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Gold to Close the Year on a High

December 29, 2010

Gold climbed $22 overnight, breaking back above the $1400 level as traders moved out of the Euro & USD and into metals and commodity currencies. Gold struck all time highs in the British pound while silver made a record close above $30.00 on the COMEX. John Embry of Sprott Asset Management had predicted last week that gold and silver prices “could go ballistic by year-end” – its looking like the rest of the week could could be exciting despite the holiday low volumes.

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Till debt do US part

December 23, 2010

Ever so slowly, people are waking up to the fact that we are subjected to a monetary system which requires the perpetual and exponential creation of new debt. When private borrowers fail to meet the system’s thirst for new money by borrowing it into existence, the government must take over that function by spending money it doesn’t have. Keeping the system alive means continually finding ways to pump new loans into the system, while concealing the fact that this “money” has been spun out of thin air.

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Gold Will Go Exponential

December 15, 2010

The amazing gold bull market which began when the gold pool was closed down in 1968 was an extraordinary episode in financial history. Beginning at $35 and topping out at $850, the bull-run represented a gain of 30 percent a year over twelve years, far in excess of the inflation rate of 7.5 percent for the same period. As gold fever spread far and wide in the late seventies, the speculating public piled into the gold market signalling a lack in confidence in government and the US dollar. It was even reported that singer / actress Bette Midler had demanded payment for her 1978 European tour in South African gold coins refusing to accept payment of $600,000 in US dollars.

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The Free Silver Movement

December 13, 2010

Silver coins have been a pillar of commerce for thousands of years. Typically associated with populism, silver has played a central role in the common man’s struggle for liberty and freedom from the money power for centuries. The American Free Silver Movement of the late 19th century, drew its support from farmers, miners and the rural populace who were burdened with the rising cost of debt and falling prices. This deflationary environment was caused by the financial establishment’s hand in the demonetisation of silver under the Coinage Act of 1873.

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The Euro Contagion

December 09, 2010

Europe’s leaders are attempting to saddle their citizens with banker’s bad debts. It’s not surprising this isn’t going down too well. Public anger is running high in Ireland as government just proposed one of the toughest budgets in the country's history. One man parked a cherry picker outside the parliament to protest against the proposal for increased taxes and a reduction in government spending and welfare programs. Portugal and Spain will be next in line at the bailout booth, I doubt the 750 billion Euro ‘stability fund’ is big enough to cover bank exposure to the imploding Spanish property bubble.

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Chinese Gold Demand Insatiable

December 03, 2010

Private investment demand for gold in China is gaining momentum on inflationary fears. Chinese mutual fund, Lion Fund Management Co., recently gained approval from securities regulators to invest local money in overseas gold ETFs. Authorities have previously been tight on investment capital outflows, but their appreciation for gold investment appears to have trumped the red tape. Despite being the world’s number one gold producer, a surge in investment demand caused by rising inflation would not be met Chinese mines.

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The Euro Debt Spiral

December 02, 2010

Concerns about the euro are still playing havoc in currency markets as the Irish bailout has done little to stabilise the eurozone. The Irish Government can raise taxes, cut the minimum wage, raid the National Pension Reserve Fund and generally force austerity, but the sums owed are so enormous, the total amount of bail-out is so large, that the bankruptcy of the Irish state cannot be avoided. This year, Ireland has spent some $54.4 billion propping up its banking sector. The EU rescue package just cost another $85 billion. These two debts amount to approximately 80% of the nations GDP - is it any wonder the bond vigilantes are running scared.

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Hyperinflation - Buying Gold to Protect Wealth

November 30, 2010

History has taught us that governments can take a perfectly good piece of paper, put some ink on it, and make it totally worthless. It happened in Hungary in 1946, Argentina in 1988 and more recently in Zimbabwe. But most currency devaluations go unnoticed by the general population until the rate of decline begins to gain momentum. It can be compared to a slow motion train wreck you just can’t keep your eyes off. This is certainly the case with US dollar, which has been in decline since the start of the Iraq war, and has gone from 80 cents to buy a euro to over $1.40 just recently.

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American Silver Eagle Sales are Booming

November 25, 2010

Another big sales record in American Silver Eagles has recently been toppled. In the past, the U.S. Mint began selling newly dated or “next year” Silver Eagles in December so that dealers could offer them immediately in January. For the first time, that did not happen for the 2010 Silver Eagles. Bullion demand was so high earlier in the year that the mint continued selling the 2009 dated coins through til the 19th of January 2010. As such, the 2009 coin not only enjoyed extra selling weeks in late 2008, but also in early 2010, making them the most sold year-dated Silver Eagle ever at 30,459,000.

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Silver Manipulation

November 22, 2010

This week is set to be another volatile week of whipsaw price action with December 2010 gold and silver option contracts expiring this Tuesday night the 23rd November 2010. The commercial shorts looked to have over run the bulls last Thursday, by stomping silver back down to $25.00 in anticipation of clearing out the large grouping of call options at $25.00 for expiry this week. However, Friday’s explosive price action took silver back to $27, leaving the commercial shorts with some heavily lifting to do in the next 48hrs, if they are to succeed in their assault on the silver price which would result in the $25 calls expiring worthless.

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Gold & Silver Cartel in Retreat

November 19, 2010

Following a sharp 15% pull-back from the November 10 highs, silver managed to hold support at $25.00 yesterday, bouncing off the trend line like a rubber ball, shooting straight back up to $27.00 overnight. Large corrections in the silver price have historically been accompanied by a sharp contraction in COMEX silver futures open interest as the longs are flushed out of the market by the large commercial shorts. Several silver analysts monitoring the metal’s $4 correction have sighted only a minimal contraction in open interest, suggesting the commercial shorts - JP Morgan, HSBC et al. are losing their control over the market. Expect to see more volatile price action in the weeks ahead.

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Soros' Gold Holdings

November 18, 2010

When George Soros adjusts his portfolio weightings, investors want to know about it. Despite much speculation and reporting that Soros had significantly reduced his exposure to gold, regulatory filings for the third quarter confirm that Soros Fund Management has merely switched vehicles. Soros has reduced SPDR Gold Trust (GLD) holdings to 4,697,008 shares down from 5,244,697 in June, while picking up 5,000,000 shares in the iShares Gold trust valued at $64 million.

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China's Appetite for Silver

November 15, 2010

Chinese citizens have exerted very little impact on speculative investment booms in the past. However, the huge growth in exports due to their enormous manufacturing base has put a large amount of money in the hands of the government and business owners. The new class of wealthy Chinese business owners clad with mobile phones and laptops are not afraid to invest their wealth where they see profitable opportunities. Chinese investors are now hoarding silver along with industrial metals like copper, amid anticipation of much higher inflation.

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Gold Standard Blather

November 09, 2010

World Bank President Robert Zoellick recently addressed the possibility of a gold standard, warning that a new monetary system would take some time to develop and should be part of a package approach with possible amendments to IMF rules to review capital as well as current account policies, and linking IMF monetary assessments to World Trade Organization obligations.

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FT on a return to the Gold Standard

November 03, 2010

The debate over the possibility of a future return to the gold standard seems to be running hot in the financial press. This piece by FT’s chief economics commentator Martin Wolf makes for interesting reading. As is the case with most financial commentary from mainstream media circles, the objective is clearly to ‘cover’ the subject of finance, rather than open it up.

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Fleckenstein on QE2

October 29, 2010

Bill Fleckenstein is the author of the brilliant book entitled Greenspan's Bubbles: The Age of Ignorance at the Federal Reserve. Fleckenstein details how the Fed’s ‘wall of money’ policies of excessive credit created the technology bubble. He also points the finger squarely at Alan Greenspan for having inflated the housing bubble which inevitably resulted in the sub-prime debacle.

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Marc Faber Expects Market Sell Off On QE2 Announcement

October 27, 2010

With vacuum tubes expecting QE next Wednesday to come anywhere between $500 billion a $10 trillion, it falls upon Marc Faber to naturally take the other side of the bet, who, in this interview with Margaret Brennan (sadly without Mr. T by his side), tells the impeccably coiffed Bloomberg anchor that instead of inciting the mother of all flash dashes and hitting the BlackRock 12 month target of Dow 36,000, Faber instead anticipates that the Fed decision "could disappoint investors and may prompt a correction in US stocks."

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Trading Silver for Free Gold Kangaroos

October 23, 2010

Silver has been hitting headlines lately. Having stacked on a 32% gain in the past 2 months, all the media buzz around silver is probably warranted. The Financial Times recently published an excellent article on silver which is attached to the post below. This FT article coincides with what looks to be a significant short-term top in the silver price. As a contrarian investor, it’s this kind of news that encourages me to take some profits off the table.

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Gold Grab on Retracement

October 20, 2010

The USD’s multi-month decline hit the skids last night on the back of weaker technology earnings and some tinkering under the hood at the People’s Bank of China. The PBoC lifted the one-year lending rate by 25 basis points to 5.56 per cent. Whether this was a sign of co-operation in response to America’s call for Yuan revaluation, or an inward looking move by Chinese Bureaucrats to slow economic growth given overcapacity concerns remains to be seen.

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Interview: Eric Sprott on Gold and QE2

October 19, 2010

Hera Research Newsletter interview with Eric Sprott, Chairman, Chief Executive Officer and Chief Investment Officer of Sprott Asset Management LP and Chairman and CEO of Sprott Money, Ltd. With over 35 years of experience in the investment industry, Mr. Sprott is the Senior Portfolio Manager for numerous funds comprising several billion dollars in assets.

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