By: Peter Schiff, Euro Pacific Capital, Inc. - 14 November, 2008
Before the current economic crisis became apparent to all, the most popular fable used to describe America’s uncanny economic resiliency was the story of Goldilocks. It was argued that our economy was skipping down a sunny path of moderate growth, low inflation and rising asset prices. However, a much better parable for our economy over the last decade would have been the story of Humpty Dumpty: a bloated, fragile shell perched on the top of a dangerously high stone wall. Full Story
By: Bill Bonner & The Daily Reckoning Crew - 14 November, 2008
-Where are the plumbers?…We are all Japan, now…consumers have stopped shopping… -Borrowing money from the savers to give to the spenders…what are we 'correcting', exactly?…retail sales plunge… -Get ready for the 'Greater Depression'…the five stages of collapse…and more! Full Story
By: The Gold Report and David Skarica - 14 November, 2008
David Skarica, author of the Addicted to Profits newsletter, gives The Gold Report an exclusive preview of coming market attractions including double-digit inflation, a super pop in gold stocks, and the demise of an empire. A financial advisor who earned his reputation as a contrarian before he turned 30 by predicting the dot.com bust, Skarica was the youngest person ever to pass the Canadian Securities Course. He incorporates technical analysis, historical precedent, demographics and investor behavior into his forecasts. Full Story
By: Chris Powell, Secretary/Treasurer, GATA - 14 November, 2008
A year ago it was still a struggle to persuade some people that the gold and silver markets were being manipulated by Western central banks. Now, after months of financial turmoil around the world and constant central bank intervention in the markets, to believe that the gold and silver markets are not being manipulated by central banks you have to believe that those markets are the only markets not being so manipulated. Full Story
By: Chris Powell, Secretary/Treasurer, GATA - 14 November, 2008
A subscriber to Richard Russell's Dow Theory Letter who is a longtime participant in GATA sends the excerpt that is below from Russell's letter Thursday night. Our friend headlines the excerpt, "That Didn't Take Long." And yet Russell still got there sooner than some other worthies. Full Story
Precious metals were hit hard by global deleveraging and they should shine again; thanks to the money-printing abilities of the establishment. These ridiculous government bail-outs are hugely inflationary and will further erode the purchasing power of paper currencies. I urge you not to be fooled by the recent strength in the US Dollar. This is nothing more than a short-covering rally and the American currency is likely to witness an epic crash in the future. Full Story
On November 22, 2008, ninety-eight years later, there will be rallies at every Federal Reserve Bank and office in the country. Activists will demand an end to private banker control over the nation's money supply and the return to a hard, commodity backed monetary system. Their slogan is simple and direct: "End the Fed! Sound Money for America!" Full Story
By: Adam Hamilton, Zeal Intelligence LLC - 14 November, 2008
Amidst our seemingly endless slog through today’s dark sentiment wastelands plaguing the markets, we have a birthday to celebrate. Four years ago this week, a revolutionary ETF was launched that forever changed trading dynamics within the global gold market. Known today as the SPDR Gold Shares, GLD has been wildly successful by any measure. Full Story
Many Otherwise Astute Investors were Blindsided by the Takedowns in the Equities and Precious Metals Markets in September, October and November, 2008. But they need not have been. Full Story
I recently observed the pendulum clock on my fireplace mantel and noticed the similarities between the recent price action in the gold market and the back and forth motion of the pendulum. Both have pivots, mid points, full and half swings, time and length. Pendulum swings in the markets are usually based on opinions. Full Story
By: David Morgan, Silver Investor - 14 November, 2008
The following excerpt is from the November issue of The Morgan Report. Many in the precious metals community have been leery of holding paper silver. Interestingly the people I interviewed began to ask similar questions and began their own holding company. Part of the interview from the November issue follows… Full Story
Now the government has decided not to buy the junk left behind by the giant US Banking system garage sale, and instead has decided to funnel the cash directly onto the balance sheets of the banks who were peddling them, I am convinced the American and global consumer public has been zapped with some kind of stun gun. Full Story
By: Richard Daughty, The Mogambo Guru - 14 November, 2008
And this time in history we have gone one step farther down the path of True Economic Insanity (TEI) in that we not only created and spent all that money on gluttonous consumption, but we borrowed it all into existence, too! Hahaha! Full Story
By: Rick Ackerman, Rick's Picks - 14 November, 2008
Returning to our desk yesterday after a luncheon meeting in Denver, we dropped in on the Rick’s Picks chat room after-hours to find out what had caused the Dow to trampoline more than 900 points from its intraday low. Alas, the chat room denizens seemed as clueless as we were. We guess it was just one of those things. Not that anyone should have been surprised. Mr. Market has a well-known penchant for making certain that bears do get rich the easy way, betting on so sure a thing as that stock prices will go down, down, down ahead of an unprecedented collapse in U.S. corporate earnings. Full Story
By: Bill Bonner & The Daily Reckoning Crew - 13 November, 2008
-Stocks get whacked again…are consumers having a crisis of confidence - or an attack of good sense? -Everyone is feeling this downturn - rich and poor alike…central bankers are trying to juice up the party… -Time to get the balance sheets back in line…the bad tidings of Christmas…and more! Full Story
The trillions borrowed by the US government and US consumer cannot be paid back with dollars of equal value. A country with no domestic savings from which to draw, angry foreign creditors and with a collapsing tax base has few options. US debts will have to be paid back with printed money. Money printing will cause a severe inflationary depression in the US, meaning it is time for Americans to hunker down. Americans need to reduce spending, buy some gold, and get rid of the gas-guzzlers and vacation homes -- downsizing is survival in the years ahead. Full Story
The fact is that what we’ve been enjoying since the Federal Reserve was created is anything but free-market capitalism. The value of the dollar has been pushed down 99 percent and the economy has been a series of booms, followed by busts, ad nausea since J.P. Morgan partner Harry Davidson and other big bank chieftains secretly took a train to go duck hunting on Jekyll Island in 1910. Full Story
Australia has a clear opportunity to seize the day here and is supported by a current AUD gold price of over $1100. With insightful placement of the right incentives and tax breaks, plus a significant grant program we could become the world number two producer and chase China in production terms as it leaps ahead of the rest of the world. Full Story
The foreign exchange markets are witnessing heavy and sustained selling of sterling which continues following the Bank of England's inflation report and statement on the economy. The British Pound has fallen below £/$1.50 to currently stand at 149.12, and to a new low against the Euro of 119. Full Story
Virtually all investors, whether in the stock markets in the United States or globally, commodities or the mining shares, the results over the last month or so is the same. Nasty, really, really nasty. Most of us in the business have also suffered and we feel the pain of our readers and subscribers to our services. Everyone is hurting. Full Story
News about the Saudi gold rush is bound to fuel speculation about the alleged large physical gold transactions that have been taking place at prices will above the spot price set in the futures market. It is very unlikely that such a large hoard of physical gold could have been bought for the depressed current price. Full Story
There is no doubt that the world is dealing with a credit/debt deflation of historic proportions. It is worth spending a little time understanding how such events are precipitated. An economy, as in personal households, corporations and other entities, is financially sound when expenditures are less than incomes. The difference can be saved and invested to produce additional income and capital growth in the future. Full Story
By: Bob Chapman, The International Forecaster - 13 November, 2008
Recently the fane-stream media was asking how our free enterprise system of capitalism could have failed us so utterly. How, they asked, could we have gotten into this disaster if bad investments were properly weeded out in a timely manner by the markets, and were not allowed to accumulate to such devastating levels of toxicity, as they should have been in such a system? These people are either morons, or liars, or both. Full Story
By: Richard Daughty, The MOGAMBO GURU - 13 November, 2008
And this time in history we have gone one step farther down the path of True Economic Insanity (TEI) in that we not only created and spent all that money on gluttonous consumption, but we borrowed it all into existence, too! Hahaha! Full Story
By: Rick Ackerman, Rick's Picks - 13 November, 2008
We should come right out and say it, since the mainstream media probably will not: Paulson, Bernanke and Friends have lost control. Yes, they have. As much should have been obvious to anyone tuned to Paulson’s speech yesterday. Turns out he’s no longer keen on buying up bad mortgages; instead, he now wants to pump credit money into the consumer economy. Full Story
By: Bill Bonner & The Daily Reckoning Crew - 12 November, 2008
-8 million houses with negative equity in the United States - so much for our "ownership society"… -The money has disappeared…General Motors shares have fallen to a new low… -No 'soft landing' for global growth…biggest decline in consumer spending in 28 years…and more! Full Story
By: John Browne, senior market strategist for Euro Pacific Capital - 12 November, 2008
The announcement of a massive stimulus package of almost $600 billion shows that China means business not just in reviving, but also in rejuvenating its economy. As both America and China confront the prospect of a global depression, both countries have chosen to fend off potential unrest with liberal government spending. But the Chinese move is bolder and more likely to succeed. Full Story
The two main factors pushing up the USDollar have been liquidation of speculative trades funded by it, and redemption of credit derivatives paid in it. These are not signs of any inherent investment in the USEconomy itself, but rather its liquidation. Evidence abounds of severe deterioration within the United States, a collapse of confidence, a fall in business investment, ruin in retail demand, an avalanche of job loss, and a spread of corporate breakdown beyond the financial sector. Full Story
By: Richard Daughty, The Mogambo Guru - 12 November, 2008
I assume that bond buyers are all drug addicts who are not aware of what they are doing, morons who are not aware of what they are doing, or grubby slicksters who are buying them on behalf of drug addicts and morons! Hahaha! Full Story
By: Rick Ackerman, Rick's Picks - 12 November, 2008
In the world of risk-takers, Steve Wynn is in a class by himself. We’ve heard of commodity traders bragging about how their account balances would swing $50 million in a day, but they’re just pishers compared to Wynn, who has gambled fifty times that on a business deal. Moreover, if a soybean or bond position blows up, a trader can unload the whole mess in an afternoon and start over. Wynn, on the other hand, has nowhere to run. Full Story
By: The Gold Report and Brent Cook - 11 November, 2008
With feet planted on the ground and eyes trained on balance sheets, Brent Cook has earned a reputation for recognizing which juniors have the best chance of beating the odds and where rocks have the greatest potential for producing profit. An experienced professional geologist who has examined properties in more than 60 countries and learned the investment side of the business from master Rick Rule, Brent inherited investor/analyst editor Paul van Eeden’s newsletter in February. He repurposed it into Exploration Insights, and in this exclusive interview, shares some of his insights with The Gold Report readers. Full Story
By: Bill Bonner & The Daily Reckoning Crew - 11 November, 2008
-The Chinese "Social Stabilization" program…this year could be the worst year for the Dow since 1937… -Who cares about the threat of terrorists now? The other dangers facing the United States are far more real… -Some advice for good ol' Dubya…a report from South Africa…and more! Full Story
By: David Bond, The Wallace Street Journal - 11 November, 2008
Munich – OlympiaPark, built for the 1972 Summer Olympics here in Munchen, looks a little tired and dog-eared these days, not a lot different from the state of the gold and silver markets – equities and physicals. But scratch beneath the pallid paint and weather-stained concrete a tad, as we did at Frank and Jan's excellent adventure, the just-concluded 2008 Edelmetall & Rohstoffmesse precious metals and resource show, and all hell is breaking loose. Full Story
By: Axel Merk, Merk Hard Currency Fund - 11 November, 2008
Following calls by European leaders for a "Bretton Woods II", the Bush administration has invited the "G-20" countries to come to Washington with the lofty goal to reform the world financial system. Will the way we do business change November 15? Full Story
While Hubbard’s plan to further utilize the Fannie and Freddie bailout conduit is plausible but not without costs, financial losses lead to the creeping possibility that more taxpayer funds will be required to simply keep these conduits solvent in the future. Imagine Hubbard as a chef preparing his secret recipe, all the while unsure if his oven is about to blow-up. Full Story
The other day I was reading some article which claimed that silver could no longer be considered a currency. Yet silver certainly was a currency in ancient and more modern times, and has retained its value. Full Story
By: Steven Saville, Speculative Investor - 11 November, 2008
The "paradox of thrift" holds that what is good on an individual basis can be bad on an economy-wide basis; specifically, it stems from the idea that an increase in an individual's savings may benefit that individual, but if many individuals increase their savings then the result will be a weaker economy. Full Story
Gold stocks have seen their lows. As all asset classes have been in a historic (time wise) liquidation, gold has actually held up better than most other asset classes. But the gold mining stocks have been beaten up badly for various reasons that are now basically played out. Concurrently, dollar strength has been based on two overriding circumstances and these are about finished as well. This means a very positive environment is about to affect the gold and silver mining stocks. Full Story
By: Richard Daughty, The MOGAMBO GURU - 11 November, 2008
I assume that bond buyers are all drug addicts who are not aware of what they are doing, morons who are not aware of what they are doing, or grubby slicksters who are buying them on behalf of drug addicts and morons! Hahaha! Full Story
By: Rick Ackerman, Rick's Picks - 11 November, 2008
If you view each and every rally as a short-squeeze, the stock-market begins to make sense. We should assume there are no bulls out there, only bears trying to avoid getting impaled by the next thousand-point thrust-from-nowhere. No such threat was evident Sunday night and in the wee hours Monday morning. That’s typically when some of the canniest predators in the game stress-test traders who went home Friday either too long or too short. Full Story
Under Bernanke’s direction, the Federal Reserve has completely rewritten its mission. Many articles in the International Speculator and The Casey Report have reported the strange growth in the loans they have made and explained that Bernanke has, for a long time, espoused unconventional actions to avert deflation and to expand the economy. So the charts below tell that story, and it is truly amazing. Full Story
Everywhere today politicians are blaring that they must save America’s financial institutions, alleging catastrophic risk to the economy were any to fail. Paulson and the entire Bush administration, in a discernible panic, are now pouring $700 billion into the big banks, having already bailed out AIG, Fannie Mae, Freddie Mac, and Bear Stearns to the tune of $300 billion. Full Story
By: Bill Bonner & The Daily Reckoning Crew - 10 November, 2008
-Obama's 'big bang' approach to the financial crisis…the prerequisite for being powerful and famous in the United States… -No one's borrowing…no one's lending…and investors are running scared…a balance sheet recession… -10 million Americans out of work…cash is more than king - it's a demi-god…and more! Full Story
There is compelling new proof of a silver (and gold) price manipulation. The evidence connects the investment bank JP Morgan Chase, the dominant force in world commodity trading, the U.S. Commodity Futures Trading Commission (CFTC), the primary commodity regulator, and the U.S. Treasury Department, the arranger of every conceivable bailout. Full Story
This current batch of investors we have in the equity markets are for lack of a better term, incorrigible, meaning beyond hope, because just when it appeared a genuine capitulation to the downside was possible, stocks are being jammed higher overnight yet again. That being said, and never the less, we cannot fully discount the possibility this bounce will not be something ‘more substantial’ however, which would be consistent with the notion we put forth over the past few days that equities bounce here only to fail in early November in a retest of present price levels. Full Story
A self confirming theory is one which, when a group of people believe it, causes them to act in a way that makes it seem to be true (although it is not). The current establishment predictions of some kind of economic crisis have the character of a self confirming theory, at least for the short term. Do not be deceived by this self confirming aspect. Members of the economic establishment are very stupid, and if you follow, they will lead you to economic perdition (losing a lot of money). Full Story
By: Kurt Hug, Zihlmann Investment Management AG - 10 November, 2008
The price of gold, after a short excursion to $ 1,005 in March 2008, started to slide down. One of the main reasons pushing down the gold price, in our opinion, was the massive decline of the oil price. It fell from its high of $140/barrel to presently $61 und has consequently lost more than 50%. Full Story
Recently I wrote an article titled Toxic Anger about the mortgage crisis and how it now seems that many hard-working Americans will be forced by the government to pay for people who live in foreclosed homes to keep their homes. Well, the situation has not gotten any better. Full Story
The reason I dug this up is that all too often, subjects like inflation and deflation are batted around and discussed in abstract, almost cartoon-like fashion. Inflation and deflation are buzz words in a system that creates money out of thin air in ever less successful attempts to stimulate economic growth and prosperity. Full Story
By: Rick Ackerman, Rick's Picks - 10 November, 2008
Over the weekend, we featured a gloomy, $400 projection in gold that was based on the Elliott Wave work of financial consultant Glenn Hermanson, a Rick’s Picks subscriber. However, applying Hidden Pivot analysis to the same long-term charts, 628.10 is about as bad as we could see. That would imply a further decline of about 8% from the October 24 low and a 15% selloff from current levels. Although that might sound punitive, we’d be inclined to back up the truck at $628, since it could be the last chance gold bugs will have to load up before the dollar sinks into oblivion. Full Story
‘Your mission, Barack, should you decide to accept it, is to save the US economy from imminent destruction. You will not actually take over until January 20 by which time you and your IM force should all be in position. As usual should you or any of your IM force fail in your mission this website will deny your existence. This message will self-destruct in five seconds!’ Full Story
1st Hour: Headline news & Market Weatherman Forecast. Spotlight Stock Picks with big dividends. The International Forecaster and Host Chris Waltzek answer listeners' questions. -2nd Hour G. Edward Griffin, Freedom Force International Full Story
By: David Chapman, Union Securities - 9 November, 2008
Congratulations to President-elect Barack Obama on his historic win on November 4. He does represent a watershed in American politics. But once the applause dies down, as inevitably it will, the real hard slog begins. He has inherited a mess. So just what kind of mess? Full Story
By: Bob Chapman, The International Forecaster - 9 November, 2008
We have reported extensively on the dichotomy between the physical and paper markets in precious metals. The pricing between these two types of markets is now completely out of sink, with the casinos, which some dare to call commodity markets, utilizing bogus manipulated prices based on paper sales of precious metals in volumes that do not physically exist, while the physical markets have become a de facto black market where the true value of gold and silver is recognized based on market fundamentals. Full Story
By: John Mauldin, Millennium Wave Advisors - 9 November, 2008
In general, we consider it a good thing to save money and to "owe no man anything save love." But what happens when a debt-happy society wakes up and decides that saving is a good thing for everybody? What happens when banks and hedge funds decide (or are forced) to reduce their debt? What happens when businesses of all sizes find it harder to get loans to operate? Full Story
-A clip from the 11-01-08 Goldseek radio show. Robert Ian from ConquerChange.com shares his thoughts on the market and the U.S. Dollar, on the GoldSeek Radio show. -Rich Dad Advisor Mike Maloney shares his thoughts on precious metals in an interview on Goldseek Radio 09-20-08, with Chris Waltzek. Full Story
Events of the past month have left investors with terrified, sick feelings as trillions of dollars in paper wealth suddenly evaporated from world stock markets. Many are shaking their heads in disgust for not taking money off the table when they could have profitably and easily done so within the last year. I know I have! Full Story
By: The Gold Report and Bob Moriarty - 9 November, 2008
In this exclusive interview with The Gold Report, 321gold.com founder Bob Moriarty provides abundant food for thought about the continuing U.S. financial debacle. Unlike many other observers, he foresees a short-term rally in the stock market but paints a bleak longer-term picture. He expects the ship of state to sink like the Titanic, with precious metals holdings and other “things” the only safety nets on board. Full Story
This week brings us a week closer to the imminent investment wave into precious metals. It is looking more and more like we are sold out completely and that the tax loss selling season this year will be our last chance to acquire some great companies on the super cheap. I have a strategy and will be implementing it in December placing stink (low) bids on a host of companies with drool worthy prospects and growth profiles. Full Story
Central banks around the world are following the FED’s lead to lower interest rates last week to 1%. A dangerous game of currency debasement is taking place, as one bank after another cuts rates in pursuit of a zero interest rate policy. Full Story
Since I last showed the long term P&F chart of gold in my 2008-10-17 commentary it had made a move to lower levels and then moved in a sideways path. It has formed a strong resistance at the $765 level so a move to $780 would be an upside break. It might also be a reversal to the bull as the down trend line is very close to that point. Full Story
By: Rick Ackerman and Glenn Hermanson - 9 November, 2008
I like to think of Bob Prechter's DJIA target of 400 more in terms of DJIA/Gold. If gold is $5000/oz, then the Dow will bottom at 5000; if gold is $400/oz, then the Dow will be 400, and thus the infinite range of potential bottoms in- between. Trying to pick any one number will make you go insane, like predicting the weather, and it will get your mental focus tied to a target that may be moving daily. Not healthy. Full Story
The week ahead in financial markets will see a modest quantity of data that will hit the tapes largely on Thursday and Friday. The major market moving events will be the Friday release of the October advance retail sales data and the Thursday release of the US Trade Balance, Jobless Claims and the US Budget Statement. On Friday in Frankfurt Germany, Fed Chair Bernanke and ECB President Trichet will lead a cast of global central banking all-stars that will address monetary policy within the current global financial crisis. Full Story
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