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Jim Rogers … Sign of the Times?

"The fiat bull – which is really an unusual equity leg within a larger golden bull, from what we can tell – could run longer, even a lot longer. It could do so, as we have pointed out, with considerable volatility. But if the Fed continues to stuff banks and markets with money, we have a hard time believing that averages could plunge sharply and permanently, or at least not right away. Perhaps Rogers is aware, as we are, that top bankers are seemingly organizing a huge equity blow-off that takes the market a good deal higher before dropping it hard. In such a situation, we think there is certainly a possibility that central banking could be terminally discredited." Continue reading →

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China’s Largest Bitcoin Exchange Seeks Recognition for Currency

"BTC China, the nation’s largest Bitcoin exchange, has had low-level discussions with regulators seeking recognition of the digital currency that would allow it to be used to buy goods and services in the country. The company has sought to discuss Bitcoin regulations with officials from agencies including the People’s Bank of China, the China Banking Regulatory Commission and the China Securities Regulatory Commission, BTC China Chief Executive Officer Bobby Lee said in a Nov. 29 interview in Shanghai. It’s not yet been able to arrange any high-level meetings, he said." Continue reading →

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Nobel Prize winner warns of US stock market bubble

"At the ceremony in Sweden, Schiller told Reuters news agency that the Federal Reserve's economic stimulus and growing market speculation were creating a "bubbly" property boom. 'This financial crisis that we've been going through in the last five years has been one that seems to reveal the failure to understand price movements,' Shiller told Reuters. The S&P 500 Index is now higher by 26.6 percent since the start of the year, logging its longest weekly winning streak since 2004 on Friday. Both the Dow and the S&P 500 are regularly breaking fresh new all-time highs and the Nasdaq is trading at levels not seen since the Dotcom boom went bust in 2000." Continue reading →

Continue ReadingNobel Prize winner warns of US stock market bubble

Nobel Prize winner warns of US stock market bubble

"At the ceremony in Sweden, Schiller told Reuters news agency that the Federal Reserve's economic stimulus and growing market speculation were creating a "bubbly" property boom. 'This financial crisis that we've been going through in the last five years has been one that seems to reveal the failure to understand price movements,' Shiller told Reuters. The S&P 500 Index is now higher by 26.6 percent since the start of the year, logging its longest weekly winning streak since 2004 on Friday. Both the Dow and the S&P 500 are regularly breaking fresh new all-time highs and the Nasdaq is trading at levels not seen since the Dotcom boom went bust in 2000." Continue reading →

Continue ReadingNobel Prize winner warns of US stock market bubble

The Aden Sisters on Gold, Commodities and Near-Term Market Prospects

"We spoke a lot about gold and silver with the Aden sisters here because they are known in part for their precious metals insights. But it is interesting to see that they have 50 percent of their assets in the stock market itself and believe the market could continue its rise. We do, too. There will be no significant tapering, from what we can tell. Janet Yellen, the next Fed head, has expressed a determination to continue stimulation until the job picture brightens (which likely will never really happen). In England, Mark Carney - the Carney barker - has indicated via forward guidance that the BOE continues aggressive monetary stimulation." Continue reading →

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Gold suffers worst November since 1978

"A price fall of such magnitude hasn't been seen in November since 1978, according to data from the World Gold Council, when prices plunged 20 percent. Spot gold rested at $1,252 an ounce on Friday and was headed for its biggest monthly drop since June. It has lost over a quarter of its value year-to-date, putting it on track to post its first annual loss in 13 years. Citi said this month that gold was about to enter 'phase two' of its bear market and its downside target for the metal is now $1,111 per ounce. Goldman Sachs, meanwhile, predicts a 'significant decline' in gold in 2014, with a fall of at least 15 percent." Continue reading →

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38,000 Australians take ANZ bank to Federal Court over banking fees

"The largest consumer class action in Australian history begins in the Federal Court in Melbourne today as 38,000 ANZ customers appeal over the bank's fees. Law firm Maurice Blackburn is taking the action on behalf of ANZ customers, with the court set to examine whether the fees are fair or whether they are excessive and therefore illegal. A High Court decision last year paved the way for the trial in the Federal Court. Maurice Blackburn has the financial backing of publicly listed litigator IMF. Andrew Watson, the head of class actions at Maurice Blackburn, says the fees are not an accurate reflection of the costs faced by banks when customers are caught out." Continue reading →

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Leaked Docs: Dutch Rabobank Blocked Bitcoin for ‘Ethical Reasons’

"Rabobank, the Netherlands’ third-largest retail bank by market share,blocked its customers’ transfers to bitcoin exchanges for ‘ethical reasons’, according to several first-hand customer reports and bank documents leaked to Dutch news sites. When questioned about the blocks, Rabobank apparently told some customers there were 'technical problems' with the transfer, but told others the bank’s own internal Ethics Commission had ruled to disallow bitcoin trading. The documents went on to recommend customers engaging in bitcoin trading be labeled as having a 'higher risk profile' in general." Continue reading →

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US Regulators: the World’s Bitcoin Police?

"It’s clear that some of the top cops in the United States aspire to regulate virtual currencies on a global scale. A series of meetings took place last week in response to the criminal activities lawmakers have witnessed using distributed money such as bitcoin. What does this mean for those starting bitcoin-based businesses in the US? And what impact will this have on virtual currencies in the global economy?" Continue reading →

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“Everyone Is Holding Cash; They Know When It Ends It’s Gonna Get Ugly”

"'The Fed is playing a very dangerous game,' Starwood Capital's Barry Sternlicht warns,'and they need to stop.' Sternlicht has quadrupled his firm's net worth in this time and, to the incredulity of the CNBC anchors, warns, 'this is bad, this is a heroine addiction.. and now they are printing more money than the deficit.' The outspoken CEO of the $29 billion fund, noted 'all my friends who are money managers.. are much closer to the sell button than they ever were before,' adding that 'everyone's holding cash,' since if they start to get nervous 'volatility will come back instantly.' Simply put, he concludes, 'you know when this ends, it's gonna get ugly.'" Continue reading →

Continue Reading“Everyone Is Holding Cash; They Know When It Ends It’s Gonna Get Ugly”