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- Fed Rate Decision Continues Path to Hyperinflation, Bubble 2.0 and Gold
- The COLLAPSE OF THE U.S. ECONOMY IS CLOSER THAN YOU MAY THINK
- 3 Low Beta Stocks That Have Reasonable Growth Prospects
- 7 Innovative Companies to Own After the Latest Market Meltdown
- Time to Buy Chicago Bridge and Iron?
- Energy Decoupling From Gold but We're Buying Energy XII Anyway
- Confused Neocons Think Gold is Worthless
- When Buying Gold Becomes a Life-or-Death Question
- Silver Update
- $1797.35!!!!!!
- Gold $1800
- Gold Market Up - Equity Market Up - What gives?
- Ron Paul: Congress just handed a huge amount of power to this hated group
- DoW futures down -200/Bix Wier - SIlver should be $300 today
- U.S. could run off with other nations' gold, Rickards tells CNBC
- Silver price struggling to gain ground
- Jim Sinclair and James Turk in conversation
- $120 Oil Becomes Biggest Energy Bet as Futures Leave Forecasters Behind
- Vietnam speculators cause "unstable psychology"
- Everything the Gold Bulls Predicted is Coming True
- Free money for at least two more years -- maybe forever?
- Think gold is high? Wait till dollar bonds are dumped: Ben Davies
- Silver vulnerable to economic trends, fund selling: Commerzbank
- Silver to Hit $200 Within 24 Months: Stephen Leeb
- London on Fire, So is Gold, Millions are Terrified: Nigel Farage
- European Central Bank must go nuclear to save Europe
- Gold and Stock Markets Up, Fed "Will Push QE3if Necessary"
- Gold & Silver Market Morning, August 10, 2011
- Quote of the Day –Truth They Prefer You Not Know.
- Michael Ballanger: Market Conditions Extremely Gold-and-Silver Friendly
| Fed Rate Decision Continues Path to Hyperinflation, Bubble 2.0 and Gold Posted: 10 Aug 2011 05:28 AM PDT By Simit Patel:
2. New money is created by banks, so they get to spend it first. Where they spend it signals where they will inflate prices via the new money they created. Recently, we've seen the return of Internet IPOs -- Bubble 2.0. A closer look reveals that Digital Sky Technologies is the primary fund responsible for blowing this bubble; they've been key investors in helping Groupon and Facebook raise nearly $1 billion. DST is the offspring of Goldman Sachs, and Complete Story » |
| The COLLAPSE OF THE U.S. ECONOMY IS CLOSER THAN YOU MAY THINK Posted: 10 Aug 2011 05:03 AM PDT By SRSrocco I believe we are much closer to a collapse of the U.S. economy than most are led to believe. To understand just how fragile the situation has become, presented below are the 5 stages of collapse from a slide by Dmitry Orlov:  The U.S. financial system died in 2008 when Bear Stearns, Lehman Brothers and AIG went bankrupt. As Jim Willie stated in one of his articles, "Pumping blood into dead corpses will not revive the system." That is not an exact quote…but you get the point. The big banks are basically dead. This is the full description of a STAGE 1: per Orlov: Stage 1: Financial collapse. Faith in "business as usual" is lost. The future is no longer assumed resemble the past in any way that allows risk to be assessed and financial assets to be guaranteed. Financial institutions become insolvent; savings are wiped out, and access to capital is lost. If we read the whole description we find that just about everything listed above has occurred except the part where savings are wiped out. The FDIC moving the insured $100,000 amount up to unlimited postponed the inevitable. Risk cannot be assessed correctly anymore as the FASB has allowed the banks to MARK TO MODEL their assets. Thus, if the banks did MARK TO MARKET their assets, they would indeed be insolvent. And lastly, banks are not lending which proves the point that access to capital is for the most part…lost. This brings us to the next stage which it looks like we are getting ready to enter in very soon. Stage 2 per Orlov: Stage 2: Commercial collapse. Faith that "the market shall provide" is lost. Money is devalued and/or becomes scarce, commodities are hoarded, import and retail chains break down, and widespread shortages of survival necessities become the norm. With the recent S&P downgrade of U.S. debt, the move into stage 2 has been set. Watching the markets in the past few days, there is a sense that "ALL IS NOT RIGHT". If we look around the world there is this almost frantic effort to pump up banks, stock & bond markets. This is causing extreme volatility as markets act schizophrenically down one day, then up the next. How close are we into entering stage 2? That's a good question, but if you just take a good whiff of the air around you…it seems very close. Good barometers of the event are the actions of gold and silver. The charts below tell the story:  Both gold and silver are heading into an exponential rise. Some traders may say this is for sure a parabolic move…and a BLOWOFF is almost guaranteed. I gather these traders have not read the 5 stages of collapse. Regardless, the two monetary metals are revealing to the world that ALL IS NOT WELL. It is said that parabolic moves do not end well. I totally agree. In this case, it is the Fiat Currency-Compound Interest-Fractional Reserve System that will get the brunt of the pain and not gold and silver. This is why it is a gamble to have ones assets in paper instruments at this time. Gold and silver stocks are the next best bet over owning physical metal. Very few if any analysts saw the huge commodity take down in 2008. Today, it seems as if they are mostly confident that it will occur again. I believe this time will be different. Entering into a full blown stage 2 of the commercial collapse will make 2008 look like a picnic. Back then, the big worry was watching paper wealth disappear. At some point in time….it will be witnessing goods and foods disappear. The former is not a necessity…the latter most definitely is. You can read more about the 5 stages of collapse Click here ... It may be time to buy some real insurance…and not wait until the firestorm has arrived.  |
| 3 Low Beta Stocks That Have Reasonable Growth Prospects Posted: 10 Aug 2011 04:59 AM PDT By Bret Jensen: It has been a wild week in the market, and it is only Wednesday. It looks like the market may sell off again today, so it is time to get a shopping list out again and go hunting for stable, high dividend stocks that have been punished in this recent downdraft. Here are three stocks with 5% or better yields that have low valuations and reasonable growth prospects. Lorillard, Inc. (LO) - Lorillard, Inc., through its subsidiaries, engages in the manufacture and sale of cigarettes in the United States. The company offers 43 different product offerings under the Newport, Kent, True, Maverick, and Old Gold brand names. Overview Lorillard has pulled back 10% in the last two couple of weeks and looks like a good value here, given its growing earnings and large dividend. 5 reasons to like LO at $10:
Complete Story » |
| 7 Innovative Companies to Own After the Latest Market Meltdown Posted: 10 Aug 2011 04:56 AM PDT By Brett Korsgaard: Crash 3.0 has arrived and it has taken its pound of flesh and then some. Where the volatility stops is anyone's guess, but there is a silver lining in market mayhem: lower prices on equities that offer compelling growth. When the markets do turn around it is often the most innovative companies that generally provide for outsized returns. Unconvinced? Look at what happened after the last "crash" to companies such as Chipotle (CMG), Netflix (NFLX) and Salesforce.com (CRM). They are up each up a minimum of 400% from 2008 lows. Granted, nobody knows when a market bottom is upon us, but it has generally proved to be "greedy when others are fearful". This is trite to be sure- but also true. Buying equities during market swoons in 2002 and 2008 proved profitable ventures. Let's look at this batch of new "new" economy companies poised to take advantage of structural changes Complete Story » |
| Time to Buy Chicago Bridge and Iron? Posted: 10 Aug 2011 04:56 AM PDT By Bret Jensen: It looks like we are going to have another market sell-off today. Most of my portfolio is in cash, gold mining stocks, big tech (Apple (AAPL), Microsoft (MSFT), Intel (INTC), etc..) and high dividend stocks. Now may be the time to start to move outside these groups and pick up stocks that are now cheap. One I like here is Chicago Bridge and Iron (CBI). Chicago Bridge and Iron provides engineering, procurement and construction solutions, as well as process technologies for energy infrastructure projects. It primarily focuses on projects related to oil and gas companies. CB&I operates in approximately 70 countries worldwide, principally in the United States, the Netherlands, Canada, the United Kingdom, the Pacific Rim, South America and the Middle East. Five Reasons to Own CBI at $32 a Share: 1. It is in the bottom quarter of its five year valuation range based on P/E, P/B and P/CF. Complete Story » |
| Energy Decoupling From Gold but We're Buying Energy XII Anyway Posted: 10 Aug 2011 04:55 AM PDT Crude this morning is snapping back. Oversold they say. Well, that a matter of opinion, as I heard yesterday CNBC's energy trading pits girl, Karen, mention my 50 dollar target. Ha ha, just had uttered my 75 dollar word only a few days back. The cornerstone of the (my) crude/energy thesis is two-fold: Politics/2012 elections and declining global demand due to economic contraction. Yesterday, even OPEC cut its global demand numbers by 150k barrels a day through year end 2011. I continue to hold to my crude decline prediction through the election of Nov. 2012. This has been confirmed by Goldman Sachs and JP Morgan — GS announced soon after we hit 110 they thought crude would begin a decline. This book talking is most likely designed to get their closed out long positions and new short positions a grand sendoff. But it doesn't make them wrong. Recent discussions with Complete Story » |
| Confused Neocons Think Gold is Worthless Posted: 10 Aug 2011 04:31 AM PDT http://www.freerepublic.com/focus/f-news/2761678/posts "This is a clear bubble growing...reminiscent of tulips and dot.coms." "If the system collapses, gold is just a shiny, heavy rock to tote around." "Bernanke is correct, gold is no more money than popcorn, literally." "Actualy, it is the relative uselessness of gold which makes it valuable as a currency" "When the price of gold rises even as the prices of other key commodities (oil, for example) are falling, this is a good indication that it's priced way out of line. " "I was a gold bug for years starting in the 70รข€™s when I mined the stuff. But I would not touch it at these prices its going to crash back to $800.00 a ounce or lower." |
| When Buying Gold Becomes a Life-or-Death Question Posted: 10 Aug 2011 04:16 AM PDT |
| Posted: 10 Aug 2011 04:10 AM PDT  |
| Posted: 10 Aug 2011 02:54 AM PDT be careful what you wish for... but it feels so good! :dancing2::coolbeer::rock::23_30_104: |
| Posted: 10 Aug 2011 02:54 AM PDT Any questions?  |
| Gold Market Up - Equity Market Up - What gives? Posted: 10 Aug 2011 01:27 AM PDT |
| Ron Paul: Congress just handed a huge amount of power to this hated group Posted: 10 Aug 2011 01:04 AM PDT From Economic Policy Journal: Below are some very important comments made by Congressman Ron Paul about the very real dangers in the new Super Congress. The Super Congress is a new power center that will cause lobbyists to circle and influence, creating advantages for the clients of the lobbyists and obstacles for competitors. This, sadly, is how business is now done in crony corporatist America. The Super Congress created by the recent debt ceiling increase deal is a typical example of something nefarious attached to a bigger bill that is rushed through Congress without giving Members ample opportunity to consider the full ramifications. This commission may turn into an early Christmas present for the well-heeled lobbyists of K Street. This is because the commission presents a huge opportunity for lobbying firms to sneak their client's pet projects and issues into whatever legislation is created by the commission. The fact that automatic cuts to defense are named if the committee deadlocks simply signals to the military industrial complex to bring their A game to the lobbying effort. One red flag I am constantly aware of in my position as a Congressman is that highly complex and convoluted legislation frequently has dangerous provisions hidden in the fine print... Read full article... More from Ron Paul: Ron Paul reveals his favorite gold stocks The Ron Paul op-ed everyone will be talking about this weekend Ron Paul vs. Ben Bernanke: Libertarian asks government toadie if gold is real money |
| DoW futures down -200/Bix Wier - SIlver should be $300 today Posted: 09 Aug 2011 11:57 PM PDT DOW futures getting smashed. Flight to safety continues. Lets see what the silver decimators have in store today. Oh and we are entering a the greatest depression. Ever.  |
| U.S. could run off with other nations' gold, Rickards tells CNBC Posted: 09 Aug 2011 10:51 PM PDT |
| Silver price struggling to gain ground Posted: 09 Aug 2011 10:15 PM PDT The silver price has been trapped in a narrow trading range between $35 and $42 per ounce over the last few weeks. While the gold price has been rushing from one all-time high to another, the white ... |
| Jim Sinclair and James Turk in conversation Posted: 09 Aug 2011 10:00 PM PDT Anyone even remotely interested in gold should watch James Turk's interview with 'Mr Gold' Jim Sinclair, host of the popular website JSMineset.com, recorded at the GATA conference in London ... |
| $120 Oil Becomes Biggest Energy Bet as Futures Leave Forecasters Behind Posted: 09 Aug 2011 09:40 PM PDT "Victor Shum, a senior principal at Purvin & Gertz Inc. in Singapore, talks about the outlook for oil prices. Shum speaks to Susan Li on Bloomberg Television's "First Up." –Victor Shum on Bloomberg.net The biggest bet in the oil market has become a 20% increase to $120 by the end of the year as global growth drives demand for raw materials. The number of contracts held by traders in options to buy West Texas Intermediate crude at $120 a barrel in December totaled 45,502 lots on the New York Mercantile Exchange as of July 21, 4,226 lots more than the next-highest wager, which is for $125. Open interest in the two contracts jumped 29% in the past four weeks, according to data compiled by Bloomberg." "Traders anticipate this year's gains will exceed forecasts of the most accurate strategists as economic expansion in emerging markets outweighs the debt crisis in Europe, slowing U.S. growth and efforts by Saudi Arabia and the International Energy Agency to curb prices. Bullish bets mark a turnaround from April, when $80 a barrel was the favorite wager and futures fell as much as -22% in the next two months." "We're in a sweet spot," said Gordon Kwan, the Hong Kong- based head of regional energy research at Mirae Asset Securities Ltd. and the most accurate forecaster for New York oil among 26 analysts ranked by Bloomberg in the past eight quarters. "Oil prices are well supported," he said in a July 20 interview. "It's very profitable for the energy sector but not high enough to kill any economic growth." "Oil demand will rise to a record next year, driven by China, according to the IEA. The Paris-based adviser to 28 industrialized nations said last week it won't provide more oil from its stockpiles, after announcing June 23 it would release supplies to help compensate for lost Libyan production." "This is the best way to see what commodity funds are doing," James Cordier, who manages more than $100 million at OptionSellers.com in Tampa, Florida, said in a July 22 interview. "When you see the volume and open interest change from the $80 puts to the $120 calls, normally you see sentiment in the futures market shift right after that, and we have rallied dramatically." "Oil futures surged +37% from mid-February to a two-year intraday high of $114.83 on May 2 following the rebellion against Libyan leader Muammar Qaddafi, revolts that overthrew governments in Tunisia and Egypt, and protests in Syria, Yemen and Bahrain. As concern deepened in April that Greece, Spain and Portugal would default, open interest surged in $80 put options. Futures tumbled -22%." "Slower U.S. growth, Europe's debt crisis and Chinese efforts to slow expansion and curb inflation may cause prices to average less than $90 in the fourth quarter as Saudi Arabia boosts production, according to analysts at Citi Global Markets and Bank of America Merrill Lynch. Every 10% gain in oil prices will reduce global economic growth by about 0.25 percentage point if sustained for a year, according to the International Monetary Fund. The U.S., the world's largest consumer, probably expanded +1.8% in the second quarter, the slowest pace in a year, according to the median forecast of 69 economists surveyed by Bloomberg News." "Oil demand growth seems to have returned to its traditional relationship to global GDP growth, and the down revisions to expected economic expansion seem to be resulting in downward expectations of petroleum demand growth," Edward Morse and Aakash Doshi at Citi Global Markets in New York said in a July 14 note to clients. They estimate Nymex crude will average $82 in the fourth quarter." "China, which has been driving global fuel consumption, has boosted lending rates five times since October as inflation rose to a 6.4 percent annual rate in June." "Nymex futures will average $88 in the fourth quarter amid the increase in Saudi Arabian output, Francisco Blanch at Bank of America Merrill Lynch in New York forecast last week. The nation's production jumped 0.8% in May, figures from the Joint Organization Data Initiative showed this week." "Saudi Arabia, the world's largest exporter, announced the increase June 8 after failing to get other OPEC members to endorse a plan to boost output. The kingdom produced 9.21 million barrels a day in June, the highest level since October 2008, according to Bloomberg estimates." "The Organization of Petroleum Exporting Countries' benchmark price, known as the OPEC basket, has traded above $100 a barrel since February 21, it's longest-ever run in triple digits. The price is calculated on the basis of one crude grade from each of the group's 12 members. " "Open interest in options contracts show aggregate calls outnumbered puts by 1.81 million to 1.72 million as of July 20. When the ratio increased in January, prices hit a two-year high." "The IEA said July 21 that it won't release more from emergency reserves because OPEC will "substantially cover" the loss of Libyan exports. OPEC output rose to 29.6 million barrels a day last month, a 1.8% increase from May, the group said July 12 in its monthly report. The 11 members bound by quotas produced 26.9 million barrels, the most since 2008." "The IEA estimates consumption will be a record 91 million barrels a day in 2012, driven by growth in China, India and the Middle East. Members will boost supplies if needed, it said. Even after efforts to cool growth, China's GDP rose 9.5% in the second quarter from a year earlier, the National Bureau of Statistics said July 13 in Beijing. Oil use in the world's fastest-growing consumer will jump 6.9% this year and 4.9% in 2012, according to a forecast in the IEA's monthly Oil Market report on July 13." "The indicators that we've had in the last few weeks from China show that growth in those emerging Asian economies continues to be stable and we don't, at least in the near term, see any big risks that are likely to evolve on the down side," said Ben Westmore, a minerals and energy economist at National Australia Bank Ltd. in Melbourne." (Editor: We several major Chinese problems developing for this fall of 2011). "Global demand will exceed supplies in 2011 and 2012 because of emerging markets, according to the July 12 Short-Term Energy Outlook by the U.S. Energy Department. The so-called stock draw is forecast to begin in the third quarter of this year and average 460,000 barrels in 2011 and 360,000 barrels in 2012. "Anything close to a consensus fundamental forecast for the second half of this year is still showing big stock draws, even with the IEA release," said Wittner, who forecasts prices will average $101.30 in the fourth quarter. "The macro issues may weigh on markets, but bottom line is the fundamentals are still constructive." -Margot Habiby Bloomberg.net 7-25-11 China And Iran To Barter Crude Oil: "One of the more notable events in the past week was the previously discussed reopening of the Iranian Oil Bourse, an attempt by Iran to launch a venue that by-passes US sanctions against Iran which has prevented payment in the world's reserve currency for Iranian goods. "Big deal", some will say, this is not the first time Iran has attempt to upstage the Great Satan. Well, true, although as Oil Price said last week, "what it would take for Iran's new exchange to survive and flourish are some heavy-duty customers that Washington would be wary of picking a fight with, and Tehran already has one – China… China, the world's largest buyer of Iranian crude oil, has renewed its annual import pacts for 2011. In 2010 Iran supplied about 12% of China's total crude imports. According to the latest report of the China Customs Organization, Iran's total oil exports to China stood at 8.549 million tons between January and April 2011, up 32% compared with the same period last year." "Iran is currently China's third largest supplier of crude oil, providing China with nearly one million barrels per day." Still, the perceived provocation to Uncle Sam should China go ahead and slap America in the face by accepting the existence of the Kish exchange, would echo around the world. Which is why many don't think much if anything will happen. Until today, that is: according to the FT, China has decided to commence a barter system in which Iranian oil is exchanged directly for Chinese exports. The net result: not only a slap for the US Dollar, but implicitly for all fiat intermediaries, as Iran and China are about to prove that when it comes to exchanging hard resources for critical Chinese goods and services, the world's so called reserve currency is completely irrelevant. The implications of this are momentous, especially for US debt, whose indomitability is only predicated upon the continued acceptance of the currency it backs as a global reserve. If China is now openly admitting to the world that it does not need US monetary intermediation, and by implication, the "debt" backing said intermediation, what then? And who will follow China next?" -Tyler Durden 7-24-11 This is a USA currency black-eye but we do not see major damage in the markets on this one. –Editor         This posting includes an audio/video/photo media file: Download Now |
| Vietnam speculators cause "unstable psychology" Posted: 09 Aug 2011 09:40 PM PDT The Vietnam Government saga against its people's preference for gold continues. Commodity Online reports that after the gold price "skyrocketed" the State Bank of Vietnam allowed private companies to import "5 tons of gold to help stabilise domestic markets and supplement local supply. ... 'Taking advantage of the situation, speculators in the domestic market had speculated, and manipulated, causing unstable psychology among people even though the amount of Gold in the market is still high' [State Bank of Vietnam] said. The State Bank of Vietnam also said its consistent policy is to stabilize the dong's value, and it is risky for people to buy and hold gold at the moment..." I'd say its risky to buy and hold the dong whereas holding gold would indicate a very stable "psychology"!  |
| Everything the Gold Bulls Predicted is Coming True Posted: 09 Aug 2011 09:15 PM PDT ¤ Yesterday in Gold and SilverAs I mentioned at the top of this column yesterday, Casey Research is in the process of changing servers. That was supposed to happen with yesterday's edition but, as I found out late yesterday morning, that didn't happen...and has been postponed until today's edition...fingers crossed. The good folks at CR [including me] are hoping/praying that any switch-over problems are confined to today...and as I've said before, if you want to avoid server delays completely, just bookmark the GSD home page...as it's posted there long before it gets into your in-box. Ed Gold was in rally mode the moment that trading began in New York at 6:00 p.m. on Monday night. But around 12:30 p.m. Hong Kong time on Tuesday afternoon, a seller showed up and took the price down about thirty bucks. This sell-off lasted until shortly after London opened...and the subsequent rally was going parabolic, but got cut off at the knees at the London a.m. gold fix...a phenomena I haven't seen for many a moon. The a.m. fix proved to be the high of the day...and gold got sold down about $60 right until the end of trading in London at 4:00 p.m. British Standard Time, which is 11:00 a.m. Eastern. The subsequent $55 rally from the London close met its end around 3:15 p.m. in the New York Access Market...and in virtually one fell swoop, the gold price plunged $50...almost back to its low at the London close five hours earlier. From that low, gold recovered slightly...and finished the day up $26.90 on the spot market. I'd bet a large chunk of net worth that the trading action on Tuesday was pretty much a rig job from one end of the trading day to the other. Volume was beyond immense...even larger than on Monday.
As bad as the rig job was in gold...what has been going on in the silver market for the last several months is a travesty in which JPMorgan, the CME...and the CFTC, are complicit. I would love to be a fly on the wall in Blythe Masters' office. Silver was under 'pressure' right from the open and, like Monday's close, Tuesday's high at 12:15 p.m. in Hong Kong trading also was not allowed to cross the $39.50 price line. Silver's absolute low came shortly before 4:00 p.m. Eastern time in the New York Access Market, where silver 'fell' eight-five cents in just minutes. This is, of course, the exact moment that gold 'fell' fifty bucks. Volume was pretty heavy.
If you check the platinum and palladium charts, there's no sign whatsoever that yesterday's after-hours smash-down was an across-the-board precious metals event. It was only specific to gold and silver. Check those two Kitco charts if you doubt me. The dollar opened at its high of the day [around 74.90] in early Far East trading on Tuesday morning...and proceeded to gently drifted down about 30 basis points by 1:00 p.m. in New York. Then the dollar fell off the proverbial cliff, reaching its absolute low around 5:30 p.m. Eastern time yesterday afternoon. This waterfall decline shaved another 75 basis points off the dollar index in about two and a half hours. Somewhere during that waterfall decline in the dollar, gold got hit for $50...and silver was taken to the cleaners for about 85 cents. As GATA's Chris Powell said..."There are no markets anymore, only interventions."
The gold stocks barely kept their heads above water for most of Tuesday's trading day...and were actually in negative territory [along with the Dow] when the general equity markets began to rally around 2:45 p.m. Eastern. And, by the time that the equity markets stopped trading, the HUI was up a magnificent 4.48%...and what's even more impressive than that, is that the hatchet job that JPMorgan pulled in gold and silver shortly before 4:00 p.m. Eastern time, doesn't even register on the chart below.
Despite the fact that silver was down $1.32 yesterday, almost all of the silver stocks finished up on the day...and Nick Laird's Silver Sentiment Index finished up 5.27%. That has to be seen as an incredibly bullish sign for silver prices down the road.
(Click on image to enlarge) The CME's Daily Delivery Report showed that three gold, along with eight silver contracts, were posted for delivery on Thursday. Nothing to see here...please move along. The GLD ETF showed a withdrawal of 418,737 troy ounces...and there were no reported changes over at SLV. The U.S. Mint had another sales report yesterday. They sold another 15,500 ounces of gold eagles, a smallish 65,000 silver eagles...and 4,000 one-ounce 24K gold buffaloes. Month-to-date, the mint has sold 39,000 ounces of gold eagles...10,000 one-ounce 24K gold buffaloes...and 1,104,000 silver eagles. Over at the Comex-approved depositories on Monday, they reported receiving 300,713 troy ounces of silver...and shipped 122,180 troy ounces out the door. My bullion dealer had a monster day yesterday and, not surprisingly, he sold a lot more gold than normal...but still sold a huge amount of silver as well. I can say with absolute certainty that most silver buyers nowadays are a far more educated bunch than they were several years ago, as the words 'manipulation' and 'market rigging' are commonly heard throughout the day in the store. What's even more amazing is that not only are we talking to the customers about the attributes of silver...which they all know about anyway...but the customers are talking to each other while they're talking to us. This is now starting to feed on itself...and the word is definitely out. I think it was Abraham Lincoln who said that..."You can fool some of the people all of the time...and all of the people some of the time...but you can't fool all of the people, all of the time." This phrase would apply to the silver market right now. Here's a relative performance graph that's courtesy of the good folks over at finviz.com. It tracks various equity indexes, currencies...and commodities. This particular chart is the year-to-date version. With the exception of the Swiss franc, gold and silver have outperformed everything else.
(Click on image to enlarge) I'm sure that the bullion banks would love to drive silver below its 50-day moving average...and maybe even make it all the way down to its 200-day moving average Think gold is high? Wait till dollar bonds are dumped, Ben Davies says. European Central Bank must go nuclear to save Europe. Silver to Hit $200 Within 24 Months: Stephen Leeb. ¤ Critical ReadsSubscribeFree money for at least two more years -- maybe forever?Well, the Fed has decided to keep interest rates close to zero for at least the next two years. That just means that more people will pile into gold and silver than ever before. Year-to-date, gold is up 23.5%...and silver is up 23.0%. Only the Swiss franc has done better. Please note the graph above. I stole this Reuters story from a GATA release earlier today...and the link is here.  Spanish bank fields Ronaldo as collateralHere's a little something from the 'you can't make this stuff up' file cabinet....and it was a story from The Telegraph that was filed a couple of weeks back. Cristiano Ronaldo, the most expensive footballer in history, has joined the European Central Bank [ECB] on a free transfer. Sources say the authorities want his help on the sovereign debt crisis – by kicking the can further down the road. Ronaldo could become ECB property after he was pledged as collateral for emergency liquidity support by Spain's struggling savings bank, Bankia. It's only a handful of short paragraphs, but it's a must read in my opinion. This is what the world has come to...thanks to our banking system...and the politicians that bow down to it. I thank reader Thorsten Winkler for this story...and the link is here.  Number of sheep thefts doubles in six months as meat prices soarSheep rustling is booming as the price of meat soars, according to figures obtained by The Independent, with thieves targeting British farms at almost double the rate they were six months ago. Already 32,926 sheep have been stolen from farmyards and fields across Britain since January, compared with 38,095 taken throughout 2010, say NFU Mutual, the insurance wing of the National Farmers' Union. I swear that I'm not making this story up. It was in the Monday edition of The Independent out of the U.K...and you can read all about it by clicking here. I thank reader U.D. for sharing it with us.  Riots spread across London on third night of violenceRiots spread to new areas of London and another UK city Monday on the third consecutive day of violence, with youths hurling missiles at police, looting shops and setting alight vehicles and buildings, leaving fires raging in several districts. This all started the day before I left London...and it was all over the papers there. I expect that this social decline will slowly but surely get worse in all nations as we plunge further into Doug Casey's 'Greater Depression'. This is a Roy Stephens offering from the france24.com website...and the link is here.  European Central Bank must go nuclear to save EuropeA chorus of global economists has called on the European Central Bank to go far beyond pin-prick purchases of eurozone debt. It needs to launch quantitative easing on a massive scale to head off a eurozone debacle, if necessary purchasing half the entire stock of Italian and Spanish debt, they argue. Stephen King, HSBC's chief economist, said the ECB should drop its ideological opposition to QE and embrace easy money in "exactly the same" way as the US Federal Reserve. "At the heart of the problem is the ECB's unwillingness to be seen 'monetizing' government debt. Yet if the alternative to QE is the collapse of the euro or a descent into depression, then massive expansion of the ECB's balance sheet seems a small price to pay," he said. Ambrose Evans-Pritchard, who never met a paper dollar he didn't like, is up on his high horse in this piece from late Monday night in The Telegraph. It's a longish read, but worth your while...as you can't make this stuff up. This is another Roy Stephens offering...and the link is here.  Bond-Buying Perils: ECB Risks Inflation and Loss of IndependenceThe next taboo has already been broken in Europe, with the European Central Bank now buying up Italian bonds. With its interventionist policies, the ECB is becoming increasingly similar to the US Federal Reserve. It's a path fraught with serious risks. The original sin occurred 15 months ago -- in May 2010, when the European Central Bank (ECB) caved in for the first time. After a dispute with politicians that lasted weeks, the central bank agreed to purchase bonds from euro-zone member countries that had been brought to the abyss by the crisis. By doing so, the ECB also lost its independence -- at least that's how critics of the central bank's policy see it. Here's a different spin on the same story as was posted in The Telegraph. This one is posted over at the German website spiegel.de...and it, too, is well worth the read. Again I thank Roy |
| Free money for at least two more years -- maybe forever? Posted: 09 Aug 2011 09:15 PM PDT  Well, the Fed has decided to keep interest rates close to zero for at least the next two years. That just means that more people will pile into gold and silver than ever before. Year-to-date, gold is up 23.5%...and silver is up 23.0%. Only the Swiss franc has done better. Please note the graph above. I stole this Reuters story from a GATA release earlier today...and the link is here. |
| Think gold is high? Wait till dollar bonds are dumped: Ben Davies Posted: 09 Aug 2011 09:15 PM PDT  The West is close the point where its paper currency system is insolvent and, as a result. gold is heading to $5,000 an ounce, according to the manager of a gold fund. "A paper currency system ultimately ends in insolvency," said Ben Davies, the chief executive of Hinde Capital in an interview with CNBC.com on Tuesday. "We have arrived at this point in the West. So why own worthless paper?" I 'borrowed' this story from a GATA release yesterday...and I couldn't agree more with what Ben has to say. The link to this must read CNBC story is here. |
| Silver vulnerable to economic trends, fund selling: Commerzbank Posted: 09 Aug 2011 09:15 PM PDT  Chinese customs data for June showed that net silver imports had fallen for the third consecutive month, with June levels of 175 mt down 46% from a year ago. That represents the lowest level since December 2009. Of course, what this analyst fails to mention is the fact that the silver price is not a free-market price...and the supply/demand fundamentals don't mean anything when the price of this metal is controlled by the '8 or less' traders in the Comex futures market. |
| Silver to Hit $200 Within 24 Months: Stephen Leeb Posted: 09 Aug 2011 09:15 PM PDT  With the Dow trading up 429 points and gold hitting new all-time highs, King World News interviewed acclaimed money manager Stephen Leeb to get his thoughts on where things are headed. This is another KWN blog that Eric sent me yesterday...and the link to this one is here. |
| London on Fire, So is Gold, Millions are Terrified: Nigel Farage Posted: 09 Aug 2011 09:15 PM PDT  With gold spiking higher and London on fire, today King World News interviewed former LBMA commodities broker and trader and current MEP Nigel Farage to get his take on the situation. This is a blog that Eric King sent me yesterday...and the link is here. |
| European Central Bank must go nuclear to save Europe Posted: 09 Aug 2011 09:15 PM PDT  A chorus of global economists has called on the European Central Bank to go far beyond pin-prick purchases of eurozone debt. It needs to launch quantitative easing on a massive scale to head off a eurozone debacle, if necessary purchasing half the entire stock of Italian and Spanish debt, they argue. Stephen King, HSBC's chief economist, said the ECB should drop its ideological opposition to QE and embrace easy money in "exactly the same" way as the US Federal Reserve. "At the heart of the problem is the ECB's unwillingness to be seen 'monetizing' government debt. Yet if the alternative to QE is the collapse of the euro or a descent into depression, then massive expansion of the ECB's balance sheet seems a small price to pay," he said. |
| Gold and Stock Markets Up, Fed "Will Push QE3if Necessary" Posted: 09 Aug 2011 09:01 PM PDT |
| Gold & Silver Market Morning, August 10, 2011 Posted: 09 Aug 2011 09:00 PM PDT |
| Quote of the Day –Truth They Prefer You Not Know. Posted: 09 Aug 2011 08:22 PM PDT Quote of the Day: All governments can do is print, borrow, or steal from taxpayers. These are exactly the policies that created a loss of confidence to begin with, and now they are pledging to restore confidence by doing the exact same things. Simon Black Stages of the Collapse Government Desperation on Display Government Theft [...] |
| Michael Ballanger: Market Conditions Extremely Gold-and-Silver Friendly Posted: 09 Aug 2011 07:00 PM PDT "Buy the TSXV" was the advice Michael Ballanger, investment advisor for Union Securities Ltd., sent to his clients the morning after the Dow Jones Industrial Average lost 698 points, the worst loss... Visit the aureport.com for more information and for a free newsletter |
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