Many assets show signs of being immersed in bubbles right now. The most obvious example is the cryptocurrency speculation, which includes Bitcoin, the numerous and rapidly-multiplying Bitcoin alternatives and, more recently, the stocks that are involved in cryptocurrency ‘mining’. Other examples are the broad US stock market, the stocks of companies involved in social media and/or e-commerce, the market for junk bonds, and a group of junior mining stocks where just the hint of a possible discovery has led to spectacular price gains and market capitalisations that bear no resemblance to current reality. Full Story
The US labor force is rapidly shrinking. Wage growth is non-existent. The vast majority of the American people have no savings and little hope for economic improvement. But none of that matters with the G-3 central banks in charge! So today saw the latest installment of the BLSBS. If you check your "mainstream" sources, you'll be led to believe that everything is great and getting even better! Full Story
The gold miners’ stocks have largely ground sideways this year, consolidating their massive 2016 gains. That lackluster trading action, along with vexing underperformance relative to gold, has left gold stocks deeply out of favor. But these uninspiring technicals and resulting bearish sentiment should soon shift. The gold stocks are just now entering their strongest seasonal rally of the year, the super-bullish winter rally. Full Story
For 20 years, Bill Murphy and Chris Powell of GATA.org have lead the crusade for transparency with the gold cartel. Bill Murphy returns with bullish commentary on the precious metals sector and Bitcoin. A few months earlier, Bitcoin enthusiasts were stunned / elated to find the digital currency was at parity, with gold $1,250. Full Story
There is no doubt that the action we have experienced in the metals complex in 2017 has been exceptionally frustrating, especially as the market presented us with several break out set ups that did not follow through. And, when a larger bullish structure presents you with break out set ups, probabilities suggest you have to favor those set ups, as I did in 2017. Full Story
It was a headline designed for shock value. The title screamed, Investors Dumping SLV at Fastest Pace in 6 Years! The headline came from Bloomberg, the epitome of “mainstream” news in my opinion. The article reported that investors were “dumping” holdings in SLV, the largest silver exchange-traded fund. They claimed the silver market had been “hit by a gale force, spurring an exit from ETFs backed by the metal.” Full Story
Mike was in New York last week, prompting this video blog on the road system. More here: https://goldsilver.com/ If you enjoyed watching this video, be sure to pick up a free copy of Mike's bestselling book, Guide to Investing in Gold and Silver. Full Story
Using a selection of charts from the GOLD CHARTS R US chart website, this monthly BullionStar series looks at some of the world's largest physical gold markets including Switzerland, China, Russia and India, and highlights recent developments in each market. Full Story
American consumers were more willing to open their wallets in September, an encouraging sign of what Santa might bring for investors this year. According to the latest Bureau of Economic Analysis (BEA) data, consumer spending in the U.S. rose a robust 1 percent between August and September, the largest month-to-month gain since 2009. Full Story
According to the Wall Street Journal, Jerome Powell will be the next Fed Chair. Whether or not this is fact is difficult to tell. Neither the White House nor Powell himself has confirmed the news. However, at the end of the day, who leads the Fed is largely irrelevant. Regardless of your position on Fed policy, math is math. So let’s consider the math. Full Story
Gold, ornamentation and money: that was the sequence of events. Man discovered gold, found it malleable, durable and attractive. It was first used for ornamentation, then as social economics evolved into the division of labour, its value as ornamentation and its physical properties made it the most enduring medium for money. Even to this day, Asians representing most of the world’s population still understand this connection between gold, ornamentation and money. Full Story
Is Bitcoin worth over $6600? Well, that is the price traders are bidding for it when this article was written. Every MBA student is taught many means of evaluating or valuing securities. Discounted cash-flow and Capital Asset Pricing Models are a couple of valuation methods. Moreover, fundamental oriented stock traders tend to use ratios like Price to Sales, Price to Earnings or Price to Book to value stocks. Full Story
If you are investing in either Bitcoin or Gold, it’s important to understand which asset is behaving more like a bubble than the other. While it’s impossible to understand how the market will value these two very different assets in the future, we can provide some logical analysis that might remove some of the mystery associated with the market price of Bitcoin versus Gold. Full Story
Since the early 1970s, the logic for gold ownership has been inextricably bound to the cash flow problems of the federal government. As the national debt increased so did the well-documented damage associated with it – to the dollar, to financial markets and to the economy in general. Simultaneously, gold’s role as an inversely correlated portfolio hedge grew over that nearly one-half century as well. Full Story
The Chicago Mercantile Exchange (CME) announced a plan to launch Bitcoin futures by the end of the year. The price of Bitcoin surged to a new record in response to the announcement. It was reminiscent of the dot.com era, when a dot.com stock would jump 10% if Maria Bartiromo merely whispered the name of the company on CNBC. Full Story
Top Wall Street Chartered Technical Analyst (CTA), Ralph Acampora of Altaira Wealth Management, revered as "The Godfather of Technical Analysis," returns. Listeners / readers are encouraged to sign up for to his free Twitter account with and active subscriber base of 26,000+. The Dow Jones Industrials continues to barrel towards 24,000 as predicted by his technical analysis. Full Story
To paraphrase Einstein, not everything worth measuring is measurable and not everything measurable is worth measuring. The purchasing power of money falls into the former category. It is worth measuring, in that it would be useful to have a single number that consistently reflected the economy-wide purchasing power of money. However, such a number doesn’t exist. Full Story
Yes, indeed, as Deepcaster has been forecasting for several months now, Key Sectors of the Markets will likely Crash in the Next Few Months and that Crash will likely be worse than 2008. But to understand how the Economy and Markets got to this dangerous pass, and how to Profit and Protect, we must first understand The Cartel and their multi-year history of Market Intervention [*See Cartel Note 1]. [Facilitated by his focus on the Interventionals, before the last crash in 2008, Deepcaster had his subscribers in five leveraged short funds all of which were liquidated profitably.] Full Story
The next US jobs report is scheduled for release on Friday. Will it be the catalyst that launches a third leg higher for gold? I’m not sure, but I am sure of what’s important for gold, which is that it is generally very well supported here, both technically and fundamentally. The bottom line: Gold held in ETFs is quite steady. China’s economy has softened, but only modestly. That light softness is almost certainly related to the government’s action taken to reduce pollution. Full Story
Over the past two years, Gold has been inversely correlated to bond yields. In a low inflation environment, falling bond yields drive real interest rates lower which benefits Gold. Conversely, rising yields are generally negative for Gold. When long-term yields exploded higher in the second half of 2016, Gold declined hard. Now with long-term yields threatening a potential major move higher, Gold and gold stocks have sold off and there is a risk of further losses. However, at somepoint rising yields can push Gold higher. Full Story
The world’s top gold producer saw its mine supply plummet by 10% in the first half of 2017. According to the GFMS World Gold Survey newest update, China’s gold production in 1H 2017 fell the most in over a decade. The fall in Chinese gold production is quite significant as the country will have to increase its imports to make up the shortfall in its mine supply. Full Story
My good friend Pierre Lassonde, cofounder and chairman of Franco-Nevada, doesn’t know how we’ll replace the massive gold deposits of the past 130 years or so. Speaking with the German financial newspaper Finanz und Wirtschaft this month, Pierre says we’re seeing a significant slowdown in the number of large deposits being discovered. Legendary goldfields such as South Africa’s Witwatersrand Basin, Nevada’s Carlin Trend and Australia’s Super Pit—all nearing the end of their lifecycles—could very well be a thing of the past. Full Story
Crooked bankers are all over the headlines again. The world’s largest metals hedge fund, Red Kite Management, Ltd., is suing Barclays for rigging copper prices. Federal prosecutors launched an investigation of Wells Fargo bankers working on its foreign exchange desk Friday. And on October 23rd, a jury in New York convicted an HSBC trader of fraud. Full Story
The best performing precious metal for the week was palladium, down slightly by 0.42 percent. Germany’s BASF noted that the automotive industry appears to be responding to the price surge in palladium this year and are slowing down purchases. According to Bloomberg, gold traders and analysts are bearish for the first time in four weeks as the dollar strengthens. The passing of the U.S. budget by the Senate lifted hopes by boosting risk sentiment and pushing yields higher. Joni Teves of UBS says a large fiscal package is a key downside risk for gold as it would result in a higher policy rate path. Full Story
Congressmen Alex Mooney (R-WV) and Frank Lucas (R-OK) delivered a formal letter to the United States Mint and Secret Service, urging aggressive action on the growing problem of high-quality counterfeits of U.S. precious metals coins entering the country from China and elsewhere. Full Story
In response to questions about when China would finally cast aside the dollar and run the price of gold up, I’ve always replied that China would be shooting itself in the foot if it tried to replace the dollar too quickly. Don’t forget, China holds about $1.2 trillion in the form of Treasuries. Note: this ratio does not include the market value of its gold holdings, the actual amount of which is unknown outside of a small circle of Chinese officials. Full Story
Lately, my life has been completely packed with speeches, meetings, and in-depth, often lengthy, conversations. Plus ongoing research and writing, of course. It all culminated Thursday afternoon at the beginning of a business meeting with the leadership team from a firm that will become a significant new business partner. At the very beginning of the meeting, the head of the firm leaned over to me and asked, “What’s on the top of your mind? What are you thinking about?” The previous night we had a small group of about 15 people in my living room after dinner, and the question was similar, “What keeps you up at night?” Full Story
I know I am not the traditional author you come across on most financial sites. Most others will provide you with traditional notions of the stock market based upon rationalities. So, many authors will suggest that we “cannot separate public policy and geopolitics from the markets,” they will focus on “market valuations,” they will claim that “fundamentals do not support this rally,” and will provide you with many, many other reasons as to why they have continually believed that this rally would never happen. Full Story
Picture a life where you do most of your shopping through Amazon.com and the local farmers’ market, most of your communicating through Facebook and Instagram, much of your travel via Uber, and much of your saving and transacting with bitcoin, gold and silver. Do you really need an immense, distant, and rapacious central government? Maybe not. Perhaps your region or ethnic group would be better off forming its own independent country. Full Story
Warren Buffet famously proposed the analogy of a machine that produces one dollar per year in perpetuity. He asks how much would you pay for this machine? Clearly it is worth something more than $1.00. And it’s equally clear that it’s not worth $1,000. The value is somewhere in between. But where? Full Story
Arch Crawford, head of Crawford Perspectives, discusses the worst natural disaster in California history, the 2017 firestorm. The host proposes that 40 lives and 8,000 structures might have been spared if clay / terra cotta roofing panels were required by state building codes. Bob Hoye of Institutional Advisors rejoins the show with Part II on the Bitcoin phenomenon. According to the mythical founder of Bitcoin, Satoshi Nakamoto, in Bitcoin: A Peer-to-Peer Electronic Cash System (2008), trust in financial transactions was hijacked by the financial intermediaries. Full Story
Can stock markets fly? Or is it really different this time? As we outlined last week, in celebration of the 30th anniversary of the 1987 October stock market crash, stock markets, it appears, can fly or soar as you may wish to call it. Just when you think the stock market couldn’t go any higher it does. Last week we noted the Dow Jones Industrials (DJI) had soared 30% since the US election on November 4, 2016. When compared with other stock market blow-offs such as the “Roaring Twenties,” the dot.com bubble of the 1990s, or the Tokyo Nikkei Dow (TKN) of the 1980s it was a rather puny performance, so far. Full Story
The big news last week for the Precious Metals sector was that the dollar broke out of its Head-and-Shoulders bottom to start its “Swansong Rally”, a development predicted in the last update, and for weeks before that. This caused PM sector stocks to break sharply lower, and brought gold to the point of breakdown from its Head-and-Shoulders top, as we can see on its latest 6-month chart shown below. It hasn’t quite broken down yet, but is expected to follow stocks’ lead and break down soon and head lower. Target is support in the $1200 - $1215 zone which is expected to be reached as the dollar index arrives at its upside target in the 97 area. Full Story
I’ve long held that if a problem can be solved by creating $1 trillion out of thin air and buying a raft of assets with that $1 trillion, then central banks will solve the problem by creating the $1 trillion out of thin air—nothing could be easier. This is the lesson of the past eight years: if a problem can be solved by creating new money and buying assets, then central banks will solve that problem. Full Story
As the U.S. Stock Market Bubble continues upward toward a giant pin, there are some interesting developments that precious metals investors will find quite interesting. Yes, there’s still a lot of life left in the precious metals, even though pessimistic market sentiment has frustrated a lot of gold and silver investors. Full Story
Is the Federal Reserve’s Great Unwind already coming unwound? I thought it would be good to check up on Federal Reserve balance sheet reduction since the Fed is supposed to be up and running on the move out of quantitative easing this month. It should be fascinating to see what progress the Fed is making as it happily applauds its own successful recovery. Full Story
What we have learned over all this time is how all encompassing the market manipulation schemes really are. Initially, we realized that various bullion banks (such as Goldman Sachs and JP Morgan) were collectively suppressing the gold price to keep it below $300 an ounce. Eventually we realized the manipulation extended to silver too AND included the Fed, The Treasury, Exchange Stabilization Fund, BIS and other central banks. Full Story
We are now in the very early stage of the stock market's vertical phase. Price has recently broken out above the bull market channel and is beginning to move aggressively higher. It is unlikely we will see a top in this vertical phase until late next spring. This video explores the dynamics that will propel the stock markets to heights most cannot imagine. Full Story
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