Comments from Rick Ackerman
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Remember Dan,
Even stockbrokers have to make a living!
Big Al
http://www.kitco.com/reports/KitcoNews20130326JW_pm.html
Gold down on firmer US$; are you kidding me? The US$ was up .01 of a cent and this guy uses it as an excuse to explain gold falling? Read between the lines, he doesn’t have a clue either!
Dan
I mean Jim W. from Kitco not Rick A.
Dan
It’s all out-of-kilter, Dan. After years of assurance to the contrary, another Euro-nation nearly bites the dust. Bingo, USD strengthens. Trying to then correlate gold and the USD is ridiculous. It’s at the tail-end of the dog. As the necessity for a non-corruptible wealth storage medium becomes recognized, gold will move more towards the head of the animal.
You also noted the .01 cent…well within range of special, organized interests like the Working Group to maintain. Cheez-n-rice, the Fed is monetizing 70% of the money we borrow! The USD is NOT going up.
Thanks John W,
As always your comments are really great!
Best,
Big Al
Al:
I’ve been pruning out PM explorerjr. miner equities for the past 18 months but most noteably since November at higher prices than today. Am thinking about more selling and taking the hit and banking the proceeds then revisiting them after 30 days or more…. I don’t see much, if any, movement in them for a while and not until a significant bullion movement upwards and even then, there will be a significant lag time to selective buy back into them.
I agree. The market is looking for safe haven right now, and spec juniors are not ‘safe haven.’ Some will survive and fly eventually, but first we need the banksters and governments to quit manipulating and stealing. One step that would go a long way toward restoring confidence would be to lock up a few like Corzine and Dimon.
Most people realize this:
http://www.zerohedge.com/news/2013-03-26/expect-these-eight-steps-government%E2%80%99s-playbook
But it is nice to see it all stated in one place.
Yeah. That basically summarizes major themes for at least the next decade.
Sadly, it may well be longer than a decade before it is all over, with the destruction that zero interest rates and QE is doing. The zero interest rates are causing older folks to have to invest in bonds and high dividend stocks, as income from savings accounts is no longer sufficient, when added to Social security, to maintain a lifestyle.
This is essentially the equivalent to eating trhe country’s seed corn. Because it is from the savings pool that companies can grow.
Given that the bond market is a bubble which will burst as the dollar collapses and the dollar collapse is inevitable, given the level of government spending, the US is digging itself deeper and deeper at this point in time. It could be 30 years or more before it gets back to this current standard of living we enjoy today.
Yah. The year 2050 keeps coming up as some kind of milestone. I once had a sharp 97 year old lady tell me that these things happen in ~70 year cycles. Referring to her experience as a little girl with tyranny in Europe, she said “All the signs are there.”
Kind of scary, huh Lore
Big Al
I am getting down to pretty much fully invested for me, having been steadily buying for the last couple of months.
I disagree on management of Premium; their burn rate killed them. They promissed drill results would be published and they were not. I agree they are not worth selling at this point. When you’ve lost $20K what is the point in saving a couple of hundred dollars.
I expect them to be delisted, because they can’t afford auditors. Then they will do a reverse split, raise some money and start again in a few years, just about when this metals bull market is over.
RA doesn’t have a clue either. He is on record as saying gold was going to $1450 many months ago. Why am I so critical? Because too much is at stake now for our dear readers. We are getting to real red flags time. We need accurate information. Anyone can make guesses. A higher standard needs to be set for those who have the platform. Don’t listen to any of these prognosticators! Do your own thing!!
Mea Culpa. I was wrong in suggesting I expected gold to be up yesterday. I still expect it to be up this week. Unfortunately when you have the CFTC regulators turning a blind eye to market manipulation through massive short positions in paper silver and gold, it is not easy to make predictions in the rigged market. There will come a time when physical gold or silver will not be available and at that time the physical market will decouple from the paper market. At the moment there is still substantial silver and gold being sold in Europe for scrap simply so some of the population can put food on the table! This is a one-time event for each family, because once scrapped it cannot be sold again. To me it is very sad that silver bowls, jugs and flatware, sometimes centuries old are being sold for scrap. Same with old jewelry. What a loss of culture.
James and all:
I think anyone that consistently keeps making market predictions is all wet. (Not talking about RA or anybody specifically). I have gold and silver because it is going nowhere but up. If I wasnt blessed to have a CASH FLOW from other sources (RE) I wouldnt be able to hang on. Gold and silver will not go up until the momentum flood gates open up. WHEN WILL THAT BE? Sooner than later…meanwhile it will drive you BATTY in the meantime!
OOPS, forgot to add…………IF YOU LET IT!!!!!!!!!!
By the way, we are getting closer to the de-couple between physical and paper, as the preiums on CEF and PHYS and on physical gold and silver ARE RISING, as are delivery times for physical gold and silver. e.g. a recent $100K order for gold, which a year ago would be delivered overnight, now takes over 2 weeks and counting.
I was surprised to see premiums on junk silver @$2.00 over spot.
Housing starts up, heavily publicised today, cited as cuse for large stockmarket rise.
Student loan defaults hardly mentioned.
http://www.zerohedge.com/news/2013-03-26/student-loan-defaults-soar-36-compared-year-ago
Premium exploration:
80 cents to 3 cents!
How can anyone be anxious to buy when this is the situation??
One of the disincentives of socialism:
http://www.zerohedge.com/news/2013-03-26/santelli-stunned-its-better-be-disability-work-minimum-wage
Such is the “kindness” displayed by politicians, in order to buy votes to get re-elected.
Destroying our country, robbing by zero interest rates, which they “blame” on the Fed.
Remember ALL it TAKES to get on disability now is a letter from a doctor stating you are depressed.
Central bank GOLD changes…..
I forgot yesterday was a futres closing date. Gold often gets knocked down on such dates.
http://bullmarketthinking.com/
Indian Investors at least 25% portfolio allocation to Gold
The US government spends $1 – $2 Trillion more each year than it collects in revenues, using strictly cash accounting. This is not sustainable. But the deficit is actually far worse when accrued liabilities are included – as calculated by Laurence Kotlikoff. Using his numbers, the fiscal gap is approximately $222 Trillion, up about $11 Trillion from last year. The fiscal gap (present value difference between projected future spending and revenue) increased about $11 Trillion in one year because the projected future liabilities dramatically increased compared to projected future revenues. The fiscal dilemma of the US Government is ACTUALLY MUCH WORSE than the official budget deficit. Clearly something must drastically change.
Rick’s latest:
Latest Jim Willie:
http://sherriequestioningall.blogspot.com/
Thanks Robski,
Big Al
Robski….Great link….I like JIM W.
Jim is truly an interesting man, Mr. Irish.
Big Al
The full Cyprus story. This time, unlike CNN and Bloomberg error free.}
http://www.zerohedge.com/contributed/2013-03-27/cyprus-forced-bailout-deal
was incorrect in suggesting that Cyprus banks might be safe when they re-open. It would appear they are doomed. It is just a matter of when.
I am hearing from London:
All Branches of Cyprus Banks remained open in London and it was through these branches that over 20 Billion euros were funnelled and wired out of the Cyprus banking system.
Putin and his cohorts may put up a face of protests, but it is my understanding almost NO ex-KGB money or oligarch money was confiscated. It almost all escaped the attack of the Troika.
Just another example of government efficiency. They can’t even steal efficiently!
Interesting observations, cfs
Big Al
Expect significant rise in Pt and Pd today:
As I announced on Tuesday, I purchased some.
Best,
Big Al
I guess Cyprus finally opened the cupboard and found it bare.
I personally don’t understand how numerically bankrupt banks actually managed to move out so much money through London. It seems impossible!
Can this market beat the “go away in May” blues? Doesn’t look like it.
Wait till RSI is in the teens and buy options. I wont even answer my broker’s calls until I see an opportunity. These brokers are far to anxious to even talk to before then.
Dan