Marc Faber: ‘World Central Banks Are Going To Bankrupt The World’
"Incredible interview with Dr. Marc Faber about how world central banks could potentially create a major world economic collapse." Continue reading →
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 →
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 →
London Gold Fix Calls Draw Scrutiny Amid Heavy Trading
"Every business day in London, five banks meet to set the price of gold in a ritual that dates back to 1919. Now, dealers and economists say knowledge gleaned on those calls could give some traders an unfair advantage when buying and selling the precious metal. The U.K. Financial Conduct Authority is scrutinizing how prices are set in the $20 trillion gold market, according to a person with knowledge of the review who asked not to be identified because the matter isn’t public. The process, during which gold is bought and sold, can take from a few minutes to more than an hour. The participants also can trade the metal and its derivatives on the spot market and exchanges during the calls." Continue reading →
Jim Rogers Exclusive Interview: QE, currency wars, inflation and gold
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Most Bizarre Hedging Statement Ever?
"This last blow-off is going to be a merciless one that will precede perhaps a movement toward a more global currency or a diminishment of the dollar reserve standard itself. Many may be tempted to sit out this latest – promulgated – rally based on the obvious and evident macro-manipulations. And I will continue to point out the various machinations that are setting up the Party. They are a long ways away from snatching the punch bowl on this one and fortunes will be made because one thing this sort of vast manipulation portends is volatility and plenty of it. Is the market a kind of Titanic heading toward an iceberg? Of course it is. But it's going to be a helluva ride." Continue reading →
Venezuela’s Central Bank to Trade Gold with Goldman Sachs
"Venezuela's Central Bank and Goldman Sachs are ready to sign an agreement to swap or exchange international gold reserves, with a start date in October, as stated in the contract, and until October 2020. The negotiated amount, equivalent to 1.45 million ounces of gold, are deposited in the Bank of England and the transfers are made directly to Goldman Sachs once delivery times are stipulated. The operation involves the delivery of gold from the central bank, which will receive dollars from the U.S. firm. Economist Jose Guerra explains that this operation is being undertaken because of the fall in international reserves, on Nov. 15 totaled $20.6 billion, a loss of $9.9 billion in 11 months." Continue reading →
Jim Rogers on Price Inflation, Investing in Asia and China’s Boom
"As we speak, there is this meeting in Beijing on what to do about the Chinese economy. It's a plenary council, which only meets periodically. The first meeting was in 1978 where [Deng Xiaoping] started opening up the Chinese economy, which has certainly been the most important thing in the world economy in the past 35 years. In 1993 they had another one, which had dramatic results. The Chinese say that this meeting is going to have equally dramatic and dynamic results and come up with very important changes. It may be as important as 1993 or 1978, and if they do big things, it's going to be perhaps the most important thing affecting the world economy over the next 10 or 20 years." Continue reading →
Black Market Dollar Exchange Sparks Argentina Luxury Sales Crackdown
"Argentines who buy a car valued at more than 350,000 pesos ($58,600) will now be required to justify the transaction with the Financial Information Unit, the nation’s money-laundering watchdog, according to a Nov. 11 decree. Argentina is boosting its currency controls as consumers faced with 25 percent annual inflation turn to everything from luxury cars to gold and bitcoins as a store of savings. With the black market offering holders of undeclared U.S. currency 3.8 pesos more than the official exchange rate of 5.9764 pesos per dollar, demand for premium cars from Volkswagen AG’s Porsche and Bayerische Motoren Werke AG is causing a 33 percent jump in imports this year." Continue reading →
The Downturn in the Spot Gold Price
"Virtually from the day that Germany demanded to have its gold delivered back to the Bundesbank, three very clear phenomena have occurred: 1. The gold price, which had been trending sideways, has plummeted. 2. The physical gold held at the COMEX has been pouring out of the warehouses. 3. The amount of physical gold held by the ETFs has stopped rising and started falling. Fast. Coincidence? I very much doubt it." Continue reading →
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