Saturday, August 8, 2020

Goldbugs May Be Gone But Won’t Be Forgotten When The Next Leg-Up Takes Us Over $2,500

by Rick Ackerman, via Silver Doctors:

As a recovering Gold bug I have great sympathy for what die-hard bitcoin fans are about to experience. Years and years of grinding lower with the occasional wicked spikes up that bear markets are known for. Don’t get me wrong– I’m with the minarchists (e.g. Libertarians) and anarcho-capitalists in my excitement for crypto-currencies and their ability to transact anonymously not to mention their portability allowing you to move your entire net worth across national boundaries with a click of a mouse button. But with the crypto-mania having its blow-off top along with the retail public buying bitcoin it’s clear the top is in for now and it’s time to move onto the next big thing.

Showdown! Gold & Silver Face The Fed & The BLS In A Critical And Pivotal Week

from Silver Doctors:

SD Outlook: There’s a lot of moving parts this week, and it will be critical for gold & silver to at least hold here…

There is something I have noticed as I hone in and develop my theory of Peak Trump.

There is a continual rotation among the President’s support base to keep everybody constantly engaged.

It’s like one of those video games where you play the part of the waiter or waitress, and you have to keep all the customers current and happy.

Gold and Global Financial Crisis Redux

by Jim Willie, Gold Seek:

The Global Financial Crisis, a broader deeper more powerful systemic crisis than the Lehman Event was, has finally arrived in a great redux. It is seen in numerous areas. We have finally arrived at the ten-year anniversary of the Lehman event, a killjob whereby JPMorgan and Goldman Sachs bought a few $billion in mortgage bonds and never paid Lehman Brothers. The firm died, called a financial failure, but was actually a strangulation. Goldman went on to capture AIG, in order to claim 100 cents per dollar on insured mortgage bonds, a second crime. The Wall Street banks, under the leader Henry Paulsen as the managing USTreasury Secretary, completed the third crime, by pitching the $700 billion TARP Fund. They stole it, using the fund for enriching themselves with redeemed preferred stock, instead of making the funds available for lending purposes. Here ten years later, nothing has been fixed. In fact, all the abuses heaped upon the mortgage finance sector have been repeated in sovereign bonds. The USTreasury Bond has become a subprime bond, financed by pure monetization, almost no actual bonds buyers, $trillion annual deficits, auctions rigged, with hidden demand from the derivative machinery. It qualifies as a Third World debt security. The corporate bonds were routinely abused in stock buybacks, hardly ever ploughed back into the business. High yield bonds are the norm now, along with the wrecked Emerging Market bonds. There are many analysts who call the current situation the Everything Bond Bubble.

Conversation – Alasdair Macleod of GoldMoney

by Turd Ferguson, TF Metals Report:

Yes, I realize that it’s Friday but this week’s schedule is such that this podcast could not be posted on Thursday. Additionally, this discussion with Alasdair is so valuable that I wanted to post it at the top of the TFMR homepage and leave it there all weekend.

My purpose in reaching out to my old friend, Alasdair, was to discuss these two recent research pieces. As gold and silver are progressing higher in our 2010+9 scenario (https://www.tfmetalsreport.com/blog/9151/2010-9), it’s important to consider the potential ramifications of both:

Click HERE to listen

Keiser Report: ECB, tear down that wall! (E1374)

from RT:

In the second half, Max interviews Rick Ackerman of RickAckerman.com about deflation, interest rates, and the US dollar.

Metals Expert: Gold Breakout on the Horizon

by Peter Schiff, SchiffGold:

Since pushing above $1,300 in late August and then falling back below that level again in September, gold has been trading within a very narrow range and volatility in the market has remained low. But during an interview on CNBC Futures Now, metals expert Michael Dudas of Vertical Research said he sees a breakout on the horizon.

And he said he thinks the breakout could come sooner rather than later as the December Fed meeting approaches. Federal Reserve actions, along with continued wrangling over tax reform will likely increase volatility. That will spark a breakout. And Dudas said he thinks it will be on the upside.

Dudas’ bull case for gold and silver from CNBC.

With this low volatility, we think an event could spark it either way. We think it’s going to spark higher.”

Dudas described the current gold market as “eerily quiet.” Even so, the yellow metal is still on track for its largest yearly gain since 2010. Gold prices are currently up around 12% on the year. Dudas said he expects the gains to continue into 2018, with gold eclipsing the $1,400 mark. He cites two fundamental reasons for optimism.

A year ago at this time, the dollar was about to make a new high in January. Now, the dollar is in a pretty good trench – a downtrend – which we think will continue. In addition, we do think that inflation expectations, which have been muted, and the Fed is hoping and praying they can get those expectations higher – we think that will turn around in 2018, leading to higher inflation expectations, remaining low real interest rates. And that’s typically supportive for gold and silver historically.”

Some analysts believe higher interest rates could drag gold down because it will give the Fed the green light to continue pushing interest rates higher. Dudas takes a more fundamental approach. As Peter Schiff pointed out a podcast back in October, inflation is bullish for gold. In fact, inflation is one of the primary reasons to own gold.

Read More @ SchiffGold.com

COPPER INDUSTRY CARNAGE: The Worst Is Yet To Come

by Steve St. Angelo, SRSRocco Report:

The second largest copper mining company in the world saw its stock price plummet by nearly 15% today due to poor earnings.  Freeport-McMoRan’s fourth-quarter net income fell nearly 90% compared to the same period last year.  The large decline in net income was attributed to falling production, due to scheduled maintenance, and lower copper prices.

Freeport-McMoRan’s stock price (FCX) started trading in premarket after releasing its dismal earnings at $12.30 a share, and by the time the closing bell rang, the stock fell to $10.70.  FCX lost a $1.86 in one day: