Simply put, QE can never be halted or even slowed. The USFed is in a corner, with no policy options, facing collapse, with no ability whatsoever to halt the systemic failure in progress. It can only rely on hidden machinery and profound lies, against a background of constant economic propaganda. The central bank franchise system wrapped around the fiat paper currency regime has failed. They cannot stop it, not even with endless bond fraud and endless war, the new twin towers of the fascist state legacy. Full Story
By: Adam Hamilton, Zeal Intelligence - 14 November, 2014
This latest capitulation by gold-stock investors has left this hated sector at truly apocalyptic lows. Bearish consensus is so extreme that pretty much everyone believes the gold miners are doomed to spiral lower forever. But today’s horrendous gold-stock price levels aren’t righteous, they’re a temporary emotional fiction conjured by epic fear. Trading at fundamentally-absurd levels, gold stocks are due to mean revert far higher. Full Story
In the wake of one singular event—the disaster at Fukushima in March 2011, the effects of which are still being felt today across the planet—nuclear power has seemingly fallen into utter disrepute, at least in the popular mind. But this is largely an illusion. Full Story
So, why did this happen? What changed in June to prompt this break of the gold-LB and accelration of the gold-yen? Who can say for sure? Maybe ZH is right and the BoJ started running an operation in June in anticipation of the increase in QE announce two weeks ago. Maybe. All I know is that it clearly is what it is and until the paper---physical link causes the correlation to break, we will likely see gold move even lower as the yen moves lower. Full Story
You cannot explain the gold market price movements without understanding the concentration aspect of the market. The central banks are the gold market because they have the highest concentration of the metal and they move the price based on where the dollar is at any given time relative to the other major currencies. They aren’t the least bit concerned about actual demand. What does concern them is their inability to manage that price if new rules are thrust upon them. Full Story
Gold and gold miners have rebounded but remain in a technically weak position. Both markets have failed to move beyond the highs made last Friday. The same happened to the gold stocks in early October. They exploded higher one day but failed to muster anything after that. At that time Gold continued its rally for a few weeks. This time Gold has struggled to sustain Friday’s gains. While we are coming to the end of the bear market and one should not be too bearish, the downside target of $1000/oz Gold remains well in play. Full Story
Two years ago, my friend Mohamed El-Erian and I were on the stage at my Strategic Investment Conference. Naturally we were discussing currencies in the global economy, and I asked him about currency wars. He smiled and said to me, “John, we don’t talk about currency wars in polite circles. More like currency disagreements” (or some word to that effect). Full Story
Although we cannot guarantee the future, gold’s price chart looks very weak and it appears as though we will get a sharp decline over the following weeks. Therefore, this is not the time to stand in harm’s way and if anything, nimble traders can consider going ‘short’ the metal. Full Story
This autumn’s must-read book for professional gloom and doom merchants is ‘The Colder War’ by Marin Katusa, a top analyst at Casey Research. It’s central thesis is that Vladimir Putin is using Russia’s position in the energy sector to undermine the US dollar as a reserve currency, and that this will bring about the fall of US political and economic hegemony just as the pound sterling’s decline came with the end of the British Empire. Full Story
By: Rick Ackerman, Rick's Picks - 14 November, 2014
I’m struggling to give the benefit of the doubt to the bulls, but I can’t ignore the fact that every minor abc rally since last Friday’s explosive one has failed at its midpoint pivot. This is typically a sign that the dominant trend — in this case, the explosive rally — isn’t destined to get very far. A particularly telling aspect of yesterday’s constipated price action is that the second attempted rally failed to get past the very modest peak of the first. Full Story
The Swiss National Bank (SNB) and establishment parties went “all in” during the week and intensified their campaign. They suggested that passing the Gold Initiative would be a ‘fatal’ for Switzerland and would be positive only for speculators. The ‘yes’ side countered by saying the SNB’s assertions were alarmist and over the top. They say that it is not an invitation to speculators as there would be a five year transition to gold being 20% of Swiss reserves. They warned that there is a real risk of another debt crisis and a global currency crisis and that gold reserves would protect the Swiss franc and the Swiss economy. Full Story
Marc Faber is the editor and publisher of The Gloom, Boom and Doom Report (Gloomboomdoom.com) and he is the author of Tomorrow’s Gold – Asia’s Age of Discovery. Marc Faber earned a Ph.D. in economics at the University of Zurich, Switzerland. He lives in Asia since 1973. In 1990, he set up his own business, Marc Faber Ltd., which acts as an investment advisor and fund manager. Full Story
From the depths of the Crisis in 2009 until mid-2012, Central Banks were considered the “saviors” of the financial system and Capitalism. The first wave of their interventions (2009-2010) was meant to stop the collapse. The second wave (2010-2012) was meant to get us back on track towards global growth. Full Story
Below is a summary of some of the aspects we follow in NFTRH to gauge a future investment stance on the gold sector. It is much more complex than simply hearing dogma that seems to make sense and then holding on for dear life… Full Story
It was only a week ago that gold appeared to be staring into a deep abyss (Chart of the Week – Gold and Oil – Into the Abyss? – November 6, 2014). The dreaded “vomiting camel” pattern appeared poised to “hurl” gold down to $700/$800. While I warned about the potential for “splat back” technical objective calculations projected gold to fall to around $950 following the breakdown under the triple bottom of June and December 2013 and October 2014 just above $1,180. Full Story
For U.S. households, the rising dollar will have gradual, generally marginal effects: our dollars will buy more euros and yen when we visit Europe and Japan as tourists, imports from countries with weakening currencies will be slightly cheaper (if the importers don’t palm the difference as extra profit) and we may be competing with more foreigners for dollar-based assets such as American homes, oil wells and Treasury bonds. Full Story
I have been a gold bull, unrelentingly, since 2005. It has been quite an adventure. Nine years ago, I was 31—still pretty young. I hadn’t read enough Austrian economics to even understand why I should like gold, but I did nonetheless. Besides, it was going up. And coincidentally, the folks at State Street had just come out with GLD, the SPDR Gold Shares ETF, and I was a market maker in it. Without GLD to invest in, I wonder if I would have had the inclination to learn about investing in gold futures or physical gold. Full Story
By: Peter Schiff, CEO of Euro Pacific Capital - 13 November, 2014
Some influences on the stock market are casual, subtle or open to interpretation, but the catalyst behind the current stock market rally really shouldn't be controversial. As far as stocks go, we have lived by QE. The only question now is, whether we will die without it. A larger version of this article appears in the fall edition of Euro Pacific Capital's Global Investor newsletter. Full Story
Gold dropped to new lows of $1,130 per ounce last week. This is surprising because it doesn’t square with the fundamentals. China and India continue to exert strong demand on gold, and interest in bullion coins remains high. I explained in my October article in The Casey Report that the Comex futures market structure allows a few big banks to supply gold to keep its price contained. I call the gold futures market the “paper gold” market because very little gold actually changes hands. $360 billion of paper gold is traded per month, but only $279 million of physical gold is delivered. Full Story
By: Chris Powell, Secretary/Treasurer, GATA - 13 November, 2014
Bullion Vault research director Adrian Ash this week called attention to what may be the most relevant remark coming out of the London Bullion Market Association's conference in Lima, Peru. It's the assertion by the market operations director of the Banque de France, Alexandre Gautier, that central banks now are managing their gold reserves "more actively," a remark conveyed to Ash by a colleague attending the conference. Full Story
One hour into the Singles Day sale, Jack Ma’s Alibaba had already sold $2 billion worth of merchandise. By the end of the 24-hour promotion, the Chinese retailer had exceeded expectations by generating more than $9 billion, a record. Full Story
We have recently been asked to comment on the upcoming referendum in Switzerland on gold. In particular, we were asked if this could be the turning point for the gold (and other precious metals) market that has been declining for more than 2 years now. The simple law of supply and demand dictates that when the demand for something increases, its price should go up. However, things are rarely simple in the financial markets and it’s definitely not simple in case of gold. Will this be the start of a domino effect and escalation of gold price? You’ll find our take on this timely matter below. Full Story
In this SchiffGold exclusive video, Peter Schiff sits with Axel Merk at the recent New Orleans Investment Conference to discuss gold investing in the midst of the currency wars. Like Peter, Axel was one of the few analysts to warn of the 2008 financial crisis and he remains one of the few analysts independent from the mainstream “recovery” consensus. Full Story
Tonight I want to explore the relationship between the US dollar, the Japaneses Yen and gold. Most investors know that a rising US dollar is usually a bad sign for commodities and the precious metals complex. When the US dollar is falling commodities and the precious metals complex usually do pretty well. When the US dollar topped out in 2000 that’s when gold and commodities started their bull markets that lasted until 2011. Full Story
By: Steve St. Angelo, SRSrocco Report - 13 November, 2014
With more than half of the primary silver miners financial results for the third quarter finally out, the group is now losing nearly $3.00 an ounce at the current market price of silver. We can thank the Fed and Bullion Banks for rigging the paper silver price well below the estimated average break-even for the primary silver miners. Full Story
2014 is surely looking like a watershed type of year. We have seen a few slaps on the wrist here and there since 2008 for fraud, rigging markets, trading against customers, bogus ratings, multiple rehypohecations of the same asset many times over and on down the line ...but no one ever seems to go to jail. I take that back, China has reacted harshly by even executing a billionaire for fraud, so I will clarify by saying no one in the West has gone to jail with the exception of 3 hedge fund managers. I say "watershed" year because even though no one seems to be doing jail time, some light is at least being shed on how crooked our markets are. Full Story
By: Chris Powell, Secretary/Treasurer, GATA - 12 November, 2014
This is an enormous story with consequences for everyone on the planet, signifying the destruction of democracy, markets, and human progress everywhere, as well as the vicious exploitation of the developing world and the transfer of its wealth to the developed world. But except for the story's political sensitivity, why can't it be reported by respectable financial news organizations? Full Story
How much longer are you going to let Wall Street determine the price you are permitted to charge for your product? How much longer will you stand by and watch as computer traders raise and mostly lower the price of your product, by selling contracts in the futures market for metal they do not own, and do not produce? Full Story
It’s undeniable that the window of opportunity is getting smaller… especially when you connect all the dots and see the big picture. To help connect those dots, it’s important to understand the things that make being an American citizen uniquely burdensome. First, Americans are the only people in the entire world who effectively suffer under an inescapable, worldwide system of taxation. Full Story
The Swiss Financial Market Supervisory Authority found evidence of ’serious misconduct’ by UBS employees in trading precious metals and most markedly in silver in an investigation of the bank’s foreign exchange and precious metal trading operations, it emerged today. Full Story
The Royal Mint gets it. Because I see such deep value in gold today, I was exploring various national mints last week, looking to buy some bullion — maybe some Austrian Philharmonics, some Canadian Maple Leafs or a few Britannia’s from the U.K. And while reading through the bullion site for Britain’s Royal Mint, I came across some highly unexpected commentary. Full Story
By: Rick Ackerman, Rick's Picks - 12 November, 2014
The rally will need some giddyup to escape gravity’s pull, since merely dawdling at these levels will only increase the risk of relapse below a major Hidden Pivot support at 1137.50. The support has been tested twice and done its job, but it seems unlikely to hold if it gets pummeled a third time. Bulls kept the futures out of trouble yesterday nonetheless, energizing a $27 rally that offered subscribers a low-risk opportunity to get long. Full Story
The Wall Street crowd liked what they heard last week and pushed the Dow Jones to a new high. In particular, the trio of the Republican landslide victory, an overall positive Q3 earning season, and a good jobs report that showed unemployment dropping to 5.8% was behind the rally. And what a rally it was. Since the start of earnings season on October 8, the S&P 500 has increased by 3% and has bounced by an eye-popping 9.1% from the October 15 low. Full Story
The recent mid-term elections gave Republicans control of both the House and the Senate. Many economists and investment strategists are cheering the Republican takeover since they believe it will mean positive changes ahead for the U.S. economy. If history teaches us any lesson, however, they are likely to be disappointed. Full Story
Last week, barely 19 months after the world digested the news that Japan was going all-in, Kuroda pointed over the shoulders of all the other players at the table, said “Look! Behind you! An Austrian economist!” And in the ensuing panic, he slipped a bunch of freshly minted chips from a secret pocket in his jacket onto the table and, once calm had returned, went all-in again. Full Story
What do Siegfried and Roy have in common with Federal Reserve Chairman Janet Yellen? Shortly after the Bureau of Labor Statistics released unemployment data last month showing that joblessness had dropped below 6% for the first time since the 2008 crash, the Federal Reserve announced it would stop government bond purchases; Quantitative Easing is history. Full Story
During a time in which sentiment towards natural resources is bordering on doom, Rick Rule, Chairman of Sprott U.S. Holdings was kind enough to share a few comments. Speaking first toward the phenomenon of market capitulation Rick noted that, “Capitulation is a very dramatic event. It’s when most participants in the market give up completely and simultaneously.They are two or three week periods [of] extraordinary [share price] violence. They’re emotionally driven rather than arithmetically driven events.” Full Story
Goldman Sachs is making more rational statements about gold stocks. ‘The investment bank says 24 of the 27 gold operations under its coverage posted recoveries in line with its expectations – “which suggests to us that the vast majority of gold assets are now producing at steady state, and/or at least have their mills preforming [sic] consistently.”’ –Business Spectator News, Australia, November 11, 2014. Full Story
Gold and silver price manipulation, "we" have talked and written about it for years. I can still remember speaking two or three times a week with the late Harry Bingham back in 1997 and '98 regarding this topic. No matter what "event" popped up which logically and in the past should/would have pushed the price of gold higher, we would see waterfall action instead. Then along came Bill Murphy and Chris Powell of GATA. They put forth all sorts of anecdotal evidence, work by Frank Veneroso, James Turk and others which made the "manipulation picture" clearer. Each piece along the way was added to the previous pieces and made it more clear "we were right". Full Story
On November 30th, the Swiss are voting whether to amend their country’s constitution on an initiative entitled ‘Save our Swiss Gold.’ The Swiss gold initiative appears widely misunderstood, both inside and outside of Switzerland. We discuss implications for gold, the Swiss franc and Switzerland as a whole. Full Story
For the first time since 2010, the average price of a gallon of gas in the United States has fallen below $3, according to AAA’s Daily Fuel Gauge Report. An estimated $40 billion is estimated to be saved this year alone. That’s money that can be put toward other expenses—bigger cars, children’s education, retirement and investing. Full Story
For a central banker, deflation is one of the Four Horsemen of the Apocalypse: Death, Famine, Disease, and Deflation. (We will address later in this letter why War, in the form of a currency war, is not in a central banker’s Apocalypse mix.) It is helpful to understand that, before a person is allowed to join the staff or board of a central bank, he or she is taken into a back room and given DNA replacement therapy, inserting a gene that is viscerally opposed to deflation. Full Story
By: Rick Ackerman, Rick's Picks - 11 November, 2014
Now that sucked, didn’t it? We ended the week thinking, ah, at long last, a decent rally in Gold! After yesterday’s nasty slide, however, which took back two-thirds of the gain, it’s starting to looks like the rally was just a one-day wonder. From a technical standpoint, the very major Hidden Pivot support at 1137.50 flagged well ahead of the low is holding; however, it cannot be presumed inviolate. We’ll have to let Mr. Market tell us what is on his evil mind, so it’ll be wait and see for now. Full Story
By: Chris Powell, Secretary/Treasurer, GATA - 10 November, 2014
Since the Liberty Dollar case seems to have involved a political challenge to federal currency law more than a serious counterfeiting scheme, and since the U.S. government already has seized all of Liberty Dollar's assets, it may be hard to see the need to imprison von NotHaus. If his counsel thinks there is merit in making such an argument to the judge prior to sentencing, GATA will let you know. Full Story
Dr. Paul shares his views on gold repatriation, examining the question: "Is the gold stockpile at Fort Knox / West Point / NY Fed still there and is it unencumbered?" China is home to not only the world's largest economy but unlike most of its peers (excluding Russia), continues to accumulate gold, not lease it. Dr. Kotlikoff says that every investor must own precious metals, given that the national debt is 13 times bigger than the official number, about $200+ trillion when unfunded liabilities are included. Full Story
Briefly: In our opinion no speculative positions are currently justified from the risk/reward perspective. In other words, closing short positions and taking profits off the table seems justified. Much happened on Friday in gold and mining stocks and the key question is this: does this strength prove that the bottom is in? Our take is that it suggests that “a bottom” might be in, but “the bottom” is likely still ahead of us. Full Story
Today’s Outside the Box comes from Sam Rines of Chilton Capital Management in Houston, TX – a promising young economics contributor to The National Interest and a rising star who I met at Worth Wray’s wedding a few weeks ago. Full Story
The Ebola thingy has now hit New York because authorities think it’s still ‘containable’ and ‘safe’ to import. Unlike the import of inert manufactured objects from China however, this constantly changing and dangerous contagion is not welcome because despite the confidence of authorities, eventually its impact will be felt in the economy once its realized it will just keep mutating and spreading until it’s too late. Full Story
Very "quietly" the world's 20 largest economies will meet in Brisbane, Australia later this coming week. I use the word "quietly" because here in the U.S. almost no mention of the upcoming meeting has been made. I even searched for news on the event and almost could find none. Strange? Well yes and no, quite strange because it surely is big news especially with all that has been going on but not strange because here in the U.S. we must keep a happy face on things which very well may not be the outcome this time around. Full Story
This is the ultimate sign or Central Banker insanity. For six years now (20 years if you want to include Japan’s lost decade) Central Bankers have employed a series of emergency measures, spending over $10 trillion in the hope that the global economy would align itself with their largely academic theories. Now that their theories have been proven to be total bunk, rather than retreating, they are actively spending money just to massage data so that it matches their still misguided theories. Full Story
Gold futures headed for the biggest gain since June after the U.S. September jobs report came in lighter than expected on Friday, 214,000 vs. 230,000 forecasts. The jobs report supported ongoing speculation that the Federal Reserve will continue to hold interest rates low amid tepid global growth. Full Story
Here we go again, silver has been trashed to $15! But don't fear as this "trashing" in my opinion is going to be like Custer's last stand, let me explain. Just as in past episodes, the artificially suppressed prices have brought out 1,000's of "Indians" all over the world as buyers of physical metal. I use this analogy of "Indians" because prior to this last 5 years, it was in fact consumers from India (whom are so very price sensitive) who would step up in the physical market to eat up supply if the price dropped. Full Story
By: Rick Ackerman, Rick's Picks - 10 November, 2014
With the U.S. dollar in the throes of a rally that has been rampaging since June, it’s time to revisit an idea that I first wrote about nearly twenty years ago – that a short-squeeze on the dollar could eventually cause a meltdown of the global financial system. Although doomsdayers have put forth many theories about how economic Armageddon might play out, it was always a given that the dollar would be at the very center of the crisis. Full Story
Gold prices will shoot dramatically higher if the Swiss gold referendum passes on November 20th because it will be the final release for negative gold leasing rates that are pushing for higher prices like a brick being pulled on a string, and only held back by the massive manipulation of the market by the global central banks. Full Story
Earlier this year commodities prices were fairly buoyant thanks in part to strong demand in Asia. The strength didn’t last long, however, and by summer weakness was evident in Europe and China. Global growth slowed considerably in the months leading up to October, when oil plunged below $90/barrel for the first time since 2012. Apart from weakening global demand and the growth of energy supplies (thanks to fracking), the strengthening U.S. dollar has accelerated this trend. Full Story
GATA's dispatch of a Bloomberg News story November 5, "World Gold Council Has Nothing to Say about Swiss Gold Referendum" reminded me that there was a time when the council would publish detailed analysis on topics relevant to Switzerland's gold reserves. This time covered at least from May 1997 to May 2000, prior to Switzerland's infamous gold sales. These World Gold Council publications were frequent and often questioned the motives and purposes of the Swiss National Bank and Switzerland's federal government, while taking an independent stance representing the global gold industry. Full Story
By: Steve St. Angelo, SRSrocco Report - 10 November, 2014
The amount of leverage in the U.S. Dollar fiat currency system reached an all time high in 2013. Even though the growth in total U.S. currency more than doubled since the collapse of the Housing and Investment banking system in 2008, the majority of the increase was from just one bill in particular. Full Story
When considering Precious Metals fundamentals do not apply, and that is key to understanding how to relate your holdings of physical and/or interest in gold and silver. Nothing else matters. There are many sites that give minute details of the depletion of gold and silver stocks on the COMEX and LBMA; many that report on the demand for and scarcity of both metals; just last week, the news flash heard around the PM community on how silver American Eagles were sold out...shades of 2013-type news that dominated for several weeks. [Yawn]. Full Story
Gold ended the week pretty flat gaining 0.44%. Gold sliced under $1,180 and that had the bears calling for much lower prices but they aren’t realistic. When $1,180 was broken it was not good, there is no doubt, but we have to take a step back and look at the reality of the situation first. I talk about the most important print being the closing print, and it is. Full Story
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