Today the European Central Bank announced the expiration without replacement of the latest central bank gold agreement. The ECB's announcement is appended.
What does it mean?
The announcement attributes the decision to let the agreement expire to the gold market's having become "mature," but how did the gold market suddenly "mature" when, upon the signing of the first central bank gold agreement in 1999, it was already a few thousand years old? Full Story
If there is a recession in the next one to two years, there is also likely to be another bear market for stocks. Based on their experience over their lifetimes, many investors are expecting a "normal" bear market in that event, perhaps in the 20% to 25% range in terms of losses.
However, we are not in normal times, and we have seen a fundamental change in stock valuations over the last more than twenty years. We have also seen a major change in the losses experienced in bear markets, relative to prior decades. Full Story
By: Peter Schiff, President and CEO Euro Pacific Capital - 26 July, 2019
After claiming to be the greatest at just about everything, Donald Trump has finally found an area where he can stake a credible claim. By negotiating a disastrous budget deal with Democrats, the President could become the greatest creator of government debt in the history of the country. While Trump is selling the two-year deal as a major victory because it increases military spending and removes the possibility of a government shutdown for two years, in reality, the agreement to suspend the debt ceiling and push annual deficits even further above the trillion dollar mark may only succeed in destroying the Republican Party as we know it. Full Story
Individuals dream about winning the lottery, stock market profits, reducing debt, earning more income, attractive sex partners, and tasty food. But our dreams can turn into nightmares filled with inflation ghosts and monsters.
The derivative monster is a destroyer. Deutsche Bank stock closed at $6.76 on June 7, 2019, down from over $100 in 2007. A repeat of 2007 is possible. Price on July 25 is $7.89 – still sick Full Story
With the Federal Reserve all but certain to cut interest rates multiple times in the months ahead, central bankers are engaged in a race to the bottom.
As negative interest rates expand in Japan and across Europe, as long-term bond yields in the U.S. plummet, and as President Donald Trump continues to talk tough on trade, the Fed has little choice but to cut. Full Story
By siphoning off demand for real gold and silver and channeling it into unbacked or fractionally-backed credits and futures, the central banks and their bullion bank counterparts have done an amazing job in creating an entire market structure of futures and synthetics trading that is unconnected to the physical gold and silver markets. This structure siphons off demand away from the physical precious metals markets, and in doing so, creates a system of price discovery which is nothing to do with physical gold and silver supply and demand.
Apart from fractional-reserve banking, precious metals market structure is perhaps one of the biggest cons on the planet. So next time you think of precious metals manipulation, remember that in addition to spoofing and secretive central bank gold loans, the entire structure of the precious metals markets is unfortunately one big manipulation hiding in plain sight. Full Story
News of significant recessionary drops in the US became as relentless this past week as the ping, ping, pang of drips from a leaking ceiling hitting pans in the New York Stock Exchange. I’ve been saying you would hear the sounds of recession everywhere as soon as the second-quarter earnings reporting season began this summer. Here we are, and here’s a list of the week’s downbeat economic news that quickly terminated the S&P 500’s rally … right where I said it would end … slightly above its previous summit.
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