The prevailing valuations in the lofty US stock markets are increasingly becoming a bone of contention. Wall Street calmly asserts stocks are reasonably valued, since it has a huge vested interest in keeping people fully-invested. But with valuations soaring following a massive rally and weak third-quarter earnings season, they are dangerously high and portend great downside risk. Stock topping valuations abound. Full Story
For six years, the world has operated based on faith and hope that Central Banks somehow fixed the issues that caused the 2008 Crisis. All of the arguments supporting this defied common sense. A 5th grader knows that you cannot solve a debt problem by issuing more debt. If the below chart was a problem BEFORE 2008… there is no way that things are better now. After all, we’ve just added another $10 trillion in debt to the US system. Full Story
When I was a boy, a carnival would come through town annually, with a Ferris wheel, a merry-go-round and, of course, a midway: rows of makeshift stalls where fair-goers might win a prize by throwing a ball at weighted milk bottles, shooting a rifle at metal ducks, or pitching pennies at small glass bowls. Full Story
Right around the turn of the century (sounds like a long time ago) I toured the South African countryside on behalf of GATA. It was in early 2001 ahead of GATA's conference in May that year. It was quite a journey as it took me to Cape Town, Johannesburg, Pretoria, and then Durban, where the conference was to be held. Full Story
Investors looking to acquire 2015 Silver Eagles may just have a few more weeks to purchase the coins. If demand for Silver Eagles by the Authorized Dealers and investors remain strong over the next several weeks, we could see a record 47 million of the coins sold this year. Full Story
If you listen to the top central bankers of the world talk for long enough you will come away with the impression that central banks are attempting to give us “price inflation”, as if rising prices were beneficial. However, nobody wants to pay more for stuff. In fact, rational people prefer to pay less, not more. Therefore, when central banks claim to be giving us “price inflation” what they are really doing is stealing the “price deflation” from which we would otherwise benefit. Full Story
Christine Lagarde and the IMF Executive Board recently announced their intention to include the Chinese renminbi (RMB) in the Special Drawing Rights’ (SDR) valuation formula. This would bring the Chinese currency into an exclusive group – alongside the US dollar, the euro, the British pound and the Japanese yen - of 5 global currencies that make up the IMF’s own reserve currency. Full Story
To be sure, groups of oil rags are accumulating in the Western financial basement. They await an incident to light them on fire to produce the grandest bonfire in modern history. Many incidents, events, and decisions created the current broken untenable wrecked set of conditions that together comprise the structural breakdown, upon which systemic failure is witnessed each day. The 1990 decade saw the creation of bank derivatives, which compensated for Western bank system insolvency. It was the dirty secret in backfire from a decade of outsourcing US industry to the Pacific Rim. The refusal by Greenspan to permit a recession early in the 2000 decade interrupted a normal housing correction, and initiated another credit stimulus. Full Story
Bonds traded as low as 151-12, fulfilling the first requirement; the next stage calls for a rally that could take bonds to as high as 155. After, that bonds are expected to trade below 151-12 and as low as 147 before a tradable bottom takes shape. For now, the bond market is catering to the twaddle that the Fed is going to embark on a rate hiking program. Full Story
There's a saying in the resource sector investment community regarding whether or not a person might be privy to a good private placement or the inside scoop on a company that's working on a lucrative gold or silver project. The saying goes: “If you're out of the room, you're out of the deal.” As the day comes closer when the precious metals turn to the upside in earnest – well before the public mania phase alerts everyone on the planet to the potential – we could confront an event which moves the precious metals upward so quickly and violently, that people don't have at least a core holding beforehand will be left standing at the proverbial station. That train might not just pull away, but instead launch down the rails like a rocket. Full Story
Commodity prices are plunging, the dollar is powering higher, the yield curve is flattening, ObamaCare is collapsing, global trade is plummeting and terrorism is spreading across the globe. The high yield credit markets are sending distress signals and 10-year swap spreads are negative. Energy companies are going out of business faster than you can say “frack” and trillions of dollars of European bonds are again trading at negative interest rates. The world is drowning in more than $200 trillion of debt that can never be repaid while European and Japanese central bankers promise to print more money and the Federal Reserve is being dragged kicking-and-screaming into raising interest rates by a paltry 25 basis points. Full Story
I’m not suggesting that you rush out, sell all your retail stocks, or short Lululemon and Under Armour tomorrow morning. As always, timing is everything. However, it is crystal clear to me that the Grinch is definitely going to steal Christmas… and that retail stocks are one of the worst places to invest your money. Full Story
By: Steve St. Angelo, SRSrocco Report - 25 November, 2015
Steve St. Angelo is an Independent researcher who started to invest in precious metals in 2002. Later on in 2008, he began researching areas of the gold and silver market that, curiously, the majority of the precious metal analyst community have left unexplored. These areas include how energy and the falling EROI – Energy Returned On Invested – stand to impact the mining industry, precious metals, paper assets, and the overall economy. His work can be seen on numerous online publications, but his website, SRSrocco Report, is highly regarded as one of the most invaluable publications of its kind in the sphere of precious metals and the economy. Full Story
People think sometimes that the U.S. government's going to keep the price down and protect the dollar or the stock market. I say there's a simpler explanation. J.P. Morgan suppressed the price these last four and half years precisely to acquire this silver and they have no interest of letting loose of this silver except at some extraordinarily high price. Full Story
The silence is deafening. Week after week for the last 4 years has seen each lower low in metals and miners met with a bottoming cry by many in the market. However, the silence has been noticeable at these current lows. Are so many that certain that gold is going to significantly break $1,000? Weren’t so many as equally certain that gold was going to break out over $2,000 in 2011? What I can tell you is that the camp which expects sub-$1,000 gold has grown to the extent that one has to consider that they may be disappointed. Full Story
By: Steve St. Angelo, SRSrocco Report - 25 November, 2015
The death of paper gold and silver has arrived, however the public doesn’t realize it yet. They will, it’s just a matter of time now. This is like the poor slob whose diet of McFats, Done-Kin Doughnuts and Cancerette smokes, is just one heart-attack away from being six-feet under. The paper precious metal market is also one serious fiat monetary attack away from certain death. Full Story
By now you have heard the news of a Russian fighter being shot down over Turkey. There are conflicting reports as to whether the plane was in Turkish or Syrian airspace. Another unknown is whether the plane was shot down from the air or ground. Also conflicting as to whether the pilots were dead prior to landing, or executed while parachuting down or after landing. Add to this the destruction of a Russian search helicopter by an anti tank "TOW". Full Story
In one hand we hold gold, which is eternal, beautiful, and valuable everywhere. In the other hand we are stuck with a debt sandwich. That sandwich is a massive slab of debt wedged between an impressive military war machine that spends money like water flowing over Niagara, and a huge welfare system that spends money even more rapidly. Included in the welfare system are Social Security pensions, Disability Income, Medicare, Medicaid, SNAP (food stamps), many more programs, and the salaries, bureaucracy and pensions to support them. Full Story
In August, we came out and openly stated in an article titled the Gold bull is dead that it was not the time to buy Gold. At that time, many analysts were calling for a bottom and much higher prices. We stated that there was a high probability that Gold would move lower before bottoming out. Fast forward and that outlook has come to pass. Full Story
First, withdrawals from the vaults of the Shanghai Gold Exchange (SGE), our best measure for Chinese wholesale gold demand, accounted for 49 tonnes in week 44 (9 – 13 November), up 9% from the previous week. Year to date SGE withdrawals have reached 2,259 tonnes, which is already more than any previous yearly total. Full Story
The case for gold ownership is not any weaker or stronger now, than it was a thousand years ago. Gold is the world’s ultimate asset, and that’s irrespective of whether the price is currently rising or falling. Currently, most commodity indexes are dominated by oil, and game-changing events in the mid-East region are poised to occur in 2016. Full Story
In 1700 years, as you can see in the chart above, not much has changed. Since 1971, when the United States detached the dollar from gold and ushered in the era of fiat money, the dollar has lost 83% of its purchasing power. The 1971 dollar is now worth 17¢. Gold in the meanwhile has risen from $35/oz. then to roughly the $1100 level today (with a stop at $1900/oz in 2011.) Over the long run, gold in the modern era has maintained its purchasing power as it did in Roman times, while the dollar, like the denarius, has been steadily debased. So it is by the circuitous route just taken, you now know why 4000 Roman coins recently found buried in a Swiss orchard reinforce gold ownership today. Full Story
I didn’t know Ralph Nader was still around. I remember him from when I was a kid, and I am pretty old. To answer your question Ralph, the Fed has been keeping rates so low in order to make sure that enough of the economy deleverages from previous Fed-induced moral hazards. The Fed has held savers in suspended animation in an effort to make powerful and abusive interests whole again. It is these interests that matter to the Fed, not regular people. Full Story
The prevailing view in the gold community is that banks are speculators who bet on a falling price. To begin, they commit the casino faux-pas of betting on Do Not Pass at the craps table. When everyone wants the price to go up, the banks seem to want it to go down. Uncool. Full Story
A major long-term momentum indicator is flashing, “sell.” Based on the historical significance of this indicator we may be putting in a top and possibly THE top for the bull market that began 2009. The indicator concerns the monthly moving average convergence divergence or MACD. For those of you who like technical analysis, this indicator is formed by two interweaving lines. The first line (usually black on the chart) is formed by subtracting the 26-month exponential moving average (EMA) from the 12-month EMA. Full Story
By: Chris Powell, Secretary/Treasurer, GATA - 24 November, 2015
Much of GATA's documentation consists of the records of surreptitious gold trading by governments and even admissions by central bankers that such trading is undertaken secretly to control the gold price. After all these years of market rigging they wouldn't leave themselves open to a charge that it was illegal. Of course mainstream financial news organizations won't touch this issue; doing so would enrage their governments and reveal that their reporting has been and remains a big hallucination -- that as a high school graduate put it at GATA's Washington conference seven years ago, "there are no markets anymore, just interventions" Full Story
The 12-year history indicates odds are 2:1 that gold will rally in the next 2+ months. But the above correlation chart shows what we really need to know: If the US$ remains at currently high levels, gold ain’t goin’ up anytime soon. Note also that gold is down 8% year-to-date. If it closes 2015 below $1172 per ounce, this will be the third year of losses in a row. Folks, that last happened from 1996 to 1998. Full Story
Silver prices and the management of perception economics, that's basically what MOPE stands for. I'm not sure if it was Jim Sinclair that coined that acronym. I think it was, but that's where I heard it for the first time. It's appropriate to have a subsection of propaganda for economics and finance, so this management of perception economics. It’s basically a system or an extension of generalized propaganda. You can also call it social engineering. You could call it a public relations campaign. In fact, public relations is just a PC term for propaganda. The specific type of propaganda that is associated with finance and economics is this management of perception economics. Full Story
Ten days ago, 129 lives were brutally cut short when assailants affiliated with the terrorist group ISIS, also known as the Islamic State, stormed Paris in a series of coordinated attacks. Along with the rest of the world, we were shocked and saddened as the tragic news unfolded, worsening as the night progressed. Our thoughts are with the victims’ families and friends. Full Story
Precious metals bulls question why metals prices keep falling in the face of what appears to be strong demand and great fundamental reasons for prices to move higher instead. The bears have some answers of course. You can't eat gold, it's basically a pet rock, and modern financial systems are doing just fine without anything as antiquated as bullion gumming up the works. Full Story
Ever think about opening a savings account for your kids or grandkids? Prepare for a coronary. Times have changed. I have fond recollections of my father marching me down to the Canada Post Office to open a savings account in which to squirrel away a small portion of my monthly newspaper route earnings, seeded by his very generous $5 Christmas gift. I promised to deposit 50 cents into the account every month, learning the virtue of thrift as I watched my money grow. Full Story
The most important event in the current international gold market are the thousands of tonnes being imported into China but are not measured by any Western consultancy firm as demand. The firms have tried to create al sorts of excuses to explain where this missing gold went, but nearly all have proven to be false. For the record, naturally this gold can’t be missing, in my view most of it is simply bought by individual and institutional investors directly at the Shanghai Gold Exchange. Full Story
Palladium was the best performing precious metal this week, up 4.45 percent. Trade data shows that China’s palladium imports surged 33 percent sequentially in September as the metal’s price plunged 30 percent from a year ago. In addition, there is an obvious strong correlation between a low gold price and the number of Chinese consumers searching online for “gold jewelry,” as seen in the chart below. According to the World Gold Council, this relationship ultimately paints a picture of a Chinese consumer who is acutely aware of changes in the gold price. Full Story
Doctor copper, can no longer be viewed as a leading indicator, in fact, a name change might be in order. A change of name from Dr Copper to deadbeat copper might in order, given its dismal record over the years. After the financial crisis of 2008-2009, the economy, the stock markets and copper parted ways; while the markets and the economy trended higher, copper plunged into an abyss, and it is still trying to find its footing. Full Story
In fact, silver is trading below its fundamental price also. However, it’s only at a 4.2% discount. If it were to go to its full fundamental value, and assuming that doesn’t change, it would be up near $15. But what if it were to go on the same kind of sale as gold? At a discount of 12.2%, silver would be down near $13. Full Story
The Fed made an announcement Friday they will be holding an "expedited, closed meeting" on Monday. This is very strange indeed. First, aren't all meetings "closed"? And how often do they hold "expedited" meetings. When I first heard this my mind started to turn toward "why"? Why would they have the need to do this? And on such short notice? Full Story
Eric Fier, President, CEO and Director of SilverCrest Metals, joins the show. As a geological engineer and certified geologist, President Fier understands the mining business, from the ground up, literally. Dr. Paul Craig Roberts, Assistant Secretary of the Treasury for Economic Policy and editor / columnist for the Wall Street Journal / Business Week returns. His work indicates a collapse of the national economic "House of cards," is imminent, no longer a question of if, but merely a matter of time. Full Story
The Paris events didn’t happen in isolation. Recent bombings in Lebanon, Iraq, Mali, and Nigeria, plus the Russian airline disaster, showed us how far evil can reach. It isn’t just ISIS: al-Qaeda is getting stronger in some places; Boko Haram continues to strengthen in West Africa; there is a resurgent Taliban in Afghanistan; and the list goes on… Full Story
In early September 2015, I wrote an article titled “Moving the goalposts….The LBMA’s shifting stance on gold refinery production statistics”, in which I explained how the London Bullion Market Association (LBMA) had, on Wednesday 5 August, substantially lowered its 2013 gold and silver refinery production statistics literally a few days after I had commented on the sizeable figure of 6601 tonnes of 2013 refined gold production that the LBMA had previously published in May 2015. Full Story
About a month or so ago I started posting regularly on the possible inflection point I was seeing in regards to the deflationary trend that has been on going since 2011. As you know stocks move from a reversal or consolidation pattern in an impulse move which is much different than a sideways chopping action of a reversal or consolidation pattern. Impulse moves are the stored up energy that is released once a reversal or consolidation pattern is finished doing its job. About four weeks ago it looked like the most recent consolidation phase was coming to an end which would then leave the door opened to an impulse move. Full Story
Logically, one would expect massive expansion or growth in the factors listed above to be bullish for gold and silver, which should hold their value in real terms, and many PM sector investors banking on such logic have as we know been ruined, so why have gold and silver dropped for 4 years now? The reason is that they have been abandoned by hot money pursuing speculative bubbles that, on opportunity cost grounds, have proved to be more fertile territory for amassing speculative gains than gold and silver. Given that the underlying bullish factors for gold and money have not disappeared over the past 4 years, and on the contrary have actually intensified, it should be clear that what has been labeled a bearmarket in gold and silver is actually a gigantic correction within an ongoing epochal bullmarket. Full Story
By: Steve St. Angelo, SRSrocco Report - 22 November, 2015
Ever since July, there has been some interesting changes in the COMEX and Shanghai Futures Exchange silver inventories. The increase in physical silver investment demand that surged in July, had a direct impact on COMEX silver inventories. As we can see from the chart below, total COMEX silver inventories peaked in the beginning of July at 184.5 million oz (Moz) and then continued to decline, reaching a low of 159.9 Moz presently. The majority of the declines came from the Registered category (the category that represents inventory that is available for delivery into the market). Full Story
The bear market in the gold miners has been one for the record books but it is not over yet. Last week we noted that precious metals were on the cusp of making new lows while the US$ index was very close to another key breakout. This scenario remains well in play and would certainly affect the gold mining sector, which over the past two weeks failed to rebound or build on any strength. Full Story
Stocks continue to look and act great with leading stocks leading, as they do, so they are mostly the ones I’m focused on. Markets have a few hurdles overhead so we are not into clear breakout territory yet but we are getting closer. From my seat, we are still in a strong bull market. The metals are finding some support but the dominant trend remains lower quite obviously. Full Story
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