By: Peter Schiff, Euro Pacific Capital, Inc. - 9 April, 2010
In a commentary two weeks ago, I rebutted dangerously silly arguments put forward by New York Times columnist Paul Krugman about how the United States should pressure China to drop its support for the U.S. dollar (click here to view). Although there is far more happening in the world outside of Mr. Krugman's brain than within it, fresh drivel from the acclaimed Nobel Prize winner compels me to turn my focus there once again. Full Story
By: Jeff Clark, Senior Editor, Casey’s Gold & Resource Report - 9 April, 2010
The U.S. Mint just reported another record, but this time it wasn’t for gold. The Mint sold more Silver Eagles in March and in the first quarter of the year than ever before. A total of 9,023,500 American Silver Eagles were purchased in Q110, the highest amount since the coin debuted in 1986. Full Story
Sometimes a picture really is worth a thousand words, even if it is only to prove a point that common sense dictates should have been won a long time ago. But common sense seems to be in short supply and not only has the point not been won, it isn’t even being discussed right now. Yes, it is the age-old debate on where price inflation comes from. Full Story
By: Daniel Aaronson and Lee Markowitz - 9 April, 2010
We previously wrote that the Federal Reserve’s (Fed) quantitative easing program, aimed at driving fixed income asset prices higher and long-term interest rates lower, was a market corner similar to that of the Hunt Brothers’ attempt with silver (www.continentalca.com/home/9252009). Given that all market corners eventually fail, the Fed’s corner will as well, if for no other reason than that the Fed clearly laid out its strategy for entering and exiting the market. In contrast, during the Hunt’s corner, market participants could only guess when the Hunts would exit the market. Full Story
"We all share a destiny in common," said ECB president Jean-Claude Trichet at Thursday's press conference. But that common destiny was supposed to be the Deutsche Mark's famous stability, rather than Club-Med-style currency attack. And in a world of near-zero rates everywhere, the real question is which major currency will be next to sit on the right-hand side of XAU – the wrong side of gold – in bank-analyst tips. Full Story
By: The Gold Report and Steve Palmer - 9 April, 2010
New technologies are pushing up the demand for rare earths. Steve Palmer, president and CEO of AlphaNorth Asset Management, says the rare earth space is currently his favorite place to invest in the resource sector. In this exclusive interview with The Gold Report, Steve also talks about where he sees the markets headed in 2010 and shares how he tries to limit the downside when investing. Full Story
Summing up, we are still bullish on gold in the medium term; a brief pause or correction is likely to occur short-term but the rally is to resume relatively soon. The way gold behaves during the next several days will also let us know if the previously analyzed self-similar pattern is still in place, and if so, what does it suggest for gold in the following days/weeks. Full Story
The Heat is intensifying on The Cartel*. Exposés of their Market Interventional Regime are increasingly appearing in the Mainstream Financial Media. Full Story
A distracted and preoccupied amateur is no match for a determined, organized professional with a strategy. Though the collapse of the shadow banking system was a near fatal miscue for the global bankers, they have been quick to adjust their strategy. With an army of MBAs, quants and lobbyists they have reworked their strategy at the expense of the still comatose and shaken taxpayer. Full Story
By: Adam Hamilton, Zeal Intelligence LLC - 9 April, 2010
In less than 8 weeks, the flagship S&P 500 stock index (SPX) has relentlessly powered 12.6% higher. This big run has been very unbalanced too, utterly dominated by long up-day streaks. And for the most part, the occasional down days have been trivial. The SPX simply continues to melt up day after day, its surreal levitation act making traders nervous. Full Story
David Knox Barker is one of the leading authorities on the economic long wave, otherwise known as the Kondratieff Wave (a.k.a. “K Wave”). Barker has had an impressive career both as a financial market writer and long wave analyst, as well as being an entrepreneur in the field of emerging nanotechnology. Back in the late 1980s and ‘90s, Barker was known for his insightful and accurate views on the U.S. economy and financial markets via his “K Wave Report” newsletter. Full Story
By: Richard Daughty, The Mogambo Guru - 9 April, 2010
I was rudely awakened by the Mogambo Fed Credit Alarm (MFCA) ringing its little heart out, as it does a lot these days, and sure enough, the monthly increases in Total Fed Credit are still rising as smartly as they have for the past 12 (pause) freaking (pause) months, and it has now reached a staggering $2.3 trillion. Full Story
The prior Goldsmiths (Part 135) discussed the wisdom and thinking of the warped Plato in ancient Greece of 2400 years ago. In the thinking of the demented Plato, he envisioned a world made up of ten dynastic families who would be the powerful rulers in the so-called gold classification in his ideal society. These ten rulers would come to power and stay in power based on “inherited” rights and privileges. Full Story
The upbeat earnings reports issued by retailers yesterday would have seemed inscrutable, had we not been buying merchandise ourselves hand-over-fist during the month of March. Our non-cash household purchases were all made on a single Master Card, and, for sure, the latest monthly bill was a whopper. Full Story
Investors often seek safety from financial market turbulence in US government bonds since they offer virtually no risk of default and, unlike cash or gold, provide a yield. At the same time, sovereign debt default concerns outside the US, e.g., Iceland, Dubai, and Greece, have been linked to short-term rallies in the US dollar and have diverted attention from the fiscal challenges facing the US. Full Story
The Dow continues to put in new highs but our 3 moving averages of new highs are trading well off the highs they put in last year. The 20 day moving average (current reading = 640) of new highs would have to surge past the 2500 mark to have a chance of putting in a new high. Based on this week’s readings it would have to surge 400% from its current reading. It is very strange and disturbing that a market that appears to be strong is actually not as strong as it appears to be when one examines its internal structure. Full Story
“A billion here, a billion there, and pretty soon you’re talking real money”. This phrase about government expenditures has become a classic but with great inflation underway, it needs to be brought up to date. Full Story
Over the last few weeks we’ve been writing about potential macroeconomic developments, which will drive Gold in the near term and in the years ahead. We thought we’d take a break from that and focus on what we enjoy most: analyzing technicals and sentiment. Full Story
There is a lot of controversy stirring up with regard to what could be the "largest fraud in history", as gold available for delivery to people who think they actually own metal through paper intermediaries is being exposed as being only as safe as the entities that guarantee its delivery -- in other words, not safe at all. Full Story
In my last metal report a couple of weeks ago, I was bearish. The good news is that due to Dollar risk on the chart pattern, I did not recommend a short position in my Twice Daily Update. Now the trend is up and once again you have to consider the Dollar risk, but this time from the purchase side of the market. Full Story
By: The Gold Report and Michael Berry - 8 April, 2010
Traditionally, the bond market is where investors have gone for safety in their portfolios. Discovery Investing pioneer Dr. Michael Berry says that investors may need to look elsewhere. In this exclusive interview with The Gold Report, Michael says the bill for deficits and debt in the U.S. will be coming due soon and that bond investors may be in for a rough ride. Michael says precious metals could be part of the safety portion of investment portfolios. Full Story
By: Richard Daughty, The Mogambo Guru - 8 April, 2010
Sometimes, when things seem to have gotten their worst, I morosely think that things could not get any worse, and pretty soon I am thinking to myself “What in the hell are you thinking? Of course it will get worse! It will get worse because the stupid government is deficit-spending trillions of dollars, the Federal Reserve is creating massively more money to accommodate it, and, nightmarishly worse, the same, sad, stupid, suicidal scenario is being played out around the Whole Freaking World (WFW), all of which means that inflation in consumer prices will soar and – at best! – things will get worse! Hahaha!” Full Story
Having spent more than a month in limbo, gold now lies just inches from triggering a potentially explosive rally. Before yesterday’s sharp surge, disappointment in the form of leaden price action had dogged bulls since early March, when Comex futures failed by a hair to surpass an important prior peak after trending higher for five days. A Formula 1 racer might as well have blown a head gasket a hundred yards from the checkered flag. Full Story
By: Joe Hung, Editor, Casey’s Energy Report - 7 April, 2010
Imagine the price of gold jumping to $1,500 overnight... what would that do to the price of junior mining companies? That’s what just happened to the price of coal – it jumped 38% in one day! Full Story
In a recent piece from the Wall Street Journal titled “Stocks' Parallel Universe,” columnist Richard Barley paints a relatively rosy picture for an otherwise unexciting stock market. Using recent data and historical examples, Barley attempts to solidify the “soaring” (which is 5.2% year to date) returns of the stock market as a function of an improving economy and stock market. In our humble opinion, his analysis couldn't be further from the truth. Full Story
If you're queuing up for a lug on the bong of forced-risk, just take a moment before you inhale too deeply... THE LONGER that interest rates stay below inflation, the more people will be forced to take more risk to defend what money they've got. Full Story
By: Bob Chapman, The International Forecaster - 7 April, 2010
Almost every day in almost any currency your purchasing power in terms of gold is less and less. Thus, these currencies in which you save the fruits of your labor are cheating you out of your savings. Full Story
The reaction to the CFTC meeting on March 25 continues to be great in precious metals circles. More commentary has been generated by this meeting than even I expected. The hearing brought to the forefront the most important issues in silver, namely, position limits, concentration and the allegations of manipulation on the short side. This is great news for silver and gold investors, as it promises to finally expose and remedy the 20-year downward manipulation in silver. Full Story
The developed nations are over-extended, their debt levels are ballooning and their governments are creating copious amounts of money. Put simply, most industrialised nations are now caught between a rock and a hard place. Full Story
Isn’t the world an interesting place at present! When the historians look back and decide what to write on the history for this time period they might as well use the heading “it seemed like a good idea at the time”. Full Story
Alan Greenspan is on Capitol Hill today testifying in front of the Financial Crisis Inquiry Commission. The former Federal Reserve Chairman Alan Greenspan has come under increased scrutiny for his failure to anticipate the housing bubble. Roger Lowenstein, author of The End of Wall Street, says the criticism is deserved. Full Story
Alan Greenspan testifies before the Angelides Commission about the causes of the financial crisis. Even though he will be under oath I'm sure that the commission has been coached with their script to ask those softball questions that Greenspan can babble for hours about. Congressmen make lousy actors. Full Story
While the multitudes debate over whether an economic recovery is coming to the United States, signals sound loudly in harsh tones. While they point to the recent rise in the USDollar, signals sound loudly in harsh tones. Admittedly the signals are confusing, but they are important. The long-term bond yield for USTreasurys threatens the 4.0% mark. The crude oil price is close to threatening the $100 mark. Sleepy financial market anchors and mavens offer comment, but might miss altogether the significance of the signals. The signals clearly mean great strain on the credit markets still, and gradual decay of the major currencies led by the USDollar. Full Story
By: Richard Daughty, The Mogambo Guru - 7 April, 2010
I know that I should write something about ObamaCare and the new health insurance law that is over 2,000 pages long to achieve a blatant socialist takeover of the healthcare and health insurance industries, and perhaps I should produce a short screed to show that I am up-to-speed on current events... Full Story
Even if the U.S. economy has hit bottom – a prospect that we view as extremely unlikely -- there is almost no chance the recovery will restore the nation to economic health. No one knows this better than the Baby Boomers, vast numbers of whom have seen their retirement plans go up in smoke because of the wealth-destroying effects of the Great Recession. Full Story
Every generation scolds the next one down the line and blames society’s ills on the guy up at bat. Considering past policy decisions, this common perspective doesn’t make much sense. Just look at the Great Depression generation, both known for its great character as well as the worst policies of the century. Clearly, older generations did not always make the best decisions. Full Story
A 0.25% increase to India’s bank rate last Friday coincided with a major reversal in the currency markets. The rupee closed out the day even against the US$ which had reversed its recent slide and gained against most other currencies. Over the past year the rupee has strengthened steadily relative to the greenback, so Indians have seen about 10% chipped off the US$ based gains for global goods through that period. Full Story
The revelation at last week’s CFTC meeting that JPMorgan was the prime instigator behind the repeated ‘takedowns’ of the price of gold and silver came as no surprise to those of us who study the markets on a regular basis. Full Story
For better or worse, any support to Greece is a political matter. However, in the absence of a political process, much of the focus has been on the European Central Bank (ECB): one of the few European institutions that has provided consistent and robust leadership throughout the financial crisis. ECB President Trichet has rightfully argued that it is not the ECB’s role to provide financial assistance to Greece. Full Story
By: Richard Daughty, The Mogambo Guru - 6 April, 2010
There has been a lot of discussion around here lately about inflation, mostly about who is divided up into the “We’re freaking doomed!” camp (me), and who isn’t in that camp, but instead are over in the other camp, which is, apparently, mostly everybody else... Full Story
Schizophrenia still reigns at the Fed as policymakers attempt to head off an inflation that, statistically speaking, is almost nowhere to be found. In fact, inflation has fallen by more than half since 2007 if you measure it the way the Fed prefers to, using a price index of personal consumption expenditures. What is the diligent monetarist supposed to do? Full Story
By: The Gold Report and John Licata - 5 April, 2010
Gold prices continue to climb and John Licata, chief commodity strategist at Blue Phoenix Inc., says he sees reason to be optimistic about gold's future. In this exclusive interview with The Gold Report, John says that as inflationary pressures present themselves, gold prices will continue their upward move. He also sees silver, platinum and palladium as interesting plays for investors. Full Story
Let me start out by asking a few questions. How many of you were pro-bailout? How many pro-healthcare? How many think borrowing trillions of dollars to “stimulate” will really have any long term effect what-so-ever on the economy? How many realize that borrowing and spending really isn’t the cure for a problem caused by too much debt and too much consumption? Full Story
At the risk of getting what may appear to be even more bizarre in my current views on how the various markets we cover are about to unfold, in our current view moving forward (our intermediate to long-term view), which has changed (in the intermediate term) for reasons that will be discussed below, gold is preparing to make a move to new highs at the expense of bonds, and stocks will also continue to benefit from liquidity escaping debt markets in spite of rising interest rates. Full Story
By: Dr. Ron Paul, U.S. Congressman - 5 April, 2010
As we head into the summer driving season and gasoline prices are again creeping up, the administration has announced plans to explore opening up more off-shore areas for exploration and drilling. On the one hand this can be lauded as a positive step. On the other hand, it is too little, much too late to have any meaningful or long-term effect on what Americans pay at the pump any time soon, if at all. Full Story
I am very concerned about the CFTC’s very apparent lack of understanding about what constitutes the “physical market” of both gold and silver and how your organization justifies the large metal short positions as “hedging”. The recent hearings on the metal markets revealed some very disturbing information from both the supposed “hedgers” and the organizations the CFTC has relied upon for vital information. Full Story
Well, it’s been a bad 5 months. Gold has mostly just gone back and forth, and gold bugs are wringing their hands in frustration. But this is the problem with using intuition in the markets. One intuitively remembers the recent past, and one forgets the larger picture. This is the big advantage of using charts. So let us look at a chart of this bull market going back to its start in early 2001 just slightly above $250. Full Story
By: Frank Holmes, U.S. Global Investors Inc. - 5 April, 2010
The new report “Gold in the Year of the Tiger” from the World Gold Council (WGC) predicts that gold consumption in China could double in the coming decade as a result of rising demand for jewelry, hard-asset investments and industrial uses. Full Story
1st Hour: Headline news & the Market Weatherman Report. Spotlight Stock Picks. Host Chris Waltzek & The International Forecaster discussion and listener's questions. 2nd Hour: Stephen Leeb, Ph.D., Leeb Capital Management Danny Schechter, In Debt We Trust - Plunder Full Story
It looks like we have just stepped off the train before it starts to leave the station - in other words it looks like last week's update was DEAD WRONG. While there were sound reasons for being cautious, such as non-confirmation and the overbought condition of the stockmarket, last week's action in the PM sector has greatly increased the chances that it is going to break higher and embark on a strong advance anyway. Full Story
By: Bob Chapman, The International Forecaster - 4 April, 2010
We have an economy run on smoke and mirrors, based on the manipulation of markets. That was accomplished via the executive order signed by President Ronald Reagan in 1988 in the aftermath of the stock market collapse of October 19, 1987, known as the “President’s Working Group on Financial markets.” This order intended to be implemented during emergencies has been used to manipulate markets worldwide 24/7. Full Story
The natural gas producers in North America have done such a good job at telling us how plentiful the clean-burning resource is that NatGas has become one of the cheapest of energy sources around – again. We intend to focus on that exclusively in this one-time special report, but first here’s this week’s closing table: Full Story
By: John Mauldin, Millennium Wave Advisors - 4 April, 2010
Last week I wrote a letter to my kids trying to explain what Greece meant to them. Reader Ken V wrote: "Great letter, John. Now you should write one for the adults who are retired and don't have the long future your kids do. If the US becomes Greece, things won't recover in time for much of the rest of my life to be more than one grim, dreary period. What is your investment advice for those with roughly a 10-year horizon, not 30-40-50 years?" Full Story
I can promise you that the hard Gold bull crowd had to sit thru YEARS of irrational market behavior in the general stock market leading up to the 2000 peak in general stocks. While Gold stocks languished in the late 1990s, the NASDAQ bubble rose higher and higher. We are going to have the same thing during this secular Gold bull market. Full Story
There’s a bull market building in small subsector of gold stocks. Those who pay close attention now will be set to make an absolute fortune. Here’s why. Full Story
So much for real estate, now what about the market for gold? Much like the housing market, gold has also arrived at somewhat of a critical juncture. Investors seemed to be asleep on the precious metals and one gets the sense that the market is ripe for a surprise “spring rally.” Full Story
Apparently, yours truly’s last post generated quite a ruckus subsequent to which EverBank has decided to delete the offending Section 6.3.7.3 in their Terms and Conditions for “Non-FDIC Insured Metals Select Accounts”, where it now simply says “RESERVED”. Full Story
Looking at the short-term chart do not anticipate for the move to be immediate. Sure, it may be the case that gold rallies right away (that's why we had mentioned opening long positions in metals), but based on the similarity to the late August 2009, it seems that we may see gold moving slowly higher instead of rallying immediately. Full Story
By: Richard Daughty, The Mogambo Guru - 4 April, 2010
Many people know me as just a guy referred to by the news media as “local hothead” or sometimes “extremist loudmouth doom-and-gloomer” or (my favorite) “looney toon” but to most people I am known as just a guy who never shuts up about the horrors of inflation in prices that is going to be caused by the inflation in the money supply by the Federal Reserve. Full Story
Just in time for the eater bunny, gold, silver platinum and palladium all hoped up out of their bullish technical formations. Finally, it appears that they are on the move with gold likely on it’s way to new all-time highs in the next while and silver into bull to date highs in the same timeframe. Full Story
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