It’s been almost 10 years in the making, but the fate of one of Europe’s most important financial institutions appears to be sealed. After a hard-hitting sequence of scandals, poor decisions, and unfortunate events, Frankfurt-based Deutsche Bank shares are now down -48% on the year to $12.60, which is a record-setting low. Even more stunning is the long-term view of the German institution’s downward spiral. With a modest $15.8 billion in market capitalization, shares of the 147-year-old company now trade for a paltry 8% of its peak price in May 2007. Full Story
Initially, the Brexit vote led to short financial shock with a plunging pound and equities. However, the markets soon recovered, and the shock was not as bad as many had feared. Similarly, there was a knee-jerk reaction in gold, which boosted its price up to the $1,350 level immediately after the vote’s results were announced. As the chart below shows, the gold prices spiked in the U.S. dollar, in the Euro and, to a great extent, in the British pound. Full Story
By: Adam Hamilton, Zeal Intelligence - 8 July, 2016
The red-hot gold miners’ stocks have continued blasting higher this summer on heavy ETF buying by professional money managers. Funds’ ongoing big capital inflows into this market-leading sector have overcome its usual summer seasonal weakness. While gold stocks’ odds-defying record early-summer surge certainly ramps short-term downside risk, this year’s dazzling new gold-stock bull still remains young. Full Story
Yep, it now appears that $1,350/oz gold is no longer resistance, but support; whilst $20/oz silver looks more and more likely to be taken out imminently – enroute to the Cartel’s “greatest fear,” of silver breaching is 50-week-moving-average of $20.50/oz. In other words, the “most important jobs report ever” not only has permanently destroyed BLS credibility; but ironically, may prove to be the catalyst to launch the next phase of the powers-that-be-killing PM bull market! Full Story
Peter Schiff, Chairman of SchiffGold.com and the host discuss the current silver market eruption, as predicted two weeks earlier on the show. At the end of 2015, for the first time hedge funds were net short the silver market, setting the stage for the perfect price squeeze. Precious metals shares are only beginning what could be a remarkable multi-year advance, as investors wake up to the opportunity. Shares are just now starting to reflect their intrinsic value and as the underlying PMs bullion prices advance. Full Story
The last year has been a scary time to be an investor. In 2015, the slowdown in China’s economy caused undue apprehension to investors and contributed to a nausea-inducing rollercoaster ride which began last July and has continued until now. By the end of 2015 low energy prices were taking a toll on the high yield debt market, which in turn catalyzed another stock market swoon. Although the decline wasn’t severe, the January 2016 market panic ended with the biggest spike in bearish investor sentiment since the 2008 credit crash. Full Story
By: Steve St. Angelo, SRSrocco Report - 8 July, 2016
Total world gold production last year was 100.7 Moz, according to the 2016 GFMS Gold Survey. Thus, the world produced an average of 275,961 oz a gold per day. The increase in Total Gold Holdings (Gold ETF’s, Funds and Exchanges) on July 5th was five days (1,415,000 oz) worth of global gold production. Furthermore, the SPDR GLD ETF experienced the most inflow of gold at more than three days (926,000 oz) worth of world gold production. Full Story
Gold has held up pretty well since spiking two weeks ago on Brexit news. The moderate upward drift since then promises to deliver not only the 1382.80 target we’ve been using in recent days, but the 1418.00 target shown. Mechanical entries from p or p2 look enticing, and that’s what I would suggest, provided you are familiar with the simple rules governing this type of trade. If the futures were to pull back to the green line, that could set up a ‘mechanical’ opportunity for an aggressive buy, albeit one using a ‘camouflage’ entry in order to greatly reduce the initial theoretical risk of about $2700 per contract. Full Story
Under certain circumstances, seemingly decent human beings are capable of horrific things. So it is with Former Federal Reserve Chairman Alan Greenspan, who parlayed his sound money bona fides into the top post at America’s private banking cartel and current issuer of our un-backed currency. In betrayal of his own stated free-market principles, Greenspan spent his tenure at the Fed pumping up financial markets with easy money and enabling runaway government spending commitments. Full Story
The price fireworks over the July 4 holiday, particularly in silver, were met with an outpouring of commentary and renewed interest. Not only have precious metals prices soared to levels not seen in a couple of years, it’s hard for me to recall a time with more input from different voices. It’s also hard to believe that it was only six months ago that gold and silver were locked in nearly the opposite situation. So the obvious questions are what happened and, more importantly, what is likely to occur from here? Full Story
As for the Fed, the idea that the US can raise interest rates while the above is going on is ludicrous. Much more likely is a zero to slightly negative Fed Funds rate by this time next year, with a near-flat yield curve as long rates fall faster than short. And since raising rates was the only remaining way to save the US financial sector from the ravages of low returns, look for the crisis to migrate across the pond shortly. Full Story
Now that the precious metals’ five year cyclical bear market is acting like it's been replaced by a vibrant bull run in the opposite direction (up!), many analysts who chided the ongoing rise in the mining stocks and metals that started in December 2015 are begrudgingly changing their "outlook" so they don't get left behind. Full Story
Although Chinese gold demand year to date at 973 tonnes is slightly down from its record year in 2015 – when China in total net imported over 1,550 tonnes and an astonishing 2,596 tonnes were withdrawn from SGE designated vaults – appetite from the mainland is still the greatest of all single nations worldwide. Full Story
Gold is currently trading at around $1,370 an ounce. I like gold, but for me that is too expensive, even although I think it will increase significantly over the next couple of years.
Why do I think it is too expensive? Because I think there is a way of getting it at the equivalent of $345 an ounce, by buying silver instead. Full Story
The very beginning of a new intermediate cycle is the single most dangerous time to short stocks. The average gain is 6-8% in the first 12-18 days. Yet this is the time most retail traders want to sell short as they expect the market to turn back down immediately. When it fails to do so they end up losing money. Full Story
Stocks stubbornly resisted gravity on Wednesday even though they could have used a breather from the abnormally steep, post-Brexit bounce. Presumably, the stock market's buoyancy was due to the fact that crude oil prices reversed and closed moderately higher after being down nearly $1 in the early going. Although energy prices have been leading the broad averages by the nose for months, the effect has been somewhat muted lately. Perhaps the markets were so lacking in inspiration that they simply went on autopilot, letting old habits take over for a day? Full Story
The whole mess was “saved” based on a lie. Mario Draghi claimed he’d do “whatever it takes… and believe me it will be enough” and the markets took him at his word. Unfortunately the math doesn’t support this. The EU banking system is leveraged at 26 to 1. Many banks are leveraged far above this. Lehman was leveraged at 30 to 1 when it imploded. People laugh that somehow that was allowed to happen in 2007… without realizing that Europe’s entire €46 trillion banking system is just below that. Full Story
While it's clear that The Banks on The Comex are desperately feeding new paper contracts to The Specs in an effort to contain/restrain the gold price, at least there has been a coincident rise in the physical collateral backing the paper contracts. In silver, where the situation is equally tenuous, The Banks are issuing new paper contracts without conjuring up any additional physical collateral. The Banks are simply adding additional leverage to an already-teetering system and, in doing so, have extended their potential delivery liability to 120% of total global mine supply. (Actually, if you take out China's 150,000,000 ounces of annual production that's NOT for sale, total global silver production falls to 730,000,000 ounces and the liability rises to 145%!) Full Story
Precious metals are on fire! Yes, a renewed bull market, sparked by the utter chaos and turmoil that we are experiencing in Europe due to the recent successful Brexit campaign, has sent precious precious metals soaring. It is more than the spark that we needed to get things moving, it was akin to throwing a bucket of gasoline on a fire. Both gold and silver have been moving significantly higher over the past week. Full Story
Safe haven gold continues its strong showing as plummeting interest rates and shaky global equity markets are creating a strong bid in this market. Gold pushed up towards last week’s high and in the process pushed through yet another overhead resistance level in the $1345-$1350 level. Based on what I can see from this chart, there appears to be little resistance in its path until closer to the $1385 level. Above that lies psychologically significant $1400. Full Story
Since 2013, many have called me a gold hater. Many have even claimed that I was a shill for the “manipulators” to provide some smoke and mirrors as to why gold was going down. Many have continually claimed that Elliott Wave does not work, and that the only reason I was accurate in my predictions was because I had inside information from the manipulators. But, this past week, and for the first time in many years, someone actually called me a “gold bug.” Ah, the winds of change are in the air. Maybe Elliott Wave analysis will become universally accepted next? Yea, I know . . . now I am dreaming. Full Story
By: Steve Saville, The Speculative Investor - 6 July, 2016
Most rational people with some knowledge of economic history will realise that the US$ will eventually be the victim of hyperinflation. The hard reality is that whenever money can be created in unlimited amounts by central banks or governments, it’s inevitable that at some point the money will experience such a dramatic plunge in its purchasing power that it will be at risk of soon becoming worthless. However, knowing this is only slightly more useful than knowing that the star we call the Sun will eventually die. Full Story
By: Steve St. Angelo, SRSrocco Report - 6 July, 2016
Americans and Canadians will likely face silver shortages in the future as investment demand continues to surge higher. This will come at time as the silver price skyrockets, thus making it even harder for investors to acquire physical metal. The U.S. and Royal Canadian Mints produce most of the Official Silver coins in the world. In 2015, the combined total of Silver Eagles and Maples sales equaled 81.3 million ounces (Moz). Full Story
The day after the referendum, gold jumped nearly 5 percent and since then has held above $1,300 an ounce, helping to achieve its best first half of the year since 1974. The yellow metal, which has historically been sought by investors during times of political and economic uncertainty, is also strengthening now that a U.S. interest rate hike seems less and less likely post-Brexit. Full Story
The employment report Friday will be key. Another bad number and the dollar will tank and start a left translated daily cycle. And a weak dollar is going to be bullish for everything. So don’t be surprised if stocks react bullishly to a poor number. This has never been about the economy or economics, or anything like that. This entire bull market has been based on QE and it will continue to be driven by QE. Full Story
Since early 2014, when 30-year T-Bonds were yielding close to 4%, Rick’s Picks has been confidently predicting rates would ultimately fall to at least 1.64%. The technical basis for this forecast is shown in the accompanying chart (see inset). It went sharply against a consensus that includes nearly every economist, bankster and pundit who has been quoted on the subject. It has also flouted the publicly stated opinions of such heavyweights as Bill Gross, Paul Krugman, George Soros and some Federal Reserve governors. Full Story
Our proprietary cycle indicator reached 100% this week, which is the highest level ever. It cannot go higher, but prices can remain firm at current levels. A bull market in gold and silver is now confirmed, but for risk management, we shall wait for the next cycle bottom to begin accumulating positions for the long term. Full Story
Gold surged on the Brexit vote a week ago, then then spent the early part of this week consolidating the gains. The net gain since the Brexit vote has been impressive, but Gold has still not regained the intraday high from the day after the Brexit vote. Since spiking to 1362 the morning after the vote, Gold has been filling and confirming the Brexit surge. Full Story
The spot prices scream loud. The Silver breakout will be one to behold in the history books. Silver has broken the shackles of the vile banker cabal. Silver has begun its historic run-up. Silver will capture the world's attention. The equivalent of the 1980 Hunt Brothers breakout in today's terms would be $200 per oz. The fundamentals for Silver look better than almost every commodity on earth. Silver has declared independence from the control rooms and their paper gimmicks. The Silver imbalance is monstrous. Gold has broken the gates down with the British Exit vote, pushing its price over the tough stubborn $1300 resistance line. In the following days it has been adding to its gains. But Silver has emerged amidst the political smoke and deceptive din to ride hard through the gate. Silver is on a rampage, and has begun to make the news headlines. Silver has chosen July Fourth as the day to declare INDEPENDENCE from fiat paper money. Full Story
Nigel Farage toiled for 17 years building a movement to lead the United Kingdom out of the European Union. A week ago, he stood in front hundreds of drab bureaucrats in the EU Assembly, most of whom have done little but snicker at his free-market ideals, and declared victory. He told them, quite plausibly, their political union is dying – and good riddance! Full Story
Since writing this report on June 25, The Banks have surged total Comex gold open interest by another 22,000 contracts or 3.5%, all in a desperate attempt to contain the "price" of gold below the post-Brexit highs. The purpose of this update is to once again highlight the tenuous and desperate situation of The Bullion Banks. These Banks are trapped short in Comex paper gold derivatives and they are clearly attempting to contain/restrain price below $1350 and the post-Brexit highs near $1360. How do we know this? Full Story
The gold price action in 2016 is now getting widespread attention. The upside fun can continue, but when “the crowd” is very excited about the next possible move, the wise professional investor takes the view that a more relaxed outlook may be in order. Many economists are raising their upside price targets significantly, and most precious metals charts do look very good. That’s all the more reason for investors to “enjoy the ride” at this point in time, rather than get overly excited about predicting the next price movement. Full Story
The best performing precious metal for the week was silver. Silver trades at a much more volatile spread than gold, thus its over 10-percent price reaction this week, its biggest weekly gain in 15 months (due to the fallout in Europe over Brittan voting to leave the EU), is refreshing to see. Full Story
Historically, the silver price has a tendency to decline and rise way more and faster than most people expect. The recent 5-year decline is a good example of a decline that went lower than expected. There are good reasons for this, but we often miss it due to our focus on the now instead of the bigger picture. Full Story
By: Richard (Rick) Mills, Ahead of the herd - 5 July, 2016
Quantifornication is the term I coined for what the Federal Reserve is selling to the world - the unrealistic, insane fiat dream that the monetary policy employed by the Fed can fix the predicament we are in. In the movie the Matrix, Neo is given a choice by Morpheus, if he takes the blue pill he will return to sleep unaware of the truth, if he takes the red pill he will wake from the dream and become aware of the illusion, created by the AI entity, and fed to the humans in their pod dream world. Full Story
It’s a funny title for a segment, but it is appropriate. I don’t want to be too flippant with dismissals of inflammatory market events like ‘Brexit’ as simply hype. There is very real macro fundamental shifting going on behind the hype. But in market management, macro fundamentals play out over long stretches of time and nobody knows exactly how all the moving parts are going to affect the subject of the hype (in this case Britain and the EU), let alone the asset markets we are tasked to invest in, trade or avoid. Full Story
I still view crude as being in a topping process that would complete an impressive dead-cat bounce from around $32 earlier this year. A neon-yellow flag for bulls is the steady drumbeat of ginned-up “supply-side” stories intended to trigger short-covering rallies: disruptions in Venezuelan output, production slowdowns in Nigeria. That sort of thing. In true bull markets, the story that typically drives oil prices higher for prolonged periods concerns growing demand from an expanding global economy. Full Story
James Machuga, Senior Vice President of Merk Investments Advisor Services, makes his show debut. Merk Investments suggests that every financial portfolio includes gold insurance, amid an environment of global currency devaluation. Bob Hoye is also a gold bug - the PMs shares continue to benefit from significantly lower petroleum prices, which decreases overall expenses. The Brexit gave the Fed policymakers a perfect excuse to halt rate hikes and even cut rates if needed in 2017, to the benefit of equities / PMs investors. Powell has been managing editor of the Journal Inquirer, a daily newspaper in Manchester, Connecticut, since 1974. He began working at the paper when he left high school in 1967. He writes a column about Connecticut issues that is published in a dozen other newspapers in the state and Rhode Island and often appears on radio and television public-affairs programs in Connecticut. Full Story
The world’s major precious metals mints are currently riding high on the back of extremely strong global bullion coin demand and relatively buoyant gold and silver prices. These mints are predominantly run as commercial enterprises. The sheer scale of revenues that the US Mint, Royal Canadian Mint (RCM), Perth Mint and Austrian Mint have been generating over the last number of years is eye-opening. Not surprisingly, due to their high value nature, revenues from bullion coin sales account for the lion’s share of total revenues for each institution and have been a core driver of their overall profitability. Full Story
Pretend, for a minute, that your country responds to the bursting of a credit bubble by borrowing unprecedented amounts of money and using it to prop up banks and construction companies. This doesn’t work, so you create record amounts of new money and push interest rates into negative territory in an attempt to devalue your currency. But this — amazingly — doesn’t work either. Your currency soars and the inflation you’d hoped to generate never materializes. Full Story
I am sure your inbox and the magazines you peruse and the TV programs you watch have been saturated with commentary on Brexit, much of its speculative nonsense. What I find the most annoying are people who feel that the British have made a huge mistake and that they are going to have to go through a period of unmitigated pain as punishment for their not appreciating the wisdom of their elders. They express an almost joyful glee in that prospect – especially if they don’t live in the United Kingdom. Full Story
The banksters, by manipulating the price of gold and artificially creating a bear market, have created what will likely turn out to be one of the greatest opportunities ever seen. I’ve maintained all along this was their goal. To create the most destructive bear market in history, which would then generate the largest bull market the world has ever seen. Full Story
James Machuga, Senior Vice President of Merk Investments Advisor Services, makes his show debut. Merk Investments suggests that every financial portfolio includes gold insurance, amid an environment of global currency devaluation. Due in part to the growing theme of negative interest rates, the medium / long-range outlook for the PMs sector continues to improve. Full Story
Bob Hoye, senior investment strategist at Institutional Advisors returns with comments on former Fed Head, Dr. Greenspan's recent call for US policymakers to return the monetary system to a "Gold Standard." Dr. Greenspan is now a professed "Gold Bug," and points out that all central banks keep tons of the "barbarous relic" in their stockpiles. The former Fed Chair notes that under the former gold standard, 1870 to 1913, represents one of the most preposterous periods in US economic history, which may imply a call for a new monetary system. Full Story
By: Chris Powell, Secretary/Treasurer, GATA - 4 July, 2016
Zero Hedge today excerpts an interview done by Grant Williams' Real Vision with fund manager Kyle Bass, highlighting an observation Bass says he heard from a leading central banker a few years ago. Bass quotes the central banker speaking about the central banking fraternity this way: "So we're all trying through our treasury and our Fed to get the rest of the world to not devalue against us, while we quietly attempt to devalue ourselves against them, and it's all this race to the bottom. It is the beggar-thy-neighbor policies that we all talk about. And I believe that there is no way out." Full Story
Gold broke-out last week on Brexit while Silver waited a week to join the party. The miners, meanwhile cleared 2014 resistance today. There are breakouts across the board in the precious metals space. The weekly candle charts of Gold and Silver are plotted in the image below. Gold appears to have digested the Brexit pop well as it gained another 1.5% on the week to $1339. If it holds above monthly and quarterly resistance ($1330s) then it should be on its way to $1380-$1400. Full Story
By: Steve St. Angelo, SRSrocco Report - 4 July, 2016
What is important to notice in the chart is the 50 MA (BLUE LINE). Once the silver price fell below the 50 MA at the beginning of 2013, it continued to decline over the next three years. However, as the price of gold and silver started to rise in the beginning of 2016 and surge even higher after the BREXIT vote last week, silver is only $0.75 away from breaking through the 50 MA (BLUE LINE). Full Story
One week on from the United Kingdom shocking the world by voting to leave the European Union, one would be not be lacking in predictions of doom and gloom across the political and economic board. As one who voted to leave the nascent European Superstate, the oft (mis)quoted words of Benjamin Franklin came to mind when he suggested that those who trade liberty for security deserve neither. Full Story
I am in my full trading positions which I entered Tuesday and I am treating them as a swing trades, which means I’ll be locking in gains on any sign of weakness, but of course I’d prefer to hold them longer if they allow me. The metals continue to act strong as well with silver leading gold and mining stocks really kicking into gear and I did buy into one in particular late Thursday and that one stock was up a very nice 8.98% Friday. Full Story
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