The miners will typically lead Gold at major turning points. We say typically because the trend in the relationship is hardly exact or precise. There can be times when the miners are simply showing their beta (not leading) and there can be times when the miners are leading but their leadership suddenly halts or reverses. The miners peaked five months before Gold and are now one month from the 4-year anniversary of their market. The time seems ripe for the miners to lead Gold into the next bull market. Full Story
After peaking at just over $1,300, back on January 22, 2015 gold has been on a bit of a slide. The prime reason appears to be the fear that the Fed is about to hike interest rates. Is the fear rational? Probably not. Memories are no doubt short. They probably forgot that in the late 1970’s gold was rising as interest rates were also rising. Studies have shown that gold does not have a strong correlation overall with interest rates. If gold does have a strong correlation with anything it is the US$. The US$ has been rising so gold is falling. At least that what conventional wisdom says. Full Story
Although I expect gold prices to rise sharply by the end of the year, possibly even testing gold’s all-time high near $1,924 an ounce, I’m the first to admit that short-term forecasts are highly uncertain. I’m much more confident about the long-term prospects for gold. Indeed, looking out towards the end of the decade and beyond, I believe the metal’s price will rise to a multiple of the currently prevailing price. Full Story
Financial privacy is essentially dead. I think it’s only prudent to assume that sooner or later all the details of your financial life will come to rest in a government computer—if they haven’t done so already—and to plan accordingly. We live in a world where pretty much every penny you earn, save, and spend is stored in a permanent record somewhere and can be retrieved for scrutiny one day if needed. Full Story
Aiding and abetting the circus acts are the global fiat currencies – the dollars, euros, yen, rubles, and what-have-you currencies that central banks print in excess to create the illusion of wealth and solvency. We have our devaluing fiat currencies or we can invest in a safety net – gold. It should be an easy choice! Full Story
Finance ministers in the Eurozone appear to have had a free lesson in game theory from Professor Yanis Varoufakis, the Greek finance minister. At the time of writing Greece's future in the Eurozone is far from secured, but it appears that Greece has achieved something. He gave his fellow finance ministers a deal they dared not refuse, though it still has to be ratified by some parliaments, including Germany's today. Full Story
Gas prices are some of the highest in the country in San Diego, California, and it still cost me only $2.96 a gallon to fill up my tank last week. There’s an excess of oil supplies, according to analysts. You can see from the chart below that global oil production has been rising steadily over the last three years. Full Story
By: Steve St. Angelo, SRSrocco Report - 27 February, 2015
The world is heading towards an economic and financial collapse of epic proportions. Individuals who are currently invested in this system fall into two categories. We have the overwhelming majority invested in paper-digital assets and a fraction of the populace holding physical assets such as the precious metals. Full Story
Let me begin by saying that if you aren’t on Twitter, you’re making a huge mistake. I was encouraged to get on Twitter years ago by a tech-savvy friend. There is a learning curve. It’s not the easiest thing to get the hang of. Used correctly, it can make you smarter. If you could take a smart pill to make you smarter, you would take it, right? Get on Twitter. Full Story
By: Rick Ackerman, Rick's Picks - 27 February, 2015
The correction from January’s 1308.80 high has been nasty, but we shouldn’t let that distract us from seeing the turn if it comes. It’s tempting to think yet another leg down is coming over the next day or two and that we should therefore be looking for a way to get short. Notice, however, that the larger, bullish ABC pattern going back to the January 2 low is still intact. That pattern would trip a buy signal on a print at 1225.80 (rounded up). Full Story
Before getting to the topic of “all in!”, I have a story for you which may be of interest. All the way back in 2002, I travelled out to Colorado Springs for the shareholder meeting of a very small and obscure royalty company named Golden Cycle Gold. While there, we did a tour of the Cripple Creek mine and its operations. The nearby town, Victor, looked nearly like a ghost town 30 miles off the beaten path. Full Story
In just about every state, it’s the law that you must wear a seatbelt when driving down the road. Putting aside the question of whether the government should mandate this, most of us understand that the reasons for individually choosing to do so are valid. It’s been a long time since I’ve been in an accident, but it’s a habit to buckle up every time I get into the car. I don’t look back at my most recent trip and think “Gee, so far nothing has happened. So why did I bother wearing my seatbelt for all those years?” Full Story
The more I read about it the more clear it becomes that the euro, at first a monetary block in Europe, was spawned right after the US abandoned gold in 1971. The European Community (EC) block was the biggest threat for the US hegemony in the seventies, if Europe would unite it could break the USD. Europe’s aggregated gold reserves were (and still are) greater than US holdings, a crucial reserve asset when fully utilized. Full Story
China’s GDP numbers are a total fiction. And Chinese Government officials even ADMIT it! Back in 2007, no less than current First Vice Premiere of China, Li Keqiang, admitted to the US ambassador to China that ALL Chinese data, outside of electricity consumption, railroad cargo, and bank lending is for “reference only.” Full Story
A dear friend asked for help—the sort of help you might need too. She’s retired, lives alone, and has a modest nest egg. But the thought of losing any of her life savings terrifies her. Let’s call my friend “Sally.” Sally doesn’t trust stockbrokers or any commission-based investment advisors, and she confided that all of her money is in a cash account, earning 0.01% interest. Full Story
It’s Wednesday evening, and I can’t help pondering what the world will like when TPTB lose control of “last to go” markets like the “Dow Jones Propaganda Average” and paper gold and silver. Care of the “weapons of mass financial destruction” unleashed by Wall Street and London’s “City,” never before has “Economic Mother Nature” been pushed this far. Consequently, when the final “detonation” occurs, her wrath will be historic. Aside from the Cartel’s suppression of Precious Metal prices amidst record global demand, there’s no better way of depicting the madness of money printing and market manipulation than the below charts – of earnings and cash flow multiples at all-time highs, amidst the worst economic environment, and outlook, of our lifetimes. Not to mention, the highest levels of subprime lending since the 2008 peak; and accounting rules enabling banks to further obfuscate their insolvency. Full Story
I’ve devoted several recent issues to the brick wall of trouble oil producers and oil services stocks are headed for. No question that falling oil prices are going to crush the profits for the entire food chain of oil. However, businesses that consume large amounts of oil are going to enjoy shrinking production costs and big profits a quarter or two down the road. Full Story
The Greek Eurozone creditors that have been keeping Greece afloat since 2010 have extended the country’s bailout by four months however it is only the beginning from what we see as a number of key flash points facing the Eurozone which will in turn support the price of gold over the next 12 months. Full Story
To sum up, the Fed makes an interest rate hike dependent on the level of inflation, while inflation depends on wage growth, which has not recorded any significant pick-up in wage growth. It means that the Fed signals no rush to raise rates. Therefore, we interpret Yellen’s spontaneous answer sessions as bit more bullish for the gold prices than the carefully prepared testimony. Full Story
Yesterday the Austrian Court of Audit (Der Rechnungshof) released a report on the Austrian central bank’s official gold reserves audits (Austria holds in total 280.0 metric tonnes). This report contains (official) critical notes regarding the safekeeping of the Austrian gold. The report is written in German, but from being Dutch (my native language is similar to German), using Google Translate, having spoken to Peter Boehringer about this and using the English introduction from the Rechnungshof’s report, we can squeeze the essential bullion points from the report. Full Story
In case you had not noticed, we live in a crazy upside down sort of world. We could go into the social aspect of this but it would only make our collective blood pressures go up. The same thing goes for politics, religion and let’s not forget an entire industry that used to pride itself on digging for the truth, the media. Nothing, and I do mean NOTHING “is” really as it seems today. Everything is spun, everything is either glossed over or not even discussed (reported on) and nothing is real anymore. Somehow, I think Goebbels is blushing in his grave and Orwell kicking himself for not being outrageous enough when he wrote 1984. Full Story
Debt and budgets in the trillions of dollars and euros are difficult to comprehend. The US budget is nearly $4 Trillion per year while the US official national debt exceeds $18 Trillion. A single large bank may hold contracts for more than $50 Trillion in derivative contracts. Global debt is approximately $200 Trillion. Full Story
Money represents your energy and your time: the days, the weeks, the months, the years it takes you to earn it, and all the things you hope to do with it. In short, money is like stored life. Taxation, inflation, and artificially low interest rates are therefore similar to a needle and syringe tapped directly into your vein, sucking the life right out of you. Full Story
I wrote what I thought was a fairly simple article for Forbes on Tuesday. I noticed that some people really got it, and they were very excited. However, others were skeptical or asking questions that went into the weeds. The former tells me that I said something important, but the latter says that I said it in a way that not everyone could relate to. Full Story
In this week’s letter we will take a close look at the problem that is at the core of Europe’s ongoing struggle: too much debt. But to simply say that such and such a percentage of debt to GDP is too much doesn’t begin to help you understand why debt is such a problem. Why can Japan have 250% debt-to-GDP and seemingly thrive, while other countries with only 70 or 80% debt-to-GDP run into a wall? Full Story
Forget all the doom and gloom you hear about junior miners, says Lawrence Roulston, president of Quintana Resources Capital ULC. Canny investors should pay close attention to the flood of new money entering the sector and note carefully where it is going. In this interview with The Mining Report, Roulston explains how to find gold and silver miners with management that is not only advancing projects but, more important, enhancing shareholder value. Full Story
Yes, I want to be abundantly clear, as some still question my perspective, even though I have reiterated this time and again: I believe metals will see lower lows before this 3+ year correction will end. And, simply because I noted that I was keeping an open mind in January as to the market proving me wrong by completing an impulsive move off the November lows did not change my primary perspective. So, I believe I have been rather consistent and clear that my expectation was and has been that lower lows have yet to be seen to complete this 3+ year correction. Full Story
The gold market is very firm, given that most Indian players are in “wait and see” mode. Demand in India has slowed tremendously in recent weeks, in anticipation of the February 28 budget release. That’s the daily gold chart. When I issued a “book profits now” signal in the $1305 area, I did so because Indian demand was drying up quickly, and because the 14,7,7 Stochastics oscillator was above the 90 level. Full Story
By: Chris Powell, Secretary/Treasurer, GATA - 24 February, 2015
Bank of England Governor Mark Carney today told the Treasury Committee of the House of Commons that the bank is not participating in CME Group's program by which central banks receive discounts for their secret trading in all major U.S. futures markets. Full Story
This past week my sister flew in to see us for a few days. I had not seen her in a couple of years so it was great to catch up and spend some face time. She had not been to see us since we returned from Costa Rica and since the wildfire took our home in 2011. We drove through the burn zone to show her how large it was and how extensive. It’s been nearly a year since I had driven through simply because I don’t really like the memory and how depressing it is to see. This past Friday was different, there are literally MILLIONS of new pine saplings sprouting up everywhere! It took three years but Mother Nature has not failed us once again. Full Story
While central bankers are exhausting all other alternatives, I worry about the collateral damage to 90% of the population who are not first in line on the fiat money gravy train that benefits the financial and political elite. Clearly, central bankers will return to a gold standard only if forced by a financial implosion, economic collapse or equivalent disaster. Hence, the powers-that-be will do whatever is necessary to conceal the sovereign debt bubble, hide the insolvency of sovereign governments, and extend and pretend regarding the value of bonds, equities, and fiat paper currencies. Full Story
There’s a hole in your pocket you probably don’t know about. You may feel instinctively that something is wrong, but unless you look in the right place, you won’t find the problem. The money you’re losing doesn’t appear in the minus column on your account statements, but you’re losing it nevertheless. Full Story
Yes, this whole mid-year rate hike drama has been one for the record books as far as media obsession is concerned. This chart still begs us to keep perspective on what has already been a Hawk-free picture for 6+ years now. Ooh, they are going to raise the Funds rate by a lousy 1/4 point in June… let’s write about it obsessively and turn it into something. Let’s make some chicken salad out of chicken shit. Full Story
Xu provides an excellent all round update of the SGE, though he’s somewhat exaggerating the performances of the SGE International Board (SGEI) up until now IMVHO. I don’t blame him though, the SGEI has great potential! One way to enhance SGEI trading would be to allow individual foreign investors to have easy access to the international exchange and its wide range of products, which is currently limited to SGEI members (banks, refineries, etc). Xu notes this will change soon. Full Story
By: Steve St. Angelo, SRSrocco Report - 24 February, 2015
The Shale Energy Industry suffered another big blow as Chevron terminated its last European operations in Romania due to poor exploration results and ongoing anti-fracking protests. Chevron also suspended all operations in Poland last month and cancelled shale gas agreements in Ukraine and Lithuania. Full Story
There’s little denying that the U.S. economy is on the upswing since the recession. Manufacturing is strong, jobless claims are falling and wages are rising. Delta Airlines, which we own in our Holmes Macro Trends Fund (MEGAX), recently announced that it will be giving its 80,000 employees $1.1 billion in profit sharing, while Wal-Mart, held in our All American Equity Fund (GBTFX), unveiled plans to hike its minimum wage to $9 an hour in April. Full Story
By: Rick Ackerman, Rick's Picks - 24 February, 2015
It’s no coincidence that the stock market’s steep rise in February began just days after an equally steep rise in the dollar stalled in late January. The dollar has been moving sideways ever since, extending a monotonous sine-wave correction that is setting up the dollar’s next powerful rally. It projects to at least 96.30, a relatively modest move of about 2% that would leave DXY a tad shy of a small but technically important peak at 99.25 recorded in August of 2003. Full Story
It seems to me as long as the blatant fraud of naked short selling is allowed by the “regulators” in U.S. markets, then markets will continue to be manipulated to protect the unstable, unbacked fiat Ponzi monetary system, the short term trading goals of the government and the collusive big banks. Sadly, it seems that simple. Full Story
So much is happening behind the scenes it’s mindboggling. This past week we of course ended with “deal or no deal” over Greece. The “deal” the markets were hoping for really was no deal at all, the markets were only hoping for more time and ONLY more time. You see, Greece is broke. They only have enough money for about another week, they don’t even have enough to make their early March debt payment. Full Story
The Gold market appears to be in reverse gear at present. It’s at fresh 6 week lows with a 2nd Daily Cycle that continues to wind lower, and is showing nothing that’s at all positive. Gold is trading very lethargically, and is uninteresting from most perspectives. Assets move higher or lower in direct relation to the sentiment of traders and investors. And sentiment swings like a pendulum, from bullish to bearish and then back again. Full Story
To say we live in a bipolar world these days, a world characterized by white or black parallels up and down the spectrum of life, should be obvious to all by now as the extremes continue to become increasingly profound. And this should be no surprise to anybody with a full 70% of American’s on mind-altering drugs – stoned, distracted and delusional – allowing the populace to continue accepting an increasingly perverse ‘new normal’ – the dope makes extend and pretend possible with an increasingly placated population. Full Story
If your job is to sit in front of a camera selling the notion of getting rich from investing, you’re not going to talk about bonds or currencies (maybe the latter is of interest but only with insane amounts of leverage which usually bankrupts a trader in his or her first trade). However, today stocks are in fact a very minor story. They are, in a sense, the investing equivalent of picking up pennies in front of a steamroller. Full Story
Conclusion: although a short-term bounce looks likely for the sector as it is oversold on short-term oscillators, medium-term a potentially quite sharp drop looks likely, that could even take gold to new lows. There is some danger of a destructive final C-wave that takes the gold price down to finally bottom in the zone of strong support in the $900 - $1000. Full Story
The minutes from the Federal Reserve’s January meeting showed that policy makers argued for keeping interest rates near record lows for longer due to both the stronger dollar and the crisis in Greece. This news favors the case for both gold and silver. Full Story
With eurozone money printing due to start next month and the Bank of Japan continuing to print more per capita than at the height of Fed QE, there is good reason to think the ‘crack up boom’ in global stocks will last another year or so. Full Story
I’ve watched for several years now has one analysts after another has tried to call the top of this bull market. I would argue that the world is in a severe deflationary environment and in order to hold those deflationary forces at bay central banks simply can’t allow stock markets to top. Full Story
I would like to start this Weekend Report by looking at the HUI:SPX ratio chart I posted late Friday night that shows a time objective out to October of this year. If both the time and price elements play out according to this ratio chart then the HUI should be close to a major bottom making a round trip from bull market to bear market and back to a bull market again against the SPX. There doesn’t have to be a V bottom as good bottoms take time to build out. Full Story
The RSI failed to extend past 60 on the rally that started at the first of the year and is now moving lower as well. This is confirming that the rally lacked internal strength. The question that traders are now asking is whether or not the active buying that gold experienced near $1180 and below is still there or whether the rotation back into equities is going to lure them back out of the precious metals sector and back into the broader equity markets in general. Full Story
By: Rick Ackerman, Rick's Picks - 23 February, 2015
In these all-too-interesting times, the headline I found most disturbing last week, from The Wall Street Journal, was this one: ‘Greek Troubles Cause Barely a Ripple’. This was not mere hubris but arguably something worse, since investors have aggressively been putting their money where their mouths are. A salient result, the Journal reported with no hint of alarm, is that “the bonds of other weak European countries have hardly ever been stronger.” Full Story
Peter Schiff outlines the latest Greek exit story; officials rejected the EU bailout this week. Only two weeks remain until the existing bailout program expires. Arch Crawford says years that end in 5, i.e. 2015 have typically coincided with the best equities market performances. The working group on markets is coordinating the markets with the Fed, US Treasury and key investment banks. Full Story
By: Chris Powell, Secretary/Treasurer, GATA - 22 February, 2015
If you're wondering why mainstream financial news organizations refuse to report the biggest financial news story in history -- the rigging of all major markets by Western central banks -- another reason has emerged in the last few days with the resignation of the chief political writer of the London Telegraph, Peter Oborne. Full Story
President of France Georges Pompidou, President of the United States Richard Nixon and National Security Advisor of the United States Henry Kissinger met on December 13 and 14, 1971, at the Azores to negotiate the value (rigging) of gold and all other major currencies in the world at the time. Full Story
So, what's happened with the aurum over the past year? Has the concept caught on with precious metals investors? We've invited Adam Trexler back to the program to find out. In this week's podcast, he shares with us a number of positive updates about adoption of the aurum, demand by the bullion dealer community, and product enhancement to the gold note itself. Full Story
By: Steve St. Angelo, SRSrocco Report - 22 February, 2015
Precious metals investors know a good deal when they see it. Even as the price of silver declined over the past several years, investors overwhelming preferred physical silver over paper by a huge margin. How much? A great deal more than I realized until I looked at the data. Full Story
To leave the EU or not to leave the EU, that is the question? Pick any hour, and you will have an answer that is good until the next hour passes. While there have been cheers and encouragement for what the newly elected Syriza party has been telling the EU, that no more debt enslavement will work for Greek citizens, it could very well turn out that Greece’s Prime Minister Alexis Tsipras and his Minister of Finance Yanis Varoufakis are waiting for the best deal for themselves before ensuring that Greek citizens remain so enslaved. It is extremely difficult to fight the elite’s system and win. Full Story
By: John Mauldin and Samuel Rines - 22 February, 2015
When I travel around the country, one of the questions that comes up often in conversation is, where will the jobs of the future come from? I have a stock answer that I glibly offer: In 1980, the Japanese were beating our brains out. Inflation was well into the double digits, as was unemployment. Finding a job was hard (I know), as one industry after another was being reconfigured and jobs seemed to be disappearing left and right. The answer to the question “Where will the jobs come from?” back then was “I don’t know, but they will.” Full Story
I think it’s worth pointing out that it’s been long enough since the financial crisis that you have a new generation of traders who have not yet seen a bear market. And they might not, for a long time. Maybe the next major bear market will come in 2030, when all the codgers who lived through the last one are gone. That is usually how it works. Full Story
Gold lost 2% for the week and is so far holding the $1,200 support area but it won’t for long. Gold swung higher strongly Thursday and panicked shorts but it never moved above resistance or the newest short level at the $1,226 area before falling back the same day to close on the lows. Full Story
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