By: Bill Bonner & The Daily Reckoning Crew - 12 May, 2006
-We hate to brag - but we saw this bull market coming from a mile away...people are losing faith in paper... -Unreliable contrarians...debt has a mind of her own... -Prices are becoming a barrier to homebuyers...laying low in things settle down in the United States...and more! Full Story
Thursday’s plunge felt right as rain, at least to me it did. But if the weakness were to continue for another day or two, what to think? After all, it’s been a long, long time since the Dow Industrials experienced a decline of more than a hundred points two days in a row. So long, probably, that anyone who has been nurturing and continually refreshing a cache of put options over the last few years might have been tempted to cash them out in the throes of the yesterday’s curiously persistent selling. Full Story
By: Chris Mayer & The Daily Reckoning Crew - 11 May, 2006
-The floozy currency begins a new chapter in her tawdry life...the Fed takes baby steps to the end of the line... -Gold just says 'no'...comments from the Oracle of Omaha... -Copper is soaring... the nation must borrow from the rest of the world in order to pay for its own corruption...and more! Full Story
By: John Rubino, DollarCollapse.com - 11 May, 2006
Back in January I posted a short piece on how banks tend to pile into whatever is hot just as it’s about to implode. Bank of America’s acquisition of credit card giant MBNA, at a time when consumer debt was setting records was, I predicted, the deal that would put an exclamation point at the end of history’s longest credit boom. Okay, maybe that was a little premature. The real orgy, it seems, is just beginning: Full Story
Be alert for the Government thru its cheerleaders, CNBC squawkers, and bankers to shift the blame for rising prices onto innocent third parties. We're already seeing it with oil. This time it may be YOU that gets the blame instead of the Jews. They'll start off subtly with vague innuendo at first, but join the chorus until the big finger of fault is pointed right in your face. Full Story
After bottoming in 1971 with the US dollar devaluation, mining employment began to improve. Americans, you'll recall were not permitted to own gold until 1975, so the gold price got a jump start overseas from $35, leaving Americans holding paper for four years. Gold was over $100 when the US Government again allowed Americans to own gold. Look where we are now - we've gutted our mining employment base. We have no skilled employment base ready to get that gold, copper and zinc out of the ground. That means more imports. Full Story
By: David N. Vaughn, Gold Letter, Inc. - 11 May, 2006
Hey, how about that gold price? While some still continue to believe this to be a simple rally I continue to believe gold is still finding its equilibrium after 20 years of an artificial low price. Gold just refuses to stay down no matter the news. Full Story
A letter from a reader takes me to task for my missive “Bull in Bear’s Skin?” saying that I am an “ultracrepidarian” out of my depth. This rarely used English word covers a person who exceeds his competence in passing judgment on matters about which he knows little or nothing. Full Story
By: Dan Amoss & The Daily Reckoning Crew - 10 May, 2006
-Abandoned by Morgan Stanley's chief economist...who needs savings when you have credit? -China, Russia and Saudi Arabia may not be the most developed nations - but they weren't born yesterday... -Nobody-in-particular seems to be winning...all that glitters is not only gold...and more! Full Story
By: Richard Daughty, The MOGAMBO GURU - 10 May, 2006
The Federal Reserve is still increasing Total Fed Credit, which increases credit in the banks, which increases loans, which increases the money supply, which increases prices, which increases my wailing and crying about how we are all freaking doomed by inflation, and last week they increased it by only another $3 billion, which was used (apparently) to buy stocks and bonds. A quick look at the Repo market ("peep") shows that the Fed is providing money like crazy, and last Thursday there were more than $20 billion of Repos in one day! One day! Full Story
By: Justice Litle & The Daily Reckoning Crew - 9 May, 2006
-The difference between a trade deficit and a trade surplus...Americans are betting on inflation - whether they know it or not... -Everything Asians can't produce and Wal-Mart can't pile on shelves is soaring in price...a look at the last stage of empire... -Gold jumps above $700...Stephen Roach's miracle elixir...and more! Full Story
The recent revelation that the renowned investor Warren Buffett sold his silver was a mega-event. It was big news when Mr. Buffett bought silver some 8 or 9 years ago, and its sale is also big news. Let me state the facts as I know them, and then I’ll speculate. Full Story
By: Bill Murphy, Le Metropole Cafe, Inc. - 9 May, 2006
As it has been more than 7 years since the mainstream US financial market press has mentioned GATA, you will have to indulge me a bit as I go over over a few points mentioned in the New York Times article on Sunday, which is in the Appendix for Café posterity’s sake. (The only other time GATA received mainstream financial market coverage was a Ron Insana CNBC interview in February 1999 … once Planet Wall Street heard what GATA had to say, we were blackballed.) Full Story
Winston Churchill said “truth is so precious that she should be attended by a bodyguard of lies.” When it comes to Saudi Arabia’s oil resources no truer words can reflect how Saudi’s power elite have hidden the truth about their misguided stewardship of our planet’s biggest oil deposits. Full Story
China uses 6.5 million barrels of oil a day and the US uses 20 plus million barrels a day. In a few years it displaced Japan as the world’s number 2 users of oil. Its GDP is growing at 8-10% a year. It has a population of over 1.3 billion people and many of them are dumping their bicycles and buying cars. In less than 14 years its energy needs are projected to increase by over a 150%. Full Story
The article below, from Fortune, is important because it shows that at least one big-circulation, mainstream business magazine is capable of speaking bluntly about the coming real estate crash. Granted, it includes a disclaimer of sorts in the sixth paragraph – the obligatory warning to “take-a-deep-breath” if everything you’ve read up to that point sounds a little too scary. And it presents a very alarming statistic without becoming duly alarmed – namely, that the two-dozen U.S. cities that constitute the “bubble zone” account for fully 60 percent of the nation’s residential real estate value. Full Story
But where are do you run to from the $? All the world's other currencies are dependent on the global monetary system of which the $ is the foundation on which other currencies rely, especially the Euro (despite its design as a reserve currency). Each currency has its place in the currency world and has an enormous dependency on the $. We even suspect that those controlling the Euro do so in tandem with the $, so as to keep the relationship between the two largest global currencies completely stable (as can be seen in the last year's performance of the $:Euro). So diversifying out into another currency would hardly solve the problem, would it? In the face of a fall from power of the $, all currencies would follow, like Pilot fish stick to sharks, down to the depths. Full Story
By: The Mogambo Guru & The Daily Reckoning Crew - 8 May, 2006
-How the Credit Bubble Boat will sink: by hitting the iceberg of inflation. Grab your life jackets... -Who will turn out to be dumber - the lenders or the borrowers?...Addison to appear on ABC World News This Morning on Tuesday... -The overlooked contender in the race for Car of the Future...turning a horse hobby into a career...and more! Full Story
The dollar was once the almighty dollar. It became the world reserve currency. Every investor and government wanted dollars over all other currencies. Those were the glory days for the economy but now it appears the United States has been running a trade deficit for so long that is so large, those glory days are nearing an end. It may be time to sell your dollars before the upcoming 30 percent off sale. Full Story
Friday is Whoopee Cushion Day, as we all know, so the 139-point rally in the Dow should have surprised no one. Spirited as the buying was, however, it still left room for a little more fun and games next week. Specifically, my minimum objective for the Industrial Average is 11627, exactly 50 points above Friday’s close. That’s not a “hula number,” mind you, just a solid-looking hidden pivot with the potential to end the delusional spree begun by bulls in late 2002. Full Story
By: Bob Chapman, The International Forecaster - 7 May, 2006
We are now starting to see an awakening among professionals that not only is the dollar being debased, but all currencies are experiencing the same phenomenon versus gold and silver and base metals as well. There is now no question gold will see $700 this year and perhaps by the end of October $1,000. Next year we’ll see $1,700, which will reflect the inflationary losses in currencies, particularly the dollar, since 1980. Fiscal profligacy is the name of the game. Grab as much as you can before the system collapses. Professionals know the debt pyramid will collapse. It’s only a matter of when. Full Story
By: Peter Schiff, Euro Pacific Capital, Inc. - 7 May, 2006
What a week. Gold prices soared to their highest levels in 26 years, and the dollar collapse verses just about every other currency on the planet. Despite the fanfare, the Dow Jones dropped below 17 ounces of gold, off 18% thus far this year. The break outs in gold and silver and simultaneous break-downs in bonds and the dollar indicate trouble on the horizon. Full Story
By: John Mauldin, Millenium Wave Advisors - 7 May, 2006
Is the market overvalued? Fairly valued? Or are there really rocket boosters underneath the trading floors? We will look at the data, some historical charts which I think you will find very interesting, and some of the recent economic numbers which are important, all in an attempt to answer these questions. Full Story
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