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Ed Steer's Gold & Silver Daily
Jim Rickards' Gold Price Prediction Tops $10,000: I'm not going to read a lot into Thursday's trading in either gold or silver. Yes, both got sold off starting in the Hong Kong afternoon, but 11 hours later... around 11:15 a.m. in New York, and just minutes after London trading closed for the day... 11/20/2009
Daily Pfennig 11/20/09 : It's A Risk Off Friday...
Good day... And a Happy Friday to one and all! A Fantastico Friday in my books, as the people at the Retina Institute told me yesterday that the fluid on my eye was drying up, and almost completely gone. I told them I had not noticed any improvement in vision, and they said, "at least it hasn't gotten worse!" And for that, I am quite thankful! So... With that news, I head into today, and believe it to be a Fantastico Friday! 11/20/2009
Ed Steer's Gold & Silver Daily
Marc Faber Says 'Sky Will Be The Limit' for Rising Gold Price: Well, the wonderful gold price action that was evident at the London open as I put this report to bed around 6:00 a.m. Eastern time on Wednesday morning, was just about all the excitement there was... 11/19/2009
What If They Stop Buying Our Debt?
“I have always depended on the kindness of strangers,” said Blanche DuBois, in the final words of the play A Streetcar Named Desire. Well, don’t we all... 11/19/2009
Strong Dollar Policy: What??
“I believe deeply that it’s very important to the United States, to the economic health of the United States, that we maintain a strong dollar,” U.S. Treasury Secretary Geithner recently told reporters. Indeed, it seems to be a pre-requisite to apply for the position of U.S. Treasury Secretary to be able to utter these words. In the meantime, the greenback seems to be falling further and further; the ‘strong dollar commitment’ appears to have become a farce. Just what, then, would be a strong dollar policy? 11/18/2009
Eric Sprott: Gold Momentum's Picking Up Dramatically
Although "quantitative easing" (QE) may be propping up the U.S. economy for the time being, it solves nothing. That's how Eric Sprott, Chief Executive Officer & Portfolio Manager of Sprott Asset Management and Chairman of Sprott Money Ltd., sees it... 11/16/2009
Technically Precious with Merv
Boy, you go away for a few days and all hell breaks loose. When last I looked gold was looking weak. Now, three weeks later it’s more than $60 higher. Where to from here? 11/16/2009
Job Losses Demystified
As the unemployment rate crossed the double digit barrier for the first time since Michael Jackson learned to moonwalk, President Obama announced that he will convene a “jobs summit” to finally bring the problem under control... 11/13/2009
Slow Down… or Else
On a whim following our Denver Summit – and despite truly abysmal weather – Casey Research CEO Olivier Garret and I cabbed it down to a local public golf course for a quick nine holes... 11/13/2009
A Toxic Cocktail
Last week, the Fed extended its emergency economic powers, which include lending to the money center banks at zero interest. A few days later, the Fed's plan was reinforced by similar announcements from the rest of the G-20. The road map the authorities are providing for the near-term global economy can't be much clearer. There will be no cessation of the seemingly endless supply of cheap dollars being pumped into the financial system. With the world apparently in complete accord on the need for ever more liquidity, stock markets are staging an easy-money rally. The main line media is almost euphoric. But what should investors make of this seemingly good news? 11/12/2009
How Will Niagara Falls Fit Through a Garden Hose?
Elmer Sutton’s eyebrows shot up when he saw the ad proclaiming gold stocks might make you wealthy. It sounded like the perfect solution for his stock portfolio, loaded with investments going nowhere. He vaguely recalled hearing a little about gold, but if what the ad said was true, he thought he could make a killing. 11/12/2009
If You Thought the Housing Meltdown Was Bad…
The next train wreck will be in commercial real estate. Couldn’t be worse than last year’s residential market crash? That remains to be seen. But it’s coming soon, probably as early as the second quarter of next year, and there’s nothing that can prevent it. The government will intervene, trying desperately to delay the day of reckoning, and may even succeed. For a while. But make no mistake about it, that train is going off the tracks no matter what. 11/10/2009
Why Gold Has a LONG Way to Go
A couple weeks ago, I had my TV tuned to a business show that loves to give predictions on the markets and the economy. On that day, one of the program’s regular guests declared it was time to “short” gold, that it had reached its top, and that the precious metals bull market was over. I’ll try to be nice in my rebuttal. 11/04/2009
HITECH – Your Medical History in the Machine
In the future, a visit to your family physician, or any specialist, will begin with a quick scan of the computer screen, where a few keystrokes will tell the doctor everything he or she needs to know about you – all the way from how much you weighed at birth, to X-rays of that bone you broke when you flipped your motorcycle thirty years ago, to how much you spent on blood work last year, right up to the hypertension pills you took after dinner yesterday (and maybe even what you ate, although hopefully not). 10/27/2009
When Will Inflation Really Hit Us?
Most of us are gathered at the station, watching for the Inflation Express to come rumbling in. But we've been waiting for a while now. Just when should we expect the big locomotive to arrive and start pushing the prices of most things uphill? 10/23/2009
Black Gold... Green Oil
This summer, there's been a flurry of new green announcements from the world's major oil firms. ExxonMobil, Chevron, Valero, Statoil, Marathon, and Sunoco have all thrown their hats into the green ring... 10/19/2009
The Dollar in Your Wallet Is Only Worth 18¢
It was the mid-‘70s. I was helping my Dad build a dirt road to our barn and he wasn’t happy. Not about the hard work or humidity, but from what was happening to the dollar. Inflation was starting to kick into high gear, grabbing headlines that even a girl-chasing teenager could understand... 10/15/2009
A Malthusian Check?
In 1798 32 year-old British economist Malthus anonymously published “An Essay on the Principle of Population” and in it he argued that human population’s increase geometrically (1, 2, 4, 16 etc.) while their food supply can only increase arithmetically (1, 2, 3, 4 etc.). Since food is obviously necessary for us to survive, unchecked population growth in any one area or involving the whole planet would lead to individual pockets of humanity starving or even mass worldwide starvation... 10/15/2009
P2P – It’s More than Just Sharing Songs
You know that house down the street that’s for sale? The gigantic castle of a house, with an uncut lawn, a few weeks away from foreclosure? That’s your fault. After all, it was you who loaned the former owners the money for the house they could never afford. 10/09/2009
Into the Fourth Turning
The Fourth Turning is an amazingly prescient book Neil Howe wrote with the late William Strauss in 1997. The work, which describes generational archetypes and the cyclical patterns created by these archetypes, has been an eye-opener to anyone able to entertain the notion that history may repeat itself. At the time the book was published, the Boston Globe stated, “If Howe and Strauss are right, they will take their place among the great American prophets.” Read this visionary interview published in The Casey Report, and see for yourself. 10/08/2009
Why All the Fuss over Rare Earths?
Rare earth elements (REEs) have been the mystery metals of the mining world for years. Now, suddenly, everyone’s heard about them. Before we delve into the reasons behind all the publicity, here’s the basic skinny on REEs: One, they are rare, at least sort of. Two, they are indispensable to modern technology. Three, the number of active, dedicated producers is tiny, with more than 90% of the world’s supply coming from China. 10/03/2009
Japanese Politics and the Yen
The U.S. dollar has been getting a beating from all sides, but its woes may be far from over – recent developments in Japan, China, Germany and the United Kingdom, not to speak of domestic developments in the U.S., are pointing to a rocky road ahead. Today’s focus is on Japan and, more specifically, how a country on a downward economic spiral can have a strong currency. 10/01/2009
The Road to Zimbabwe
Sprinkled among all the official talk about efforts to end the current recession, you’ll hear assurances, notably from Federal Reserve Chairman Ben Bernanke, that when the economy does revive, it won’t be allowed to blast off into runaway inflation. The Fed, we’re being promised, will prevent such a launch by reabsorbing the hundreds of billions of dollars of excess liquidity it recently created to halt the credit crisis. 09/29/2009
What If Everyone in the World Wanted a 1-ounce Gold Coin?
If we’re right about where the price of gold is headed, the general public will someday clamor to buy all things gold. While gold stocks will be where the real leverage is, the rush will start with gold itself. As a gold editor, I have a very natural question: is there enough to go around? 09/25/2009
A Look at Strategic Oil Reserves – Who's Buying Oil?
As the U.S. strategic petroleum reserve (SPR) approaches capacity (721.5 million barrels filled out of a total possible 727 million, and will be filled by January 2010), the federal government will fade out of the oil-buying business. Some bearish traders believe that this factor can weigh in on prices, since most petroleum stocks in the United States are government-held rather than private. Bullish traders have also used the filling of the Chinese SPR as a reason that oil should go much higher. 09/23/2009
Is the Treasury Out to Kill Money Market Funds?
Tim Geithner, the Goldman Sachs Secretary of the Treasury, has gone on record as saying that the government will withdraw its $3 trillion backstop guarantee from the money market fund industry, on schedule, this September 18. 09/18/2009
Could China Push Gold to the Moon?
Some analysts now contend that China can no longer afford to let the gold or silver price slump. The rationale behind that contention is that with the Chinese government now telling the general populace to buy precious metals, it would be highly problematic should gold and silver subsequently take a nose dive... 09/18/2009
What the Heck Is Going on with China?
That’s a question that Westerners have been asking for, oh, several millennia now. Or at least since Marco Polo aimed his ponies down the old Silk Road in 1271... 09/11/2009
Is the Fun for Gold Just Beginning?
You likely heard that the Central Bank Gold Agreement was extended by the signatory banks last month. This is the agreement where central banks around the world agree to limit sales and to do so in an orderly fashion so as to not disrupt prices. 09/09/2009
Will the Real Price of Gold Please Stand Up
Gold is traded around the clock and in so many places and in so many forms, ranging from the abstractions of futures contracts to the solid tangibility of rings and bracelets, that it’s not clear what the “real” price is. The question is more than a matter of curiosity, since many retail coin and bullion shops quote selling prices in terms of “spot plus X%” or “spot plus $Y.” When you talk to a dealer, what exactly does he mean when he refers to “spot”? 09/04/2009
GM's 200 MPG+ Fantasy
A few weeks ago, Government Motors dropped a public relations bomb when new chief Fritz Henderson announced that the forthcoming Chevy Volt would get an astonishing 230 miles per gallon (that's 98 kilometers per liter, for our metric-system friends). 09/02/2009
Technically Precious with Merv
Gold price continues to move towards the mouth of a megaphone pattern. The longer it stays within the megaphone the weaker a break-out may be. Let’s hear it for a break-out NOW, and on the up side. 08/31/2009
Washington Capitulates: Peak Oil Is Real
Each year, generally in May, the Energy Information Administration publishes less-than-eagerly-anticipated tome called the International Energy Outlook, 250+ pages of mind-numbing text, charts, graphs, and tables. No one reads it. The mainstream media ignore it. 08/28/2009
Green Shoots or Greater Depression?
While we aren’t contrarian for the sake of being contrary, more often than not that is the position in which we find ourselves. Today, with the media falling all over itself to paint a rosy outlook for the economy while simultaneously voicing encouragement to the new administration in its remake of the nation in previously unimaginable ways, it’s hard not to question our conviction that the worst is yet to come. 08/24/2009
Baby Bush: The Worst President in History?
I recognize that I’ve antagonized many subscribers over the years with “Bush Bashing.” In January, just after OBAMA!’s election, I said I wouldn’t mention Bush again, his departure having made him irrelevant. I only feel bad that he and his minions will apparently get away scot-free with their crimes; better they had all been brought up before a tribunal and tried for crimes against humanity in general and the U.S. Constitution in particular. But that is objectively true of almost all presidents since at least Lincoln. 08/18/2009
What You Have in Common with King Nebuchadnezzar
“There’s no reason to invest in gold,” said the finance editor of a major newspaper interviewing me. “If gold goes up because of inflation, then so does everything else, so why buy it? It’s not really a good investment.” 08/12/2009
Are We Being Conned About Gold Confiscation?
There’s a lot of Internet chatter these days about the possibility of the U.S. government seizing its citizens’ private gold holdings. What are the chances? 08/07/2009
The FDIC Is in Trouble
As we all know, the Federal Deposit Insurance Corporation (FDIC) guarantees depositors that they’ll get their money back if a bank fails, at least up to a certain amount. To fund its operations, the FDIC collects small fees from the banks that are held in reserve for the purpose of taking over troubled banks and paying off depositors. 08/04/2009
We are witnessing a new renaissance, and gold is ready for $1,000/oz
This is a follow up to the Q1 2009 Summary On Gold And Various Markets issued on March 31, 2009 ( http://new.goldmau.com/article.php?id=1610 ) In the first quarter of 2009, we reached the climax of US banking collapse. Global central banks hurried to apply fiscal and monetary stimulus, including unconventional 08/03/2009
Foreign Investment in the U.S. – Going Down, Down, Down
Here at Casey Research, we’ve been watching the actions of foreign holders of U.S. dollars as closely as a Las Vegas pit boss watches a card player on a $1 million winning streak... 07/27/2009
Bad for Business: Bailouts diminish our entrepreneurial spirit
As the U.S. government started on the slippery slope of intervening in the private sector, it will receive more and more such request for assistance... 07/16/2009
The Carbon Cap: The Newest Form of Taxation
It’s possible that no concept in history has ever come so far, so fast, and with so little substance behind it, as “global warming.” Or, to be precise, anthropogenic global warming (AGW) – the kind caused by us puny humans rather than by that fireball that keeps the planet habitable. 07/15/2009
A 20-Year Bear Market?
In November of 1997, my partner and co-editor of The Casey Report, Doug Casey, wrote an article titled “Foundations of Crisis,” which leaned heavily on the research of Neil Howe and the late William Strauss. 07/09/2009
