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- If you've been preparing for the "End of America," you could be on a gov't watch list
- Top strategist Saut: A Dow Theory "sell signal" has been confirmed
- Prognosis for Europe: Not Good
- Don’t Forget America’s Failed States
- Dividend Aristocrats: Stocks You Need in Your Portfolio Now
- Why Gold Is Climbing to $2,000 by the End of August
- British M2 and Dollar Daze
- Michael Ballanger: Market Conditions Extremely Gold-and-Silver Friendly
- Do Only Nutters Buy Gold?
- Gold Surges in All Currencies in Tumultuous Week …
- Ghana Q1 2011 gold production up 14 pct at 796.797 oz
- The biggest buying opportunity in the history of the world is just around the corner
- Its the dollar, not S&P; and all must have prizes
- Consolidating
- Trading Comments, 12 August 2011 (posted 15h15 CET):
- Silver’s Post Parabola Path
- Gold price pauses for breath
- The Public Be Damned: Ted Butler
- 40 years after gold standard ended, bugs crow
- Vietnam's Gold price falls as supply is to be replenished soon
- Gold Stock Valuations Implode as Gold Rises
- Gold shares responding (finally)?
- Desperate Swiss eye euro peg to repel safe-haven flood
- It's the dollar, not S&P; and all must have prizes: Chris Powell
- Trillion Dollar Coins
- Gold & Silver Market Morning, August 12, 2011
- Kiwis rushing to buy Gold
- Gold Prices at $1,800: You Aint Seen Nothing Yet...
- Thai gold-buying frenzy
- Gold is Antidote for Treasury Trap
| If you've been preparing for the "End of America," you could be on a gov't watch list Posted: 12 Aug 2011 06:50 AM PDT From SHTF Plan: If you've been preparing for emergencies, disasters, or economic collapse, there’s a strong likelihood you’ve been added to a watch list somewhere. Hard to believe? The latest Communities Against Terrorism guidelines distributed by the FBI to military surplus stores in the state of Colorado outlines specific activities that owners and retail associates should look for... Read full article… More on the End of America: Six simple tips for building your emergency fund Warning: Another violent "flash mob" was reported last night Controversial post: Reports of unusual military activity are popping up across the U.S. |
| Top strategist Saut: A Dow Theory "sell signal" has been confirmed Posted: 12 Aug 2011 06:49 AM PDT From Pragmatic Capitalism: I don't generally subscribe to Dow Theory, but having been a longtime reader of Jeff Saut, I do recall the Dow Theory sell signal he often discussed in 2007 and 2008 that preceded the 2008 equity collapse. According to Mr. Saut, a sell signal was just recently triggered, although he's keeping an eye on the indicator for confirmation: Well, while I didn't believe it was going to happen, the D-J Industrial Average (DJIA/11444.61) confirmed the D-J Transportation Average (TRAN/4693.59) last week when... Read full article... More on stocks: This contrarian signal suggests the crash isn't over Stocks are about to form another ominous "death cross" Market guru Prechter: We're in a depression... but don't despair |
| Prognosis for Europe: Not Good Posted: 12 Aug 2011 06:27 AM PDT By Vega: Just as the world was breathing a sigh of relief over the resolution of the US debt ceiling issue, the eurozone entered full blown crisis. A quick rehash of the fundamentals: Greece and to a lesser extent Ireland, Italy, Ireland, Portugal, and Spain run excessive fiscal deficits and have much lower labor productivity than Germany. Generally this would be resolved through currency devaluation, but as members of the EU, they're stuck with the euro and have monetary policy imposed on them by the European Central Bank (ECB). In 2010, the focus was Greece, and a few months ago that crisis seemed to have been averted with a nearly unlimited lending facility to Greece. Now the market is "attacking" Italy and Spain by refusing to buy its bonds. As bond yields sharply increased over the last few weeks, economists did the math and saw that Italy and Spain could not afford Complete Story » |
| Don’t Forget America’s Failed States Posted: 12 Aug 2011 06:25 AM PDT London is burning. Greece is in receivership. Nobody wants Italian bonds. France's AAA rating is at risk. The headlines do seem to be a bit Euro-centric lately. But that's temporary. Before long the spotlight will swing back to America's failed states, beginning, as always, with California. Consider:
And finally this from Douglas French of the Mises Institute:
Some thoughts: California tends to lead the way for other US states, which in the past was mostly good. But now the Golden State is about to become a Third World country, complete with deteriorating public services and a permanent, volatile underclass. Those "London burning" pictures will be replicated in LA before too long. The sad truth is that it's simply impossible to run a major US state with the current public sector pay/benefits structure. The process of scaling back pensions and salaries will hurt a lot of cops, teachers and social workers who don't deserve pain. But there's no mathematical alternative to a dramatic lowering of state/local operating costs. This is the inevitable result of three decades of lies told to public sector unions and taxpayers. The people making the promises (lifetime pension/health care for 50-year-old retirees, for instance) either knew they were lying or were really, really stupid. Either way, they're the villains in this story. The muni bond market has held up amazingly well considering that many of them are loans to bankrupt states in a soon-to-be bankrupt country. But in the coming year Meredith Whitney's prediction of "hundreds of billions of dollars of muni defaults" might come true, again with California leading the way. |
| Dividend Aristocrats: Stocks You Need in Your Portfolio Now Posted: 12 Aug 2011 05:51 AM PDT By Marc Lichtenfeld: The recipe for panic in the markets is astonishingly simple. Start with 500 or so politicians who would prefer to act like six year olds rather than leaders. Then add a few knuckleheads at a ratings agency who believe the credit of the United States is riskier than subprime loans made to low-income workers. The result is a vicious market sell-off. Things aren't good right now. There's real fear (for good reason) of recession. The U.S. government is failing to inspire much confidence. Europe is even worse. But, this isn't 2008, when there was a bona fide crisis. It's rough today, but it isn't time to pull out of the markets. In 2008, there was a very real chance that our entire financial system might collapse. A severe depression seemed inevitable. Today, we're probably looking at a run-of-the-mill recession. Painful? No doubt. But not something that's likely to take down Complete Story » |
| Why Gold Is Climbing to $2,000 by the End of August Posted: 12 Aug 2011 05:14 AM PDT By Benzinga: By Jonathan Chen This week, gold crossed the $1,800 level and it looks as if there is no stopping the precious metal, and we could see $2,000 by the end of the month at this rate. There is a crisis of confidence around the world, and when there is a crisis of confidence, people freak out. When people freak out, everything is sold, whether it deserves to be sold or not. Rock solid names like Apple (AAPL), Microsoft (MSFT), Intel (INTC) and others are being sold with companies that will not be around in three years. No one knows for sure what the earnings will be on these companies, while just a few short weeks ago, confidence was not fleeting. As such, when you get a crisis of confidence, money all piles into one place: Precious metals, particularly, gold. Gold has soared over $300 in almost a month's time. That Complete Story » |
| Posted: 12 Aug 2011 03:31 AM PDT The Economist had an interesting note last week on M2 (bold emphasis mine):
Britain embraced "austerity measures" roughly a year ago — a bold move by the new conservative government. (Some think the London riots are a lag-time result of that decision.) Get your 14-day Free Trial to the Live Feed See our trading book in real-time. Trade setups, execution reports and real time market commentary. Claim your 14-day trial to the Mercenary Live Feed. The British pound (GBPUSD) has been strong versus the dollar on a combination of government spending cuts, Bank of England (BOE) rate hike expectations due to inflation, and general weakness in the $USD. How quickly that could change, though, if it becomes more apparent the global economy is headed toward recession. Against a backdrop where the money supply is shrinking, commodity prices are falling, and economic growth is stalling, the BOE could be forced back into a Quantitative Easing / emergency stimulus stance rather forcefully. Everyone still hates the dollar, of course, but that leaves us wondering just who is left to hate it. The Federal Reserve has been well ahead of the curve in terms of trashing the greenback (thus bidding up corporate profits for U.S. multinationals). And in various trader circles, the next leg of $USD collapse is a frequent topic du jour. If we head into a true global downturn, though — with subsequent reflation trade collapse and "risk off" $USD boost – it may become apparent that the Fed's powers are tapped out, with other countries just getting started in their austerity-to-stimulus transition. Shrinking M2 could grease the wheels of this sea change, and the pound could make for a hell of a great short in result. JS  |
| Michael Ballanger: Market Conditions Extremely Gold-and-Silver Friendly Posted: 12 Aug 2011 01:52 AM PDT |
| Posted: 12 Aug 2011 01:48 AM PDT These days buying gold looks one of the sanest things you can do... |
| Gold Surges in All Currencies in Tumultuous Week … Posted: 12 Aug 2011 01:40 AM PDT |
| Ghana Q1 2011 gold production up 14 pct at 796.797 oz Posted: 12 Aug 2011 01:29 AM PDT |
| The biggest buying opportunity in the history of the world is just around the corner Posted: 12 Aug 2011 12:34 AM PDT An amazing story was told over the past two weeks, and it seems to have gone right over a lot of heads, perhaps even a few heads here, so let's discuss. Leading up to these recent losses in the stock markets, there were more and more days when I saw gold acting like money, a safe haven, rather than a commodity or a risky asset, as it has been perceived by the marketplace even during its run-up over the last decade. But that theory is no longer a theory, it is fact. As the stock markets tumbled, gold, unlike in 2008, soared. And as the stock markets correct upward, gold is falling. For those of us who hold gold, as it trends downward, like it is this morning as I type, this should not be disappointment. The happy days were not those 8 days of gold gains, nor should today's gold losses be perceived as the end of the party. The party has yet to begin. There is little doubt in the short term, the stock markets will see some major gains, and gold perhaps some strong losses. They will say the gold bubble is popping, and they again will be utterly wrong. Most here understand the flaw of the dollar, and see it's imminent downfall. And I hope too that most here understand the business cycle. For those of us who do, we know that it is inevitable we will have another major crash ahead of us, and it'll be bigger in size and scope than that of 2008. What will happen at that time was told to us just recently. We no longer have to hypothesize how that story will play out. Our theory has turned into fact. I know not what year this inevitable crash will occur, but I do know that in 2011, it was proven beyond any benefit of doubt, that the safe haven of choice, the dollar, has been dethroned. It no longer wears the crown. That crown now lies on the head of gold. As stocks trend upward, and as gold does the opposite, I recommend you put as much into gold as you possibly can. This will possibly be the greatest gold buying opportunity in history. If you think you woke up last week a rich man holding gold, if you think the gains made last week in gold were historic, you simply haven't seen anything yet. The party has not yet begun, but it is has been scheduled, and I hope you're prepared. |
| Its the dollar, not S&P; and all must have prizes Posted: 12 Aug 2011 12:34 AM PDT Journal Enquirer |
| Posted: 12 Aug 2011 12:17 AM PDT Lets first look at Gold. Expect Gold to trade in between $1675 and $1800 Aug 26th, the Jackson Hole QE3 announcement from Shalom Bernanke. We are going to enter a phase of consolidative volatility, in which they try to shake the new weak longs out of their newly acquired rational exuberance. Silver now looks like its will coil and bounce around in here for a while. Rest assured, on the next leg higher going into the fall, silver should outpace gold on a percentage basis, and the moves should be fruitful. I have liquidated 15% of my paper assets and put them into Silver phyzz. I am long TK till it goes to $3-5 or $0, whichever comes first. I am long APE.V I have Jan 21 Calls of SVM (silvercorp) at $15 I have a smaller call position in SLV for Oct 22 at $41. The new site is well underway, and I suspect it will be ready for September 1st. Buy the dips, keep stacking, new years evening should be a blast. P.S. I am getting the feeling as if I am in the summer of 2007. We have seen all the warnings, yet the media is pumping 'the worst is over' Its amazing how just a week ago people were screaming murder. Idiots.  |
| Trading Comments, 12 August 2011 (posted 15h15 CET): Posted: 12 Aug 2011 12:15 AM PDT My attempt to bottom-pick silver yesterday did not work, but it is worth trying again. There are no changes on my gold trading recommendations from yesterday. Silver 1) The position bought at |
| Posted: 11 Aug 2011 11:56 PM PDT HOUSTON – Shortly after silver put in its blow-off top in early May we penned an offering on the previous parabolic peaks for silver and how the graphs looked following the parabolic tops. Recall that there were three examples in that article. Today let's compare just one of the events, the 2005-2006 blow-off top with the current graph for silver. First here's the 2005-2006 example again. Silver, May 2005 – Dec 2006, daily. If any of the images are too small click on them for a larger version. Continued next page… ***Page***Now compare to today's action. Silver, May 2010 to Aug-2011, daily. The 2006 parabolic peak event was in connection with the launch of iShares Silver Trust (NYSE:SLV) in April of 2006. Silver rallied ahead of the ETF launch as investors bought in anticipation of the event. Silver, which was amply supplied (with commercial good delivery bars) in 2006, peaked within days of the SLV launch and the sell-the-news parabolic collapse loped a big 37.7% off the price (from $15.21 to $9.48). Notice, however, that immediately following that $9.48 nadir, silver began a new, still volatile, series of higher highs and higher lows. The vertical green line on the 2005-2006 example marks about the same amount of time elapsed on that chart as has elapsed since this year's parabolic blow-off. Looking at this year's action, the parabolic collapse low occurred much sooner than it did in 2006, assuming that the $32.31 low on May 12 ends up being the low water mark (Cash Market – the chart has slightly different data, but the difference is immaterial). Notice that the amount of retrace in this year's correction is only slightly less (35% vs 37.7%) as compared to the 2006 example. We find that somewhat interesting because we are convinced that commercial supplies of silver good-delivery bars are much less plentiful than they were five years ago. Today we still have a futures strip in backwardation which confirms the notion that supplies of the metal are indeed tight. It also confirms contemporary reports from industry titans that large quantities of commercial silver metal are difficult to come by. Certainly there are other, pertinent and causal factors than just available supply that affect the current market, not the least of which were the multiple margin increases by the CME in the U.S. futures market, ongoing sovereign debt issues in the U.S. and the Eurozone and the attendant worry over the global banking system again. The tug of war between silver's gold-like safe haven monetary roots and modern perception of it being affected by industrial demand also complicates analysis, but we are of the opinion that silver's monetary side is prevailing – or at least has the edge - thus far. If silver's safe haven demand continues to dominate, would it be all that surprising to see silver continue to print a series of higher highs and lows looking ahead? That's in the context of a world of plus-$1,600 gold and zero or near zero interest rates and negative real rates? We don't think it would be surprising at all – if the world manages to hold itself more or less together. We have to view silver as a comparative value compared to gold in the current environment. *** On another note, by now everyone knows that the CME increased Spec bond and margin maintenance requirements for gold futures effective August 11. With gold having become parabolic of late it is not surprising that the margin requirements would be increased. What will be surprising is if they are only increased once. We remain on the Bargain Hunt, mainly for liquidity vacuums and ridiculous over-sells on our Faves, if any. Have a good weekend, everyone. |
| Posted: 11 Aug 2011 09:45 PM PDT After an almost uninterrupted rise in the price of gold spurred by the increase in the debt ceiling and the Fed's pledge to keep interest rates at emergency levels for the foreseeable future, we ... |
| The Public Be Damned: Ted Butler Posted: 11 Aug 2011 09:07 PM PDT ¤ Yesterday in Gold and SilverDespite the increase in margin requirements for both gold and silver yesterday afternoon, both gold and silver took off to the upside the moment that trading began in the Far East Thursday morning. It took 'divine intervention' from New York about thirty minutes into the trading day to put an end to that. From there, it was basically down hill for the rest of the trading day, with the low coming at 2:20 p.m. in the New York Access Market. Once the bottom was in, the price headed higher...and the day's losses were cut by thirty-five dollars. Gold only finished down $27.80 on the day. Volume was monstrous once again.
Silver made two more attempt to break through the $39.50 mark in early Thursday trading in the Far East...and the two attempts in London trading were also rebuffed. But the silver price refused to roll over and die...and finished the electronic New York trading session down only sixty-five cents. In normal circumstances, a big drop in the gold price like we saw yesterday would have resulted in a monster drop in the silver price. But not yesterday, as every sell-off got bid right back up again...and silver closed the day down only sixty-five cents. High frequency trading volume was lighter than usual, as only 42,000 contracts net of all roll-overs were traded.
The dollar didn't do much yesterday...and was down a hair by 5:15 p.m. in New York. As I said yesterday...gold and silver prices are now acting totally independently of the U.S. dollar. The good folks over at ino.com have been having issues with their DXY chart for the last couple of days...so I don't have a dollar graph for you for this column. Despite the fact that the gold price got clocked pretty good yesterday, the shares put in a stellar performance. This was certainly helped by the big rally in the general equity markets...but certainly doesn't explain the entire divergence. One has to wonder who the big buyers were...and why they were buying. What do they know that we don't? The HUI finished up 0.72%.
The silver stocks, like their golden brethren, finished mixed on the day...despite the negative bias of the silver price itself. Nick Laird's Silver Sentiment Index finished up a healthy 1.74%.
(Click on image to enlarge) The CME's Daily Delivery Report showed that only seven gold contracts were posted for delivery on Monday. Nothing happening here. Not surprisingly, there was a big withdrawal of gold from the GLD yesterday, as the 'hot money' fled. The ETF reported a decline of 759,559 troy ounces. That's at lot. And, surprisingly enough, there were no reported changes over at SLV. The U.S. Mint had another sales report yesterday. They sold another 7,000 ounces of gold eagles...500 one-ounce 24K gold buffaloes...along with 215,000 silver eagles. Month-to-date, the mint has reported sales of 55,000 ounces of gold eagles...10,500 one-ounce 24K gold buffaloes...and 1,319,000 silver eagles. August sales look like their set to blow the doors off of July sales. Over at the Comex-approved depositories on Wednesday, they reported receiving 796,233 troy ounces of silver...and shipped 134,767 ounces out the door. The link to that action is here. Here's a chart the Nick Laird over at sharelynx.com sent me last night. It shows the dollar value of gold coins...and dollar value of silver coins sold by the U.S. Mint over the last ten or so years. You can see from this chart that starting just after the midpoint of 2010 the dollar value sales in both gold and silver coins were starting to converge at much higher dollar values...as more and more people rushed into silver. Since last August, the silver price has more than doubled...and it makes the convergence far more obvious.
(Click on image to enlarge) Gold and silver are still horribly overbought...and both the 50 and 200-day moving averages are so far out of sight below, that a drop of $200 wouldn't surprise me in the slightest, as I could explain that easily. 40 years after gold standard ended, bugs crow. Gold shares responding [finally]? Desperate Swiss eye euro peg to repel safe-haven flood. France bans shorters as markets bounce back. ¤ Critical ReadsSubscribeIs There Enough Money on Earth to Save the Banks?: Jonathan WeilForget free-market fundamentals. What matters most to the capital markets now is whether the governments of the U.S. and western Europe have the will and the wherewithal to save the global financial system from disaster yet again. A healthy climate for the efficient allocation of capital, this is not. This op-ed piece was posted over at bloomberg.com yesterday...and is courtesy of Washington state reader S.A. No flies on Jonathan here, as he understands the situation exactly. This is very much worth the read...and the link is here.  It's the dollar, not S&P; and all must have prizes: Chris PowellIn his day job as managing editor of the Journal Inquirer in Manchester, Connecticut...Chris knows a thing or three about writing...and when you buy your ink by the barrel, you get to write about what you want...and when you want to. "Standard & Poor's is catching hell for cutting the credit rating of the U.S. government and threatening to cut the credit rating of other governments. People are blaming the agency for the stock market declines that have followed all over the world. With Italy's penchant for comic opera, prosecutors in Milan have even raided S&P's office there in pursuit of evidence for a "charge" of unfairly criticizing the country's financial system. Mr. Powell's editorial in yesterday's edition falls into the must read category...and the link is here.  France bans shorters as markets bounce backFrance, Italy, Spain and Belgium have resorted to the desperate measure of banning short-selling of banking stocks in the wake of this week's market chaos. France has been under particular pressure after rumours swirled that one of its leading banks, Société Générale, was in crisis. The bank was forced to deny it was in trouble after its shares tumbled 20pc. The ban came into effect yesterday morning...and will last 15 days. This story was posted in yesterday's edition of The Telegraph...and I thank Roy Stephens for sending it along. The link is here.  Desperate Swiss eye euro peg to repel safe-haven floodThe Swiss franc retreated against the euro in a wild one-day move on Thursday after top officials at the Swiss National Bank (SNB) floated ideas for a temporary euro peg, a once-unthinkable move. "Nothing is excluded," said Jean-Pierre Danthine, a SNB board member. "The situation is extremely complex and difficult. There is no magic wand." The Swiss franc has moved with gold over recent weeks, acting as a magnet for capital flight from the discredited debt currencies of the West. The SNB said the franc is "massively overvalued" and has moved into dangerous territory over the past month. And when the Swiss franc is closed as a safe haven amid the worldwide storm of currency devaluation, what's left as a safe haven but gold? This Ambrose Evans-Pritchard story showed up in a GATA release yesterday...and it's a must read. The link is here.  Gold shares responding (finally)?Here's excellent commentary on gold and gold shares by marketwatch.com metal commentator, Peter Brimelow. I had the pleasure of meeting his twin brother, John, at the GATA conference in London last weekend. This is a must read from one end to the other...and the story is linked here. I thank Florida reader Donna Badach for sharing it with us.  Gold Stock Valuations Implode as Gold RisesHere's another story about gold equities vs. the metal itself. This one was posted over at resourceinvestor.com on Monday. The last time that general equities were this cheap relative to gold or silver was 1991 and 1987 respectively. Unfortunately, it's not merely confined to general equities. Precious metal miners have also plunged to very low valuation levels in recent weeks as they have treaded water even whilst metals prices have been on a tear, and money has been sluicing into exchange traded funds at an unprecedented rate. A basket of senior gold stocks has seen intraday multiples crash to ranges we last saw in the aftermath of the Lehman bankruptcy. This story is also worth your time...and I thank reader U.D. for sending it along. The link is here.  Vietnam's Gold price falls as supply is to be replenished soonAs Peter Brimelow mentioned in his marketwatch.com story above, the Vietnamese public responded this week by driving local gold to premiums so high that the gold-hating authorities relaxed their ban and allowed the legal importation of some gold. Here's a story about that posted over at vietnambusiness.asia. It's unfortunate that the person who translated this story into English is not overly fluent in the technical jargon of the local gold market...and lot of the meaning is lost. But it's a positive gold story nonetheless...and it's worth picking your way through it. I thank reader David Ball for digging this piece up...and the link is here.  40 years after gold standard ended, bugs crowHere's a Reuters piece that I ripped out of a GATA release yesterday evening. Monday will mark the 40th anniversary of the United States' abandonment of the gold standard. But gold bugs kept the faith -- even when prices stayed under $500 for nearly 25 years after their 1981 peak. Gold bugs, often accused of sensationalism, are finding their passion is becoming mainstream. "Raging" is probably no longer a suitable description of them. "Irresistible" is increasingly nearer the mark. This is another must read story...and the link is here. The picture of one-tael gold cubes [about 1.13 ounces, or 38 grams] imbedded in the story is worth the trip all by itself. |
| 40 years after gold standard ended, bugs crow Posted: 11 Aug 2011 09:07 PM PDT  Here's a Reuters piece that I ripped out of a GATA release yesterday evening. Monday will mark the 40th anniversary of the United States' abandonment of the gold standard. But gold bugs kept the faith -- even when prices stayed under $500 for nearly 25 years after their 1981 peak. Gold bugs, often accused of sensationalism, are finding their passion is becoming mainstream. "Raging" is probably no longer a suitable description of them. "Irresistible" is increasingly nearer the mark. |
| Vietnam's Gold price falls as supply is to be replenished soon Posted: 11 Aug 2011 09:07 PM PDT  As Peter Brimelow mentioned in his marketwatch.com story above, the Vietnamese public responded this week by driving local gold to premiums so high that the gold-hating authorities relaxed their ban and allowed the legal importation of some gold. Here's a story about that posted over at vietnambusiness.asia. It's unfortunate that the person who translated this story into English is not overly fluent in the technical jargon of the local gold market...and lot of the meaning is lost. |
| Gold Stock Valuations Implode as Gold Rises Posted: 11 Aug 2011 09:07 PM PDT  Here's another story about gold equities vs. the metal itself. This one was posted over at resourceinvestor.com on Monday. The last time that general equities were this cheap relative to gold or silver was 1991 and 1987 respectively. Unfortunately, it's not merely confined to general equities. Precious metal miners have also plunged to very low valuation levels in recent weeks as they have treaded water even whilst metals prices have been on a tear, and money has been sluicing into exchange traded funds at an unprecedented rate. A basket of senior gold stocks has seen intraday multiples crash to ranges we last saw in the aftermath of the Lehman bankruptcy. |
| Gold shares responding (finally)? Posted: 11 Aug 2011 09:07 PM PDT  Here's excellent commentary on gold and gold shares by marketwatch.com metal commentator, Peter Brimelow. I had the pleasure of meeting his twin brother, John, at the GATA conference in London last weekend. This is a must read from one end to the other...and the story is linked here. I thank Florida reader Donna Badach for sharing it with us. |
| Desperate Swiss eye euro peg to repel safe-haven flood Posted: 11 Aug 2011 09:07 PM PDT  The Swiss franc retreated against the euro in a wild one-day move on Thursday after top officials at the Swiss National Bank (SNB) floated ideas for a temporary euro peg, a once-unthinkable move. "Nothing is excluded," said Jean-Pierre Danthine, a SNB board member. "The situation is extremely complex and difficult. There is no magic wand." The Swiss franc has moved with gold over recent weeks, acting as a magnet for capital flight from the discredited debt currencies of the West. The SNB said the franc is "massively overvalued" and has moved into dangerous territory over the past month. And when the Swiss franc is closed as a safe haven amid the worldwide storm of currency devaluation, what's left as a safe haven but gold? |
| It's the dollar, not S&P; and all must have prizes: Chris Powell Posted: 11 Aug 2011 09:07 PM PDT  In his day job as managing editor of the Journal Inquirer in Manchester, Connecticut...Chris knows a thing or three about writing...and when you buy your ink by the barrel, you get to write about what you want...and when you want to. |
| Posted: 11 Aug 2011 09:00 PM PDT LewRockwell |
| Gold & Silver Market Morning, August 12, 2011 Posted: 11 Aug 2011 09:00 PM PDT |
| Posted: 11 Aug 2011 08:56 PM PDT |
| Gold Prices at $1,800: You Aint Seen Nothing Yet... Posted: 11 Aug 2011 05:50 PM PDT |
| Posted: 11 Aug 2011 05:36 PM PDT |
| Gold is Antidote for Treasury Trap Posted: 11 Aug 2011 04:46 PM PDT |
In monetarism's heyday, central banks tried to steer the economy by controlling the money supply, which has a loose relationship with spending and inflation. Indicators like M2, which includes notes and coins and some deposits, then fell out of fashion. But central bankers are paying renewed attention to monetary measures as one gauge of the impact of "quantitative easing" (QE): printing money to buy longer-term securities. In America and Britain M2 grew quickly in the thick of the crisis, as firms and households made a dash for cash. It then began to slow in both countries, despite repeated bouts of QE. The money supply is now shrinking in Britain, suggesting its uncomfortably high inflation will pass.
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