- China revises up stated gold reserves in bid for IMF membership, reserve currency status. - China announces a 604 tonne increase in gold reserves. - First public disclosure re reserves in since 2009. - China officially owns 1,660 tonnes of gold reserves - true...
Gold Editorials & Commentary
July 20, 2015
The precious metals are in a secular bull market which will likely last 15 to 20 years, perhaps longer. Given its start in the 1999-2001 timeframe, that means the current bull should run until 2014 to 2021.
We are believed to be on the verge of another deflationary down-wave, similar to or more severe than the one which drove the dollar spike – and commodity slump – between July of last year and March, and caused by an intensification of the debt crisis, with...
July 19, 2015
With the Greek situation resolved (at least temporarily), and bullish statements about the economy by Janet Yellen, the market staged a powerful relief rally last week. There are a few contradictions which will have to be resolved if it is to move much higher,...
Long-time readers of The Gold Update know that our microphones are just about everywhere, to wit this air traffic chatter we just picked up yesterday (Friday): Tower: "Gold 1200, this is Airport 800 Tower; you have entered our airspace. If it is your intention to...
Economic growth – who could possibly be against that? Okay the environmentalists are but certainly not me! However when we define exactly what constitutes economic growth, I’d have to say I’m against what today passes for it: an ever increasing number of dollars...
July 18, 2015
The low-yield environment manufactured by central banks has encouraged and precipitated yield-seeking speculation. Investors and speculators alike have taken up a near-religious conviction in the demi-god status of central bankers. Will these central bankers...
A very strong week for markets with some heavyweight stock reporting great earnings and surging, taking the Nasdaq nicely higher, although the Russell2000 and S&P500 are lagging and may find some resistance.
When talk turns to what might derail today's debt-driven "recovery," the big names and easy stories get most of the attention: China with its soaring debt, volatile equities and heavy-handed intervention; Japan with its stratospheric debt and science fiction...
Step back for a moment and absorb what just transpired in the ongoing Greek tragedy that refuses to go away. Greece, with no possibility of ever repaying its fictitious debts to the EU, and the EU, in all of its greed and avarice, for no wisdom is to be found...
Gold sector is on major sell signal. Cycle is down. Traders should be in cash or short. COT data is now favorable for a tradable bottom soon.Silver is on a long term sell signal and investors should be in cash or short. COT data reveals that a tradable bottom is...
July 17, 2015
Gold Bumps & Grinds, GDXJ Overwhelms GDX, FXI China And Key Gold Stocks analysis via videos.
Analysts worldwide have recently been comparing China vis-a-vis Greece ad nauseam. IMHO way too much importance has been allotted to the dire situation in Greece. Indeed, Greece is totally insolvent…and will eventually and inevitably go bankrupt. However, much...
I’m just back at my desk from a fact-finding mission to Shanghai and other Asian gold-trading centers where I met with gold importers, traders, jewelry manufacturers, retail outlets, and exchange officials.
The miserable summer for precious metals grinds on, with both gold and silver limping along near major lows. Such dismal price action has exacerbated the extreme bearishness long plaguing this sector, sparking even more capitulation. But this incredible weakness...
While the global financial system remained subdued in the first quarter of 2015, the U.S. Gold Market still suffered a large trade deficit. Matter-a-fact, the U.S. Gold Market deficit in 2015 may surpass its full-year shortfall in 2014 by a wide margin....
The gold miners have broken below their 2008 to 2014 support, while Silver is essentially trading at a six year low. Gold looks set to make a new monthly low and weekly low but has yet to break its daily low at $1140/oz. Barring a sudden short squeeze Gold could be...
The latest ‘Global Precious Metal Roundtable’ was recorded Wednesday and featured Jordan Eliseo of ABC Bullion, Bron Suchecki of the Perth Mint and Ron Stoeferle of Incrementum and Mark O’Byrne of GoldCore. Recent events in Greece and the EU, very poor sentiment...
The S&P500 Index has hit numerous new highs in the past three years. Note the log-scale graph below and the broken support lines from 2000 and 2007. The current support line, depending on where it is drawn, is on the verge of breaking.
Let’s try to cut through all the media rhetoric and understand why the deal with Iran was done in the first place. Below are several charts which show the Dow Jones Industrial Index and its relationship with oil (Courtesy Stockcharts.com):
Over the past few weeks I was hoping the Fed would stay out of the market and allow a natural intermediate degree correction. Unfortunately with the Humphrey Hawkins speech this week and an FOMC meeting at the end of the month, it was not to be.
July 16, 2015
There is a common view in financial markets that credit deflation is bad for gold prices, because gold nowadays is regarded as an asset to be sold in the scramble for cash, when people are forced to pay down their debts. When asked by Congressman Ron Paul, his...
In tonight’s report I would like to show you some charts that could be telling us that the second shoe maybe getting close to dropping in the on-going deflation scenario that really started to take hold last year at this time. If you recall the US dollar broke out...
- Euro is one recession away from implosion – David McWilliams. - Mismanagement of euro “both laughable and terrifying” - “When economic negotiations stop making economic sense, you should begin to question the motives of the EU” - Germany is out of control -...
July 15, 2015
So Mr. Tsipras has sold out his countrymen. He called for a referendum fully expecting a "yes" only to receive a resounding no vote. No matter though, what was already "planned" has already gone forward to kick the can down the road. As overwhelming as the...
While Greece is now dominating the debt default stage, the real tragedy is playing out much closer to home, with the downward spiral of Puerto Rico.
The sheer size and importance of China’s equity markets cannot be overstated. Second in size only to the New York Stock Exchange, the combined value of the Asian country’s stock markets is $14 trillion and change. Or at least it was, before they fell 30 percent,...
Any editor, analyst or commentator who claims that a “Greek bailout deal has been reached” is lying. Greece has NOT reached a bailout deal in any way shape or form. What DID happen was Greece’s Prime Minister agreed to try and push a new austerity program through...
Over the last few years, we have heard much about the metals being manipulated, especially by the Fed. Two weeks ago, Gold-Eagle published an article of mine which addressed much of the manipulation argument.
Whilst all eyes in the West were on Greece as its marxist Syriza government played game of thrones with the Greek people’s lives as they black mailed the Eurozone, the Chinese stock market crashed, collapsing by over $2 trillion into a BEAR MARKET sending over 200...
