My long standing target for gold of $10,000 in today’s money and much, much higher in inflationary terms, is now more probable than ever. But I hope it will never be achieved. When gold goes to $10,000, it won’t be under the same circumstances that we saw in the 1970s. Gold then went from $35 in 1971 to $850 in January 1980 – a 24x explosion in very different conditions. Full Story
U.S. Representative Alex Mooney (R-WV) introduced legislation this week to provide for the first audit of United States gold reserves since the Eisenhower Administration.
The Gold Reserve Transparency Act (H.R. 2559) – backed by the Sound Money Defense League and government accountability advocates – directs the Comptroller of the United States to conduct a “full assay, inventory, and audit of all gold reserves, including any gold in ‘deep storage,’ of the United States at the place or places where such reserves are kept.” Full Story
Note: it looks like homebuilders will begin the inventory write-down cycle again. It starts slowly and snowballs into an avalanche. So much for the “tight inventory” narrative that shoved down our gullet the NAR’s little con-artist, Larry Yun. Full Story
By: Stewart Thomson, Graceland Updates - 8 May, 2019
- Investors who put all their eggs in one asset class tend to be driven by emotion. If the stock market soars, they curse gold and chase the stock market. If the stock market falls and gold soars, they sell their stocks and buy gold. That’s not going to build sustained wealth in any asset class. It’s destructive action.
- I’m adamant that even the most diehard gold bug should have some capital in the US stock market, bonds, and real estate. Even if it’s just 10% of a gold bug’s portfolio, it’s important for all investors to hedge their bets.
- For mainstream investors, gold is the hedge. For gold investors, stock markets, government bonds, and real estate are the hedge. Full Story
So, what's the point of all this, and why take time to type a post that recalls these events of twenty and eight years ago this month? Simply: just to remind you that in 2019 The Bullion Banks and their enablers at the CME Group, the CFTC, and in London continue to seek to dominate and control price. However, as with The London Gold Pool of the 1960s (https://en.wikipedia.org/wiki/London_Gold_Pool), this modern day LBMA/COMEX gold and silver pool will also reach a point of self-destruction. Full Story
By: Steve St. Angelo, SRSrocco Report - 8 May, 2019
Interestingly, global oil production minus the United States and Canada didn’t increase in 2009, 2010 or 2011. There was a small bump up in 2012 and finally by 2105-2017 did global oil production minus the U.S. and Canada increase by 1.7 mbd. Now, let me repeat that. If we add up ALL THE OTHER COUNTRIES in the world producing oil, the net increase from 2008 to 2017 was only 1.7 mbd. Thus, of the total 9.6 mbd of global oil production growth 2008-2017, the U.S. (6.3 mbd) and Canada (1.6 mbd) accounted for 82% of the total. Full Story
By: Gary Christenson, Deviant Investor - 7 May, 2019
Lance Roberts listed James Montier’s 7-Immutable Laws of Investing. They are:
Always insist on a margin of safety. This time is never different. Be patient and wait for the fat pitch. Be contrarian. Risk is the permanent loss of capital, never a number. Be leery of leverage. Never invest in something you don’t understand. Full Story
- The current FFF at the CME which indicates the Fed could begin a new round of QE within a year. - There are strong probabilities of a rate cut by Dec. / Jan. - Investors are adjusting financial models in anticipation of the more dovish Fed, which bodes well for PMs. - The US dollar remains in a technically strong position due to relative economic strength of the US and trading partner China. - Goldman Sachs noted this week that CB demand for the yellow metal remains solid. Full Story
It is the market that refuses to die. All signs, ok most of them anyway, continue to point to a stock market that is going to continue higher. This week we look at a few angles and the old “Sell in May, and go away” myth. There will be pullbacks but most signs continue to point up.
This week’s U.S. job numbers were another jolt that the economy appears to be buzzing. Or is it? Our “Chart of the Week” looks at the April employment numbers. It may not be as rosy as everyone thinks.
Recession what recession. Our recession watch spread has actually widened. All the U.S. seems to need is a healthy Wall Street and Silicon Valley.
Gold rebounded sharply on Friday following the U.S. job numbers but our ultimate targets have not yet been hit. So our expectation is that after another short term rebound we will continue on down. A strong U.S. dollar will probably assist gold to the downside. Full Story
By: Stefan Gleason, Money Metals Exchange - 6 May, 2019
The California gold rush of 1849 lured thousands of people from near and far hoping to strike it rich as gold prospectors. Through a combination of grit, determination, and sheer luck, some did. But many others who risked life and limb prospecting for gold came away with precious little to show for their efforts.
All told, the gold rush produced about $2 billion worth of precious metal. It also helped put California on the map, literally, as the 31st state. California entered the Union as a free state whose constitution explicitly prohibited slavery.
But to the authoritarian left, the history of gold is “racist,” somehow, and needs to be erased. It’s a goal fiat currency pushers and rigged financial system profiteers can also get behind. Full Story
Maybe some gold investors share Wyckoff's supposed puzzlement, but not all. In any case Wyckoff himself, most other analysts quoted by Kitco News, and financial journalism generally are to blame for any puzzlement.
For when has Wyckoff or any other analyst quoted by Kitco addressed the possibility of central bank intervention against gold, intervention that has a long history in Western government policy? Full Story
Over the past several weeks, we have debunked the idea that purchasing power—i.e. what a dollar can buy—is intrinsic to the currency itself. We have discussed a large non-monetary force that drives up prices. Governments at every level force producers to add useless ingredients, via regulation, taxation, labor law, environmentalism, etc. These are ingredients that the consumer does not value, and often does not even know are included in the production process. However, these useless ingredients can get quite expensive, especially in industries that are heavily regulated such as health care. Full Story
What I am demonstrate via the crow who has tethered himself by his own choice to this site is the strength of the delusion: Anyone who speaks against the delusion — even if he is right on each thing he says will happen along the way — is viewed as the oddball for daring to speak against the insanity of the masses, so strong is the delusion.
No matter how many times someone speaking against the delusion is right, even on the timing, he was still wrong in their opinion, and each new whiff of hope is paraded as proof of how wrong he was on things that already happened as he said they would while every actual proof of how right he was is simply ignored. Full Story
Russia’s central bank emerged as the biggest buyer of gold in April, purchasing 19.4 tons, according to data from the World Gold Council (WGC). China also bought 11.2 tons and Kazakhstan bought 5.4 tons. India is considering reducing the import tax on gold from the current 10 percent to 4 percent. Bloomberg reports that the proposal is being reviewed by the Central Board of Indirect Taxes and Customs.
Turkey’s central bank turned bullish on gold this week after selling last week. The nation’s central bank reserves rose $51 million from the prior week to now be worth $20.4 billion... Full Story
By: Chris Martenson, Peak Prosperity - 6 May, 2019
Which brings us to today’s so-called financial markets. Or ““markets”” as I prefer to refer to them, because they don’t actually represent a free and fair system where prices are set fairly. The scam today that’s enabled by these ““markets”” is every bit as egregious as the company store of old; only today’s victims are mostly blind to the way that the system is rigged against them.
It’s just sophisticated enough that it mostly evades detection. Or is diffuse enough that even if the scam were detected by a participant, whom would they protest against? The markets? The exchanges? Any of the thousands of funds or private money institutions that are feasting off of the system?
It’s a genius set-up. The harvesting is every bit of a violation as the old model, but it’s almost impossible to prosecute. Full Story
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