By: Bill Bonner & The Daily Reckoning Crew - 13 April, 2007
-Ay yi yi…the United States government just can't stop spending… -Problems that should have been tackled ten years ago…not much being done to cure our "fiscal cancer"… -The rumors of the Mogambo's death have been greatly exaggerated… a marvelous way to enjoy the benefits of modern civilization far from the power grid…and more! Full Story
By: Peter Schiff, Euro Pacific Capital, Inc. - 13 April, 2007
The dollar is no longer responding to traditional stimulants. This week, despite the apparently "hawkish" tone in the recently released Fed minutes, and trade deficit figures that were slightly less horrific than expected, the dollar nevertheless declined against just about every currency on the planet. As a result, it now teeters dangerously close to the edge of a very large precipice. Looming large is the 80 level of the U.S. Dollar Index which has stood as long term support for almost thirty years. This week, the Index broke below 82, and is sinking fast. When this critical level is breached, look out below. Without any support beneath it, the dollar could literally fall off a cliff. Full Story
Observers of Gold in the past few weeks may have learned some valuable “Object Lessons.” These Object Lessons arise from simultaneously observing Gold, Geopolitics and Cartel Interventions. Full Story
By: Andrew Mickey, Editor, BreakAway Investor - 13 April, 2007
President Bush's statement "America is addicted to oil" sent shockwaves through the oil industry. But there's an even greater addiction afflicting not just the United States, but France, Japan, Germany, South Korea, and the United Kingdom. The United States consumes 25% of the world's oil and natural gas -- and 33% of the world's uranium supply. Yet it accounts for only 2% of global uranium production. Full Story
The United States dollar index has dropped below 82 today. We would do well to remember that the index is just a measure of the USD strength in relation to other currencies. It is sort of like measuring the USD with a rubber yardstick. While all currencies are racing to zero the USD just got a little ahead of the others. Check out www.coinflation.com and scroll down until you get to the current melt value of US coins. Notice a nickel is now worth over 9 cents. It seems that the USD has devalued faster than the US mint can cheapen its coins. Full Story
By: Richard Daughty, The MOGAMBO GURU - 13 April, 2007
"In short, inflation in food prices, and all other prices, is everywhere you look, which is certainly understandable, since everywhere you look there are central banks creating more money and credit, and governments running budget deficits!" Full Story
By: Dan Amoss & The Daily Reckoning Crew - 12 April, 2007
-Still haven't reached our destination…but at least our travels have been 'interesting'… -Argentina - a refuge for lost souls…on the far fringe of civilization… -Geopolitics and geology can combine to make things much worse for Middle East stability…our Maniac Trader releases his book…and more! Full Story
More money – careless or otherwise – really is pouring into gold-mining M&A, however. Last year saw a record $17 billion spent by gold mining firms digging for ore on the stock market, rather than in the ground. The upshot, however, isn't quite what you'd expect. Full Story
By: David N. Vaughn, Gold Letter, Inc. - 12 April, 2007
Hold on to something you can believe in. Sounds simple but few do it. I remain confident and at peace with this market. Anyway, my ultimate hope is not in a higher gold price, but I won’t fight it as it comes. In all of society, history and literature there is no greater topic discussed than making money and investing. There is nothing wrong with making tons of money in this gold and uranium market as long as you keep your perspective in all the right places. Full Story
The Brandt Reports stated that the floating exchange rate system that began in 1971 caused more problems then it solved, favoring developed countries over the rest of the world. In 1971, Nixon closed the gold window – refusing to honor U.S. contractual obligations to settle foreign trade accounts in gold. This was the severing of the last tie between gold and our monetary system. Some call such repudiation the same as a declaration of bankruptcy. We would agree. Full Story
Stocks and bonds sold off hard Wednesday on the release of minutes from last month's Fed policy meeting. "They still have their finger on the trigger for raising interest rates," reckons one US fund manager running $23 billion in Los Angeles speaking to Bloomberg in between watching his portfolio wobble. But gold, on the other hand, just doesn't buy it. Spot gold prices continued to trade in a tight range around $676.50 per ounce. Gold also held steady against the other major currencies, remaining near 6-week highs versus Sterling, the Euro and Japanese Yen. Full Story
By: John Paul Koning & The Daily Reckoning Crew - 11 April, 2007
-Big, big mortgage fraud...a house on the Hill worth $14.5 million... -A second wave of hurt...China doubles up...trouble in paradise... -Persistent pesky grain markets...the high cost of putting corn in your car...and more! Full Story
Boy, I sure hope you're holding some uranium investments … because at the latest auction for the white-hot metal, the spot price of uranium oxide (U3O8) soared $18 to $113 per pound! That's a 19% rise in just one week. According to Nuclear Market Review, it's the largest single weekly price increase since uranium has been tracked! Full Story
By: Bob Chapman, The International Forecaster - 11 April, 2007
From the 2003 low to the 2006 high, industrial commodities increased more than four fold; oil more than tripled and the CRB Index rose more than 60%. Yet, this inflation barely showed in government data. Healthcare costs increased at double-digit rates by private measures, including major companies whose pension and benefits programs expenses soared, but CPI kept those costs near 4% for the year. The years of double-digit housing prices were not even counted. So where did the increased costs go? They didn’t show up in the CPI. They were there, but no one reported them except the IF and a few other publications. Americans you had best wake up. If you do not you will pay a steep price. Full Story
By: Doug Casey & The Daily Reckoning Crew - 10 April, 2007
-Gold hits nine-months high…and the dollar is at two-year lows against the euro… -The future for uranium looks bright…mortgage delinquencies hit record high… -Sometimes, you can get a clearer picture from shadow stats…and more! Full Story
By: Dr. Ron Paul, U.S. Congressman - 10 April, 2007
Recently I had the opportunity to question Federal Reserve Chairman Ben Bernanke when he appeared before the congressional Joint Economic committee. The topic that morning was the state of the American economy, and many of my colleagues raised questions about how the Fed might better "regulate" things to ease fears of an economic downturn. The tenor of my colleagues' questions suggested that Mr. Bernanke's job is nothing less than to run the U.S. economy, like some kind of Soviet central planner. Full Story
The gold mania is coming. We have seen it before, as recently as the late 1970s, when gold prices skyrocketed and news coverage about gold soared. Yet this time crazier craziness is predictable not only because the conditions for gold are much riper now – with mind-boggling financial, political, and military problems undermining paper currencies and assets – but because the media that will cover the mania have multiplied in number and in the intensity in which they fan flames of fear. They will drive the herd hard. Full Story
By: Steven Saville, Speculative Investor - 10 April, 2007
In our research we occasionally come across articles in which the writer rails against the 'fact' that the Fed is privately owned, the implication -- whether intentional or not -- being that everything would be fine if the Fed were a government agency. That is, the implication of such complaints is that private corporations can't be trusted to do the right thing when it comes to management of the monetary system whereas the government can. This, however, is a case where two wrongs -- the belief that the Fed is privately owned and the belief that government ownership would represent a significant improvement -- definitely don't make a right. Full Story
What I have outlined above is actually a trading guide for any large trader, whether a state government, national government, or even a fund, who would be a market mover and who could move the precious metals markets against themselves. It's how to set bids and asks, in such a way as to maximize profits. Many precious metals dealers already trade in a similar way. Full Story
The introduction of precious metal ETFs is one of the reasons that gold and silver have been on a tear lately. But like any other financial instrument, a bullion ETF requires a degree of trust. Most investors (including me) buy these funds on the assumption that their accounting is honest and that the metal they say they have really is sitting in their vault. Hardly anyone actually goes through an ETF's prospectus or 10-K line-by-line to see if this is an iron-clad guarantee. Full Story
Iran announced yesterday that its crash program to develop nuclear fuel is far more ambitious that previously acknowledged. Specifically, the number of centrifuges now being employed to enrich uranium is nearly ten times the 328 known to exist. But is it possible the effort to produce nuclear fuel on an industrial scale is being driven by a need for…more fuel? Full Story
By: The Mogambo Guru & The Daily Reckoning Crew - 9 April, 2007
-The party ended - but people are still passed out on the floor… -Do you wait for the crisis - or get out while you can?…the year of the housing hangover… -Even badass bikers get the blues…it's vacation time again in France…and more! Full Story
Dr. Peter Navarro & Bob Chapman. A special roundtable discussion with: Justice Litle. Jack Chan. Gary Kaltbaum. George Zapata Blake. Warren Buffett - Part 4 (recording). Gold & Silver move higher for 5th week in a row. Gold Stocks take off. British hostage crisis resolved. Gas prices climb. 3 Spotlight Picks with 7, 7 & 9% dividends! Full Story
I noted in my February 21, 2007 edition (http://www.grandich.com/docs/alert_02-21-07.pdf), I was becoming so bearish that I was contemplating shorting the U.S. stock market. I was hoping for one last big rally on the perception the Fed would be cutting (or already had cut) interest rates. Ideally, this would occur as the DJIA went through 13,000 while TOUT-TV (CNBC) took out their party hats, balloons and noisemakers. Full Story
In his latest commentary, Pimco’s Paul McCulley argues that the Fed should shift its inflation “comfort zone” higher in order to better manage the risks of both inflation and deflation. The comfort zone is currently 1%-2%, but maintaining price stability within that range forces the central bank to react “asymmetrically” to the ebb and flow of deflationary risk, he says. Full Story
Every bear and his brother is demanding that the sub-prime meltdown is a contagion that will spread throughout the leveraged mortgage industry and of course, the general economy that depends on leveraged credit/debt creation. And of course they are bound to be right. But as usual, our furry friends do not have a handle on the timing. Full Story
By: Bill Bonner & The Daily Reckoning Crew - 8 April, 2007
-The easiest way to make money - steal it…liar's loans…one fraud leads to the next… -The subprime trickle-down effect…standards are falling… -Why do we like gold? It doesn't run for public office…never makes TV appearances…and earns no stock options… Full Story
Wallace, Idaho – Las Vegas is one dreadful dump. Used to be you could go to Nevada for a good time with not a lot of money. No more. As guests of the Luxor (that big black pyramid-shaped thingie) we were treated to $3 coffee, $4 orange juice, $5 beer and $7 cigarettes, a television remote control that wasn't there, and an Internet connexion that didn't work. We were delighted that the elevators did not charge boarding fees. Full Story
By academic training, Chalmers Johnson is an East Asian scholar, and a widely respected one at that. He was and remains a giant in the field of Japan Studies -- my undergraduate major 20 years ago. His seminal work MITI and the Japanese Miracle was required reading back then, and probably still is today. In the introduction to his latest book Nemesis - The Last Days of the American Republic, he therefore makes a point to tell readers that he never intended to write a trilogy on the decline and fall of the American empire. However, he says "events intervened" -- as they sometimes do. Full Story
The significance of “dark pool” transactions cannot be underestimated - - a recent estimate is that 10% of all equity transactions occur in “dark pools,” and that this number is growing. Full Story
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