- RICK RULE: President & CEO of Sprott US Holdings - ERIC SPROTT: Chairman, Sprott Inc - DOUG CASEY: Chairman of Casey Research LLC - RUDI FRONK: Chairman & CEO of Seabridge Gold Inc. (NYSE: SA | TSX: SEA) Full Story
I live in hurricane country, South Louisiana. You learn down here that the first sign of blue skies after a ‘cane passes through isn’t the relief it first seems. It’s a head fake — the quiet, clear eye of the storm. The horrible truth is that it’s a beautiful lie. For on its way is the backside of the hurricane, and the destruction it brings is often worse than what you’ve already survived. Full Story
This emphasis on physical pricing in Shanghai, particularly when the new Shanghai Fix comes into play later this year, could signal the birth of a whole new gold market unlike anything we have experienced since the United States detached the dollar from gold in 1971. Full Story
Regarding Greece, no deal has been made. Greek PM Tsipras has submitted a proposal for a new deal… which is almost EXACTLY the same as the deal that 61% of the Greek population rejected via referendum last week. Tsipras has completely backed himself into a corner. He used up a lot of goodwill with EU officials when he let Greece to default by staging a referendum for Greek voters AFTER the due date on Greece’s debt. Full Story
By: Adam Hamilton, Zeal Intelligence - 10 July, 2015
China’s stock bubble has burst, with its stock markets utterly collapsing after rocketing parabolic. The failure of this popular speculative mania has grave implications for the global stock markets. It shatters the universally-believed myth that central banks can nullify normal market cycles. No government has more power over its stock markets than China’s, yet not even it could magically eradicate greed and fear. Full Story
Gerald Celente is Publisher of the Trends Journal and he developed the Globalnomic® methodology to identify, track, forecast and manage trends. Unencumbered by political dogma, rigid ideology or conventional wisdom, Mr. Celente, whose motto is “think for yourself,” observes and analyzes the current events forming future trends for what they are — not for the way he wants them to be. Full Story
We are about a week into the Greek non-crisis, and nothing especially scary has happened. Stocks opened up lower a couple of times, and there was one wild trading day in EURUSD, but everything is essentially unchanged. Which surprised everyone. Including me, a little. I used to be a plunger. Loved shorting stuff. I had one muscle, and I flexed it constantly. By my rough calculations, I was up about 18% by the time Lehman went bankrupt in 2008. The more turmoil, the better. Full Story
Well, if you lived in western Washington during the 1980s, I may have very well interrupted your dinner with a “can’t miss” stock solicitation. I worked as a Merrill Lynch stockbroker in the 1980s, and we had mandatory work nights where everyone with less than five years of service cold-called everyone that lived in the best zip codes. Full Story
Sentiment became unsustainable in its bearishness and the market had to bounce to clear this condition. The whipsaw continues and parameters are clear. Until these resistance parameters are cleared and held it is a risky thing to be buying stocks just because the whipsaw happens to be whipping upward today. Full Story
The precious metals sector is enduring losses for the third straight week. The gold miners and Silver have led the way down, though Silver has rallied over the past two sessions. Gold has also rallied yet remains dangerously close to making a new weekly low for the bear market. While the metals recovered some losses on Wednesday and Thursday, the gold miners failed to generate anything positive and closed near their lows for each session. The inability of the miners to recover to even a small degree augurs badly for the entire sector in the days ahead. Full Story
The global financial markets are still jittery and the twin worries (Greece and China) are playing on investors’ minds. Although anything can happen, it now appears as though a last minute deal between Greece and its creditors will materialise (gasp). If a deal is done on the creditors’ terms, the referendum will turn out to be a pointless and expensive exercise. Why bother with an anti-austerity referendum vote if you will eventually cave in to a similar deal!? Full Story
Forget about Greece, they didn't matter yesterday as the NYSE shut down for nearly four hours. Greece does matter and certainly will matter in the weeks to come. Before getting to yesterday's very peculiar "glitch", I do want to mention something quite humorous about Greece. Ambrose Evans-Pritchard wrote yesterday the referendum actually backfired! When Tsipras called for the referendum, he apparently expected a "yes" vote (and so did the banksters running the show!). The "plan" was after the yes vote, Tsipras would hang his head and agree to more austerity and thus kick the can one more time. Full Story
Federal Reserve chair Janet Yellen may have missed her window of opportunity to raise interest rates. The economic data no longer paint a picture of even a tepid recovery. Since the start of the year, key indicators for the economy began pointing toward recession. Add to that the recent Eurozone chaos surrounding the Greek default and a 30% crash in the Chinese stock market, and economic pressures are growing by the day. Full Story
Scary. That is the word that kept coming up over and over as the news came in this week. Greece technically defaulted. The Shanghai Composite index dropped some 30%. And then a computer glitch caused the NYSE to be down for three hours. Are these headlines just blips on the equities markets? Do they have long-term implications for resource stocks? To answer these questions, we did what we do best at The Gold Report and asked the experts what is causing all the black swans and what they are doing to protect themselves. Full Story
Roth Individual Retirement Accounts are an uncommonly attractive and powerful method of creating wealth for retirement when viewed from the usual financial perspective. What sets them apart is that contributions are made with after-tax dollars, but withdrawals are made on a tax-free basis – which is the reverse of most other retirement accounts. Full Story
BETWEEN DENIAL AND DELUSION LIES A THIN ZONE OF CLARITY. In that zone of clarity we realize that train wrecks occur, printing money only increases the wealth of the political and financial elite, our financial leaders have created bubbles in stocks, bonds, and currencies, bubbles always pop, AND BUBBLES DO NOT POP PAINLESSLY. Full Story
Trying to measure average hourly productivity the OECD way is simplistic and based on assumptions. The formula is GDP divided by total hours worked, so we are being asked to take GDP for granted, when it is in fact an incomplete summation of production value. And in GDP there is no distinction between product commanded onto the market by government and goods and services freely demanded by consumers. And we cannot know hours worked because very few businesses today clock employees in and work out beverage, comfort and lunch breaks. Full Story
The world it seems can no longer escape Greece. The newspapers and the internet are abuzz with comments and analysis about Greece. Greece appears poised to continue to dominate the headlines for at least the foreseeable future. What happens in Greece could turn out to be an historical moment depending on how this ends. The reality is most likely there are no good endings, only bad choices. Negotiations between Greece and its creditors (known as the Troika – the EU, the ECB and the IMF) have sometimes degenerated into name-calling with the Greeks calling the Troika terrorists and some officials from the Troika calling the Greeks “tax evaders”. Others have referred to the Greeks as profligate and lazy. None of it is helpful in resolving the problem. Full Story
It’s a shame more Chinese investors didn’t get to read our timely warning of an impending mega-smash in the Chinese stockmarket – it would have been worth the cost of a subscription TO AVOID LOSING THEIR LIFE’S SAVINGS. It was mentioned as an aside yesterday’s update on the oil sector, in which we took huge profits in United States Oil Fund Puts, that the Chinese market was massively oversold and now exhibiting extreme technical compression and thus starting to look attractive for a rebound, and we will now proceed to see exactly why that is on the charts for the Shanghai Composite Index. Full Story
While all eyes have been fixated on the unfolding developments in Greece, I have been uncomfortably studying events in Puerto Rico. Recently, having produced two video's with Mish Shedlock on the fiscal situations in Illinois and the City of Chicago I have become acutely reminded of the monetary reality of what happens to those unfortunate democracies which don't have the luxury of expediently "printing their way out" of fiscal problems like the EU and US Federal Government. Full Story
What do we know about how central banks respond to stock market crashes? Typically they lower interest rates and ease monetary conditions in liberal fashion and worry about the inflationary consequences later. So now that China is seeing its own version of the 1929 Wall Street Crash should we not expect the same? In 2009 China greeted the global financial crisis with a stimulus package equivalent to half its GDP. Full Story
Tonight I would like to update you on some precious metals charts we’ve been following very closely to shed some light on where we’re at and where we maybe heading. When investing in the markets we need to have a game plan to follow so that we know when the game changes we have to change. As long as the game plan is working you stick with it until you’ve reached your price objectives or the trend changes. Full Story
In the snippet below you see the price of gold and the Yen/$ overlaid. Please note that $/Yen is typically quoted. This is the inverse so the correlation is easily seen. I went back years and found no deviation of this correlation of note until this past week. Something dramatic happened after the Greek vote. Full Story
This is what selective capital controls look like. A colleague asked me just now if the NYSE had resumed trading yet (2:15 p.m. EST). I replied: “Does it really matter? It’s irrelevant. The fuse has been lit. This is the start of capital controls. It’s no different from what China is doing. Just wait till they start lowering the gate on mutual funds…then banks….” Full Story
By: Chris Powell, Secretary/Treasurer, GATA - 8 July, 2015
Eventually others in the gold business might wonder: Exactly who is big enough to sit on the gold price so successfully? Who has done it before and would have such enormous resources and such compelling interest to do so again? Might central banks have anything to do with it? Should someone ask them? Full Story
This interview with Torgny Persson and Gustav Andersson from BullionStar was conducted by the Singaporean blogger SG Wealth Builder 8 July 2015. Question: In view of the emergence of China as the leading producer and importer of gold bullion, what do you think would be the implications for the global markets and how should investors in Singapore position themselves? Full Story
An insolvent Greece has defaulted. On June 30th, officials missed repayment of billions in lMF loans and declared a banking holiday. Predictably, many Greek citizens responded to the crisis and bought gold coins. So did a lot of people here in the U.S. and around the world. You just wouldn’t know it by looking at spot prices. Full Story
Somebody big is sitting on the gold price and a relief rally when the Fed raises interest rates is ‘a distinct possibility’, Ross Norman, CEO of Sharps Pixley and London Bullion Market Association’s top forecaster of the past 15 years, told ArabianMoney today. ‘Gold is looking like the dog that just did not bark – but not uniquely so,’ he commented. ‘Most safe haven assets are looking distinctly lacklustre, including the VIX index. Full Story
The Greeks voted "no" and should be applauded for their valor! Knowingly or not, their no vote has added extra cards to their hand. They now have more options than they would have had with a yes vote. In fact, Greece still has the only option they would have had with a yes vote (cut a deal for "more aid" and austerity), plus many other which pressure the lenders. I must say, a "vote" coming from the cradle of democracy CONTRARY to what the banksters wanted is a breath of fresh air! Full Story
It’s Tuesday morning, and even I’m in awe of the blatancy of government efforts to “calm” Greek – not to mention, Chinese and Puerto Rican – contagion fears by covertly (and in China’s case, overtly) manipulating “last to go” financial markets like stocks and paper Precious Metals. All around “them,” other markets are in FREEFALL; clearly caught up in the “unstoppable tsunami of reality” that was “turbo-charged” by Sunday’s historic – LOL, “unexpected” – Greek “OXI” vote. Full Story
“Gold is what will save you.” “Gold will protect you from financial calamity.” And on and on. As Greece burned, and as Puerto Rico runs into “issues,” we hear the same drivel from the same culprits week after week, month after month, and year after year. And, I just can’t take it anymore. Full Story
When a thoroughly corrupt Government wants to try and hide something from the public, they exert an all-out effort to mis-direct and cover-up. The financial markets are no different. It’s been obvious to anyone with one good eye and one brain cell that the puppet-masters behind the Wall Street/DC “curtain” have been propping up the Dow/S&P 500 and exerting forcefull downward pressure on the price of gold and silver. Why gold and silver? Because gold and silver, for 5,000 years, have been the world’s “alarm system” alerting everyone when something is terribly wrong. Full Story
There are times when all of the fundamentals, technicals and CoT structure simply don't matter. Unfortunately, we seem to be entering another one of those periods. As we discussed just yesterday, the performance of metals in the face of steeply falling copper, crude and other "commodities" was almost sort of impressive. Today, however, the pressure became too much to bear for gold and silver. On the bright side, gold is still holding above the $1150 "physical floor" area that we first identified back in November of 2014. Full Story
With QE gone, rate hikes on the horizon, wage pressures growing, and the business cycle peaking, it’s a “no brainer” that US corporate earnings are disintegrating. Also, the ongoing American government attempts at regime change in the Mid-East have turned into a nightmare. It’s likely just a matter of time before a horrific attack on American soil causes another 911-style US stock market crash. The US stock picker can do well, even in a down market, but the focus for the index investor needs to be China and India, with some caveats. Full Story
For over 30 years, sovereign nations, particularly in the West have been buying votes by offering social payments in the form of welfare, Medicare, social security, and the like. When actual bills came due to fund this stuff, Governments quickly discovered that current tax revenues couldn’t cover it (see the image below)… so they issued sovereign debt to make up the difference. Full Story
Consider this 25 year graph of the ratio of gold to S&P 500 Index. Unless you believe, AS I DON’T, that the Fed can levitate the S&P for many more years while squashing gold even further, this 25 year chart shows that gold is currently very low compared to the S&P. Full Story
Since 2007 China has the largest domestic gold mining output, since 2011 the Shanghai Gold Exchange has been the largest physical gold exchange and in 2013 and 2014 China was the largest importer. Now the Chinese seek to escalate pricing power. Full Story
Hyperinflation is commonly defined as rapidly rising prices which get out of control. For example, the Wikipedia entry begins, “In economics, hyperinflation occurs when a country experiences very high and usually accelerating rates of inflation, rapidly eroding the real value of the local currency…” Let’s restate this in terms of purchasing power. In hyperinflation, the purchasing power of the currency collapses. Before the onset, suppose one collapsar buys ten loaves of bread. Soon, it buys only one loaf. Shortly thereafter, it buys only one slice. Next, it can only purchase a saltine cracker. Pretty soon the collapsar won’t buy any bread at all. Stick a fork in it, it’s done. Full Story
We are getting a test of the low from the big decline last Monday which is to be expected as many times it takes multiple tests before support really sticks. This is now the moment of truth as this low needs to hold support or a bigger decline can be expected. There is the 200 dma, the time cycle low and the very high volume spike from last Monday, in the down to up volume chart, that are showing this could be an important low. Full Story
The economies of the developed world are healing and their central banks are pursuing accommodative monetary policies. However, over the past few months, the developed stock markets have traded in a sideways range and this lack of progress is primarily due to the uncertainty surrounding Greece’s debt negotiations. Full Story
By: Steve Saville, The Speculative Investor - 7 July, 2015
It’s not an overstatement to say that over the 6-year period beginning in September-2008, the US Federal Reserve went berserk with its Quantitative Easing (QE). The following chart shows that the US Monetary Base, an indicator of the net quantity of dollars directly created by the Fed*, had a gentle upward slope until around August of 2008, at which point it took off like a rocket. More specifically, the Monetary Base gained about 30% during the 6-year period leading up to September of 2008 and then quintupled (gained 400%) over the next 6 years. Is it therefore fair to say that the Fed has now ‘shot its load’ and will be unable to do much in reaction to the next financial crisis and/or recession? Full Story
By: Steve St. Angelo, SRSrocco Report - 7 July, 2015
The situation in the silver market seems to point to the beginning stages of a GLOBAL RUN ON SILVER. I say, “it seems to point to a RUN on silver” due to several indicators I am looking at. This also may force the global silver market to suffer shortages in the future. Why? Well, let’s take a look at these different indicators. Full Story
If using bad language, it would be ‘who’s kidding who’ – right – something one would say to someone who is lying to you. Most of the time, this saying is used within the context of a lie that’s not an affront, something less serious and not considered personal (something that will affect you directly) by most people. By no coincidence, much of the economic data published from official sources these days falls into this category, with employment data coming out of the Bureau of Labor Statistics (BLS) perhaps the most profound perpetrator in terms of believability. Because I mean ‘who’s kidding who’ sirs (and madams), there ain’t no way the unemployment rate is really going down. Full Story
By: Peter Schiff, CEO of Euro Pacific Capital - 6 July, 2015
The past four years or so have been extremely frustrating for investors like me who have structured their portfolios around the belief that the current experiments in central bank stimulus, the anti-business drift in Washington, and America's mediocre economy and unresolved debt issues would push down the value of the dollar, push up commodity prices, and favor assets in economies with relatively low debt levels and higher GDP growth. Full Story
The stock market crash in China and Greece’s probable exit from the euro threaten to cause an October 2008-style credit freeze. This led to a plunge in global trade in the first half of 2009 with volumes down around 40 per cent in Dubai, the Middle East’s biggest port. China is a bigger problem than Greece. It’s stock market crash has already cost the equivalent of ten times Greek annual GDP. This was the final stage of the credit bubble in China that started in 2009 with an epic bailout package equal to half its GDP, the biggest in history. Full Story
There has been much speculation about a slide from chairman and secretary-general of the China Gold Association Zhang Bingnan presented at the LBMA forum in Shanghai June 25, 2015. The slide states Chinese gold reserves are 9,816.03 tonnes, however, this refers to in ground mining reserves. Full Story
Early in the week gold and silver rose in tandem as Greece closed its banks and imposed capital controls. However, the bounce faced rising opposition as the week progressed towards the employment report out on Thursday, which equity bulls were talking up as the catalyst to move equities out of the deep hole they have fallen into in the prior trading week. Full Story
Mr. Torgny Persson, CEO of BullionStar Pte Ltd says: ”Demand for gold has more than doubled in the last week compared to previous weeks and is at much higher levels than what is normal for the season. We’ve seen a large influx of new customers not only concerned about the Greek situation but also concerned about the state of the global economy with its unprecedented debt levels.” Full Story
Bill Murphy from GATA.org and the host discuss the summer doldrums, noting how financial troubles in the EU have turned capital flows to the perceived safety of US equities / dollar. However, the tactic could backfire as the temporary safe haven has enormous debt burdens as well. For instance, the Governor of Puerto Rico announced this week that $70 billion in debt is unpayable, much smaller than the $400 billion owed by Greece. The US is the grand champion of debt with unfunded liabilities are $210 trillion, five times the EU's unfunded burden of $40 trillion (Dr. Kotlikoff, 2015). Full Story
Conclusion: gold and silver look like they are consolidating within their downtrends ahead of another sharp drop, which is expected to synchronize with another dollar upleg. Over the longer-term, and contrary to general expectations, a mega bullmarket is expected to be ignited by a new cycle of rising rates, as in the late 70’s, which will devastate the inflated bond and stockmarkets. Full Story
It’s remarkable the Greek tragedy has had no influence on the gold price in recent weeks. We’ve heard repeatedly Europe and Greece could not reach a deal for an extended bailout, are financial markets suffering from Euroscrisis fatigue? Full Story
If you’re a news addict, the last ten days or so were probably a dream come true. It’s hard to know where to start, but I will limit myself to just four stories … but they’re four big ones. And as Bastiat suggested, we will try to look beyond what we can see to probe the deeper implications in what may be unseen. Full Story
Everyone is going to have to cut me a little slack on the eve of the celebration of American independence. No, this isn’t about that video that came out a few days ago that demonstrated exactly how ignorant Americans are about the significance of tomorrow or how the accomplishment that day has been eroded over the past 2+ centuries by those eager to ‘re-create’ America in their own twisted image. This one is a companion piece to a series of ‘Two Cents’ articles that have been released over the past few years relating to the bail-in. I know, I know. He’s at it again. The Pessimist of Pennsylvania is going to Full Story
Often times I like to write about an event or someone else's article because of the importance to the overall picture. Today I will do something a little different. Below is an e-mail I received last Thursday from a friend. I have the utmost respect for his thought process and his knowledge. The writer is "plugged in" if you will, he has very high and powerful contacts in both China and London while he operates out of North America. The following is chilling to say the least because it comes from someone who "knows", it is not a speculation on his part because he is seeing it real time! I will add my comments afterward. Full Story
Measuring wealth with an ever-expanding ruler makes for a carnival illusion of safety, suspended in a vast, uneven web of complexity. The longer society and culture remain detached from the nature of true wealth, the more fragile we become to ‘normal’ risk. Complexity is not always good or robust. Full Story
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