By: Jeff Clark, BIG GOLD – Casey Research - 29 August, 2008
Compared to the historical record, does the recent sell-off look normal? Or is there something about it that suggests our gold bull market is over? Here’s what I found: past bull markets were interrupted by similar drops – and then they came roaring back. Full Story
By: Bill Bonner & The Daily Reckoning Crew - 29 August, 2008
-Gold is a good thing to have when things go bad…the numbers have been lying to us for years; what story are they telling now? -You can't really get rich by spending money you don't have on things you don't need… -Still waiting on a verdict for the economy…a chilly trip to Argentina…and more! Full Story
IT SEEMS AN ODD QUIRK of history that Washington's post-War obsession with its nationalized gold reserves – an obsession which Ian Fleming neatly tapped into with Goldfinger in 1959 – came so long after what historians call the "classical" Gold Standard ended. Full Story
By: Peter Schiff, Euro Pacific Capital, Inc. - 29 August, 2008
Once again, real estate market watchers have pounced on a shred of seemingly positive news to proclaim that the long sought “bottom” is in sight. The routine is becoming extremely stale, but somehow the media never seems to tire of it. Full Story
By: Scott Wright, Zeal Intelligence LLC - 29 August, 2008
As the precious metals summer doldrums come to a close, we need to assess the damage from another season of gold hatred and disdain. Like déjà vu for veteran gold investors, the mainstream financial media took advantage of gold’s seasonal weakness to proclaim the death of the Ancient Metal of Kings. Full Story
By: Jason Hommel, Silver Stock Report - 29 August, 2008
Part of the purpose of this auction is to see what bars will really sell for, in a large lot, in a free market. (And not just on ebay, where there may be only one bar at a time, and where there might be ways to get rebates from credit cards or other offers.) Part of the purpose of this auction is to rebuke Johnson Matthey, and other major dealers, since they don't sell product to the highest bidder at auction, but sell out completely, and/or make customers wait in line from 8-10 weeks, or 2-4 months, or indefinite time periods, or refusing buy orders. Full Story
Notwithstanding the recent and continuing (for a while) bounce in the U.S, Dollar which we earlier Forecast, the long-term trend is “down” for the U.S. Dollar and will continue so because destruction of the value of the U.S. Dollar has been “baked into the cake” by The private-for-profit U.S. Federal Reserve. Full Story
For the past six months gold has risen in value when the dollar has weakened and vice-versa, while the relationship with the euro has been the reverse. But increasingly precious metals are being regarded as a currency in their own right, and that should mean a decoupling from the dollar and euro as gold is not governed by inflationary central banks. Full Story
By: Steven Saville, Speculative Investor - 29 August, 2008
With the exception of the money-supply backdrop (as discussed in the latest Weekly Update), the current situation is bullish for gold. We don't think that genuine deflation is a serious threat, and both gold and gold stocks performed well during the deflation scare of 2001-2003. So, after the over-leveraged euro bulls have been washed out of the gold futures market there will be a decent chance of gold commencing its next intermediate-term advance, even while industrial commodities remain in intermediate-term downward trends. Full Story
JPMorgan and HSBC are obviously huge individual players in the gold and silver markets and that includes the COMEX. The Call Reports prove, I believe, without a shadow of a doubt that these two U.S. banks constitute a significant portion, and probably the outright majority, of commercial short positions (both gross and net) in COMEX gold and silver futures. That might get the conspiracy-minded among us to start hootin’ and hollerin’, but I do want to point out that JPMorgan and HSBC have a much larger book of forward gold and silver contracts than they do COMEX gold and silver contracts. As a result, it is impossible to conclude with any degree of certainty that the COMEX gold and silver short positions are not in fact hedges of forward gold and silver long positions. Full Story
The highest functions of the financial system have finally broken to the point where smart and connected people are openly making comments. Shortages are acute, to the point where low prices for gold & silver, for instance, render supply as inadequate to meet huge growing demand that wants to exploit the artificially low prices. Even the USTreasury Bonds are enjoying artificially high prices, undoubtedly an extension of the colossal usage of US Federal Reserve lending swap facilities. Full Story
By: Richard Daughty, The MOGAMBO GURU - 29 August, 2008
The worst inflation in consumer prices is, in case you were wondering, in Venezuela, suffering a terrifying 33.7% inflation, followed by Pakistan at 24.3%, with Japan being the best at 2% inflation! A 2% inflation is the best in the world! Yikes! Full Story
By: David Morgan, Silver Investor - 28 August, 2008
Before you dive too far into this missive, let me state this is NOT about call options on silver. I might address that issue at some point in the future, but this week’s commentary is about how I have “called” the silver market. Full Story
In the aftermath of Gustav not being overly destructive, the premium that has been built into energy prices, which in turn dragged up gold and silver prices, will come out. If Gustav makes a direct hit, you know the impact will be sharply higher energy prices, which will pull gold and silver prices higher. Next week’s trading will respond quickly and directly to either of these two events. After that the fundamentals mentioned above will take center stage. Full Story
By: Bill Bonner & The Daily Reckoning Crew - 28 August, 2008
-Gustav threatens to shut down the oil rigs in the Gulf…trying to explain the mysteries of market cycles over dinner… -Everything is in its right place…stocks keep rallying on false hopes that the end is nigh… -The realm of the world economy is extraordinary…a 'slow volcano' could power San Francisco…and more! Full Story
The markets have been extremely volatile over the past few weeks. Investors have been spooked and many are wondering what to do, if anything. For now, based on our analysis, gold’s bull market remains in force. That’s the bottom line. Even though there have been some wild swings, the major trend is still up and as long as that’s the case, we recommend holding your positions. Full Story
By: Jason Hommel, Silver Stock Report - 28 August, 2008
Current market conditions are highly unusual. Physical silver 100 ounce bars are hard to find in large quantity except on ebay.com, yet the price of silver has recently dropped, which seems to contradict all known forms of supply/demand price dynamics. Full Story
This article is a continuation of this writer’s series on the modern goldsmiths and how they cheat and defraud us and manipulate and control the global financial markets to make profits and gains for themselves. Full Story
By: Andrew Mickey, Q1 Publishing - 28 August, 2008
The recent correction in commodity stocks has caused a lot of investors to ask themselves tough questions. The across the board sell-off in commodities has sparked a big debate about how “super” the supercycle really is. Full Story
By: Richard Daughty, The MOGAMBO GURU - 28 August, 2008
This convention, which I routinely dub 'A-holes at the J-Hole', still makes me smile because it so perfectly describes my Disdainful And Highly Scornful (DAHS) attitude towards them all because of their Complete And Utter Failure (CAUF)… Full Story
With tensions in the Persian Gulf on the rise, the collapse in oil prices that we've been predicting may take longer than originally anticipated. There are three U.S. carrier groups within striking distance of Iran right now, and two more reportedly on the way. Full Story
By: John Browne, senior market strategist for Euro Pacific Capital - 27 August, 2008
Though few may have noticed, the past few weeks may be regarded as a global economic turning point. Evidence is mounting that the United States is entering a recession, with increasing signs that it could morph into a depression. While the current Administration appears resigned to bail out or nationalize large tracts of American commerce, the presidential candidates drift towards Great Society era spending proposals. At the same time, America’s principal economic rivals appear to be charting courses that are not in line with U.S. interests. Full Story
FIFTY YEARS AGO – just as the fictional 007 was thwarting Auric Goldfinger's plan to empty Fort Knox and take America's gold to Soviet Moscow – the US Treasury feared a very genuine loss of its real gold reserves. Gold's role as the ultimate asset of national power was about to peak. By 1966, fully one-half of all the gold ever mined would sit inside government vaults. Fear put it there. Fear is likely to keep hold of what's left today. Full Story
By: Bill Bonner & The Daily Reckoning Crew - 27 August, 2008
-Americans need time to recover from their mistakes…is anyone in the market for a $26 million mansion - fully equipped with an indoor ice rink and movie theater? -It only makes sense that following the biggest credit expansion ever, comes the biggest credit contraction of our lifetimes… -Why we still believe in gold…reports of the Dububble from Aussie Joel…and more! Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 27 August, 2008
Gold has moved with the € and in the opposite direction to the U.S.$ for months now. The main reason is because U.S. Investors have linked the performance of the $ to the € as a true reflection of the $ currency value. Of course this implies that the € is the defining currency against which to measure the performance of the $. But is that even reasonable? We think not. Full Story
By: Bob Chapman, The International Forecaster - 27 August, 2008
What kind of economic agenda will we end up with this time? Will it be tax and spend (which is usually characteristic of Jackasses), or spend and inflate (which is usually characteristic of Dumbos)? To be sure, it will be a whole lot of both, unfortunately. The magnitude of financial losses are going to be out-of-this-world, and increased taxes and inflation (itself an insidious stealth tax) will be the inevitable byproduct. Full Story
Fat cat Sabbatian bankers/goldsmiths control many or most major events taking place in the world today. They do so from the money and profits that they rip and steal from investors in the financial markets. Almost everything going on in the world comes back to the question of money. Full Story
These two silver prices were at loggerheads with each other. Every time the ‘real’ silver price began to rise, a ‘paper’ silver price would show up in large quantities and scare some of the holders of real silver to dump and run. Full Story
$Gold has put in place the 2008 bottom on the current dollar fantasy. Investors, now, need to turn their thinking to potential for a new high in the future. Given all the factors, adding to your Gold holdings at current bargain prices is imperative. Remember, many of the dollar bulls of today were FNM & FRE bulls of yesterday. Full Story
By: Richard Daughty, The MOGAMBO GURU - 27 August, 2008
Perhaps this loss in housing equity is why an AARP survey that found increasing numbers of people who are eligible for retirement are, instead, continuing to work, and some of them are even going back to work after retiring. Full Story
You know Wall Street is feeling pretty glum when a downbeat economic forecast from the Fed fails to lift its spirits. There was a time when investors would celebrate such news, since it supposedly raised the odds of more Fed easing – or at least, diminished the odds of more tightening. Full Story
By: Bill Bonner & The Daily Reckoning Crew - 26 August, 2008
-A slowdown in world growth…Americans need to accept a lower standard of living… -An unavoidable correction…an architect of change goes back to the drawing board… -A champagne-based salve to cure financial abrasions…sending them off, one by one…and more! Full Story
Gold is believed to have bottomed. It crashed the support at $850 as predicted in the last update and plunged to hit a low $8 below our target range on a closing basis. Our target range for the drop was $800 - $825, and it bottomed at $792, with an intraday low at approximately $788. Full Story
Silver is believed to have bottomed. On the 1-year chart we can see how the failure of the clear line of support (now strong resistance) at and above the $16 level led to a savage plunge. It crashed the next line of strong support that we had expected to hold but stabilized not far below it, the decline doubtless being arrested by the unprecedented oversold extreme that it had by this time attained. Full Story
Supply and demand haven’t shifted much, if at all. In fact, the value of gold and silver haven’t shifted much in the past five years, either. An ounce of gold or silver will still buy you about as much stuff as it would in 2003 or 2004. What’s happened is that the value of the Federal Reserve so-called “dollar” notes in which these metals are denominated has fallen neatly in half. Full Story
By: Richard Daughty, The MOGAMBO GURU - 26 August, 2008
The worst part is that this is also true: worthless money, worthless economy. I wish I could find a laugh in there, but I can't. Plenty to weep about, though! And plenty of time to repent at leisure, too! Full Story
Gold was basically in a bounce mode this past week but unfortunately closed on the down side on Friday. It needs a lot more upside activity or lateral strength building to prove that it is back on a roll. Full Story
The month from mid-July to mid-August was a bad time for gold bugs. Support levels were broken, and bearish technical patterns completed in the HUI and XAU. But this is a time to keep perspective. My technical studies indicate that we are already past a bottom, and this shake-out will be looked back upon as a wonderful buying opportunity. Full Story
By: Bill Bonner & The Daily Reckoning Crew - 25 August, 2008
-Oh, Merced, Merced…how did the Golden State find itself in such a jamb? -A painful and protracted debacle would actually be a good thing for the nation…buy the dips in gold… -Detroit is pushing for a bailout…I.O.U.S.A.'s opening weekend…and more! Full Story
Subterfuge, illusion, and misdirection – this is what the bureaucracy perpetuates on the public every day. Please look over here at the giveaways and presents we have for you while we continue to defraud your children out of a future – all for the greater good you know. Not surprisingly then, the net result of all this is an increasingly debased society, which accounts for our willingness to allow the same for the currency. Full Story
Each year I decided to make a small stock of gold production and silver production in the world. This is the second edition of "World production of gold." Normally when prices rise, production increases in proportion, however, gold production seems less and less to react to rising prices, as if the remedy had less effect on the patient. Full Story
By: James West, The Midas Letter - 25 August, 2008
If the U.S. Mint can’t get gold, yet the reported holdings of these central banks around the world can’t come up with enough to supply the sudden surge in demand, doesn’t that suggest that there’s severe discrepancy between the accounting of the central banks and the unfolding reality of no gold blanks? I mean, did the sudden surge in interest materialize while the CEO of the mint was having a burger somewhere? Full Story
By: Chris Powell, Secretary/Treasurer, GATA - 25 August, 2008
I would summarize all this with the title of my stump speech: "There are no markets anymore, just interventions." Because government interventions in markets are now so pervasive, I don't think we have much of an idea of how anything would be fairly priced. The only thing I think we know is that Western central bank gold reserves, the crucial mechanism for market rigging, will be exhausted, likely within our lifetimes, at which point we may begin to discover market prices again -- as if commodity prices recently haven't been shocking enough. Full Story
I have a bad feeling about what’s about to happen. The Great Depression is the closest that comes to mind. I, like most, was not alive during the 1930s when it happened. Nonetheless, what once was feared in private is now being discussed in public. It’s going to be bad. It’s going to make high school seem like fun. Full Story
1st Hour: Headline news & Market Weatherman Forecast. Spotlight Stock Picks with big dividends. The International Forecaster and Host Chris Waltzek answer listener questions. 2nd Hour: Peter Spina, Goldseek.com - Goldforecaster Dr. Ron Paul Full Story
By: Jason Hommel, Silver Stock Report - 24 August, 2008
I do not believe the futures market needs to be "regulated" or "sued" or "legislated" out of existence. It simply needs to be ignored by the market, and it appears that is what is happening, and thus, it will beome increasingly irrelevant. The paper manipulators will ingore the free market at their peril, and we will ignore their rigged market to our success. Full Story
By: Bob Chapman, The International Forecaster - 24 August, 2008
From Buck-Busting Ben Bernanke's mouth to God's ears (God must be getting an Excedrin Headache from all the Illuminist and neocon propaganda being wafted into His ears lately): Inflation pressures should moderate this year amid tepid economic growth. He also added that his inflation forecast remains "highly uncertain." Inflation will "moderate" all right, when we go into depression in the next two to three years. Full Story
By: John Mauldin, Millennium Wave Advisors - 24 August, 2008
Yet another crisis confronts us, as we will have to deal with the aftermath of a rather large number of bank failures over the next year, which is likely to overwhelm the ability of the FDIC to insure your bank deposits. Today we look at the banking system, the FDIC, and Freddie and Fannie. It's not pretty, but as realists we must know what we are facing. Full Story
By: Richard Daughty, The Mogambo Guru - 24 August, 2008
I will not go into it, as it usually means that I am going to be fired soon, and I don't want to think about that right now, other than to say that 'profits that suffer' is ugly in the best of times, and it will be Much, Much Uglier (MMU) this time… Full Story
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