Global Market Commentary, Analysis and Investments
“Retail Sales in US Unexpectedly Stagnate,” says a Bloomberg headline.
Unexpectedly? Guess they don’t read The Daily Reckoning. Stagnating sales are what you get in a Great Correction. We’ve been saying so for the last 4 years.
In an expansion, well…everything expands. Why make it complicated?
[Read more...]Is gold money?
That question, directed to Federal Reserve Chairman Ben Bernanke by Congressman Ron Paul in last week’s hearings before the House Financial Services Committee, strikes terror in the heart of all central bankers.
Bernanke looked stunned and then answered, “No: Gold is an asset.”
[Read more...]Gold is not money. So says Ben S. Bernanke, the maker of “money”…at least as he defines it…and at least for now.
If gold is not money, then, what is?
First, let us look briefly at why we desire money in the first place. Before cash, credit cards and PayPal, before money itself, there was barter. A barter system is one of direct exchange. It does not require money to function.
[Read more...]Yesterday, the Dow shot up more than 200 points, for no apparent reason. Gold backed down below $1,600 for a very obvious reason.
Nothing goes up in a straight line, not even gold. After such stunning gains over the last few weeks, the stuff that Ben Bernanke does not regard as money, gold, needed a rest.
[Read more...]Well… Big Ben Bernanke Opened Pandora’s Box of stimulus yesterday, and he had some words for our fave lawmaker, Ron Paul…
But first, front and center today we have gold heading toward $1,600, trading at a new all-time high of $1,593! WOW! Silver has followed gold’s line, and is trading above $39… So, what’s got the precious metals all lathered up? Ahhh grasshopper, it’s all about words… Words, between the lines of age, as Neil Young sang back in the ‘70s…
[Read more...]As if it were not strange enough! Microsoft bought a phone company with no phones for $8.5 billion. Then, the public bid up the price of another Internet company, LinkedIn, to the point where buyers were paying more than $20 for every dollar of revenue that came the company’s way. As for profits, they capitalized each one at more than 700 times. At this rate, an investor wouldn’t earn his money back until 2,711AD.
[Read more...]Well, one day’s rally doesn’t make a trend, and so it was for the euro (EUR), and the rest of the currencies. Yesterday, we saw the euro trade to 1.4125, but overnight the euro’s rally was undone by the rumors that the Greek government was calling for a snap general election. Of course, if traders would have just looked “under the hood” on this rumor, they would have found it to be completely unfounded. The only way the Greek government is going to call for an election is if they are assured that their platform will pass… And since nothing in Greece is “assured” right now, traders should have seen this for what it was…an unfounded rumor.
[Read more...]Global investors rediscovered Greece yesterday, which means that they might soon rediscover gold and silver as well.
The state of Utah is ready!
Headlines about the Greek government’s desperate financial condition buffeted financial markets around the globe yesterday, as investors seemed to acknowledge, en masse, “Yes, this situation in Greece is grim.” The Parthenon may be in ruins, but it is a pristine high-rise compared to the Greek government’s balance sheet.
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The Illusion of Capital
The world’s “faith-based” monetary system is breaking down before our eyes. Don’t be caught off guard.
Last week’s euphoria over the Euro bailout turned around sharply this week on news that the political situation in Greece is worsening. That’s been the pattern for months.
The grim reality is that “rescue plans” can’t fix what’s broken. The Western nations are suffocating under mountains of debt…and there are only two known “cures”: default or inflation.
[Read more...]