Thursday Gold Commentary
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Really sorry about the audio on my end guys!
Nothing for sure Marc, but all this recent bad press for JP Morgan and Barclays would have to make even the most aggressive manipulator a tad uneasy. I’m certainly watching for signs either way.
J.P & BARCLAYS Will walk away from this looking squeaky clean……….they have the (corrupt) system on their side.
Hi irish,
Maybe, maybe not. I think that governments around the world know what’s coming and they’re looking for some whipping boys. We’ve heard it so many times before, but I think there’s a potential sea change coming in what governments will allow, so they can later say, “See? Look how that horrible JP Morgan and Barclays (and Goldman Sachs) robbed the people.”
We’re in July now. It will be interesting to see if it will move metals early again — the Aug/Sept rally coming early, that is. It may not in an election year, but speaking fundamentally, there are reasons why metals might rally a bit more sooner rather than later.
Morning John W,
I do agree that we could very well see an earlier rally in the metals markets.
Big Al
Yes Al,
The mummurs of QE and today’s lower job numbers all point that way too.
Hi Marc,
I agree with John W’s comment.
Big Al
Everything financial and political boils down to two words.
GAMING CONFIDENCE
Morning Clay,
I would have to say that it boils down to one word – uncertainty or is it confusion?
Big Al
I forgot to say I truly hope your birthday as an American citizen was safe, sound and sane! :). I watched some segments of “America the Story of Us” on the history channel last nite….they had the pre – revolutionary war and revolutionary war segments on. Just an excellent program. Just as good as when I watched it originally in 2010. You know what guys, I am up for a “good ol’ fashion” revolution – if that’s what it takes. The greed, thievery and lack of moral judgement from leaders of every facet of society it at a low point. But, as an American, hope AND perseverance is a key to surviving. Am I a saint? Not even close. Heck, no! I am fallible like all others. The difference is I try to understand my human failings and pray for strength and guidance. Our ‘leaders” have abandoned the ship because of a lack of will, ignorance of just plain stupidity. Now the question is’ “What do we do about it?” I am now torn between “staying home in protest’ or writing in ‘Ron Paul” and being culpable to handing the election to one or another of our indistinguishable candidates…..what to do……what to do?
All the best,
Marc
Hi Marc,
Kathy made a very sound comment a while back when she said, “you have to look yourself in the mirror every morning and know that you did what you believed was truly right.
Truly right for me is to write the Congressman’s name on the ballot.
Go dawgs,
Big Al
Yes….agreed. I mentioned that in an earlier post. Just a little frustrated right now!
AL……Your little blond lady, is truly the sharpest knife in the drawer………….!
Absolutely 1000% correct, Mr. Irish!
Big and lucky Al
HI MARC………..The time is right ………TO REVOLT.
Hey Irish…
Drinking my soda water right now….brutal…
Hi Azte,
Soda water!
Big Al
Marc,
I will have to write in Ron Paul. I just can’t bring myself to vote otherwise.
He’s the only candidate that could have possibly helped with the economic situation we are in. I do not see either of the other two candidates really helping matters. I read on a website last night (sorry, I don’t remember which one) that if Obama wins, the stock market will dive. If Romney wins, it will rally for a short while and then dive. Whomever is in office after this upcoming election will be almost powerless to stop the upcoming crash. Just my 50cents worth.
Meanwhile, I will just keep stacking.
Jody D
my thoughts exactly Jodi!
Big Al
Sorry of course I mean Jody!
Still not used to my smart phone,
Big Al
JODY………….I agree…two left gloves are no good to anybody.
Maybe Dr. Frankenstein really screwed up? This really is a monster that has been created!
Big Al
By the way, the best version of that movie starred Peter Cushing.
How much damage to the confidence of the consumer has the “Lieborgate” scandal accomplished? I would welcome comment on this subject.
Thanks,
Jody D
JODY………..My advice to everybody is………if you want to hurt the banks…withdraw all your cash, store it under granny’s mattress , or buy gold & silver,….Me i prefer the latter.
Sage advice from a sage!
Big Al
Sir IrishTony,
I am currently doing all three!!!!
I only leave enough money in the bank to pay the bills…the rest is “out of there”!
I’m stocked up on food supplies, ammo, and other needed supplies.
Just being prepared. I have to take care of other family members who refuse to believe what the future could hold. I get alot of the glazed over looks. I feel it’s better to be ready and be wrong then to not take the precautions and be in jepordy.
Jody D
You are one wise lady! This is NOT…I repeat NOT like the Y2K scare. That didn’t hold any water. But, when they start messing around with the global financial infrastructure. S WILL HTF! Then you better be prepared. Good job.
Hi Jody,
Not telling you what to do, but I would say that I am staying diversified and covering all my bases.
Big Al
“Lieborgate”
As you know Jody, it’s still unfolding. It probably won’t affect consumer confidence much, if ever (although related fall-out down the road could).
It doesn’t just appear that Barclays were the only ones involved, but rather all 12 London banks surveyed each morning which defines the LIBOR. The potential for prosecutions and fines in the next year or so at UK banks, all happening when other EU banks are having to swallow debt from Spain and elsewhere, however, might make for the perfect storm. That, in turn, could be enough to turn consumers and bond buyers off. It’s the last (or first) thing banks needed right now!
Every vote note cast for Romney WILL GIVE OBAMA one more vote closer to his election. VOTE this year with a STRATEGY TO DEFEAT OBAMA!
OOOPS…should read ” vote not cast for anyone other than Romney” will give Obama one more vote closer to his election. Sorry!!!
I think you all know I’m really having a hard time today…Romney is the only one having a chance to boot Obama out of the White House! Write-ins won’t help…they only hinder.
Hi Sandy, its not August and its still time to give Ron Paul more time to give it to Romney and the GOP/RNC and what to BE at election time for the all the Party, as to what to do with Obama and the economy. Just see what happens at Tampa Convention. PS. About throwing your vote away on write-in`s may not be an issue when its been rigging the election from the start as to who`s should have been the runner up in the 1st place – Ron Paul not Romney.
Sandy,
And exactly what solutions are NR presenting?
I would really appreciate a more detailed explaination from Mr. Sinclair regarding his latest editorial “The Rig is up”
From his editorial:
The Kraken is back in its cage where it belongs. The paper trail is there. The worm has turned. Even more importantly is that this fight in the $1540 gold price area was not for regaining the old high in gold. The six attempts to kill gold, supported by some gold writers looking for favors from the riggers was a now failed attempt to keep gold from trading above $3500.
where is this paper trail? What are these 6 failed attempts? Why was (is) the battle for $1540 not about regaining the old high? What is it about? Who are these gold writers? I could name a few.
Hi Al, Federal Government Identifies Liberty Loving Americans as Terrorists again and Deliberately Ignors Radical Islamists in the USA. http://www.libertynewsonline.com/article_301_31988.php “This is not the first time a government report has listed conservative groups such as evangelical Christians and tea-party members as terrorists. WND(World Net Daily) has reported on how the DHS(Department of Homeland Security) had previously issued another report listing returning veterans and Christians who believed in end-time prophesies as dangeous right-wing extremists. A report issured by the Missouri Information Analysis Center warned law enforcement agencies to watch for individuals with bumper stickers for third-party political candidates including Ron Paul, Bob Barr and Chuck Baldwin. It also defined radical ideologies as opposing immigration, abortion and Federal taxes.“ Hey this sounds like us guys – gold bugs, & those who still believe in the American Dream.
The American Dream is one that I cannot give up Mr. Brophy!
Best,
Big Al
Ditto..Big Al..ditto
The audio was fine.
Thanks Ken, I just don’t like recording using a cell phone. But Whidbey Island is what it is!
Big Al
Call me crazy but I agree with you Denim!
Big lAl
The bank of England has just just come out with a £50 billion Qe………..Expect the ( corrupt fed ) to come out with official QE in early August just in time to juice up things for OBAMA……………..This man is VERY DANGEROUS.
Mr. Irish,
A lot of people would agree with you!
Big Al
Wow. I’m feeling a little snookered by misleading advertising (at a cost to me only of time, not money) and hope I might politely register my dismay. A newcomer to this site, earlier this week I read Mr. Wiegand’s statement, “We are not suggesting that Obama is another Hitler, but their likeness is stunning.” Today I hear Mr. Wiegand state, and Mr. Korelin agree, that Obama is seeking to start a war in the Mideast in order to get reelected, as in the film “Wag the Dog.”
Seriously?? Neither damning allegation is supported by any coherent justification — perhaps because the commentators’ expertise in European history and the conduct of foreign policy is somewhat limited. Or perhaps because they detest the President so much that they will conjure up a diabolical explanation for whatever he or his Administration does, conveniently cherry-picking and certainly not checking the facts, disregarding context, and not addressing alternative views. It’s a form of negative campaigning, which has added so destructively to the poisonously partisan environment. If commentators and contributors to this site favor Ron Paul, why don’t they talk about how and why his positions are superior, rather than putting all their energy into dumping all over the current President?
There seems not to be a place in this corner of the blogosphere for fair-minded or open-minded people, even those such as myself who are persuaded that we are at high risk of economic disaster and there is plenty of responsibility for that condition to pass around widely. I’d be offended by the belief system I apprehend here if I took it seriously, but I can’t find the commentators to be credible. When there is no evident rigor or balance in their analysis of current events, I conclude that I have no reason to believe (and no way to know, one way the other) that there is rigor or balance in their analysis of the hard assets markets.
I don’t really understand why Mr. Korelin and his sponsors would wish to limit their audience to those who enjoy, or at least tolerate, baseless political diatribe, and who seem to enjoy demonizing the President reflexively, with no acknowledgment that there may be pros and cons, or no good choices. Such is the sad state of the mindless political discourse in this country. And such is the site owner’s prerogative.
Initially I did not fully understand the nature of the Korelin Economics Report website, which most certainly is not “devoted exclusively to hard asset investing” as the radio show is advertised. I understand clearly now that it’s not for me and will no longer trouble readers with my pleas for accuracy and reason. There is a lot of simplistic labeling of people and their ideas here; I reject that because I believe that labeling people and ideas denigrates them and deprives them of their rich complexity, Therefore, I do not suggest that Mr. Wiegand, abetted by Mr. Korelin, is a hate-mongering extremist nutcase. But the likeness is stunning.
Seriously?? Neither damning allegation is supported by any coherent justification — perhaps because the commentators’ expertise in European history and the conduct of foreign policy is somewhat limited.
Is that so?
Have you ever heard of the Gulf of Tonkin incident?
Do you know what happened to the USS Liberty?
How about all the lies from the government that led to the US involvment in Iraq?
Do you know that right now your tax money is funding terrorist organizations that are conducting bombings and assassinations inside Iran?
Do you know that right now your government and the Israeli government is conducting cyber war against Iran, not to mention economic war?
My friend, I think you have much to learn about history and current events and about the lies your government tells you and the truth it hides from you.
Hi Lynn Brown,
Two comments:
First of all, I have never likened the president to Hitler and I would never do that. That is definitely not my style.
Secondly, I did not hear myself agreeing with Roger’s comments regarding starting a war. I will listen to the segment again to make sure that I am correct.
Far and away the majority of the folks on this site are definitely not hate mongers.
They are people who do not support big government. I, by the way, definitely fall into that category.
Here is a funny story: My best friend asked me if I voted for Obama at 10 p.m. election night here on the West Coast. I said no. His reply was that the only reason that I did not vote for him was that I am a racist.
Rather than get angry, I said ” no I did not vote for the man because I read The Audacity of Hope and did not agree with what I perceived was his philosophy. Secondly I said that I felt that he was not qualified for the job at that moment in time. By the way, I still do not believe that he is truly qualified.
My parents fled their homeland in 1917 because of an oppressive and violent government. Mom, Dad and mom’s parents then eventually moved to the U.S. Dad’s parents moved to China and all went well for them until 1949. You might remember what happened then. They then fled, after my grandmother purchased her condemned to death husband from execution. They made their way to Seattle and arrived penniless. My grandfather, a former mufti-millionaire, then took a job at Macy’s in San Francisco as a janitor and my grandmother began cooking for other people.
Please don’t call me a hate monger as you can see, hopefully, that I am just a person who dislikes big government which is run by folks who, in many cases. I believe are incompetent.
I hope you read this, my friend.
All the best,
Big Al
I did read it. Thank you. I hear you and appreciate your time. I feel that, though I choose my words carefully and attempt to convey nuance, they are not being read very carefully. With the exceptions that follow, I stand by what I said.
I regret attempting the use of irony in my last sentence, in which I purposefully duplicated the sentence construction of Mr. Wiegand in his column as he denied suggesting that President Obama is not another Hitler, but then immediately contradicted himself by claiming that the likeness is stunning and went on at some length on this subject. I found this portion of his column most offensive. If likening the President – or anyone — to a universally reviled murderous fascist dictator, using inflammatory language designed to incite emotion, is not hate-mongering, I don’t know what is. No one commented on this, which may or may not connote general acquiescence.
At the time, I contained myself and instead challenged the conclusions of Mr. Wiegand and others concerning the recent Supreme Court decision. When I subsequently heard Mr. Wiegand’s unsupported accusation of the President today, the cumulative impact, alongside some other comments I saw as I scanned earlier threads , which seemed to me quite outrageous, motivated my post.
Respectfully, sir, I did not call you a hate monger. I suggested you abetted hate-mongering, and could have clarified that by noting that the abetting in this instance consists of the facts that 1)this is your site; and 2) Mr. Wiegand is an invited regular commentator. That suggests a degree of responsibility also. Are you not where the proverbial buck stops? I apologize to you and Mr. Wiegand for any incivility and I was wrong to name-call in the guise of irony that I recognize was too clumsy.
Second, I am glad to have motivated Ken’s interesting, substantive discussion and documented information about dirty secret wars and their impact. I have no quarrel on that score, other than to note that the Iranian government isn’t full of Boy Scouts either. My comment, though, was construed to have denied the existence of such things. I did not. I’ve been around and paying attention for a long time, too. What I did was call not for evidence that such events have taken place (everything mentioned has been all over the news at some point, for crying out loud, and some still are), but for evidence that US actions vis a vis Iran are motivated by some plot to enhance the President’s reelection chances. I suspect there is none, and that the existence of such a conspiracy is speculation….a mighty serious accusation to make in the absence of evidence. Sometimes such an allegation is ultimately vindicated by evidence; sometimes, it remains just an irresponsible falsehood, and a harmful one. Congress holds endless angry hearings about alleged conspiracies and improprieties; we hear about them all at first, but we don’t hear that the majority are a lot of noise about nothing, and the issue quietly goes away, but not before people have been unjustly damaged. If false accusations happen to gain a life on the internet, the same occurs.
I double-checked myself by listening a third time to today’s audio and respectfully assert that it was quite reasonable to interpret your concluding statement that you agree with “every single word” of Mr Wiegand to include the accusation of the President. If you didn’t intend to do so, then it is indeed unfair to attribute that view to you also.
More power to all who find enjoyment or edification here, doing your thing. My “thing” is a bad fit. But I hold onto my gold.
Sorry to tell you, but the supposed “P”resident is NOT even up for re-election:
http://lonelyconservative.com/wp-content/uploads/2012/07/Obama-promises-1.png
For many years before usurping the office, his own wife, as well as his own publisher and Associated Press, had undisputedly claimed that he was born in Kenya. So either way, and even if Barry Zero’s real father really happens to be Frank Marshall Davis, the guy is an absolute FRAUD.
Lynn Brown, I actually have to agree with most of your points. While I spend many hours every week, in fact almost every day researching precious metals and related entities, I also have found certain language on this site to be offensive – and I’m not even American! I do feel there is a very one-sided viewpoint coming from many people in America who do despise Obama, for whatever reasons (some mayhave some basis of validity but the majority do not). It seems anyone who doesn’t agree with the Anti-Obama camp is immediately chastised, and I dont think this is fair, useful or healthy. Politics, whether in America or any other country can evoke strong opinions, much like religion does but surely its to the benefit of us all to entertain all viewpoints as if nothing else, we may learn to understand why others think the way they do and grow as human beings.
The truth is the US is already at war with Iran.
The US has made it clear on several occasions that it would consider a cyber attack on its infrastructure an act of war. The US also considers economic santions and embargoes acts of war.
And how would the US react if China had bases in Mexico and funded Mexican terrorists that assassinated US officials in the US and blew up buildings in the US and also killed US citizens who did not work for the US government?
Also, how would the US react if a foreign government sponsored the assassination of its scientists?
My friend, your government and the Israeli government are doing all these things and more to Iran.
And guess what? Your taxes are paying for it, along with the borrowing and money printing your government does and you and your kids will pay for that, too.
Your government is buying all of us (and our kids) new enemies and we will all pay dearly.
Here’s just some of what your government is doing
http://www.guardian.co.uk/commentisfree/2012/jan/11/covert-war-iran-illegal-dangerous
And here is some more http://original.antiwar.com/giraldi/2011/12/07/washingtons-secret-wars/
And the guy who wrote that was a CIA analyst.
And let’s not forget that the US and the British overthrew the Iranian government and installed the Shah and funded his dreaded Savak.
Do you think that bought us a few enemies, Lynn?
By the way, the plot mentioned in the above article to assassinate the Saudi ambassador turned out to be more lies from our lying government and media.
And anyone who does not think the US and Israeli government are not beneath conducting a false flag operation is truly whistling past the graveyard.
But they may not have to conduct such an operation. They are doing everything they can to get Iran to lash out so they can have their war.
So far, the Iranians have not taken the bait.
Want my opinion, Ken? I don’t think that they will!
Big Al
HI Ken,
To a very large extent, I cannot disagree with you.
Big Al
Lynn Brown –
I just have a favor to ask of you. If the US ever experiences the Big One (i.e. massive earthquake) and it causes the US land mass to divide into two parts. Please text message (to me, because I can’t speak for anyone else) what side of the split you are on, so I can make arrangements to find my way to the other side.
Common man, every person is entitled to his/her opinion!
Big Al
Big Al –
Your response … highly disappointing. The “contributor” intimated that you had a stunning likeness to an abettor of “a hate-mongering extremist nutcase” (i.e. your friend Roger). And you tell me to come on…really?
Political correctness, the kind that you are exercising right now, is part of what is dragging are country down to these left-wing nutjobs.
Morning Going Down Fast,
I am definitely not trying to be politically correct.
My point is that I do not think that likening Obama to Hitler is really appropriate. Agree or disagree with someone, I still believe that politeness is always the way to go.
Big Al
going down fast:
I would like to know also. As far as Big Al’s reply: Realize that he cannot take sides or he loses people. i’m sure he believes as the majority here but being diplomatic with his answers is job one. I for one appreciate the bottom line, call it as it is regardless of political correctness.
Hi Lynn Brown,
I’m glad you like rich complexity in people. I like simple elements, like gold and silver. Best
I have always seen presidents as puppets doing what they are told by the true people in power…so for me it dosn’t matter who is the president.
Danny, that IMO is the comment of the week.
Interesting point, Danny.
Big Al
Japan is again having a debt-limit crisis. They will probably pass it by October, but just keep your ears open. 43.5 trillion yen ≈ $440 billion. That’s a lot of bonds to sell, what with everyone else in the world needing to sell a few hundred billion (except US, where it’s around 1300 $billion each year). My, wouldn’t it be amusing if every country in the world needed to sell bonds by October and nobody showed-up to buy them.
http://finance.yahoo.com/news/japans-azumi-government-could-run-033130248.html
Ooops, sorry, I used the JPY/EUR by mistake. In USD, it’s worse. 43.5 trillion yen = $544 billion USD.
Hey John W.,
Except Charlie Munger and Warren Buffett!! Ok, through in you know who at Kitco!!
IN THE SCHEME OF THINGS
All things end;
Including kites;
Some things are things;
Some things are not things;
And they last forever.
Lynn Brown: thanks for the comments on my written essay of last week. If you read history you will see the way depressions end is with a big war which is nothing more than a jobs program. Its coming again right now. The Middle Eastern Gulf is loaded with US Navy warships to protect nations and the general region against Iran. Sure looks to me like Iran is the target. A Wag The Dog War is just the ticket to get the American patriots minds off their economic troubles and ‘SAVE’ THE ADMISTRATION. I am an economic history buff as its part of my job. Numerous events that occurred in the 1930’s in Germany are happening right now. If you are not watching you are unaware and not thinking on the subject. I am not alone in this evaluation. Write this down: In the 4th quarter of 2012 and the first quarter of 2013 you will see unimaginable things happening in the USA and the world relative to elections, fraud, lawsuits, potential impeachment, potential presidential resignation and many other things I’ve written for Kitco. John Robertson’s comments about the bond market are well taken. This is going to happen but it might longer than we think. When the bond markets are toast, so is the credit of those central bankers creating mayhem throughout the world. We reported on this ten years ago when we also said the Euro would fail. Watch what Germany does to exit the Euro and Euroland. They do not intend to go down with the international ship- Traderrog
Two reasons why Finland, and maybe even Slovakia, will leave before Germany and The Netherlands: Fundamentally socialist France would be left on the SloPIGSFCyB-side, and Belgium would be torn apart. As long as the USUK considers Europe and NATO strategically important, German politicians accepting these outcomes would face unexpected health problems, scandals and “accidents,” so for a while, wasting much energy and wealth will seem preferable to a chaotic breakage.
I BET MRS. BROWN IS BACK IN SIX MONTHS……………….
Nice post Roger. It looks like physical precious metals will be the way to go….this is getting scary.
Silver one month lease rates drop to minus 1%. The last three times this happend silver stocks dropped. The last time silver did not drop much but the stocks got hammered. I wonder what is up this time?
Calgary Stampede is off and running!
Dan
Minus .5% I should have wrote above… Also, both stocks and silver got hammered but over much more time than the two times before and are in a 4 month bear market now. If this drop exhausts itself and turns we could have a strong rebound to test mid and long term resistance to complete a right shoulder IMHO.
Dan
I noticed this too about a month ago. Negative lease rates on gold and silver, but a definite price floor on both. Short-term trend for Metals is starting to look good again for this and a few other reasons.
Hi John
I agree, I am hoping the CDNX can hold 1200 this time and flex its muscles before the big boards get going again.
Dan
Dan,
It’s possible the CDNX may not hold a given level just because it (and it’s listings) are still relatively new. I would agree though that if it can show strength, that would be quite bullish.
Dan, at which point do we give up on precious metals and mining stocks?
With most Venture Exchange mining stocks down 80 to 90% in the last year and most investors wiped out, is there really any hope left for this sector? Even the metals such as gold have gone nowhere in the last 12 months.
Investing in precious metals equities has been the biggest mistake in my entire 25 year investing career and cost me dearly, having lost $50,000 or about 60% of my life savings as a result.
Some of the perma-Bulls on this site who manage to spin a clearly depreciating sector like precious metals into something Bullish every five minutes really shoud be ashamed of themselves.
I feel your pain as I feel that this has been an exercise in futility when the PTB have all the control and we can only react. The US$ is showing strength and PM investors are paying for it. I am almost out of investing capital also but this is what THEY want. Now these stocks are little better than lottery tickets. However, you must have a ticket to win. Most will be losers as the rising water lifts all boats isn’t going to happen. God help us because THEY wont, THEY want us demoralized and broke. Looks like THEY are winning this battle so far. Chose your stocks well.
Dan
And the confiscation of IRA’s and 401K’s seems to be gaining steam as government is trying to “SAVE ITSELF” –> http://www.goldworth.com/newsmax.php <–
Lynn
Lynn-not Brown
Big Al and all,
The recent COT news indicates that the commercial SHORTS in silver are the LOWEST it has been in 12 years. I think that is very significant. Comments?
Marc