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EDITORIALS
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6 Reasons why Gold Stocks will Begin a Big Rally Jordan Roy-Byrne, CMT
2013-05-21 04:55:59.0
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How Private Policing Trumps Government Law Enforcement GaryGibson
2013-05-21 02:03:22.0
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Falling Prices Are Natural Steve Saville
2013-05-20 21:58:03.0
Falling Prices Are NaturalThe following is excerpted from a commentary originally posted at
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Bank balances and gold GoldMoney
2013-05-20 21:58:03.0
There has been a growing shift in favour of assets relative to bank deposits.
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Fresh Plunge in Precious Metals 'Natural' as Bearish Money Managers Hold 'Upper Hand' Over Asian Household Buyers BullionVault
2013-05-20 21:58:03.0
WHOLESALE PRICES for gold and silver rallied from a fresh plunge in early London dealing on Monday, rising to stand unchanged and 2.
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Another Market Intelligence Report from munKNEE.com Lorimer Wilson
2013-05-20 20:49:52.0
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Will Wednesday's Fed Minutes Spark Sell-Off? ciovaccocapital.com
2013-05-20 20:00:07.0
Since the S&P 500 made an intraday low of 1,536 on April 18, the widely-followed stock index has tacked on 130 points and the markets have migrated back to full-bore risk-on mode.
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munKNEE.com's Loong Weekend Market Intelligence Report Lorimer Wilson
2013-05-20 19:57:54.0
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15 Priceless Ways to a Better Life ? Pass Them On Lorimer Wilson
2013-05-20 19:57:54.0
This site is devoted to enlightening oneself regarding the economy, the markets and
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In The News Today Jim Sinclair
2013-05-20 18:59:25.0
Ron Paul On Gold: No One Knows Value; I'm Buying April 24, 2013 April 23 (Bloomberg)' Ron Paul, Former Congressman from Texas, discusses his views on gold, central banks, and the weakened Republican Party.
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Jim's Mailbox Jim Sinclair
2013-05-20 18:52:03.0
Jim, Taking time to reflect what the future holds for humanity and I tell you every day I step further out of the system as I can to the extent I can.
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WGC: Gold Demand Strong Despite Sell-off in ETFs Steve Mackenzie
2013-05-20 18:30:56.0
Global gold demand for the first quarter of 2013 declined both in terms of tonnage (-13%) and dollars (-16%).
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Incredibly Important Developments In Gold & Silver Markets Eric King
2013-05-20 18:29:29.0
Dear CIGAs, Today King World News is reporting on incredibly important developments taking place in the gold and silver markets.
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The American Story' Abroad Chris Mayer
2013-05-20 18:08:17.0
In 1881, Dakota Territory had never sold a bushel of wheat to anybody outside of Dakota.
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The Market That's Ready to Go 'Viral' Patrick Cox
2013-05-20 17:52:35.0
Soviet dictator Joseph Stalin is reported to have once said, "The death of one man is a tragedy, but the death of millions is a statistic.
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South African Mines Cannot Afford Pay Raises, Impala Reuters
2013-05-20 17:22:47.0
South Africa's mining industry can ill afford to offer wage rises during talks that are about to start with a new and unpredictable union, so it may well face fresh strikes, Impala Platinum said on Friday.
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Gold Sell-off Deepens Wall Street Journal
2013-05-20 17:22:46.0
Gold prices extend its 7 day losing streak, on track for 26-month low.
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Allied Nevada Gold Closes $150m Financing Henry Lazenby
2013-05-20 17:00:43.0
US miner Allied Nevada Gold on Friday said it had closed a bought deal equity financing with a syndicate of underwriters for $150.
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Are the Predominant Macro Trends About to Reverse? martenson
2013-05-20 16:45:22.0
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Bitcoin vs. the U.S. Dollar ? No Contest ? Ever! Lorimer Wilson
2013-05-20 16:27:44.0
Ever since the Federal Reserve embarked on its easy money campaign, everyone
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LATEST NEWS
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The Bottled Asset Fund (BAF) Acquires Biondi-Santi Wine Collection
Tue, 21 May 2013 01:24:59 -0700
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NESDB: Gold price drop temporary
Tue, 21 May 2013 00:54:56 -0700
The decline in the global gold price will be only temporary and comes on the back of speculation that Italy and other countries in Europe could sell gold reserves for debt repayment, the secretary general of the Office of the National Economic and Social Development Board (NESDB), Arkom Tempitayapaisit, said on Tuesday.
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Fleur du Cap wins Trophy at Decanter World Wine Awards
Mon, 20 May 2013 23:13:45 -0700
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Gold, silver fall as dollar gains; ETF holdings drop
Mon, 20 May 2013 18:32:32 -0700
SINGAPORE (Reuters) - Gold drifted lower for an eighth session out of nine on Tuesday on outflows from exchange-traded funds and as the dollar firmed, putting more pressure on bullion which has already ...
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A Silver Warning for Gold
Mon, 20 May 2013 18:29:56 -0700
The silver chart shows that those who are wishing for a rise in the gold price will be disappointed.
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Jim Rogers May 18, 2013 Interview with Biz Asia - This Widespread Easy Money Policy Will End Badly
Mon, 20 May 2013 15:43:17 -0700
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Jim Rogers Discusses How He Was Able to Make His Fortune By Age 40
Mon, 20 May 2013 15:42:52 -0700
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Silver and gold lurch higher after early dive
Mon, 20 May 2013 14:13:27 -0700
By Barani Krishnan and Clara Denina NEW YORK/LONDON (Reuters) - Gold and silver prices gained nearly 3 percent on Monday after a roller-coaster session that opened with a gut-wrenching dive in silver to ...
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PRECIOUS-Silver and gold lurch higher after early dive
Mon, 20 May 2013 14:11:10 -0700
* Silver hits Sept 2010 low before rebounding * Gold shoots up from 1-month low and 7 days of losses * Investors await Fed chairman's testimony on Wednesday (Updates with late prices, post-settlement trades) ...
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Summer half-priced wine at Agave Southwestern Grill and Tequila Bar
Mon, 20 May 2013 11:45:59 -0700
Agave Southwestern Grill and Tequila Bar is offering year-round residents a summer half-priced wine special.
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PRECIOUS-Silver and gold lurch higher after an early dive
Mon, 20 May 2013 11:42:29 -0700
* Silver hits Sept 2010 low before rebounding * Gold also shoots up from 1-month low and 7 days of losses * Investors await Fed chairman's testimony on Wednesday (Updates with U.S. session, adds trader ...
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Research and Markets: Silver Market Review 2013-2017
Mon, 20 May 2013 11:34:00 -0700
Research and Markets has announced the addition of the "Silver Market Review" report to their offering.
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Jim Rogers: The Commodities Bull Market Is Still On
Mon, 20 May 2013 11:24:19 -0700
Silver prices have slumped to their lowest level since September 2010 and gold prices are down 18% year-to-date leading many market observers to declare that the super-rally in commodities is over. Jim Rogers, the legendary investor and Chairman of Rogers Holdings, says the commodities bull market continues. He calls the latest slump in prices a [...]
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P.M. Kitco Metals Roundup: Gold, Silver Post Dramatic Late-Day Price Rebounds To End Higher
Mon, 20 May 2013 11:06:50 -0700
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Gold & Silver Market Morning: May 20, 2013
Mon, 20 May 2013 10:53:50 -0700
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The last investable moment for silver
Mon, 20 May 2013 10:04:00 -0700
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LATEST FROM BLOG
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Gold and Silver Speculator Long Positions Wiped Out
Fri, 26 Apr 2013 21:17:00 GMT
Small speculators, also known as individual investors, have had their net long positions in gold and silver completely wiped out over the last two weeks. As of last Tuesday, these small investors held a mere 133 net long gold contracts, and 2163 net long silver contracts. As recently as September, when we turned cautious on the metals, small speculators held over 60,000 net long gold contracts and 20,000 silver contracts. If the small speculators were to sell anymore gold and silver, they would become net short.
Typically commercial banks manipulate prices on low volume to set the price and then trade at the newly set price in volume. The recent crash in gold and silver began after hours on a Friday, and was hit further by large sell orders Sunday night to take out the well known technical support lines of both metals. Most small retails investors were probably not even contacted by their futures broker. By the time they checked their account the next Monday Morning, either their protective stop orders were triggered or the margin clerk forcefully closed their position. The snowball effect in margin calls and stop loss orders was great enough to last several days.
None of this is surprising. However, we were quite surprised to see that net short positions of commercial traders rose substantially during this period. Typically they would be expected to cover their short positions at lower prices, mopping up the losses of retail investors.
This reveals several important changes to the gold and silver markets:
1) It took an enormous number of short positions added to move the market even on a weekend.
2) The gambit failed, as they were not able to cover these positions in volume after the dump. Nevertheless, as we have been expecting for several years, the commercial traders will be net long before the metals make new highs. But if they can't cover at lower prices, they will begin covering at higher prices as we saw when silver rose from $20 fall 2010 to $50 in spring 2011.
We suspect that the failure of the gold gambit is largely due to the unexpected surge in GLOBAL demand for physical metal. Premiums on bullion products are higher than they were during the 2008 crash, with even junk silver selling at $5-$6 over the paper spot price. This is unprecedented.
The consolidation in gold and silver over the last two years has been painful, especially for mining investors. However, with the prices of the metals at or below production costs, along with shortages of retail bullion products, and zero net long small investors, we are struggling to identify any more sellers. The summer season is typically weak for precious metals, and they could easily back and fill a base over the next six months, however the risk in accumulating physical metals in this price range is very low. We also believe that producing miners with cash holdings represent substantial value at this time.
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Caution Advised in Gold and Silver
Sun, 02 Sep 2012 02:35:00 GMT
Gold and especially silver have succumbed to a long a demoralizing correction over the last 12 to 18 months. The summer doldrums likely marked the bottom of this correction, and the metals have turn the corner higher. However, both gold and silver investors will likely have their resolve tested once again in the coming weeks before the metals are able to break higher.
Precious metals (GLD, SLV), and mining equities surged from their 2008 lows to their 2011 highs in reaction to massive monetary intervention, and an initial surge in inflationary expectations. Although interest rates have remained near zero, and real interest rates are clearly negative, precious metals investors have been disappointed by the ongoing global stagflationary wealth destruction, and the failure of further intervention by policy makers. The Federal Reserve has admitted that the US economy is weaker than desired, yet it has also continually disappointed in announcing a new quantitative easing as it seeks political justification.
The last two years of global policy makers kicking the can down the road, in conjunction with weaker demand from India, has created the environment for a severe correction in gold, silver, and miners. While it hasn't been the most severe in terms of percentage loss, it has likely been the most severe in terms of sentiment. With Europe, India, China, and the US all decelerating at a rapid pace, and the US fiscal cliff returning the political forefront, we believe that we are months away at the most from a turn in monetary policy. Verbal intervention has run its course, and real monetary intervention is a mathematical certainty.
Gold miners(GDX) bottomed in May, and are leading the metals. They are now overbought and could face a sharp correction before breaking out.
Gold and silver may already have begun pricing in future intervention, however commercial banks are not yet on board with the breakout in gold and silver. Net commercial short positions in both gold and silver, at a time when prices are near resistance levels and overbought are indicating that a short and severe correction could be imminent.
Silver has had an especially large spike in commercial short positions over the last three weeks.
The current commercial short positions in silver and gold must be reduced before the metals can break higher. In other words, commercial banks must cover the majority of their short positions. While they could cover as prices rise, history suggests that the most likely scenario is for the commercial banks to take down the price and cover at lower levels. This correction will likely coincide with the realization of a global recession/depression in 2013 and end with the realization of further monetary intervention.
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The Purpose Of Wealth
Tue, 19 Jun 2012 20:41:00 GMT
All too often I've heard someone say "What do you need money for, you can't take it with you when you die." To which, I rebuttal; that is the point. You leave your wealth here when you die.
"There are really only two good reasons for having a significant amount of money: To maintain a high standard of living and to ensure your personal freedom." Writes Doug Casey who goes on to state that other reasons such as to leave a legacy or perpetuate your genes are psychological foibles in The Point of Being Wealthy. While some degree of personal freedom is the prerequisite for all other advancement, I'd argue that it is only the middle tier in the individual economic hierarchy and that Casey and others are missing the larger picture.
In 1798 Thomas Malthus theorized that life in its natural environment will reproduce exponentially until it over consumes its resources (food) causing starvation to reduce populations below a sustainable consumption level. This pattern can be observed in the growth of everything from bacteria to deer populations; however it has yet to be witnessed on a grand scale in human population. While the Malthusian concept has reemerged into theories of peak oil, peak resources, and even the environmentalist movement, others have argued that the reason why the human population has continued to increase exponentially over the last 5000 years is its species' unique practice of economic and technological advancement. In other words, rather than simply consuming, reproducing, and dying as other creatures in nature do; humans develop, save, and pass on knowledge and tools to support their subsequent generations.
Or at least they used to save, develop and pass on better tools.
It's worth noting that both forces of Malthusian starvation and economic advancement are real and powerful forces. In order for the population to grow, wealth must not be just maintained it must be increased. When growth slows, people starve and die. When growth increases, people prosper. Thus the true purpose of wealth is to create capital which produces more than it consumes and eventually improves the lives of not only yourself but of all those that follow you.
Many people of Western culture including many wealthy people and outspoken billionaires believe that each generation should create their own wealth from scratch. However, it is only the act of inheritance that separates human prosperity from Malthusian catastrophe. Without inheritance of both capital and knowledge, a much smaller human population would be still living in caves. The taxation, confiscation and elimination of inheritance threatens to undermine the progress of human kind.
It is natural to desire a high standard of living and enjoy the comforts that wealth can buy. However, you can only consume so much Champaign and caviar. You can own many cars and many homes but only sleep in one bed and drive one car at a time. The overconsumption of resources beyond productive means threatens to squander wealth and opportunity. It is unfortunate for all of human kind that many of the world's wealthiest people including Buffett and Gates have chosen to squander their accumulated productive wealth not just on themselves but on futile social programs which arguably do more harm than good. If you teach people to fish they can use the knowledge to sustain many generations of life. If on the other hand, you give free fish to people so that they become hopelessly dependent, as soon as you run out of wealth to squander, they will starve and die. For this reason, most charities are immoral. But the choice to voluntarily give charity is still better than having one's wealth coercively stolen for someone else's agenda. Interestingly, the shareholders of Berkshire Hathaway and Microsoft have also seen no gains since Buffett and Gates abandoned their productive posts to squander what they took lifetimes to accumulate.
For successful capitalists with more creativity than Buffett and Gates, I'd like to offer the achievements of Thomas Edison as inspiration. Not only did Edison create wealth for himself, as a founder of General Electric one of the largest companies in existence today, he also can be credited for literally enlightening the world. The wealth that he created through the development of the light bulb not only increased the standard of living for his children, it raised the yardstick of economic advancement for virtually everyone on earth.
Make no mistake in confusing wealth with money. Wealth is capital with the means to produce, whereas money is a means to exchange capital with other people. As such, in the long run the majority one's savings should be allocated to capital reproduction and growth rather than a nonproductive or depreciating means of exchange such as fiat currency. In an economic environment such as the current one, it may be necessary to hold precious metals as a store of value in order to preserve wealth, however income producing capital investments are necessary for growth over the long run.
Whatever your field is, you can add value. Acquire a rental property and provide someone with a home. Start a small business and provide one other person with a job. Create self replicating machines. Decode proteins and cure cancer. Create sustainable controlled cold fusion. Not only will you create thousands of jobs, if you are successful you'll bring wealth and a higher standard of living to every human being.
If only today's leading capitalists had the same virtues, the economy and world would be much better off. Today's knowledge and technological advancements are of such complexity that significant amounts of labor, capital must be levered in research and development. Capitalists with the means to create life changing wealth, not only have the potential to make the world better; I argue that they have the moral responsibility to do so. Elon Musk, the founder of Paypal who parlayed his wealth to become the founder of Spacex may be one such potential capitalist. Over the coming decades, Spacex has the potential to make space travel affordable for the common person and facilitate access to the abundance of resources in space.
While the implementation of new technologies such as space mining may seem laughable to some, the development of technology and capital is a matter of life and death. In order to sustain an ever increasing population of people with increasing standards of living, more efficient capital and technology is required.
Naturally, a person born without an inheritance starts their economic advancement from zero. Initially they are unproductive until they learn a skill used to earn income usually as a laborer for another capitalist but sometimes as an entrepreneur. Over time they accumulate wealth by producing more than they consume. At this phase they merely may want a better standard of living or more personal freedom. Once they've saved enough wealth to sustain their consumption they are economically free. Most people at this stage retire, and live off of what they've saved for the remainder of their lives. However, those seeking economic enlightenment become great capitalists. Think of people such as Andrew Carnegie and Steve Jobs. They create more value than they ever could consume by creating jobs, and increasing knowledge and the implementation of technology. These capitalists measure their success not by how much they've taken and consumed over their lifetimes but by how much they've given to the world. That is the purpose of wealth.
As Andy Dufrense of Shawshank Redemption said, "Either Get Busy Living or Get Busy Dying."
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