The legal claims on physical gold far exceed the amount of physical gold that the banks actually have by a very, very wide margin. And right now the bankers are scared out of their wits because their warehouses are being drained of physical gold at a frightening rate. So what happens when their physical gold is gone but they still have lots and lots of people with legal claims to Read More »
By Michael Reagan
History is one of our greatest teachers.
It’s just too bad so many of our young people think history started with the death of Princess Di or the birth of the iPhone.
I was painfully reminded of America’s historical illiteracy and the failure of our educational system last week while golfing with a few strangers in Burbank, Calif.
One of the young men in my foursome was about 30 and ran a restaurant Read More »
By Peter Schiff, CEO, Chief Global Strategist, Euro Pacific Capital, Inc
The most puzzling part of the investment business is seeing how the vast and largely economically illiterate masses interpret any given piece of news. Take the recent gold selloff: many large players were motivated to sell by news that Cyprus will have to liquidate its gold stockpiles to pay off acute debt obligations. But just a moment’s reflection shows this reaction to Read More »
EDITOR’S COMMENT: Assembled below by USA Gold are fifteen of the best insights and observations on one of the strangest and confusing fifteen day periods in the history of the gold market — a flash crash, a global rush to purchase and a healthy bounce.
By Michael J. Kosares for USA Gold
1. Peter Grant/USAGOLD (as quoted at Kitco News):
“The price discovery occurs in the paper market. The paper market drove the Read More »
Recently, Egon von Greyerz gave an interview to King World News, in which he “told King World News that we are now seeing stunning shortages of physical gold, and this is in the face of Swiss refiners increasing production. Greyerz stated that Swiss refiners are working 24 hours a day, 7 days a week, but simply can’t keep up with the massive surge in global demand.”
Greyerz: “Eric, all around Read More »
By Andy Sutton, MBA, Chief Market Strategist
There are likely, at minimum, half a dozen reasons for the swift correction in precious metals over the past week. The real reason might be one, two, or even all of what I’m going to lay out below.
I’m going to go way out on a limb here. Right now gold has no friends. Even some of its biggest proponents are declaring the bull market to be Read More »
EDITOR’S COMMENT: To try and help the many concerned readers have a better understanding of the very severe recent gold knock-down, I have featured several recent commentaries that provide such insight. However, the comments below by Chris Martenson, in my opinion, represent the best summary of what actually took place in the gold market last week, and are also written in a rather easily understood fashion. I believe you will find his Read More »
By David Franklin, Sprott Asset Management
The recent price action in gold can only be described as ‘panic selling’. Money managers and veteran traders know that when panic sets in and markets start moving rapidly, “investing” logic drops by the wayside and money begins to flow one direction only. We have seen this over the last two trading days in long gold positions in the futures and ETF markets. This selling in turn Read More »
By Peter Schiff, CEO, Chief Global Strategist of Euro Pacific Capital
In the opening years of the last decade, most mainstream investors sat on the sidelines while “tin hat” goldbugs rode the bull market from below $300 to just over $1,000 per ounce. But following the 2008 financial crisis, when gold held up better than stocks during the decline and made new record highs long before the Dow Jones fully recovered, Wall Street finally sat Read More »
EDITOR’S COMMENT: These comments were written late Friday, and before today’s additional selloff, which is probably due to margin selling. This is a MUST READ for those interested in the precious metals, and for those interested in protecting the long-term value of their assets.
By Adam Taggart
If you’re long the precious metals, beatings like they’re taking today (gold down 4%, silver down 6%) can seriously shake your confidence. At times of self-doubt like Read More »
