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- Rescue the Rich!
- Rising Won Has South Korea Worried
- China Aids Gold's Continued Rise
- Jonathon Gray: Archeological Mysteries
- Paul van Eeden: Gold is Overpriced
- John Butler: Money printing With No Limits
- Gold Fields Management Discusses Q3 2012 Results - Earnings Call Transcript
- Quick Thoughts On Carney's Move To BOE
- Gold Looks Great… Gold Stocks Look Terrible
- Goldcorp Is A Gleaming Value Play
- Euro Wavers With Eyes On Eurogroup Meeting
- Japanese Yen: Next Week's Currency Loser
- Silver Demand: Sentiment & Trends
- “Gold From The ATM” In Turkey As Gold Deposits Surge In Turkish Banks
- 'Gold from the ATM' In Turkey as Deposits Surge
- Indian Central Bank Offering "Dematerialized Gold"
- Big Moves Coming in December, January & February
- Gold closing in on yen price record
- Silver: Margin Cut Madness
- Why the S&P 500 & Gold Rallied on Negative News
- Dollar is Telling Us Stocks are Likely to Pull Back
- Welcome to the Currency War, Part 5: The Dollar Gets Serious Competition
- A Review of Real Rates and Bullion
- Hugh Hendry: ‘We’re in the death spiral of mercantilism’
- The Aussie Dollar Dilemma
- The Fall and Descent of Mrs Ples
| Posted: 26 Nov 2012 11:02 AM PST No group of Americans had more to be grateful for over Thanksgiving than the few people at the top of the pile. Over the past four decades, their wealth has soared... thanks largely to the feds. In 1971, President Nixon cut the last link between the dollar and gold. |
| Rising Won Has South Korea Worried Posted: 26 Nov 2012 10:08 AM PST By Benzinga: By Jeff Uscher South Korea's currency, the won, has been rising against the currencies of its major trading partners, China, the United States, the European Union and Japan. South Korea's economy is heavily dependent upon exports, which made up 44.6 percent of GDP in 2010. Since the beginning of the year, the South Korean won has risen by 6.5 percent against the U.S. dollar, 6.4 percent against the euro, five percent against the Chinese yuan and 13 percent against the Japanese yen. South Korean government officials are worried. So much so that they intervened in the currency market on Thursday, buying up to $1 billion in an effort to weaken the won, according to the Financial Times. The FT reported that South Korean officials are considering tightening restrictions on trading currency derivatives to curb the won's volatility in the currency market. South Korean deputy finance minister Choi Jong-gu, told the Complete Story » |
| China Aids Gold's Continued Rise Posted: 26 Nov 2012 10:00 AM PST By Emerging Money: By Steven Orlowski Gold is supposedly back and as appealing as ever. Of course it never went anywhere, but the constant barrage of gold bears has often dampened the outlook for what is likely to be a continuation of the global rally in gold that is now 12 years old. Recent headlines have touted the increased commitment to gold by countries and investors alike. Of great interest to emerging markets investors is the revelation that China is stockpiling gold as a hedge against a falling U.S. dollar. However the China story is an obvious one. China owns a lot of U.S. dollar-denominated debt and is therefore greatly exposed to the effects of a falling dollar Complete Story » |
| Jonathon Gray: Archeological Mysteries Posted: 26 Nov 2012 09:35 AM PST Explorer, archaeologist, and expert in ancient mysteries, Jonathan Gray, discussed how new findings which don't match current academic beliefs are being suppressed, as well as the discovery of human remains in geological strata, including the very earliest Cambrian layer. Citing the work of scientist George Dodwell, he said the Earth underwent a massive cataclysmic event in 2345 BC. The planet was tipped on its axis and was left wobbling (which continues to this day). Gray contends that all civilizations essentially began after this date. from c2cplanet: He said that the Globalist agenda has covered up a very big secret– namely, that Earth's granite rocks didn't slowly cool from liquid to solid over millions of years. Based on data that shows polonium bubbles froze into granite rock, he argued that the planet solidified in a matter of minutes, thus correlating with the description of creation offered in the book of Genesis. If the planet solidified so quickly, there had to have been some type of outside intervention, he observed. Thus, the items found in the Cambrian layers, including gold chains, iron pots, thimbles, and remains of modern humans, may be less than five or six thousand years old, he surmised. Gray also shared other intriguing notions: The Egyptian pyramids (as well as the structure at Baalbek) were built through a anti-gravity technology using sound waves to lift heavy objects. Biography: International explorer, archaeologist and author Jonathan Gray has traveled the world to gather data on ancient mysteries. Over the past 37 years, he has penetrated some largely unexplored areas, including parts of the Amazon headwaters. He has also led expeditions to the bottom of the sea and to remote mountain and desert regions of the world. In the course of his explorations, Jonathan began to uncover evidence of surprising out of place artifacts. According to what he was taught at school, these were impossible! They simply should not exist! And these were not just isolated anomalies. There was a global pattern to them, suggesting an ancient worldwide civilization of astonishing proportions. His book, Dead Men's Secrets, catalogues more than a thousand pieces of evidence of a lost super science and technology, including dozens of achievements ahead of our day. ~TVR |
| Paul van Eeden: Gold is Overpriced Posted: 26 Nov 2012 09:30 AM PST |
| John Butler: Money printing With No Limits Posted: 26 Nov 2012 09:28 AM PST Alasdair Macleod talks to John Butler — Chief Investment Officer at Amphora Commodities Alpha and publisher of the Amphora Report, as well as author of The Golden Revolution: How to Prepare for the Coming Global Gold Standard. They discuss the huge debt problems confronting Western economies, central banks' reflation efforts and the significance of the shadow banking system. from goldmoneynews: Butler emphasises that policymakers will do everything in their power to fight natural deflationary pressures with policy-induced inflation. He argues that when central banks really want to double-down on their efforts to push prices higher, they may consider monetising the entire shadow banking system by taking it onto their own balance sheets in return for newly created cash — a possibility that Butler calls the "nuclear option". Butler states that a flexible money supply which can be manipulated at political will is an unsound foundation for finance and global commerce. In the realm of international finance there is still a lack of understanding when it comes to gold. As far as the debt crisis is concerned, there is no free lunch: no magic policy tool that can prevent the rebuilding of savings required when a country has over-borrowed and over-spent. Alasdair and John also discuss Japan moving from a net creditor to a net debtor, and how this will put upward pressure on interest rates around the globe, which central bankers will likely address with even more monetary stimulus. To protect oneself from the effects of debt deleveraging or currency debasement when such deleveraging is being delayed, one should own real tangible assets that cannot be defaulted upon. This podcast was recorded on 22 November 2012. ~TVR |
| Gold Fields Management Discusses Q3 2012 Results - Earnings Call Transcript Posted: 26 Nov 2012 09:10 AM PST Gold Fields (GFI) Q3 2012 Earnings Call November 26, 2012 9:00 am ET Executives Nicholas John Holland - Chief Executive Officer and Executive Director Peter L. Turner - Executive Vice President and Head of South Africa Region Paul A. Schmidt - Chief Financial Officer, Finance Director and Executive Director Analysts David Haughton - BMO Capital Markets Canada Tanya M. Jakusconek - Scotiabank Global Banking and Markets, Research Division Andrew Byrne - Barclays Capital, Research Division Presentation Operator Good day, ladies and gentlemen, and welcome to the Gold Fields Global Third Quarter 2012 Results. [Operator Instructions] Please also note that this conference is being recorded. I would now like to hand the conference over to Nick Holland. Please go ahead, sir. Nicholas John Holland Thank you, very much, Dylan. And good afternoon, everyone. Thank you for dialing into our third quarter results. Also on the call with me are Paul Schmidt, Complete Story » |
| Quick Thoughts On Carney's Move To BOE Posted: 26 Nov 2012 09:05 AM PST By Marc Chandler: The U.K. surprised many by naming Bank of Canada Governor Mark Carney to replace Meryn King as the head of the Bank of England. Immediately pundits weighed in. Some saying this was somewhat hawkish for the U.K. and sterling initially ticked up. Others said this was a loss for Canada and the Canadian dollar initially ticked down. Yet both sides miss the point. Carney was not chosen for his monetary policy biases. On the contrary, what speaks the loudest is Carney's regulatory experience. The Bank of England is in the process of securing the broadest and farthest reaching regulatory authority. This is Carney's bailiwick. He is, and will continue to be the head of the International Financial Stability Board. In this context, it may make sense to pick some one with not beholden to domestic interests or influences. Surely, for nearly every other consideration, such as continuity, familiarity with BOE Complete Story » |
| Gold Looks Great… Gold Stocks Look Terrible Posted: 26 Nov 2012 08:59 AM PST
Think of how Venezuela and Argentina have treated the oil majors, courtesy of Hugo and Cristina.
If the yellow metal does what gold bugs think it could do, the copycat Chavistas of the world will be sorely tempted to pull a Lumberg: "Hmm, yeah… you know those ownership rights a previous government agreed to? Yeah, we're gonna have to go ahead and tear those up… sorry…"
There are, of course, other problems for precious metals stocks alongside the Hendry criticism… one of them being so many gold and silver mines are run by idiots.
One final point in favor of the metals: A stronger and more diversified demand base. At the Grant's Fall Investment conference, Pierre Lassonde, a 40-year gold market veteran, gave his bullish views on gold. In that presentation, Lassonde noted that India and China now account for 47% of gold demand. The rest of the world, not including the Middle East, is good for another 41%… which means that somewhere close to 90% of gold demand is non-US centric. Add to the above the fact that central banks have become consistent net gold buyers, rather than gold sellers, for the first time in 20 years, and you can see how the yellow metal itself has persistent demand sources that gold stocks do not. Whereas the miners' returns may well be driven by "hot money" — much more fickle investment flows — gold and silver could have a greater stability element. As noted in previous Global Macro Notes, we took long gold and silver positions a week ago (catching an early print on the breakout)… to see our full roster of positions, along with sizing guidelines, in-depth commentary, risk points and so on, check out the Mercenary Live Feed. JS (jack@mercenarytrader.com)   p.s. Like this article? For more, visit our Knowledge Center! Similar articles you might like: |
| Goldcorp Is A Gleaming Value Play Posted: 26 Nov 2012 08:43 AM PST By Dividend Kings: The price of gold and the dollar index are inversely proportional. With the U.S. economy showing signs of recovering and fears about the eurozone and sovereign debt crisis abating, investors are gradually reducing their commodity hedges and putting their money into equities and other growth assets. As this transition occurs, I think profitable commodity businesses can slip through the cracks and become undervalued. Too much attention is paid to the price of the commodity itself, while investors neglect closely examining the intrinsic value of the businesses that actually provide these raw materials. Given the current market conditions, I think this is exactly what we are seeing with Goldcorp (GG). Indeed, I believe there is a lot to like about its business that warrants its consideration as an attractive value opportunity. Unlike big diversified mining companies such as Vale (VALE), Rio Tinto (RIO) and Freeport-McMoRan (FCX) that face a plethora of Complete Story » |
| Euro Wavers With Eyes On Eurogroup Meeting Posted: 26 Nov 2012 08:43 AM PST By FXstreet: The euro is consolidating last week gains versus the dollar, oscillating just below the 1.3000 level, as eurozone finance ministers meet again to discuss Greek financial situation and possible measures to ease the country's debt burden. Even though in Europe, expectations for an agreement are growing, there hasn't been much to help inspire more than consolidating ranges. Meanwhile, stocks are broadly lower in Europe and the U.S. after last week's rally as risk appetite declined. Euro consolidates below 1.3000 The EUR/USD continues to waver in a pretty tight range below the 1.3000 psychological level as investors await the outcome of the Eurogroup meeting. In this regard, the TD Securities team argues that a positive outcome on the Greece appears almost fully expected, although some lingering doubts could see a minor lift to the EUR and other risk currencies upon confirmation. "If we do not get consensus from that meeting today, Complete Story » |
| Japanese Yen: Next Week's Currency Loser Posted: 26 Nov 2012 08:31 AM PST By FXstreet: Although there are early indications that the Japanese yen may gain this week, there is ample fundamental data that is expected to bolster the Asian currency lower against the U.S. dollar - towards 84.00. The notion could work well when additionally taking into consideration near term technical support. Dollar side data is anticipated to bolster further momentum in the greenback, particularly against the yen the current week. U.S. housing sector data is expected to show further signs of stabilization - building on notions of a U.S. recovery. In addition, durable orders declines in October are anticipated to remain subdued, even though following on the heels of an almost 10% surge in September. But, more importantly Japanese yen bears will be eyeing U.S. growth. U.S. gross domestic product is expected to be revised higher in the second preliminary reading - upwards of 2.8% annually. This isn't that Complete Story » |
| Silver Demand: Sentiment & Trends Posted: 26 Nov 2012 08:04 AM PST A quiet battle is being fought in the silver market between investment interests and industrial demand. The world is finally waking up to the fact that governments can take the real silver money out of circulation, but they cannot take the money out of silver. |
| “Gold From The ATM” In Turkey As Gold Deposits Surge In Turkish Banks Posted: 26 Nov 2012 07:27 AM PST gold.ie |
| 'Gold from the ATM' In Turkey as Deposits Surge Posted: 26 Nov 2012 05:27 AM PST Gold edged down on a Monday as speculators took their profits as prices rallied on thin volumes on Friday to their highest in a month on technical buying. A strong fall in the greenback triggered rapid gains in commodities and options-related buying on Friday. |
| Indian Central Bank Offering "Dematerialized Gold" Posted: 26 Nov 2012 05:05 AM PST US dollar prices to buy gold fell back below $1,750 an ounce, a few dollars below where they closed last week following Friday's rally, while stocks and commodities also edged lower and US Treasuries gained ahead of further discussion on Greece. |
| Big Moves Coming in December, January & February Posted: 26 Nov 2012 04:06 AM PST The dollar should now head generally lower over the next year and a half with brief bear market rallies similar to what we just experienced. This will drive an inflationary phase that should drive all asset prices higher into mid-2013. |
| Gold closing in on yen price record Posted: 26 Nov 2012 04:00 AM PST Precious metals made strong gains on Friday, largely as a result of weak volume at the Comex futures market in New York. Thanksgiving last Thursday meant fewer participants in US futures trading on ... |
| Posted: 26 Nov 2012 03:10 AM PST |
| Why the S&P 500 & Gold Rallied on Negative News Posted: 26 Nov 2012 01:24 AM PST There is never an absence of negative news or potentially poor economic possibilities. This is not to say that markets cannot decline, investors just need to understand that markets are cyclical in nature and do not ever move in a straight line. |
| Dollar is Telling Us Stocks are Likely to Pull Back Posted: 25 Nov 2012 11:43 PM PST Trading with the trend is not always an easy task. It is human nature to predict and jump to conclusions and usually it's better to trade with the trend no matter what your emotions are telling you. The current trend is down. |
| Welcome to the Currency War, Part 5: The Dollar Gets Serious Competition Posted: 25 Nov 2012 10:54 PM PST Dollar Collapse |
| A Review of Real Rates and Bullion Posted: 25 Nov 2012 10:07 PM PST Negative real interest rates create the most bullish environment possible for gold. They force prudent bond investors to shift capital into gold to stay ahead of the ravages of monetary inflation. |
| Hugh Hendry: ‘We’re in the death spiral of mercantilism’ Posted: 25 Nov 2012 09:01 PM PST You have to give a fund manager points for admitting to having a "history of contentious posturing." Hugh Hendry's also a reformed gold bug, which shows an unusual flexibility of thinking (once people join the gold cult, they seldom leave). Even if you don't necessarily agree, his talk will serve as a useful grist for thought (hat tip Ian Fraser). Hendry discusses the end of an broadly adopted national strategy, mercantilism, and what he sees as the implications.
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| Posted: 25 Nov 2012 07:43 PM PST Be thankful for the bottomless gluttony of man today. It's probably going to help Australian stocks! The US markets came out of their Turkey Coma to rally higher on Friday. Both the S&P 500 and the Dow finished more than one per cent higher. That should be good enough for a positive start to the week in Australia. Not only are people eating like there's no tomorrow, they're spending that way too. Shoppers spent over a $1 billion online Friday for the first time ever, according to CNET. It was a 23% increase over last year. And in the US, they didn't even wait for the Thanksgiving indigestion to die down. Thursday's sales were $633 million, up 32% from last year. What kind of appetite can never be satisfied by more food or more things? It's not really an appetite we're talking about. It's the sense that something meaningful is missing in life. You try to fill up the empty spot with gravy, or a new jumper. By the way, we don't mean 'bottomless gluttony' in a pejorative sense. It is what it is. But it does remind us that Gibbon attributed the decline and fall of Rome to the use of public monies on bread and circuses. In the modern day consumer empire, there are no public monies left. It's all on credit. But the principle of declining standards of human behaviour in the face of a system breaking down...that's basically the same. But as we said, at least stocks are going up. And in Australia's case, how can they not? The currency wars favour capital flows into Australia. Japan, the US, and Europe are all deliberatus dollaerely weakening their currencies to try and boost growth and avoid debt deflation. This makes the Aussie dollar relatively stronger, and probably stronger than it ought to be based on lower commodity prices and a lower terms of trade. However in a world of relative prices, one mustn't stick too closely to absolutes. The Aussie dollar is strong because it is strong, whatever the reason. The more useful question is whether the strong Australian dollar is actually capping what would be a larger move in Aussie stocks prices. You can see that since then, the S&P 500 has doubled. Meanwhile, the Aussie dollar is up almost 64% against the US dollar. The All Ords are up just under 40%. Forty per cent in a few years certainly isn't bad. But it makes you wonder, would a weaker Aussie dollar - say the Reserve Bank cut interest rates 150 basis points or so - kick off a rally in stocks? Hmm. Lower interest rates could move savers out of conservative investments and into growth stocks. But they could also trigger capital flight - foreign investors taking their money elsewhere. This is the RBA's dollar dilemma. We'll ask around the office to see if anyone has ideas about this relationship between the Aussie dollar and the All Ords. Murray's thoughts on the matter are already pretty clear. He's referring to a kind of financial extinction event - the sort of thing where your money dies but your body survives. In fact, he reckons the extinction event is already under way. But extinction events aren't anything to lose sleep over. There's nothing you can do about them anyway. Dan Denning From the Archives... Why the Worst is Not Over For China's Economy Currency Devaluation: While Europe Gets Sinned, Australia Sins The Pyramid of Real Wealth The Revival of US Manufacturing: An Update Australia's 'Eggs-in-One-Basket' Banking Sector
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| The Fall and Descent of Mrs Ples Posted: 25 Nov 2012 07:42 PM PST Scientists reckon that catastrophic climate change was responsible for a huge number of extinctions at the end of the Pleistocene epoch, around twelve thousand years ago. Mega-fauna - very large animals - didn't adapt well to the rapidly changing climate. Back then, the climate change in question was rapid glaciation. Whole ecosystems were covered in ice, wiping out the living space and food supply for large mammals. Mammoths, mastodons, Irish elk, and short-faced bears all exited history stage left at this point. Those poor souls could have used a little global warming. There are some people who claim that we're in the middle of another extinction event. They call it the Anthropocene extinction. 'Anthro' is a prefix meaning human, so the term suggests that the proposed current extinction event is due to man-caused climate change. The advance of human civilisation under cheap credit and cheap money has hit the earth's ecology like a giant asteroid, according to this theory. As we said, though, this is just a theory. And in any case, there are things you can control in life (your efforts) and things you can't (results). This brings us to fall and decline of Mrs Ples. Hers is a cautionary but inspiring tale about the power of positive thinking. Mrs Ples is a nickname for the fossilised skull of a specimen from Australopithecus africanus. We made her acquaintance on our last trip to South Africa. She used to reside in the Sterkfontein Cave, at the Cradle of Human Kind World Heritage Site north of Johannesburg. She is a very distant relative of modern human beings. Poor old Mrs Ples was walking on the veldt one fine day when she slipped into a cave and fell 30 meters or more to her death. Her fall, decline, and subsequent death would have been bewildering, stressful, lonely, cold, and miserable. Standing at the bottom of the cave wondering what her last moments must've been like, we felt bad for her. That said, we did draw some inspiration from her life, times, fall, and death. You see, poor old Mrs Ples may have had bad luck, but she reminded us of why her ancestors turned out to be so successful, at least in evolutionary terms. She had a brain. Of course all animals have brains, or at least some semblance of a central nervous system. But we mean that Mrs Ples had the most important physical attribute that either nature or God could bestow on here: she had the ability to think. It's the most powerful evolutionary tool in all of nature. If we take a look at all the beasts she was neighbours with, it's a wonder she survived long enough to fall down a hole. Lions, wild dogs, hippos, rhinos, cheetahs - Mrs Ples lived in a dangerous neighbourhood. She couldn't evolve herself some claws to attack with or powerful muscles to out run faster big cats. In fact, humans were one of only two predators that wore their quarry down through endurance - chasing them until they collapsed and were killed by the hunting party. But even that strategy - hunting in packs, thinking ahead to the end game and having the patience to delay instant gratification - is a product of thinking. And thinking is just what the human brain was built for. Mrs Ples reminds us that we have the tool we need to survive a financial extinction event. It's right between our ears. As long as you don't crack your skull, you've got a fighting chance. Regards, Dan Denning From the Archives... Why the Worst is Not Over For China's Economy Currency Devaluation: While Europe Gets Sinned, Australia Sins The Pyramid of Real Wealth The Revival of US Manufacturing: An Update Australia's 'Eggs-in-One-Basket' Banking Sector
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Hugh Hendry, the amusing Scotsman who runs Eclectica Asset Management, hates gold stocks. He won't buy them under any circumstances. Which is interesting, considering Hendry is partial to macro doom forecasts, and has made large amounts in years past betting on gold.
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