by Tom Chatham
It is a common reaction to ask, how much is that, when we see something we want or need. The question is answered with some monetary figure that people will recognize and use to determine if they can afford it. But what happens when the monetary system we know becomes so dysfunctional that common monetary values mean little.
This could happen due to massive inflation, currency collapse or a frozen banking system that prevents you from accessing your funds. If you have no way to pay for something, it does not matter how much or little it costs. It will be out of your reach unless you have some means to pay.
Continue Reading at ProjectChesapeake.Wordpress.com…
by Chris Powell
Dear Friend of GATA and Gold:
Here’s another financial analyst who can’t be bothered with actual analysis, at least when it comes to gold: Peter Hodson of 5i Research Inc. of Waterloo, Ontario, former chairman of Sprott Asset Management.
In commentary published today in Toronto’s National Post, “5 More Reasons Why Investors Shouldn’t Worship Gold Right Now” –
– Hodson offers a paragraph titled “Conspiracy Theories Won’t Help Gold.” It reads:
Continue Reading at GATA.org…
by Peter Hodson
Financial Post Business
There’s no doubt lots of money was made when gold went up every year for more than a decade, but the past four years have been ugly, ugly, ugly.
In a cyclical business, of course, downturns are going to happen. Gold will no doubt go up again, one day. In the short term, though, there are plenty of reasons to stay away from gold and gold stocks, or at least maintain only a minimum weighting for diversification purposes.
Two years ago, I gave five reasons gold stocks would keep suffering and they did. With that in mind, here are five more reasons why investors shouldn’t worship the precious metal.
Continue Reading at Business.FinancialPost.com…
by James Quinn
The Burning Platform
“Thinking doesn’t pay. Just makes you discontented with what you see around you.” – Robert A. Heinlein, Stranger in a Strange Land
I wish I didn’t think when I travel to NYC. It only makes me discontented. My last article about New York City – Uneasy in NYC – produced a lot of commentary pro and con about New York. That two day trip last October was more eventful as we met world renowned financial mind David Stockman. When my son got notice he had to leave for Penn State this weekend to start his job as an RA (saving his old man $6,800 in rent), we decided to do something fun before he left. The choice was a one day sightseeing excursion to the Big Apple.
My wife plotted out the day and the boys and I just went along for the ride. The plan was to drive to the Hamilton Station and catch a NJ Transit train to Penn Station. We got up early and were on the road by 8:10. We should have been able to easily make the 9:22 express. Everything was going smoothly until we were ten miles from the station on Route 1. First there was an accident, then one car overheated in the left lane, then another car overheated in the left lane. We picked a day with a heat index of 100 degrees to go to New York.
Continue Reading at TheBurningPlatform.com…
by Llewellyn H. Rockwell, Jr.
Ronald Reagan used to be called the Teflon president, on the grounds that no matter what gaffe or scandal engulfed him, it never stuck: he didn’t suffer in the polls. If Reagan was the Teflon president, the military is America’s Teflon institution. Even people who oppose whatever the current war happens to be can be counted on to “support the troops” and to live by the comforting delusion that whatever aberrations may be evident today, the system itself is basically sound.
To add insult to injury, whenever the US government gears up for yet another military intervention, it’s people who pretend to favor “limited government,” and who pride themselves on not falling for government propaganda, who can be counted on to stand up and salute.
Continue Reading at LewRockwell.com…
from King World News
Today the man who predicted 8 months ago in a televised debate that the Swiss National Bank would experience staggering losses, and has become legendary for his predictions on QE, historic moves in currencies, and major global events, warned King World News that the Fed will also experience massive losses that will destabilize the global financial system!
Egon von Greyerz: “Eric, Humpty Dumpty, in the guise of Greece, just had another big fall. And I can guarantee you that all the King’s horses and all the King’s men couldn’t put Greece back together again. The IMF, an important part of the troika, made clear that they are not backing the attempt to give Greece a few more months of life support…
Continue Reading at KingWorldNews.com…
from Jesse’s Café Américain
For the week ending July 24th there were 73.289 tonnes of gold bullion withdrawn from the Shanghai Exchange into China.
That is about 2,356,296 troy ounces in one week.
I have included the most recent statistics from the Comex Gold Warehouses below. There are currently 351,519 ounces of gold available for delivery at these prices there for the month of August.
Nine out of ten Americans will notice that in terms of technical analysis this is ‘a lot less.’
But as the very serious people like to point out, the Comex is not really ‘a physical exchange.’ Yep.
Continue Reading at JessesCrossroadsCafe.Blogspot.ca…
by Christian Berthelsen And Rob Copeland at The Wall Street Journal
David Stockman’s Contra Corner
Three years after private-equity giant Carlyle Group CG 0.30 % LP touted its purchase of a hedge-fund firm, a rout in raw materials has helped drive down holdings in its flagship fund from about $2 billion to less than $50 million, according to people familiar with the matter.
The firm, Vermillion Asset Management LLC, suffered steep losses and a wave of client redemptions in its commodity fund after a string of bad bets, including one tied to the price of shipping of dry goods, such as iron ore, coal or grains. At one point, two of Carlyle’s co-founders, David Rubenstein and William Conway, put tens of millions of dollars of their own money in the fund and left it in amid the losses and redemptions, according to people familiar with the matter.
Continue Reading at DavidStockmansContraCorner.com…