By: Scott Wright, Zeal Intelligence - 1 March, 2013
It’s hard to believe that gold’s bull market is nearly a dozen years old. And boy has it been a delight watching it mature from its 2001 infancy. It’s also been fun observing the ever-changing dynamics of gold’s structural fundamentals, particularly how the supply side of this metal’s delicate economic balance has responded to fast-growing demand. Full Story
A Key Market Driver going forward is Increasing Systemic Risk resulting from over-levered Mega-Banks. The arrogant Mega Bank/s receive massive Bailouts via Money Printing and Bond Buying and Super-low Interest Rates for Funding. Yet they complain about over-regulation. And JPMorgan is laying off 19,000 employees to boot and other Banks are implementing layoffs as well. Full Story
By: Richard (Rick) Mills, Ahead of the herd - 1 March, 2013
All you need to know about copper is in the three charts posted above and in the two articles below. Global Copper Production Under Stress Copper Shenanigans from Beijing Copper should be on all our radar screens, it’s certainly on mine, is it on yours? Full Story
Investors sentiment for precious metals and gold and silver mining stocks has deteriorated quite substantially recently. And silver is no exception here, which can be seen on the white metal charts. However, the situation in the whole sector is extreme – the oversold readings on many technical indicators and the fact that very important support lines are currently in play in virtually any asset in the sector form a setup as (or even more) encouraging for potential buyers as what we saw in 2008. To see what we can expect on the silver market, let us move into today’s technical part – we will start with the white metal’s very long-term chart. Full Story
At first this looks like a compelling graphic showing how the federal government has been tightening its belt lately, offered up in support of the idea that we should just let Washington keep doing what it’s been doing. But, upon further inspection, there’s a lot more to it than meets the eye as detailed below. Full Story
By: Peter Schiff, CEO of Euro Pacific Precious Metals - 1 March, 2013
Testifying before the US Senate this past Tuesday, Fed Chairman Ben Bernanke made an extraordinary claim about its bloated balance sheet: "We could exit without ever selling by letting it run off." What Bernanke means here is that the Fed could simply hold its Treasuries and agency bonds until they mature, at which point the government would then be forced to pay the Fed back the principal amount. Through this process, the Fed's unprecedented and inflationary position will be gradually and placidly unwound. Full Story
As the gold mining sector plunges to the end of a cyclical bear market, one wonders if this ongoing selling climax will precipitate a catalyst for more mergers and acquisitions in the industry. The last 12 years tells us that these transactions tend to follow the market itself but with a lag. Peaks in M&A activity (in global mining) in terms of number of transactions and value occurred in 2006-2007 and 2010-2011 while troughs occurred in 2002 and 2008-2009. Full Story
If you are a speculator, the extreme situations currently in play in the broad stock market (95% of the way to a potential ‘triple top’ scenario price-wise, and 80+% of the way time-wise) and the gold market (impulsive price drops amid growing concerns that the bull is dead despite rising money supply data) as of March 1, 2013 are the situations that you wait for. Full Story
According to our methodology, Wall Street is currently in correction mode and this is not the time to invest fresh capital in stocks. It is notable that although major US indices advanced on Tuesday and Wednesday, volume was very low and this warrants caution. Moreover, volume picked up during Thursday’s late stage sell-off and this negative action suggests that the ongoing stock market pullback may continue. Full Story
We got a rare moment today – it’s what I’m going to call a truth nugget. Anyone who reads this column or any one of several hundred others already knows this, but as you all well know there is nothing to see until the mainstream press declares it to be so. Today we were finally told that no, there will be no exit from the not-so-USFed’s quantitative easing program. Ever. Like I said before, this is no revelation; anyone with even the slightest of brainwaves could easily figure this out without the watchful, benevolent guidance of CNBC. Full Story
GOLD INVESTORS were selling this month. Some have found it easy, getting top price albeit in a falling market. But others will have hit problems, struggling to find enough potential buyers to do anything besides take what they could get. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 28 February, 2013
For some years now, Swiss Banks have not been willing to take on U.S. clients because of the aggressive tactics of the U.S. IRS. Since they hauled UBS over the coals for harboring U.S. tax evaders and continue to investigate many Swiss Banks, the IRS has posed a threat to Swiss companies operating in the United States. Full Story
With gold dropping nearly 3% on February 20, we at Casey Research had to look closely at the FOMC minutes, which were partially responsible for that movement. Since there are quite a few highlights, I have split this analysis into three sections: the confusion over the minutes in the market; the ambiguous language hinting at deep problems; and a few quotes to make your blood boil. Full Story
The US$ is the world’s reserve currency and has been since the Bretton Woods agreement of July 1944. The purpose of the agreement was to regulate the international monetary system by setting up rules, institutions and procedures. It brought about the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD). They are today part of the World Bank. Full Story
I don't relish the job of constantly pointing out the risks to the equity markets. But since few on Wall Street seem willing (or able) to do this, I'm "making the call" for a market correction, as enough variables have aligned to indicate a high likelihood of stocks heading downwards from here. Full Story
Within the last two weeks, the price of gold dropped sharply to levels not seen since July 2012 and nearly as low as the lows of December 2011. Spot gold lost 112 points in the ten days from February 11th to February 21st, a 6.7% slide. Full Story
It has been a relentlessly bullish decade (plus) for gold vs. the broad US stock market as the previous stock bull market flamed out and the former Fed chief chose inflation as the preferred means of managing the US economy. We are in the age of Inflation onDemand ™, with stock market performance the result of manipulation of interest rates and currency. Full Story
Like most truisms, the old adage, ‘connecting the dots’, is easier said than done. Choosing the correct dots is far more difficult than merely connecting them. If you connect the right dots, you are called a soothsayer. Connect the wrong dots, you look like a fool. Full Story
By: Jeff Berwick, The Dollar Vigilante - 28 February, 2013
The US Treasury Bond market is the longest unbroken bull market known to the financial world. For more than 30 years it has trended higher in nominal US dollar terms. Of course, it has been helped greatly by price fixed and market fixed, Ben Bernanke, who has now bought up more Treasuries, by far, than any other identifiable group, but didn't pay for them out of production; he just did it with the pressing of a button, using a pretty fat finger! Full Story
By: The Gold Report and Jocelyn August - 28 February, 2013
Even in a depressed gold market, knowing your catalysts in mining stocks is indispensable and is still the fundamental yardstick for buy-sell decisions. Senior Analyst Jocelyn August of San Diego-based Sagient Research understands the impact that events can have on your portfolio, and she has mastered the art and science of fortunetelling by keeping an eye on the calendar and those occurrences that will move shares. In this interview with The Gold Report, August discusses what factors give investors an edge right now in this kind of market. Full Story
By: Rick Ackerman, Rick's Picks - 28 February, 2013
We welcome the comic relief that the day’s headlines bring us nonetheless, since the alternative is to talk about how the Dow Industrials rallied 175 points yesterday on whatever it was that Helicopter Ben said. Recall that just a couple of days ago, the news media told us that a 200-point selloff in the Dow reflected concern over Italy’s recent election, which was said to have been anti-austerity and anti-status quo. And now, in the wake of an equally overdone and meaningless rally on Wall Street, we are being told that “investors” were pleasantly surprised by the Federal Reserve’s apparent decision to stay loose. Full Story
The typical articles over the last many years have featured a particular theme. In the last few months, the central theme in Jackass articles has been the isolation and demise of the USDollar, how it is happening, why it must happen, and its importance in the restoration of the global financial structure. But this week, a sudden urge has come to address an overwhelming list of critical gritty questions. They crop up with clients, colleagues, and friends. Full Story
By: Doug Casey and Louis James - 27 February, 2013
First, we should define what a currency war is. I'd say it's a competition between governments to devalue their respective currencies, accomplished by creating lots more new dollars, euros, yen, or what have you. The idea is to increase exports and decrease imports, with the supposed bonus of stimulating the economy. It's an idiotic idea, proof that the people struggling for control of the world's economy are both knaves and fools. The worst part is that people apparently think somebody actually can and should try to control the economy. The world is imitating Argentina. Full Story
Just what are "cash" and "cash options?" Some of us take those terms for granted, but after a recent article on sector allocation, one of our subscribers wrote in asking for clarification. Money Forever recommends holding approximately one-third of your portfolio in cash or cash options, but what does that really mean? Full Story
By: The Gold Report and Michael Berry - 27 February, 2013
You will not find it in the dictionary, but a company's "optionality"—the condition of having choices—signals its chances of success according to Dr. Michael Berry. In this Gold Report interview, Berry, the editor of Morning Notes and discoveryinvesting.com, talks about optionality and sustainability in a market stuck in the mire. Full Story
By: John Browne, Senior Economic Consultant at Euro Pacific Capital - 27 February, 2013
As China enters the "Year of the Snake," Singapore stands as a beacon of sound currency in a world gone mad. China's renminbi remains pegged to the US dollar, while even steadfast Switzerland has followed the US, UK, EU, and Japan into an impoverishing strategy of currency debasement. Singapore, alone, has been able to sustain genuine economic growth in the context of a strong national currency. Full Story
If you take a look at the monthly gold chart you can see what I would call staging areas where conditions very similar to what we are experiencing today provided buying opportunities in the past. The first big opportunity came way back in the late 1990s, early 2000s when the British sold off part of its reserves and drove the price back below $300. The second occurred in the 2006-2007 time period (just before the credit crisis) at roughly $550-$700 per ounce. The third came in 2008-2009 at the $800-$950 per ounce range. In each instance, the buying window lasted 12 to 18 months. Now a similar chart pattern has developed at $1550 to $1700 range and we have been in it for about 18 months. Full Story
By: John Mauldin, Millennium Wave Advisors - 27 February, 2013
It has been some time since we peeked into my worry closet. A few questions this weekend prompted me to think about things I am paying attention to but have not written about, and one thing that I am not worried about at all, despite the apparent media hysteria. Full Story
During the financial crisis of 2008, the silver price corrected 57% from the high of $20.79 down to $8.95. This correction was followed by a spectacular rise of more than 400% to $48.42. A correction was inevitable and a drop of 42% followed that phenomenal rise. So far, the silver price has recovered 6%, holding above the low of $26.43 reached last June. The next up-leg is expected to start any time and should lead the silver price to a new all-time high – most likely this year. Full Story
By: Chris Powell, Secretary/Treasurer, GATA - 27 February, 2013
Mexican financial journalist and agitator for accountability in government Guillermo Barba reports today that the Mexican government audit office has reprimanded the Bank of Mexico for failing to verify its supposed purchase of $4.5 billion of gold vaulted at the Bank of England. The audit office confirms Barba's complaint last year that the Bank of Mexico had purchased only "paper gold" at the Bank of England and had no idea of the number of bars it had supposedly purchased, nor of the purity of the bars. Full Story
By: Rick Ackerman, Rick's Picks - 27 February, 2013
The Dow was up 116 points yesterday – all of them presumably gratuitous — recouping about half of the previous day’s losses. This was in odd contrast to an S&P 500 index that barely got off the launching pad Take a look at the 60-minute chart below if you want to see how S&P buyers spent the day head-butting their way modestly higher. Our guess is that they were outmatched by fresh supply coaxed forth by Monday’s semi-fearsome selloff. Full Story
What is "Hidden Secrets of Money"? It is a completely free series that reveals the economic reality that has been hidden from you in plain sight. Discover the secrets that will allow you to unlock the greatest wealth transfer in history.We created this new free video series to allow viewers to turn today's economic crisis into opportunity by simply learning from history. We hope you enjoy it. Full Story
The FOMC minutes are propaganda which the Fed tailors to manipulate the markets in the direction it wants at the time of the release. In early January, it raised the specter of an early end of QE in the minutes of the December meeting. The Fed released its minutes of the January FOMC meeting last week. It played the same game in this release, highlighting a split among FOMC members on the issue of how and when to end QE. Full Story
"To HOARDERS and speculators," says Time magazine, "gold lately has had about as much luster as a rusty tin can." Rings true here in Feb. 2013. But this clanging bell – entitled The Great Gold Bust, and drowned out as a signal to fill your boots only by the New York Times' infamous Who Needs Gold When We Have Greenspan? of May 1999 – was rung back in Aug. 1976, right at the bottom of a 50% pullback in the 1970s' long bull market in gold. Full Story
Given the profoundly bearish sentiment that has gripped so many participants in the resource sector, particularly gold investors, we decided to poll the chief editors at Casey Research regarding the current sell-off. We recognize the severity of the situation and want readers to know we're taking it very seriously. Full Story
“Just Like That, Safe Havens Are Back in Favor” – CNBC news, Feb 26, 2013. The Italian election results are in, and stocks have sold off hard. You are looking at the weekly chart for the Dow. Make sure you double-click on the image to fully expand it. Hedge fund managers seem to be engaged in a competition, to see who can talk their short-weighted book with the most gusto. Full Story
The latest CFTC data show that traders have reduced long positions for gold prices by 56 percent since last October. Sharps Pixley also points out that the volume of gold-backed ETPs has declined 0.9 percent this year. Hedge fund manager extraordinaire George Soros reportedly cut his holdings in GLD ETFs by 56 percent in Q4 while Moore Capital liquidated all its GLD ETFs. Full Story
Just give me another reason to short the stock market and I’ll do it. That appears to be the operating mechanics of what is going on in the stock market right now, which accounts for the continued firmness in the tape. Whether it’s the Sequester, renewed trouble in Europe, seasonal timing considerations, or just the fact stocks are both over-bought and over-valued, both hedgers and naked speculators (but mostly hedgers) alike are buying protective puts like wild-men right now. Full Story
We have been witnessing the abnormal situation in the intermarket correlations for quite some time now, i.e. positive correlation between dollar and gold and silver (or virtually no correlation at all) , and negative one between the general stock market and precious metals sector. Such a set-up is not the best from the precious metals perspective, as the overall medium-term outlook is bullish for stocks and bearish for dollar. But last week seems to have brought some important changes to the structure of correlations. Before we analyze them, let’s see what happened on the currency market last week – we’ll focus on the USD Index. Full Story
A couple trillion dollars ago the Federal Reserve (Fed) decided quantitative easing (QE) is what the U.S. economy needed. Now, as an increasing number of Federal Reserve Open Market Committee (FOMC) members caution about the dangers of QE, are we seeing a classic case of buyer’s remorse? More importantly, will it return its merchandise and what are implications for the economy and the U.S. dollar? Full Story
Just as the talk about gold’s death cross reached its height and Goldman Sachs said the yellow metal’s halcyon days might be over, the price has rebounded to almost $1,600 despite a big sell-off on Wall Street that could be expected to result in margin calls and gold selling. Full Story
When investing in gold, I often say diverse opinions promote critical thinking and a healthy market. I believe elevated groups of buyers and sellers create a competitive tug-of-war in the bid and ask price of the precious metal. Full Story
Water is not scarce. It is made up of the first and third most common elements in the universe, and the two readily react to form a highly stable compound that maintains its integrity even at temperature extremes. Full Story
By: The Gold Report and Eric Coffin - 25 February, 2013
In order to make wise investment decisions, gold investors must coldly assess economic realities, says Eric Coffin. As the publisher of Hard Rock Analyst Advisories, Coffin tracks a range of gold explorers with the bling to weather the long capital drought. He has figured out how to separate the winners from the losers and, in this interview with The Gold Report, he shares his outlook on the world economy and its implications for gold investors. Full Story
This study describes the steps leading up to hyperinflation in the US, from leaving the gold standard domestically in 1933 and internationally in 1971 through the recent and ongoing creation of trillions of fiat dollars through “stimulus” and “quantitative easing” programs. Hyperinflation has happened twice in the US, during and after the Revolutionary War and the Civil War. Globally, it happened 31 times in the 20th Century. One common prelude to hyperinflation (in addition to creating money to monetize national debt) is financing wars by borrowing money. Full Story
In a recent interview with the Northern Miner’s Alisha Hiyate, I gave some tips for the retail lay investor to maximize his or her experience at the upcoming Prospectors and Developers Association of Canada (PDAC) annual convention, March 3-6, Toronto, Ontario. PDAC is the world’s largest exploration and mining show with well over 30,000 people in attendance last year. It is the annual must-attend event for exploration and mining professionals and micro-cap resource investors. Full Story
The WALL STREET JOURNAL ain't what it used to be, but it still maintains a significant position in reporting the financial markets. My favorite section money and investment is a shell compared to what it was like 20 years. Still, many times there are gems to be read. Last week under the section Heard On The Street was a piece written by David Reilly entitled Too Big to Fail Casts a Very Long Shadow – and it put real fear in me. Full Story
On January 18, 2013, gold gave a “Weekly Buy Signal.” I published an article stating such on February 7. Gold closed on Friday, February 1, at $1,670. The buy signal looked solid, the gold market had turned up, fundamentals were strongly bullish (in the assessment of many others and myself), and it looked like a beautiful sunrise after four months of darkness and downtrend in the gold, silver, and related stocks. Full Story
If there is a credible rumor that the Fed is planning to further extend its “Quantitative Easing”, how would you expect the monetary metals to react? Typically, the gold price would rise and the silver price would rise even more. The question is why. Full Story
On 20 March George Osborne, the UK’s Chancellor, will present his budget. So far he has made a valiant attempt to cap public sector spending, particularly when compared with other finance ministers who were slow to adopt austerity. He has reduced public sector spending from what it would otherwise be, but has not managed to cut the total figure. His strategy now for controlling the budget deficit increasingly depends on higher tax revenues from a combination of forecast economic growth and more aggressive tax collection. Full Story
Show Highlights: Guest Interviews. Headline news & the Market Weatherman Report. Host answers phone calls and email questions. Guests: Dr. Stephen Leeb, Leeb Capital Management CEO, Rudi Fronk, Seabridge Gold Full Story
There is now such an overwhelming array of technical evidence that the Precious Metals sector is forming a major bottom, that by the end of reading this update you will, or should unless you are stupid, understand why we now have no choice but to turn strongly and unequivocally bullish on the sector. Up until now we have had some reservations, but these have been swept away by the latest truly extraordinary data. Full Story
Joseph Salerno, professor of economics at Pace University and author of Money, Sound and Unsound, recently taught a course in Austrian Macroeconomics at the Mises Academy. For a $59 registration fee that included all the reading material, anyone with access to the internet could sign up. As with all Academy courses, the lectures were recorded and are made available to students indefinitely. Full Story
By: Richard Daughty, The Mogambo Guru - 24 February, 2013
I am getting progressively more scared, angry and paranoid, but mostly more scared and angry with "paranoid" holding steady, and am thinking dark, dark thoughts. Perhaps this is why I was so intrigued by a blurb by Harry Shultz, dated July 9, 2012, sent to me by Junior Mogambo Ranger (JMR) Phil S. The entire email summed it all up for me, as it chillingly read "The entire world has become a singular, massive banana republic, with investors frozen in the headlights, earnestly searching for investments in an ‘impossible’ atmosphere. Full Story
We had a very weak week in the precious metals and later on, the general markets and many stocks also broke down. I’ve been patiently waiting for this move to come since the start of the year with a few good trades in between. We’re finally kicking off a correction here and are heavily into the market on a short basis. I have no trading position in gold or silver although I wanted to short GLD this week but it gapped lower on me and I rarely buy gaps either up or down. Full Story
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