Gold Editorials & Commentary

The tug-of-war continues, and the bulls are beginning to lose their grip in their battle with the now-dominant bears, a group of investors who are slowly emerging in their newfound role as vanguards of the U.S. stock market.

Many gold market observers and participants have marveled at the gold price action over the last few years, feeling it has defied any rational explanation. That feeling is easy to understand when the facts are observed in historical perspective.

A Simple Explanation of "The Coming Currency Crisis" Worldwide

The deterioration of the ruble is generating a lot of solicited and unsolicited advice. Much of it concerns devaluation, which the Russians are, so far, resisting.

We believe gold has reached a critical major support level and its action over the next one-to-two weeks will determine whether it will break firmly beneath this level or rise to short-term highs.

While Wall Street wonders whether these past few weeks signal the end of the stock market bubble, a more important question for Main Street is, "Is the economic bubble ready to burst, as well?" This bubble is the result of America's new found limitless ability

The Dow Jones Industrials finished the session for Thursday, Aug. 13 at 8459, down almost 94 points from the previous day's session. This pushes the Dow below its 200-period moving average--a very bearish indicator.

The gold market continued bearish last week as the yellow metal resumed its downward trend after a one-day price spike on Aug. 4.

The bear market arrived in emphatic fashion on Tuesday, with the Dow Jones Industrial Average (DJI) falling 300 points to DJ 8487, a six-week low. Previously, the Dow had fallen nearly 550 points over a less than two week period.

We stand, as on the bow of great ship Titanic, enroute to a millennium checkmate and secular crescendo unprecedented in human history, since the attempted construction of the Tower of Babel.

We wrote in our commentary last Thursday that the "bear market has arrived" and that the new trend in the U.S. stock market was now the "friend" of all bears. Today's market action (Aug.

You cannot create a man by standing a sheep on its hind legs. Yet by standing a flock of sheep in that position you can create a crowd of men. Max Beerbohm, Zuleika Dobson

For long-time bears, the U.S. stock market's long and arduous ride to historic highs has been nothing short of frustrating.

To:          Chairman Alan Greenspan

Date:       July 27, 1998

From:      Jude Wanniski

Ref:         THINK AGAIN

I suppose that the person who coined the aphorism "The pen is mightier than the sword" did so from behind the safety of a desk. The men in the front lines of battle would prefer machine-guns to ball-points.

Bull Market Dead!  When you look at how the last Bull market ended (and compare it to what is transpiring today), you get an odd feeling. You'll see what a peculiar week this was.

A house that would barely qualify as a tool shed in some neighborhoods recently sold for $472,000 in Palo Alto.

The week of July 20 was unexpectedly volatile in the U.S. stock market, and with each passing day it appears the long-awaited equities bear market is closer than most expected.

The Dow Jones Industrial Average arrived at a critical juncture today (July 17) and moved decisively upward in penetration of overhead resistance of 9200-9260. As of this writing the Dow, rested at 9,328—a new all-time high.

Since we first outlined our scheme for profitable airline operation (NoFly Airlines) there have been so many letters demanding more information that we are going to use this opportunity to answer both of them.

Investors buy gold for six major reasons:

It is been our plaintive plea for some time that investors should begin looking for ways to exit their long positions in U.S.

It has been our view that the economies of Thailand, Indonesia, and Korea would remain in serious trouble until the disastrous deflationary policies of the IMF and the US Treasury were abandoned.

Not so very long ago our paper currency was like a hat check. You could take it to the issuer and get something for it: a hat, in the case of the hat check, or money, in the case of a bank note.

Many years ago, a friend and client with whom I've unfortunately lost contact, would recount his experiences growing up behind the Iron Curtain in Romania.

Stocks continued sideways last week as the ongoing, multi-week distribution phase of the equities mania continued apace with enlightened pros dumping shares on the benighted masses who constitute the buying segment of the market.

We spent the last week in Europe discussing some of the analysis and conclusions of our first edition of The Gold Book Annual with several central banks in Europe as well as some producers, dealers, and the World Gold Council management in Geneva.

The Yen Fundamentals

An article appearing in the Wall Street Journal last week heralded the return of the speculative mania, stating that "exuberance is back." The article made reference to last week's surge of several broad market indices as they shook off the be