At this point these are allegations, but they should be taken seriously, considering their sources. Murphy and Butler were ridiculed for two decades for figuring out what, finally, regulators are waking up to: Something is rotten in Denmark. Full Story
The United States has dug the biggest economic hole in human history. It has become so severe that if you listen carefully, you’ll hear the Chinese – the biggest holders of American debt, wondering if they’ll ever get their money back. The foundation of the US dollar is already under threat. If it does collapse, it will take down other economies and currencies down with it. Full Story
Wherever the truth lies, one thing is certain looking ahead: for hundreds of millions of people, MMORPGs are going to be the preferred form of home entertainment. And the trend is by no means confined to China alone. Chinese gaming companies are already extending their reach into other developing nations as yet untapped, such as Vietnam and Thailand. Full Story
By: Peter Schiff, Euro Pacific Capital, Inc. - 29 October, 2010
There has been so much discussion recently about "QE 2" that you would think the entire financial sector were about to embark on a transatlantic cruise. Unfortunately, they, and we, are not so lucky. In the year 2010, "QE 2" doesn't refer to a sumptuous ocean liner, but a second, more extravagant round of "quantitative easing" - stimulus. Full Story
AS WE NEVER TIRE of boring anyone who'll listen, it's not inflation alone that makes gold prices rise. If it were, the last decade's four-fold rise would be missing, and gold wouldn't have dropped by three-quarters during the 1980s and '90s. Full Story
By: Scott Wright, Zeal Intelligence LLC - 29 October, 2010
If you are at all attuned to the gold-stock sector, you’ve likely noticed a pickup in activity on the deal-making front this year. And indeed the gold miners are doing some moving and shaking. In fact, this industry is undergoing a consolidation unlike anything we’ve seen in this entire bull market. And for a variety of reasons, this may only be just the beginning. Full Story
By: Daniel Aaronson and Lee Markowitz - 29 October, 2010
Following World War I the German Mark lost all of its purchasing power. However, before its ultimate demise, the Mark experienced several meaningful rallies despite the continuous increase in its circulation. While one may think that economic or political news and rumors led to the Mark’s rallies, it is more likely that they resulted from investors becoming overly pessimistic and too one-sided in their positioning - as is the case today with the US Dollar. Full Story
As we and others have documented, the private for-profit Fed is primarily responsible for creating the Asset Bubbles which have burst, or are now bursting, causing much loss and pain around the world, and for the U.S. Dollar’s Purchasing Power weakening by a third compared with other Currencies, and much more vis a vis Gold and Silver. Full Story
By: John Browne, Senior Market Strategist, Euro Pacific Capital - 29 October, 2010
Last weekend, the G-20 finance ministers met in South Korea to find areas of agreement in preparation for the main G-20 gathering in November. The Chinese rebuffed renewed American pleas for them to revalue their yuan. They rejected Secretary Geithner's suggestion of a four percent cap on current account surpluses. However, in return for accepting America's continued dollar debasement, the Chinese did agree to "look into" a revaluation of the yuan and the management of trade surpluses. Full Story
Economics has been called the “dismal science” for over 150 years. This is unfair. Outside of the Austrian school, economics, in parroting the methodology of the hard sciences, has forfeited its claim to being “scientific.” [here, here, and here] Since World War II especially, economists have been mostly apologists for government growth and propagandists for more of the same. Full Story
So we must logically ask—is the US Federal Reserve Bank/US government holding in some secret account (in the US or off shore) some $47 trillion belonging to the Chinese, $6.2 trillion belonging to Michael Cottrell, $4.5 trillion belonging to Leo Wanta and/or $3.87 trillion belonging to the CMKX Corp? Is some part of these funds being used to pump up the US dollar and US debt on occasion; suppress gold, silver and commodities; and manipulate the markets for the Rothschild Cabal? Well, I don’t know but I do know that where there’s smoke there’s fire. Full Story
By: Richard Daughty, The Mogambo Guru - 29 October, 2010
When it comes time to put the current crop of economic blowhards and lunatics on trial for the disaster their insanely-bad advice caused, this quote from Frederic Mishkin, former Fed governor and who is directly responsible for the mess we are in, may come in handy. Full Story
In September 2008 the US came to a fork in the road. The Public Policy decision to not seize the banks, to not place them in bankruptcy court with the government acting as the Debtor-in-Possession (DIP), to not split them up by selling off the assets to successful and solvent entities, set the world on the path to global currency wars. Full Story
As a result of apparent systemic incompetence coupled with fraud, it appears there is a chance that most real estate foreclosures may come to a screeching halt on a nationwide basis in the United States. What is missing from the headlines is the real impact on you and I, and how we will be the ones bearing the pain. To understand the implications of this extraordinary situation, we must first pierce a triple charade. Full Story
By: The Energy Report and Geordie Mark - 28 October, 2010
Uranium has been radioactive for investors who have stayed away in droves since the metal crashed into a prolonged slide beginning in early 2007. Now that the sector is in a cautious recovery mode from multiyear lows, Haywood Securities Senior Analyst Geordie Mark discusses uranium demand and his outlook for the sector in this exclusive interview with The Energy Report. Full Story
The Chronicles of Atticus McShrugg are fiction, but intended to give relevant, timely and sometimes entertaining perspective into current events in the global financial crisis and international political economy from a free market perspective. Full Story
Most investors have a deep-seated belief that bonds are a safe investment while gold is risky and volatile. If we explore this belief with an open mind, however, we will find that gold, not bonds, offers vastly superior wealth protection. Full Story
By: Chris Powell, Secretary/Treasurer, GATA - 28 October, 2010
Why is gold such a mystery? Why is it, along with silver, kept such a mystery? It's because the two precious metals are not only money but, from the point of view of free individuals, the best sort of money, less susceptible to what governments see as the most desirable quality of money -- the susceptibility to control by government and particularly its susceptibility to devaluation. You can print or otherwise issue gold and silver derivatives to infinity, but not the metals themselves. Full Story
We once had an ongoing series in BIG GOLD called, "1001 Reasons to Own Gold." The idea was that there were so many valid reasons to own the metal that I wanted to track and report on them. If you've been invested in the precious metals arena, you know there have been a myriad of bullish indicators for silver this year as well. Full Story
Since the financial crisis in 2008, it is undeniable that precious metals have been the best performer. One would assume that market participants have been piling into Precious Metals. Certainly some money has moved into the sector, smartly anticipating the continuance of a major bull market and looming severe inflation in the next several years. Yet, most funds have moved into fixed income (corporate bonds and treasuries) as the chart shows. Full Story
By: Richard Daughty, The Mogambo Guru - 28 October, 2010
Being a paranoid gold-bug conspiracy-theorist whack-job lunatic halfwit like I am, I am always monitoring the perimeter for new things, strange things, things that have never happened before, the theory being that if things that have never happened before keep happening, then one day everything will have happened, meaning, of course, that I will finally find real happiness, true love and a good frozen pizza. Full Story
By: Rick Ackerman, Rick's Picks - 28 October, 2010
We weren’t really defending Helicopter Ben here yesterday for his handling of the economy, we were only trying to provoke a discussion by suggesting he did as much as was politically possible. Could he have done more – or perhaps less – to put the economy on the right track? We doubt it. Less – much less – would have been the right answer. But since when has the Fed been allowed by the tide of popular opinion, let alone by political consensus, to do nothing when the economy was sinking into deep recession? Full Story
The mortgage & foreclosure scandal runs so deep that ordinary observers can conclude the US financial foundation is laced with a cancer detectable by ordinary people. The metastasis is visible from the distribution of mortgage bonds into the commercial paper market, money market funds, the bank balance sheets, pension funds under management, foreign central banks, and countless financial funds across the globe. Full Story
By: The Gold Report and Tan Khandaker - 27 October, 2010
Managing Director Tan Khandaker, of New York-based Khandaker Morgan, thinks gold hedging strategies by large funds will underpin a rising gold price at least for the next few years and perhaps beyond. Tan also sees junior gold companies as the best way to leverage rising gold prices. Full Story
What will Ben Bernanke do to restore economic growth? He’s probably wondering the same thing. Since he holds our future in his hands, it can be helpful to think through some of the politically-acceptable options he has, to see where they might lead. Full Story
Wall Street is going wild with new quantitative easing talk. However, as the Street moves to front-run Ben Bernanke, one perspective is very much understood: QE2 will be nothing like we've ever seen before. The new quantitative easing will be monstrous, persistent, and of a size, scope and direction never before seen. Full Story
Has Commissioner Chilton opened a window for us? Could it be that silver is not being hammered in the futures markets on the short side because traders that have used their ability to game the system in the past are now under a CFTC microscope? Full Story
In an earlier article, we have established a robust outlook for precious metals’ demand in the long term. With the outlook on demand remaining upbeat, an analysis of the supply side will complete a fundamental study of the metals space. Generally, oversupply kills any optimism that strong demand creates. What is of more importance to investors is the demand supply gap rather than demand alone, as this is the prime determinant of long term prices. Full Story
By: Bob Chapman, The International Forecaster - 27 October, 2010
As the Friday Night Financial Follies continues regulators on Friday shut down two small banks in Florida and two in Georgia, lifting to 136 the number of U.S. banks that have fallen this year as soured loans have mounted and the economy has sputtered. Full Story
Summing up, it is likely that mining stocks will eventually rally but we will probably first see a corrective period. Lower prices are likely to be seen in the short-run with a rally to follow perhaps before the end of the year. Full Story
As is often the case, there is a big difference between what the government statistics are reporting and what’s going on in the real world. According to the most recent inflation reading published by the Bureau of Labor Statistics (BLS), consumer prices grew at an annual rate of just 1.1% in August. Full Story
By: Arnold Bock with Lorimer Wilson - 27 October, 2010
It is genuinely amazing that so many economists and investment professionals continue to promote “business as usual” investment advice. Their clients will surely pay a steep price for this “head in the sand” approach to investing. Here’s why. Full Story
By: Nu Yu, Ph.D. with Lorimer Wilson - 27 October, 2010
The recent very low negative correlation value of around -0.2 (very close to 0) indicates that gold and the stock market are decoupling. It means that gold may or not go up as the stock market keeps rally, or the stock market may or may not go down if gold declines. That is the exact market behavior we saw last week. Full Story
By: Richard Daughty, The Mogambo Guru - 27 October, 2010
Casey’s Gold & Resource Summit reports that “Casey Research’s own resident economic genius Bud Conrad” is the “nonpareil whirling dervish of data points,” which is an odd descriptor, and I interpret it as meaning a guy who knows how to send you into cardiac arrest with “a mind-boggling sequence of charts and graphs covering virtually every aspect of the economy.” Full Story
By: Rick Ackerman, Rick's Picks - 27 October, 2010
Had we been chosen as “Easy Al” Greenspan’s ill-fated successor, we’d probably have made all of the same mistakes that Mr. Bernanke has made – even knowing full well that they were mistakes. We’d have bailed out the banks by taking all that bad mortgage paper off their hands. We’d have done whatever it bloody well took to keep the assembly lines rolling in Detroit and Dearborn. And we’d have doled out hundreds of billions of dollars for road projects, transit systems, lab equipment and teachers’ salaries. After all, what’s the alternative? Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 26 October, 2010
Even the media now treats G-20 meetings as either non-events or highlights the emptiness of their concluding resolutions. We shouldn’t continue to look to them for real change or commitment. But this weekend’s meeting produced more than expected in the statement that was made that nations had agreed to not continue ‘competitive devaluations’. Full Story
All those who urged you to keep selling into Gold $1156 (and all the other low points, but to buy into 1387), are now urging you to stand aside for “the correction”. You should already be on the buy, not calling for higher or lower prices. Telling me your prediction of where price is going is a total waste of my time, and a much bigger waste of your time. Full Story
The debate on the Real Bills Doctrine (RBD) within the sound money movement is important because the international banking system, financing world trade as well as domestic trade, is facing its greatest challenge in all history. Indeed, it may succumb to the sudden death syndrome, and all efforts to resuscitate it may fail. Full Story
By: The Energy Report and Rick Rule - 26 October, 2010
Rick Rule has mastered his fear. A renowned resources investment manager, Rick likes underdog sectors that have fallen out of favor with the wider investment world and has the fortitude to hold those stocks through volatility. In this exclusive interview with The Energy Report, Rick explains why he likes the pummeled natural gas sector and why he hopes he loses money on his sizable bullion holding. Full Story
SO the FEDERAL RESERVE is dead-set on creating inflation, and it's plain to see why. Household debt in the US now stands so large, paying it down to 2001 levels – as a proportion of income – would require a drop in consumer spending of $2.7 trillion, some 18% of this year's gross domestic product. Deleveraging to 1990 levels of gearing (again, a then-record at the time) would cost US households $3.5 trillion, well over a quarter of their 2010 incomes. Full Story
I take this opportunity to comment on the precious metals markets and in particular the silver markets. More than two years ago, the agency began an investigation into silver markets. I have been urging the agency to say something on the matter for months. The public deserves some answers to their concerns that silver markets are being, and have been, manipulated. Full Story
Fiat money in the US is in an advanced stage of decomposition and when money rots, the whole social, economic and political structure of the nation rots with it. A return to sound money is urgent. More and more people are aware of the perilous road ahead if nothing is done. Full Story
Central banks stopped selling gold and they’ve become net buyers this year for the first time in two decades. They’re expected to buy 15 metric tones of gold this year, which is a major turnaround. Gold is becoming an important reservable asset and again, this bull market has further to run. So use weakness in the weeks ahead as an opportunity to buy at a better price… and then plan to hold on for the long haul. Full Story
By: Steven Saville, Speculative Investor - 26 October, 2010
There is much gnashing of teeth by the realists and celebrating by the Keynesians over the possibility that the Fed will soon embark on another round of "quantitative easing". The anticipation of faster inflation of the US$ supply has put downward pressure on interest rates and caused the speculative juices to flow more freely in the commodity and equity markets. Full Story
By: The Gold Report and Michael Berry - 26 October, 2010
In this exclusive interview with The Gold Report, investor, mathematician and former fund manager Michael Berry, PhD, tells us he is bullish on gold, which he expects will double or more in price in the not-too-distant future. Full Story
By: Richard Daughty, The Mogambo Guru - 26 October, 2010
There are many difficulties associated with being lazy and inattentive like me, such as superficially interpreting the title “Gold Vs Treasuries – Which Do You Believe?” which is an essay by Michael Pento, Senior Economist of Euro Pacific Capital. Full Story
By: Rick Ackerman and Steven George Fair - 26 October, 2010
Today’s commentary, from our friend Steven George Fair, a frequent contributor to the Rick’s Picks forum, dares to challenge the ivory-tower qualifications of Ben Bernanke to run the U.S. economy from his aerie at the Federal Reserve. Sure, Steven’s just blowing off steam –but we’re letting him do it here because it’s so obvious that Mr. Bernanke, for all of his academic accomplishments, has so badly botched his mandate to keep the money system stable that the U.S. economy may not get out alive Full Story
It has been another stellar year for gold, which appreciated 31.26% in the 12-month period ended September 30, 2010. Only the Liv-ex 100 Fine Wine Index performed better, albeit nominally so. Nonetheless, let’s raise a glass to those two fine investments, gold and wine! No wait! Not the good stuff! Full Story
This past weekend the Group of 20 nations met to discuss the value of their currencies. These discussions are being called “wars” in the general media because, although there is no actual shooting or dropping of bombs, each nation approached them with the attitude appropriate to a war. Full Story
By: Rick Ackerman, Rick's Picks - 25 October, 2010
With China’s central bank in tightening mode, the bad guys had their best chance in months to knock down the price of gold last week. Their best efforts proved feeble, however: When the dust had settled, gold quotes were down just five percent from the record $1388 peak recorded on October 14. And although Silver fared somewhat worse, falling eight percent over the last seven days, even in the throes of this relative weakness, Comex Silver resisted getting shoved lower for more than a single day at a time. Full Story
1st Hour: Headline news & the Market Weatherman Report. Spotlight Stock Picks. Host Chris Waltzek & Bob Chapman, The International Forecaster discussion and answer listener's questions. 2nd Hour: Robert Kiyosaki, Rich Dad Poor Dad Louis Navellier, The Little Book That Makes You Rich Full Story
By: Bob Chapman, The International Forecaster - 24 October, 2010
The foreclosure crisis has set its sights on MERS, the Mortgage Electronic Registration Systems, which files almost all of the foreclosure actions in behalf of lenders. The problem never anticipated by lenders is that the company has no legal standing to do such things. In addition they broke the law by not requiring a notarized document of transfer of title signed by the seller and buyer. Full Story
The connotation of "foothills" is a perfect way of stating precisely where we are at in the collapse of the US Dollar based global financial system and the return of the king, gold, as money. It is perfect because while we are certainly seeing a movement towards a mania, with gold hitting fresh all-time highs in US Dollar terms on almost a daily basis throughout September and much of October, we are still far from reaching the top of the mountain. Full Story
By: John Mauldin, Millennium Wave Advisors - 24 October, 2010
Real problems indeed. Seems the Fed, PIMCO, and others are suing Countrywide over this very topic. We will go into detail later in this week's letter, covering the massive fraud involved in the sale of mortgage-backed securities. Frankly, this is scandalous. It is almost too much to contemplate, but I will make an effort. Full Story
When the euro hit a low of $1.1917 against the US dollar on June 7th, 2010, the airwaves crackled with assertions that the European common currency, beset by Greek debt problems and intra-union discord, was destined to trade at parity with the greenback. They were wrong. Full Story
We’ve heard a lot about the currency war, but next thing you know they’ll be calling it the McCurrency War. If we needed any proof that the Chinese yuan is 40 per cent undervalued, we finally got it from the Economist. The magazine’s famous Big Mac Index compares the prices of a Big Mac in various countries making exchange rate theory more easily digestible. Full Story
By: Richard Daughty, The Mogambo Guru - 24 October, 2010
I thought I had seen and heard it all after the ludicrous Ben Bernanke, asinine chairman of the Federal Reserve, announced that the official (and thus a lie!) 2% inflation in prices was too, too low, and he wanted higher inflation because, somehow, in some weird little fantasy world that only he and other neo-Keynesian econometric cyber-nerds can see, higher inflation is “consistent with the mandate of the Fed” to achieve stable prices (zero inflation)! Hahahaha! Full Story
The G20 meetings this weekend seem to have ended as they began. The two heavyweights are China and the US. The US says that China must let it’s currency appreciate since they have such a large external surplus. Full Story
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