By: Chris Powell, Secretary/Treasurer, GATA - 24 June, 2011
The inspector general of the U.S. Treasury Department today testified to a House subcommittee hearing on the U.S. gold reserve that he has been "told" that "not one troy ounce is encumbered," but under questioning he could not say where the gold pledged by the United States to the International Monetary Fund resides or how it has been accounted for, if at all. Full Story
By: Richard (Rick) Mills, Ahead of the herd - 24 June, 2011
The Puna plateau sits at an elevation of 4,000m, stretches for 1800 km along the Central Andes and attains a width of 350–400 km. The Puna covers a portion of Argentina, Chile and Bolivia and hosts an estimated 70 - 80% of global lithium brine reserves. Full Story
The Goldsmiths CLXXXVI, CXC, CXCI and CXCV all addressed the nuclear crisis at Fukushima, Japan and the real world that the Japanese and US governments have been grossly lying and deceiving the public about the huge amount of radiation being dispensed and what effect it is having on people. Of course, TEPCO (Tokyo Electric Power Company) would lie and deceive just like BP did in the US Gulf a year ago. Full Story
Stocks performed a fright-mask swoon yesterday as traders collectively demonstrated yet again that one morning’s perfect knowledge does not necessarily a perfect afternoon make. It was tricky going for all of us, although in retrospect the selloff merely mirrored the flaky, gratuitous rally that occurred earlier in the week. Full Story
The official story is that total US government debt has nearly reached the Gross Domestic Product of the United States. However, it's worth noting that this total is based upon governmental accounting, the use of which would quickly put an ordinary citizen into jail for fraud if they tried to use such a standard for private business purposes. Full Story
By: David Galland and Dr. Edwin Vieira - 23 June, 2011
The following interview with Dr. Vieira was conducted in early June of 2011 for the subscribers of The Casey Report – but after careful consideration, we decided that the content is so important; it needs to be shared with a wider audience. Feel free to pass it along. Full Story
It’s starting to look like the corporate world will soon get another pass from Congress on paying its international tax bill. Last proposed and passed in 2005, a dollar repatriation holiday would allow companies to bring dollars on overseas back to the United States with only a 5.25% tax rate. Full Story
Make no mistake, the four-day rally we just saw was nothing more than short covering in front of the Fed meeting just in case Bernanke surprised us with QE3. As expected he confirmed that QE2 would end on schedule. The dollar rallied and the market sold off on the news. Full Story
Doug-Sama, we’ve had a number of readers ask for your take on this new Bitcoin system. As a person who likes to see the private sector compete in areas that governments try to reserve for themselves, this seems right up your alley – what do you think? Full Story
In the modern fiat world, a deflationary-style stock market collapse isn't supposed to happen. And yet that is exactly what Greece has already experienced and I don't think it's over yet. Here's a modified chart any real bear has seen before: the first half of the 1929-1932 Dow Jones Industrial Average stock market bear, which saw a total loss from top to bottom of 89%. Full Story
Helicopter Ben was deep in denial yesterday following a two-day Fed meeting, telling reporters he’s puzzled by recent signs of deterioration in the economy. "We don't have a precise read on why this slower pace of growth is persisting." Is this guy a hoot, or what? Full Story
The great spring 2011 precious metals consolidation is coming to an end. In no way is the Quantitative Easing program coming to an end, otherwise known as hyper monetary inflation. Printed money is being abused to cover bank insolvency and to redeem toxic bank assets. The central banks are taking down the QE billboards. They will continue with their debt monetization in order to manage the financial system collapse in an orderly manner. As David Malpass adroitly said on Bloomberg Financial News, the debt monetization known as quantitative easing will quietly become an integral but hidden part of the USFed monetary policy. Full Story
I have again included in this report charts displayed in terms of the end of July through year end, from 2001 through 2010 in this report. The reason has to do with my belief that after reviewing the FOMC Announcement today, there doesn’t appear to be major change soon forthcoming in terms of the US interest rate policy. QE2 was announced to be ending, but given that the Fed acknowledged that the US economy remains sluggish, the Fed kept the door open to do whatever they need to do, without signaling what that may be. Full Story
By: The Gold Report and Mickey Fulp - 22 June, 2011
Mercenary Geologist Mickey Fulp has adopted a new prospector-generator model portfolio with an emphasis on good people. In this exclusive interview with The Gold Report, he outlines the impact global volatility could have on junior mining companies. Full Story
By: Marin Katusa, Casey Research Energy Team - 22 June, 2011
Coal prices are surging ahead even as most other commodities pull back, spurred on by expectations that metallurgical and thermal coal production will again fail to meet rising global demand this year. The result? Record profits for major coal producers like Xstrata, a surge in acquisitions from coal-hungry India, Chinese electricity shortages, and a raging carbon tax debate in Australia amid record investments in that country’s coal-heavy mining sector. Full Story
By: The Energy Report and Rob Chang - 22 June, 2011
While uranium prices fell after the Japanese earthquake and tsunami, Versant Partners Analyst Rob Chang says in the long term, prices must rise due to a supply shortfall and the economic necessity of using nuclear power. In this exclusive interview with The Energy Report, Chang suggests ways to take advantage of the eventual rebound. Full Story
By: Chris Powell, Secretary/Treasurer, GATA - 22 June, 2011
Gartman acknowledges being aware of GATA's claim that central bank gold lending is far more extensive than acknowledged or generally believed and is part of a general scheme of currency market manipulation. But who outside GATA itself seeks to nail this information down and explain what it means? Who reviews the extensive official documentation GATA has compiled and published... Full Story
Earlier this year there was much fanfare that Gold had closed out 2010 had higher levels than the previous year for 10 consecutive years and that this was the first time in history that any commodity had done this. Without a doubt, it has been an exceptional performance, and whilst there have been plenty of reasons for its sustained performance to date, I believe that both the fundamentals and the chart are telling us that it is all about to change. On the fundamentals, interest rates have been on 100 year lows in order to prop up the failing banks from the 2008 crash. Full Story
By: Bob Chapman, The International Forecaster - 22 June, 2011
What the world is experiencing today did not happen by chance, it was planned that way. What Congressman Louis McFadden said of the “Great Depression” is as true today as it was in the 1930s. As Chairman of the House Banking Committee he said, “It was no accident; it was a carefully contrived occurrence. The international bankers sought to bring about a condition of despair here so they might emerge as rulers of us all.” Full Story
Have you noticed the media reports on the intolerable nature of austerity in Greece? Have you read anything that praises this austerity and calls for more? You're about to. The austerity we read about is a code word for "government spending cutbacks." In a media world run by Keynesians, the thought of cutbacks in government spending is a nightmare scenario. Keynesians believe that government spending is the source of both stability and growth in an economy. Any suggestion that the government has been spending far too much money is regarded as heretical. Full Story
The differences between today and 2008 (with respect to the gold shares) are evident on both a micro and macroeconomic spectrum. In 2008, sentiment was too bullish on Gold and Silver while fundamentals for the mining equities were deteriorating as a result of high Oil and high inflation. Today, fundamentals remain as strong as ever and are likely to improve thanks to Gold and Silver outpacing mining cost inputs. Full Story
Have you considered what will happen to your portfolio―and all the other areas of your life―if the dollar fails? The ramifications will be widespread, painful, and inescapable if you’re not properly diversified. Last month, I attended the Global Currency Expo sponsored by EverBank. The overarching theme, as you might expect, was that diversification out of one's home currency is paramount. While there were plenty of traders on hand, it was the big-picture talks that had the most pressing messages. Full Story
Many times, we had talked about economic stability and precious metals markets and how significantly macroeconomic data influence the prices. While Greece is almost at the brim of a potential non-equilibrium, here comes again the scenario economic stability vs. precious metals. Full Story
Which one is safer: the euro or the U.S. dollar? Before jumping to a conclusion one way or the other, let’s look at different sides of the respective coins. We have been warning for years that there may be no such thing anymore as a safe asset and investors may want to take a diversified approach to something as mundane as cash. We believe Greece has rather serious issues, but concerned investors may want to take a closer look at their dollar holdings for potential “contagion” risks. Let us explain… Full Story
By: Daniel Aaronson and Lee Markowitz - 21 June, 2011
Initially, following Bernanke’s hint of QE2, stock prices rose, financial conditions eased and economic indicators rebounded. However, during the past six weeks, each of these measures has begun to rollover despite the persistence of QE2 through June 30, 2011. Full Story
By: Richard (Rick) Mills, Ahead of the herd - 21 June, 2011
Accessing a sustainable, and secure, supply of raw materials is going to become the number one priority for all countries. Increasingly we are going to see countries ensuring their own industries have first rights of access to internally produced commodities and they will look for such privileged access from other countries. Full Story
Attention all gold seasonal doldrums experts: Are you a little too cocky, a little too sure? The secret to building wealth in the market is maintaining a mindset of mild confusion and humility. The investor must acknowledge that anything and everything is possible, at every point in time. Full Story
A significant base may be forming in uranium stocks -- seen in the Global X Uranium ETF (URA) -- as Japan’s troubled nuclear energy industry passed its first major vote since the Fukushima tragedy. Many of the stocks that make up this etf are down more than 40% such as Uranium Resources (URRE) and Uranium Energy Corporation (UEC). But positive news is beginning to reemerge after three months of naysaying. Fukushima is proving nuclear is here to stay. Full Story
Bad ideas are sometimes the hardest to de-throne. It’s probably accurate to say most people think of money as the paper currency printed by governments. And it is money in the sense that it functions as a medium of exchange, but is it sound, is it vulnerable to inflation? Its very existence is evidence that it is, so why are so many people reluctant to switch to a money that isn’t? Full Story
By: Steve Saville, The Speculative Investor - 21 June, 2011
The relationship between bank reserves and money supply is widely misunderstood. Some analysts believe that the Fed dictates the US money supply by controlling the reserves of the US banking system, but, as we'll explain, this is only partly correct. Other analysts believe that if commercial banks are collectively unable or unwilling to lend then the Fed won't be able to increase the economy-wide money supply, regardless of how much it increases bank reserves. As we'll explain, this view is completely wrong. Full Story
The Fed is holding the US economy hostage. And it’s time for a prisoner snatch. It was 32 years ago that President Reagan freed the hostages from Iran. He did within hours of his inauguration what Jimmy Carter had failed to do in 444 days--he freed 52 US embassy employees taken hostage and imprisoned by Iran’s Islamic theocracy. Full Story
An article entitled Government Stays Glued to Mortgage Market topped an inside page of the Wall Street Journal’s yesterday, offering a trenchant assessment of the real estate crisis but no easy alternatives. The 1,200-word think-piece, written by one Nick Timaraos, pondered the chicken-or-egg question of how to lure private capital back into mortgage lending. Should The Guvvamint pull back on support and hope investors fill the void? Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 20 June, 2011
This weekend, the E.U. Ministers promised the next tranche of money to Greece and a second bailout package if Greece enforces another bout of austerity on itself. Does this clear the E.U. of its obligations? They have not yet finalized these terms and await the next episode in Greece of its acceptance of this principle. Full Story
That the United States government, the U.S Federal Reserve, and a plethora of financial institutions, are in breach of numerous U.S. laws in regards to fraud and fiduciary duty to the American people, is held to be self-evident, by a growing minority of individuals around the world. That this breach of law and duty has resulted in the deterioration of the global marketplace, diminished opportunities for workers, and effected an acute decay in living standards for millions around the world, is without doubt. Full Story
Gold prices passed the $1,500 per ounce mark for the first time ever in mid-April of this year and have set up shop around $1,525-$1,550 an ounce aside from a couple of short pullbacks in early May. So far in 2011, it’s been relatively status quo for those investors who’ve embraced gold as a way to protect themselves from currency debasement, excessive money printing and inflation as prices have increased 7.67 percent. BofA-Merrill Lynch (BofA-ML) analysts are forecasting gold prices could fall to $1,400 an ounce during seasonal weakness in July before rebounding as high as $1,650 an ounce by early fall. Full Story
Gold stocks continued to lose ground last week and have now hit the same level they were at in September 2010. Gold however was marginally higher last week and is still holding above its May 2011 lows. The divergence between gold and gold stocks is clearly visible on the next chart... Full Story
Anyone who thinks the Federal debt ceiling is now or ever has been a ceiling has not come to grips with the political reality of the free ride. Until there is widespread political pain, there will be no debt ceiling. It's an elevator, and it keeps going higher. Full Story
By: John Mauldin, Millennium Wave Advisors - 20 June, 2011
Is it possible for the Eurozone to break up? It was so inconceivable when they formed it that there is nothing in the treaty that mentions a member leaving or being removed; but now, if we’re to be honest with ourselves, we need to think about how that would work. This Friday finds me in Kiev for the first time ever, with my youngest son, Trey; and the small tour we went on last night was fascinating. Since I know not if I will ever get to this fascinating city again, I am going to write a briefer missive than usual, and it will center on my thoughts on Europe, as I have just had the pleasure of the company of a number of very diverse people, talking about the issues. Nouriel Roubini has graciously agreed to allow me use his latest private piece (very powerful analysis here), where he analyzes the question of whether the Eurozone could actually break up, so you will get the usual solid content (OK, maybe a little better), with my notes at the end. And I’ll close with some thoughts on Kiev. Full Story
America appears primed for a political revolution, but will it happen? Or are we too glutted with middle class amenities to put creature comforts at risk? A similar theme permeated Will the Soviet Union Survive Until 1980?, an important essay published in 1970 by Soviet dissident Andrei Amalrik. Amalrik predicted revolution would come despite the seductive appeal of the middle-class life that many Russians were beginning to experience in the post-Khrushchev era. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 19 June, 2011
Before 2000, the gold markets of the world were in retreat because of the fear that central banks would unload the 34,000 tonnes of gold they held in reserves. Britain conducted the last, great sale, selling half of their reserves at the lowest price the gold market has seen since the early 1970’s (and has not been seen since). Full Story
There is much confusion today over the role of gold. It is viewed as a commodity, as an investment, as a position to be traded. But if we set aside these preconceived notions and examine why gold and precious metals are resuming their historical role as money the world over, if we establish a gold mindset, we will see that their real value lies in forming the foundation of an investment portfolio, because precious metals provide the ultimate in wealth protection. Full Story
Central banks have been on a gold buying spree. In “The Rising Financial Gold Market,” I highlighted how countries, such as Mexico, Russia and Thailand, were adding to their gold reserves. And in 2010, central banks became a net buyer of gold for the first time in 21 years, according to the World Gold Council. Full Story
As it was the case in our previous essay (Will Gold Price Decline Soon or Is This Summer Really Different), let’s begin also today’s article by answering one of the questions that we’ve received from one of our Subscribers. Here is the question. Full Story
YES, GROWTH IN global gold demand is rapid. No, another decade of quintupling prices isn't nailed on. But neither of those facts make gold a "bubble" today. In fact, anyone calling gold a bubble right now is talking through their hat – at best. Take these jokers, for instance, all holding forth in the last month... Full Story
By: Bob Chapman, The International Forecaster - 19 June, 2011
As far as we can discern the US Treasury thus far has spent and borrowed about $100 billion from the federal pension accounts. Unless there is a vote on the cash debt extension prior to August 2nd, government will probably have borrowed some $250 billion to $300 billion. The Treasury is paying virtually no interest on this debt. Three-month Treasury bills are currently yielding zero percent. Our question is how will the funds be generated to fulfill the Treasury’s obligation to the pension fund? What happens if on August 2nd if legislation is not passed? Does this go on forever? We will keep you apprised on new developments. Full Story
By: Chris Powell, Secretary/Treasurer, GATA - 19 June, 2011
The U.S. House Subcommittee on Domestic Monetary Policy and Technology, chaired by U.S. Rep. Ron Paul, R-Texas, will hold a hearing Thursday, June 23, on Paul's proposed legislation to audit the U.S. gold reserve. Notice of the hearing can be found at the Internet site of the House Financial Services Committee here... Full Story
The retreat from the gold market by George Soros this spring is a highly talked about event in the precious metals market. But reading a recently published history of hedge funds it was interesting to be reminded how Soros got the crash of 1987 badly wrong. Full Story
To understand why QE 3 is inevitable, and the Major Market Moves which will likely result from that, and consequent Investor Strategies for Profit and Protection before and during QE 3, one must first appreciate that Major Markets, and especially the Precious Metal Markets are regularly manipulated by a Fed-led Cartel of Central Bankers and their Allies and factota. Full Story
Of the 133 analysts who have now gone public in maintaining that gold will eventually go to a parabolic peak price of $2,500/ozt.+ before the bubble bursts, 90 – yes 90, maintain that gold will reach at least $5,000 per ozt. Take a look here at who is projecting what, by when. Full Story
The sweet Clash song “Should I Stay Or Should I Go?” seems to be the song most suited for the Greek situation right now. France and Germany are bailing them out and Greece is trying to pass large budget cuts to the disdain of their citizens. Full Story
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