By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 26 December, 2008
In 2008, the gold market began the year with a normal bull market pullback from its highs of $1,035 to the very low $900 level. Jewelry had already begun to recover as the gold price dropped, but then the impact of the "investor meltdown", through forced selling by investors, selling what they could to cover losses in other markets, hit gold too. Full Story
By: Adam Hamilton, Zeal Intelligence LLC - 26 December, 2008
Gold belongs in every investor’s portfolio. It is totally unique among financial assets, a physical metal commanding timeless and universal intrinsic value. It is a rock of stability in a chaotic world, a stark contrast to the complex web of mere promises to pay that is our modern faith-based financial system. Without gold, true diversification and protection from systemic risk is impossible. Full Story
Many people are very confused these days. They should be. Slowly the nation is coming to grips with a harsh reality that a garden variety recession has not dug its roots inside the body economic of the United States. This is much worse. This is an economic and financial system horribly plagued by insolvency, with vicious cycles causing severe momentum in the damage, where the entire system is facing potential ruin in a disintegration sequence during a virtually unstoppable liquidation process. The broken credit clutch cannot disengage. Full Story
The risks and drawbacks of securitization were ignored in the flush of a success that was supported by government and government-sponsored enterprises. Securitization is all but dead, but it’s on extremely expensive life support being paid for by forced exactions from taxpayers. Full Story
By: Jake Towne, the Champion of the Constitution - 26 December, 2008
The outstanding contemporary relevance of Lord Keynes’ short essay "The Great Slump of 1930" comes from the fact that Keynes faced very similar dire auspices as he grappled with the uncertain future of the 1930 global economic downturn. At the time he wrote the essay, Keynes was trying to explain both the origins of the crisis and its future length and severity. Needless to say, he missed the boat completely, although like a good medieval soothsayer he did manage to hedge his bet a little. Full Story
By: Richard Daughty, The Mogambo Guru - 26 December, 2008
And it is especially worrisome now that the government's monumental Social Security, Medicare and Prescription Drug Coverage problems would be solved if all of us old people suddenly died. Full Story
-Just looking at the facts today…how can so many people have so much faith in humbug? -Don't believe in the bailouts…you can't increase consumption while discouraging savings and expect the economy to survive… -Wishing you and yours a very happy holiday! Full Story
By: Bob Chapman, The International Forecaster - 24 December, 2008
This is going to be very bad for the dollar in the long run. Some even think the dollar will win by default versus other currencies, but in fact they’ll all lose versus gold in varying degrees. A good point to remember is that this time the Chinese are not going to be around to bail out the $2.5 billion daily needs of the US Treasury. Full Story
Investors who failed to have The Real Numbers in 2008 typically suffered Serious Losses. Having The Real Numbers could not only have helped prevent losses. It would also have allowed these Investors to Profit because they would have had several significant indicators that they should have shorted the markets before they suffered very substantial takedowns. Full Story
By: Gary North, Mises on Money - 24 December, 2008
Every society and every institution rests heavily on trust. There is active trust, the result of "trust, but verify." I call this stage one trust. Then there is stage two trust, which I call default trust: "Trust, and assume that someone else has verified." Next, there is stage three trust, which I call blind trust: "Trust, because there is nothing else worth trusting." Then there stage four trust, which I call tooth fairy trust: "Trust, despite all evidence to the contrary." This form of trust is the foundation of all Ponzi schemes. Full Story
However, personally I remain hedged with both dollar currency equivalents and a precious metal portfolio. This is a defensive liquid position and I can not see why you would hold anything else until markets have clearly established a new bottom. Full Story
By: Richard Daughty, The Mogambo Guru - 24 December, 2008
I realize, too late, that accounting was not the long suit of the audience, so I say, 'The guy to whom you loaned your car turned around and sold your car, kept the money, and you still think that you have the car? Hahahaha!' Full Story
By: Bill Bonner & The Daily Reckoning Crew - 23 December, 2008
-The whole auto industry has hit a telephone pole…want money? Just ask the hacks in D.C…. -The situation we are facing now is why paper money was invented…Dubya says we must kill capitalism - in order to save it…. -Laissez-faire, we hardly knew ye…end the financial crisis with a money crisis…vote for I.O.U.S.A….and more! Full Story
-Dollar topping out -Physical demand skyrocketing -Supply chain shutting down -COMEX Gold Manipulation exposed -Gold shares on the move again Full Story
The way things look it will soon be impossible - or very difficult and expensive - to obtain physical gold and silver. The first major wave of physical buying has bought up all of the coins and small bar gold and silver available on the market, with the result that if you want any, you must pay a large premium. Right now, the second wave is underway, with astute investors forcing the Comex to deliver, which is having the effect of drawing down their warehouse stocks at a rapid rate. Full Story
By: The Gold Report and Jay Taylor - 23 December, 2008
The world’s economic woes may be far from over, but deflation or inflation, gold is as good as it gets, according to Jay Taylor. Jay, whose passion for the king of metals prompted him to pursue geological studies after earning his MBA in finance and investments, has established an enviable track record in the markets. According to webeatthestreet.com, “J. Taylor’s Gold & Technology Stocks Model Portfolio has more than tripled its value since January 2000 while the S&P 500 has barely moved.” Full Story
Anyone who has watched the price of gold lately must have felt that something was off. While public demand for bullion coins went through the roof and major bullion dealers ran out of coins to sell, the spot gold price was flat, teetering between the upper 700- and lower 800-dollar range. Full Story
By: Sol Palha, Tactical Investor - 23 December, 2008
Gold traded as high as 888, well within our suggested target range and subsequently pulled back. There is a chance it could trade into the suggested ranges one more time before putting in 3-6 month top, that should result in a re test of the 720 ranges. As stated before a break below 720 for more than 7-9 days could drag it all the way down to the 650 ranges. This will produce a mouth watering long term buying opportunity; the next leg up will probably result in gold testing the 1200 ranges. Full Story
All of this regulating won’t make for sound banking. That’s impossible with fiat money, fractional reserves and central banking as Rothbard explains. To put banking back on sound footing, the dollar must be defined by weight in gold, the Fed must be liquidated, banks must have gold equal to 100 percent of demand deposits, the U.S. Mint should be abolished, and the FDIC, instead of bulking up, should be abolished, "so that no government guarantee can stand behind bank inflation, or prevent the healthy gale of bank runs assuring that banks remain sound and noninflationary." Full Story
Personally I feel extremely cautious going into the New Year, and am prepared to wait this one out in cash and precious metals. If that means missing the bottom then fine, I am not Warren Buffett. But if things take a really nasty turn then I will be in there buying, and throw some caution to the wind. I just do not feel the moment is right just yet. Full Story
By: Dr. Ron Paul, U.S. Congressman - 23 December, 2008
Merely passing a law does not fix any problems, just as throwing paper at a recession does not stop it. How can a government so complicit in mandatory public fraud effectively pre-empt private fraud? I see no reason to believe that any new law, or regulatory agency will solve anything. But I do see liberty slipping away every time Congress decides to "do something". Full Story
By: Jason Hommel, Silver Stock Report - 23 December, 2008
These days, I'm shocked to see that the largest Ponzi Scheme in the world (besides the government run ones like paper money, social security, etc.) --the Bernie Madoff $50 billion fraud fund, only provided a steady 10.5% return to investors. Had he purchased gold in 2001, his Ponzi scheme might not have failed, and, in fact, his fund could have had returns far in excess to that which he promised his investors! Gold, at $255 in 2001, to $850 by 2008, after 7 years, is an annualized 18.77% return! Full Story
By: Andrew Mickey, Q1 Publishing - 23 December, 2008
They’re the worst possible gift you can give a grandchild, niece, nephew, or any other young person in your life despite they’re ongoing popularity. You’d never know how bad they are from the high praise they receive... I’m talking about U.S. Savings Bonds. Full Story
By: Richard Daughty, The Mogambo Guru - 23 December, 2008
What? A $2 trillion federal budget deficit? In a $13 trillion national economy? Gaaahhhh! When the trade deficit is running at almost $900 billion a year? Double gaaahhhhh! Full Story
By: Rick Ackerman, Rick's Picks - 23 December, 2008
Stocks are supposed to waft effortlessly higher the last week of the year, but the buying power just doesn’t seem to be there. So much for desperation’s final fling, a hallowed tradition of Wall Street money managers hell-bent on padding their Christmas bonuses. We still expect a flurry of criminally brazen mark-ups before New Year’s Eve, but it looks as though DaBoyz might be saving what precious little ammo they have until the final session hours of 2008. Full Story
By: Bill Bonner & The Daily Reckoning Crew - 22 December, 2008
-The most foreboding Christmas season in history…every day brings more cutbacks, more bankruptcies and more trouble… -Borrowers have counted on home equity money to fill in the gaps in their household budgets…using borrowing in place of saving… -Americans are really beginning to resent Wall Street…consumer prices are sure to fail in the near future…and more! Full Story
In truly free markets, there would normally be a balance between large buyers and sellers. In regulated futures markets, this is most often seen in the relative similar size of the largest longs and shorts in almost every market. In other words, the amount of long contracts held by the largest traders should be comparable to the corresponding amount of contracts held by the largest short traders. In fact, this is usually the case, as can be witnessed in the COTs. However, this is definitely not the case with silver and it is this aberration that is further evidence of manipulation. It is the dominant position of the large shorts in silver that accounts for their price control. Full Story
Most financial commentators, even the well-known and respected ones, just don’t get it. They don’t understand what’s happening in macro-conditions because they fail to accept the understanding that sentiment, as measured by speculator betting practices in the various options markets populating the landscape, is the single most important driver of prices in our mature fiat currency based financial markets. Full Story
Only if America returns to the principle of sound money enumerated in its Constitution, will the abomination of unsound money and unsound governance end. If the Federal Reserve is allowed to continue, so too will our problems and the now 95 year downward spiral of America. Full Story
Most of us like to believe that we wouldn't have been tricked by Madoff. But are you being tricked by the elites who claim that they can conjure up a trillion dollars to stabilize our economy by clicking a few buttons on a computer screen? Most people are. Certainly the press seems to have bought it. Many people were outwitted by Madoff. Many more people are today being outwitted by the government and its central bank. And it will all end in disgrace and disaster, only on a far, far grander scale. Full Story
My prediction of the Dow at 4-5,000 and gold at $4-5,000 an ounce for later next year still stands, and hedge fund redemptions followed by a dollar collapse will be the driving forces to achieve that bottom. It might take until 2010 to get that far but no longer. Full Story
By: Boris Sobolev, Resource Stock Guide - 22 December, 2008
In this short update we focus on the long term technical picture for gold and precious metals stocks since the fundamentals have not changed and remain bullish. The technical picture, however, is getting very interesting. Full Story
The country is not on a gold standard. Nevertheless, gold has played a leading role in the past 2 months in frustrating the plans of the paper aristocracy to triple the U.S. money supply and revive the housing bubble of 1997-2006. Full Story
Gold (GLD) and gold stocks have had a great run higher and some profit taking stepped in last Thursday and Friday by the looks of it. Thankfully the reversal candle on Wednesday gave us a reason to lock in some profits, as we sold some of our position before the price pulled back the following two days. We continue to hold some of our position, anticipating a small pullback as the price corrects before another leg higher. We will be looking to add to our position if we get a bounce off our support trend line with a reversal candle and risk under 3%. Full Story
By: David N. Vaughn, Gold Letter, Inc. - 22 December, 2008
Deflation is argued. Inflation is argued. No one really knows for certain the direction of US dollar. Well, I’ll make a humble and simple prediction for where we all will be by the end of 2009. The dog house. Yep. Move over Spike we just might have to begin sharing your residence with you before the end of 2009. George will provide you with your shoes. Full Story
By: Rick Ackerman, Rick's Picks - 22 December, 2008
Deflation will run its course no matter what the puny central banks attempt to throw at it next. It will take years to play out, and the price declines we have seen so far in the housing market are not even halfway to their bottom. As for gold, we will reiterate something we said here earlier: Even if it should fall to $200 an ounce, it is all but guaranteed to be do better, much as it has been, compared to nearly every other investment asset you could conceivably have chosen. Full Story
1st Hour: Headline news & Market Weatherman Forecast. Spotlight Stock Picks with big dividends. The International Forecaster and Host Chris Waltzek answer listeners' questions. 2nd Hour: The Gold & Silver Exchange Full Story
In this article I want to enumerate the reasons why I believe that permanent backwardation in gold would bring about the descent of our civilization into lawlessness similar to that following the collapse of the Western Roman Empire. Full Story
By: Bob Chapman, The International Forecaster - 21 December, 2008
When, in the wake of the Bear Stearns collapse, Meredith Whitney of Oppenheimer blew in Citigroup for carrying what can only be termed "pseudo-derivatives" at par with bogus AAA ratings, derivatives that were essentially nothing but toxic waste created by Ponzi schemers Rubin and Prince to absorb a portion of the millions of mortgages that should never have been made in the first place, the elitists were caught with their pants down. Full Story
By: John Mauldin, Millennium Wave Advisors - 21 December, 2008
The Fed has taken interest rates to zero. They have clearly started a program of quantitative easing. What exactly does that mean? Are we all now Japanese? Is the Fed pushing on a string, as Japan has done for almost two decades? The quick answer is no, but the quick answer doesn't tell us much. We may not be in for a two-decades-long Japanese malaise, but we will experience a whole new set of circumstances. In what will hopefully be a shorter holiday version of the e-letter, I will tackle these questions and more. Full Story
By: David Morgan, Silver Investor - 21 December, 2008
Typical pre-teen boys may be as committed to collecting coins as they are baseball cards, but to find 11-year-olds intrigued by the M1 money supply, fiat currency and the silver standard would be a rarity by anyone’s standards. David Morgan, whose interest in silver dates to that tender age, was one of the rare ones—and still is. Although his horizon has expanded considerably since those days, he now stands out among the world’s preeminent silver authorities, investment experts and worldview economists. Full Story
The truly rich take risks….smart risks. Right now is the time to start taking on some of those risks. Convertible bonds, which offer current income like bonds and all the upside of stocks, is looking like one of those smart risks to take right now. Full Story
By: Richard Daughty, The Mogambo Guru - 21 December, 2008
So, since all the world's currencies are now fiat currencies, and they can all be easily inflated by infinite amounts until they are as worthless as a Zimbabwean dollar, thus they are all equally as safe and ultimately as valuable, too! Full Story
As the U.S. $ Index and the price of gold bullion seem to be moving in opposite directions one wonders once more who is leading and who is following (albeit in opposite direction)? More importantly, where is each going? Full Story
Gold was up 16.90 closing at 837.40 for a weekly gain of 2%. Earlier in the week gold closed over the 850 price level, which marks the intermediate term trend. A weekly close above this level would re-establish the trend as bullish. The weekly chart below shows gold bumping up against its 50 day moving average and both horizontal resistance at 850 and its declining upper trend line just above. Full Story
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