The wide acceptance of reporting all in sustaining costs (AISC) is a dramatic improvement over reporting “Cash Costs” but it doesn’t tell the whole story. Instead there are two additional reporting measures which would paint a much clearer picture if they were to be reported in conjunction with AISC. We will refer to AISC as AISC1, with the two additional measure that will be discussed termed “AISC2” and “AISC3”. Full Story
By: Peter Schiff, CEO of Euro Pacific Capital - 14 August, 2015
China's recent move to devalue the yuan has sent shock waves through the global financial markets and has convinced most observers that a new front in the global currency wars has begun. The move has caused many observes to envision a new round of competitive devaluations around the globe in which the race to the bottom will intensify. In this scenario they envision that the U.S. dollar will solidify its standing as the only strong currency. This misses the point entirely. Full Story
By: Adam Hamilton, Zeal Intelligence - 14 August, 2015
The entire gold-mining sector was crushed last month, suffering a full-blown panic. This was triggered by an extreme shorting attack on gold by American futures speculators. As fear-blinded traders rushed for the gold-stock exits, they claimed their selling was rational because gold miners’ very existence was threatened by such low gold prices. But that’s a total fallacy, this sector has no problem weathering sub-$1200 gold. Full Story
Michael Kosowan joins GoldSeek TV Anchor Vanessa Collette to discuss gold, China, currency wars, selecting the best junior mining stocks, and much more! Full Story
Contrarian investing is a dynamic field and not a static one. The assumption that it’s a static field is held by the new breed of fashion contrarians, whose only donation to this field has been to glamorize it and distort the correct notion of being a contrarian investor. These fashion contrarians are no different from those with the mass mindset; they only pretend to do things differently, but the moment fear or uncertainty is in the air, they flee for the exits like bandits being chased by the hounds of hell. Full Story
After a solid 5 day rally, gold sold off on Thursday, and the precious metals miners were sold-off indescriminetly. Both GDX and GDXJ were down almost 6%, leading many to be shaken out of position on the pullback. For me, these events are expected and become opportunities, so lets examine the charts to see why. Full Story
The precious metals sector has held recent lows and a rebound is underway. Gold held $1080/oz for three straight weeks and has pushed as high as $1126/oz this week. The gold miners (GDX and GDXJ) surged the first half of the week and Silver has also gained. We believe that this move is more likely to be a relief rally before Gold ultimately tests $1000/oz rather than the start of a new bull market. Full Story
NFTRH been using the Equity Put/Call ratio to gauge pressure on the US stock market for all of 2015. Many people think that anxiety indicators like this and the VIX are contrary indicators (i.e. when they spike you buy the fear in the markets, which often does work well) but when smoothing out CPCE using a moving average (weekly EMA 20 in this case) you get a trend. Full Story
When a trend exceeds a Hidden Pivot target, we usually infer that it will continue, often following a reaction move in the opposite direction. Notice in the chart that the Dow Industrials decisively exceeded a 17,251 downside target this week that has been nearly three months in coming. The target itself is moderately compelling, since the pattern that produced it is a good one although not perfect. Full Story
The question of our title is very important, "Did the FINAL WAR just start?". If you polled Americans on this question, 99.9% would answer "no" if you took out the Middle East. Last week I wrote "The Rumblings of War" regarding the IMF rebuffing China's entry into the SDR. This was followed up by "The shot heard 'round the world" on Tuesday commenting on China's surprise devaluation. The purpose of this writing is to show you YES, we are in fact at war! Full Story
Everything in life moves in cycles. Seconds, minutes, hours, days, all add up to become part of a cycle. Some cycles, such as the beating of the heart move fast, while a millennium moves very slow. This article will draw your attention to a very important 7 year cycle. Full Story
Silver peaked in 1980 and then crashed into “Silver Desolation Row” in 1999 – 2001, like now. The 1970s decade was the time for commodity price increases and inflation. The 1980s and 1990s saw a preference for paper assets and stocks, while commodities, gold, and silver prices collapsed. Full Story
Interest rates in the US, Europe and the UK were reduced to close to zero in the wake of the Lehman crisis nearly seven years ago. Initially zero interest rate policy (ZIRP) was a temporary measure to counter the price deflation that immediately followed the crisis, but since then interest rates have been kept suppressed at the zero bound. It had been hoped that the stimulus of close-to-zero interest rates would also guarantee economic recovery. It has failed in this respect and the low bond yields that result have only encouraged the rapid expansion of government debt. Full Story
I’ve traded through two of the four big bear markets in the last 100 years. I’m not in the business of catching falling knives, but we’re close to a bottom right now—in commodities. In mining and energy in particular, the pain is just as bad as it was in the financial markets in 2002. Maybe even worse. Barron’s said the same thing over the weekend. Of course, all the wiseguy hedge fund dudes I hang out with said that Barron’s is the contra-indicator, that they’re always wrong. Full Story
By: John Mauldin and Gary Shilling - 13 August, 2015
In today’s Outside the Box, good friend Gary Shilling gives us deeper insight into the global economic trends that have led to China’s headline-making, market-shaking devaluation of the renminbi. He reminds us that today’s currency moves and lagging growth are the (perhaps inevitable) outcome of China massive expansion of output for many products that started more than a decade ago. China was at the epicenter of a commodity bubble that got underway in 2002, soon after China joined the World Trade Organization. Full Story
Since 1980, Moody’s Analytics has been predicting presidential election results, and for each of the nine contests, it’s been on the money. It manages to do this by using a sophisticated model that measures the economic health of each state leading up to the election. Some of the factors it captures are household income growth, house price growth and percent change in gasoline prices. It also looks at political preference county-by-county. Full Story
Which would you rather have — a briefcase full of cash, or a briefcase full of gold? These days, the answer is clear: We’ll take the gold, please. No matter the ups and downs of the market price, it’s still the one thing guaranteed to have value when all else fails — as it must, one day. Full Story
Gold has had a nice run off the Chinese yuan devaluation news with short covering the dominant reason behind the buying. Markets that have a decent sized speculative short position are always subject to bouts of sharp price rises as shorts scurry for cover. The question is not whether or not shorts are covering – they are. The question is, “Are there large numbers of specs who are willing and eager to assume NEW LONG positions?” Full Story
NY Times best selling author and world renowned investor Doug Casey, along with Jeff Berwick of Anarchast fame sit down with GoldSeek TV Anchor Vanessa Collette for an in-depth, unfiltered & unscripted conversation about a potential imminent financial collapse. Doug believes we are now exiting the eye of the hurricane and rapidly heading towards what he terms the Greater Depression, and Jeff Berwick believes a collapse is being planned for September, moving the world closer to a one world government. Full Story
What accounts for the equity bull market’s stubborn refusal to bend to the bears’ will despite a clear lack of internal strength? That’s the question investors are asking right now in what has been a grinding, directionless stock market this summer. The answer to that question is simple to answer, yet complex when you look below its surface. Corporate funds are driving this bull market much more so than direct participation by small retail investors. Full Story
Some folks had good news about gold over the past few weeks, and some had bad news. The good news is a treasure hunter working the waters off the Florida coastline with a metal detector found a million bucks worth of gold coins and chains from a 300-year-old wrecked Spanish galleon. Under U.S. salvage laws, he'll keep 80% of what he found. Full Story
Seth Lipsky, the editor of the New York Sun, offers an interesting take on the yuan devaluation. This piece was written before Chinese authorities devalued the yuan again – another 1.3% earlier today after nearly 2% the day before. Yesterday, I posted that the markets were likely to now put “the specter of further yuan devaluations. . .on the front burner.” I agree with David Malpas’ interesting framework to all of this. This is looking more like a mechanism than the one-off to which the PBOC alluded in its accompanying public relations release. Full Story
By: Peter Spina, President, CEO of GoldSeek.com & SilverSeek.com - 12 August, 2015
Uranium Resources has spent the past two years restructuring itself to be able to make money in a weak uranium environment and thrive when the market bounces back. The NASDAQ-listed (URRE) company has been shedding non-core assets and cutting overhead costs while boosting its low-cost in-situ uranium project holdings. Full Story
Jonathan Awde, co-founder of Gold Standard Ventures sits down with GoldSeek TV anchor Vanessa Collette to discuss why he's spent the last 3-4 years of the mining market downturn to seize opportunities, assembling the second largest land package in the Carlin Trend after Newmont! Full Story
Back in early July I published the view that we needed “Just a Little Bit More“ downside to complete the gold Investor Cycle. All of the indicators and tools we used to spot these turns were firmly in place and it had become a matter of cleaning out the remaining bulls before turning. At the time of publishing, gold stood at $1,130, and my expectation was for one more decline, below $1,110, in order to complete the Cycle and form a major Investor Cycle Low. Full Story
Since 2008, the Keynesians running global Central Banks had always suggested that there was no problem too great for them to handle. They’d promised to do “whatever it takes,” to maintain the financial system and print the world back to growth. Full Story
Correlation seems almost like a magical word. In fact, most people don’t have to use this term more often than a couple of times a year. In the world of investing, however, correlation is an important concept which has to do with how different assets move in relation to one another. Before we even dive into what correlation means in the world of statistics, we’ll focus on the intuition behind it. Full Story
There is more than one type of Gold Watch. The obvious one is the one that you carry around to tell you what time it is. The Gold Watch that we have been carrying around here at Chartfreak is the one where you closely watch Gold and gather clues about its next possible trade / rally. We were very prepared for what is unfolding currently. Let me share with you some of the charts I’ve used in the past week to prepare readers in the premium section of my reports this way. Full Story
If you’re an American over a certain age, you remember roller skating rinks (I have no idea if it caught on in other countries). This industry boomed in the 1970’s disco era. However, by the mid 1980’s, the fad was fading. Imagine running a rink company at the end of the craze. You know it is not going to survive for long. How do you operate your business? Full Story
I’ve said all along that if the Fed didn’t get out of the way and let the market correct naturally it would have serious consequences. Well they have not let the market correct naturally. On the contrary ever since QE3 ended there have been more interventions than ever before, and more aggressive. This has kept the market propped up but it’s also built up extreme complacency. We now have a bubble in central bank confidence. When this bubble pops it’s going to unleash a tsunami of selling as everyone runs to the exits all at once. Full Story
The shot just heard 'round the world (for those with ears to listen) was a surprise 2% devaluation by the Chinese of their currency the yuan. I have spoken to many whom I respect to hear their opinions and theories. This is a very important move by China and one which will affect the entire financial world. Getting this "completely right" may be quite tough, but getting it mostly right is imperative. Full Story
Individual investors take note… Some of the world’s best money managers are betting on the biggest financial disaster since 2008. You won’t hear about this from the mainstream media. Networks like NBC or CBS don’t have a clue… just like they didn’t have a clue the US housing market would collapse in 2007. Carl Icahn, a super successful investor who’s the 31st richest person in the world, said this investment is in a bubble. He said that it’s “extremely overheated”… and that “there’s going to be a great run to the exits.” Full Story
Again, ole Turd doesn't put too much stock in these reports as they are based upon "scout's honor" reporting from The Banks and JPM has already been fined for repeatedly submitting false information. So, FWIW.... Full Story
Lower precious metals prices on Wall Street aren't necessarily bringing lower prices on Main Street. The retail market for gold and silver coins, bars, and rounds has been swamped with high demand since mid June. Both the U.S. Mint and the Royal Canadian Mint continue to run into serious issues keeping up with retail silver coin demand. Full Story
China stunned many mainstream media (MSM) analysts this morning. The country’s central bank (PBOC) just devalued its fiat currency by about 2%! Most analysts think the devaluation is related to plunging exports, and that’s partially true. China’s exports have fallen, but not because of problems in China. The West is the culprit. The US economy is faltering. Many US citizens are working multiple jobs, and they are not in a good financial position. Full Story
Rather than discuss the triumph of experience over hope regarding hard money, honest politicians, and free market economics, let’s look at the OPPOSITE. Full Story
Rick Rule joins GoldSeek TV Anchor Vanessa Collette at the recent Sprott Natural Resource Symposium in Vancouver to discuss how this bear market is beginning to end now with supply destruction, and much, much more! Full Story
Ian Graham joins GoldSeek TV Anchor Vanessa Collette to discuss what he likes about toll milling, scalability, his vision for the company, and much more! Full Story
If you own Apple stock, you better pay attention. A Chinese company named Xiaomi is eating Apple’s lunch in China, and its popularity is slowly spreading across the globe. Don’t feel bad if you have never heard of it, because very few Americans have. However, Xiaomi is a household name in Asia and may soon become one in the US too. Full Story
Gold has bottomed in terms of just about everything like oil (in 2005), platinum (2008) and the Dow (1999). One important measure in terms of which it has not bottomed is the amount of currency (US adjusted monetary base). This monetary base, as the name suggests, is at the root of debt or money creation in this debt-based monetary system. If this system was honest, then this monetary base would basically reflect gold available at the Treasury or Federal Reserve to redeem currency issued by the Federal Reserve. Full Story
Last year at this time, I wrote and asked readers who owned shares in gold and silver producers to send their companies a letter. I ask that you do this once again. Please don't believe I am under any delusions whatsoever because herding cats is a near impossibility. Almost no one dislikes gold and misunderstands their own product more than the current management in the mining industry. However, doing nothing will certainly accomplish nothing, doing something at least has a "chance" albeit slim. Full Story
By: Steve Saville, The Speculative Investor - 11 August, 2015
A bullish divergence between the gold-mining sector of the stock market, as represented by the HUI and/or the XAU, and gold bullion involves the gold-mining sector having an upward bias while gold bullion has a downward bias or the gold-mining sector making a higher low while the bullion market makes a lower low. However, bullish divergences often don’t happen around major price bottoms. In fact, it is not uncommon for a major price bottom in gold-related investments to be preceded by a bearish divergence between the gold-mining indices and the metal. Full Story
The gold price traded sideways until 2 p.m Hong Kong time on their Friday—and then began to rally sharply. That got squashed starting minutes after the London open. It got hit again on the 8:30 a.m. job numbers, with the low tick of the day coming minutes after that. It chopped quietly higher until around 9:30 a.m.—and then it quickly tacked ten bucks onto the price, but ran into pretty formidable resistance after that as it attempted to take out the $1,100 spot mark. The powers-that-be were standing by at that point and threw whatever COMEX paper was necessary at the rally to make it go away—and from noon onwards, it traded flat for the remainder of the Friday session. Full Story
I remember being away on business one day in 2007, with nothing better to do in my hotel room than watch the congressional debates about ‘peak oil’ and what to do about the evil speculators that were driving prices up. I enjoy watching a good mania as much as the next guy. I realized that what we were seeing was ‘Peak Hysteria’ with respect to this phenomenon. I thought, ‘Yup, Prechter’s right’. Full Story
There’s no other way to put it: Commodities took it on the chin last month. July was the seventh worst performing month for the S&P Goldman Sachs Commodities Index, going back to January 1970. Crude oil saw its steepest monthly loss since October 2008. Both copper and aluminum touched their lowest levels in six years. And on July 19, possibly as a result of deliberate price manipulation, gold experienced a mini flash crash, sending it down to five-year lows. Full Story
Marin Katusa of Katusa Research joins GoldSeek TV anchor Vanessa Collette to discuss his outlook on commodities, deflation, China, the mining sector, and what he's betting on these days at his hedge funds and personally. Full Story
Game theory is a hot topic in many fields right now and for good reason - it can uncover better ways of making decisions, that are often otherwise missed. A particularly good example is the uncommon insights that game theory can deliver for us when it comes to making better retirement decisions. For our decision-making "game", let's say there is a $1 million pool of money to be split between you and nine other people. If you wait until the end of ten years to cash out - you and everyone else are promised that you'll be equally entitled to $250,000 each. Full Story
Gold prices jumped over the $1,100 hurdle easily today as the precious metal seemed to join in the rally with Chinese equities, and shorts were reminded that they can always get caught out when the latest sure-thing goes pear-shaped. We’ve been warning for days that gold was looking particularly oversold. Our editor Peter Cooper penned a lonely, brave article last weekend in The National calling the market bottom. Full Story
Last month, after finally giving the world an update on their gold reserves, the People's Bank of China promised to begin giving monthly updates going forward. That did just that earlier today. Thanks to our good friend and loyal Turdite, StevenBHorse, for bringing this to our immediate attention. Full Story
This action by the Fed to wittingly alter reality, by deliberately distorting the financial landscape, could be viewed as something appalling, if you stand on moral high ground or take the good Samaritan angle……… Both of which will produce mounting losses and a boatload of unnecessary stress. ......The observer’s angle tells you to understand this phenomenon, and then find a way to benefit from it. The phrase “don’t fight the Fed” was not coined without reason. Full Story
Sales of gold coins and minted bars jumped 65 percent in July from the previous month at Australia’s Perth Mint. South Korea is on course to buy a record amount of gold in 2015. In contrast to the weak demand in top gold buyers like China and India, South Koreans are on target to buy 1 trillion won ($860 million) in bullion for the first time this year, based on first-half sales. South Korea accounted for just 17 tons of gold demand in 2014 and would account for 23 tons by year end if buying keeps pace. Full Story
For six years, the world has operated under a complete delusion that Central Banks somehow fixed the 2008 Crisis. All of the arguments claiming this defied common sense. A 5th grader would tell you that you cannot solve a debt problem by issuing more debt. If the below chart was a problem BEFORE 2008… there is no way that things are better now. After all, we’ve just added another $10 trillion in debt to the US system. Full Story
By: Steve Saville, The Speculative Investor - 10 August, 2015
Everybody knows that the Fed will eventually hike its targeted interest rate. When it comes to rate hikes, the only unknowns involve timing. What hardly anybody knows is that the Fed’s interest-rate suppression has damaged the economy and that the longer it continues, the weaker the economy will get. Full Story
It began in Dec 2008. To understand it, it is necessary to understand two principles. The first is that gold is money and the dollar is credit, which currently has nontrivial value. A dollar is worth 28.4mg gold. To understand the second, let’s look at how markets work at the mechanical level. Full Story
The market background is extraordinary. Last week gold's open interest fell sharply, suggesting that some of the oversold condition was being unwound: not a bit of it, it was only spread positions being closed, and for the second week in a row the Managed Money category's net short position increased to an extreme condition previously unrecorded. This is shown in the next chart. Full Story
First off I’m on a working one week family vacation down on the panhandle of Florida which is why I didn’t get to post any late Friday Night Charts. It just so happened that this week was the best week to get the family together before school starts in a couple of weeks. I will still be watching the markets and posting each day but if nothing important is happening I may knock off a little early. Full Story
The following interview of Mr. Christopher Jones, President and CEO of Uranium Resources Inc. (Ticker: URRE) was conducted by phone and email in the week ending August 6, 2015. Uranium Resources (URRE or “URI.”) is a small cap uranium company focused on closing a proposed merger with Anatolia Energy (ASX:AEK). If the proposed merger closes (anticipated in late September), the resulting company would have a market cap of about US$ 41 million. Full Story
Gerald Celente says the Greeks invented Western society and are now at the forefront of its decline. The duo discuss how the end of the Glass-Steagall Act, opened Pandora's box, leading to the crisis of 2008. Bob Hoye, senior investment strategist at Institutional Advisors, and the host examine the markets for signs of financial crisis. Thanks to profligate money printing and complex derivatives, speculation is rife, increasing exposure and the risk of another financial crisis. Full Story
Rather than stimulus, the USFed's Quantitative Easing is a death sentence for the USDollar. It might provide an ongoing backdoor bailout opportunity for Wall Street banks, and even a window for China to switch from long dated to short dated USTreasurys, but QE is death sentence. It guarantees that the USDollar will be removed from the global premises and placed in the dustbin of history. Foreign banking systems are largely devoted to USTBonds as the foundation for their entire reserves system. The African type of hyper monetary inflation blessed as good and fine stimulus is a sentinel signal by the US Federal Reserve itself, given to the Eastern producing nations who save in the $billions. Full Story
It’s challenging to be a pessimistic libertarian. Luther was nearly assassinated and his daughter almost killed in “Absolute Power,” but in the end everything worked out. Don’t let the fact that the movie is fictional discourage you. Use fiction as a guideline and make your own movie real. If you feel your optimism fading turn up the grit and move ahead. Full Story
When you attend the funeral of a dearly departed friend or relative it is appropriate to show due respect by wearing black. Similarly, in this update on the Tech Sector, which will very soon be on its deathbed, it is appropriate that we show due propriety and respect for the seriousness of the situation by presenting our analysis on somber black charts. Full Story
By: Chris Powell, Secretary/Treasurer, GATA - 9 August, 2015
No analysis of the gold market is worth anything if it fails to address these questions: -- Are central banks in the gold market surreptitiously or not? -- If central banks are in the gold market surreptitiously, is it just for fun -- for example, to see which central bank's trading desk can make the most money by cheating the most investors -- or is it for policy purposes? -- If central banks are in the gold market for policy purposes, are these the traditional purposes of defeating a potentially competitive world reserve currency, or have these purposes expanded? -- If central banks, creators of infinite money, are surreptitiously trading a market, how can it be considered a market at all, and how can any country or the world ever enjoy a market economy again? Full Story
Like many of you readers, I’m old enough to remember a time when 2.3% annual GDP growth was a disappointment. We always knew America could do better. Not anymore, apparently. Some people actually cheered last week’s first estimate for 2Q real GDP growth. It was 4.4% in nominal terms, but inflation brought the figure back down. While certain segments are growing like crazy, for the most part we are muddling along in a slow-growing malaise. You might even call it “stagnant.” Full Story
By: Steve St. Angelo, SRSrocco Report - 9 August, 2015
As the global economic and financial system head over the cliff, silver investment demand is moving in the opposite direction. Not only has the demand for physical silver increased significantly since the middle of June, it surged to a level that has now put severe stress on the retail market. Full Story
Gold did nothing to speak of and lost only 0.16% this past week. Gold continues to sit in this range between $1,080 and $1,100 and this pattern does point to a move lower. Ideally this break lower should begin Monday or Tuesday or risk getting stale and then we have to consider a move higher to the $1,150 area as the next move. All in all, the low for gold is not in, but it may not come until late summer or early fall. A break below this flat channel can be shorted, or a move above could be taken as a short-term long trade. Full Story
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