by Wolf Richter
The embrace of the smart money can be ruinous.
Claire Stores – “the latest trends in jewelry & accessories for girls, teens, & tweens” with “must-have hair accessories, stylish beauty products, & more” as it says – has decided to start twisting the arms of its creditors, and has hired law firm Morgan, Lewis & Bockius to help in those endeavors, “sources” told Reuters.
Creditors can see the big gun pointed at their heads: if they don’t agree to a debt restructuring deal entailing a big haircut for them, the company will file for bankruptcy, which might entail an even bigger haircut.
Continue Reading at WolfStreet.com…
by Michael Snyder
End of the American Dream
To quote Hillary Clinton, what a remarkable week it has been at the Democratic National Convention. Supporters of Bernie Sanders almost rioted several times, most protesters were kept in a “free speech cage” well away from the convention, a handful of delegates decided that it would be a good idea to hoist a Palestinian flag on the floor of the convention on Monday, and there were rumors that there was so little enthusiasm that seat fillers were being hired for Hillary Clinton’s big speech on Thursday night. But there was some extra excitement on Thursday afternoon when vicious lightning storms forced those working in media tents just outside the Wells Fargo Center to evacuate. The following comes from CBS News…
Continue Reading at EndOfTheAmericanDream.com…
from King World News
After such a significant move in the gold, silver and mining share markets, today King World News thought it was a good idea to take a step back and look at the big picture of the war between gold and the Federal Reserve. This led to a remarkable question: Is the price of gold headed to nearly $20,000?
MacroTrends: This chart (below) shows the ratio of the gold price to the St. Louis Adjusted Monetary Base back to 1918. The monetary base roughly matches the size of the Federal Reserve balance sheet, which indicates the level of new money creation required to prevent debt deflation. Previous gold bull markets ended when this ratio crossed over the 4.8 level….
Continue Reading at KingWorldNews.com…
from Jesse’s Café Américain
[…] Gold and silver mostly marked time today, giving back a little of the bigger gains from yesterday’s post FOMC rally.
The Bank of Japan is said to be announcing something vis a vis ‘helicopter money’ overnight.
The metals need to breakout on the charts.
The Comex seems to be stocking up on gold, as if to try and isolate themselves from supply shocks overseas perhaps?
There were few deliveries worth noting yesterday, and the data for the day before never really came out.
Continue Reading at JessesCrossroadsCafe.Blogspot.ca…
by Zach Scheidt
Want to know how to predict whether a stock is headed higher or lower? It’s actually easier than you might think…
Many stocks trade in reliable trend patterns. This means trending stocks that are bullish tend to continue higher. And those that are in bear market trends tend to steadily move lower.
That doesn’t mean your trending stock will move higher each day. But it does mean that over time, a bullish trending stock will have more up days than down days. And over time, you’ll make a good amount of money holding this position.
The strongest and most reliable trend I’ve been watching this year is the steady advance in precious metals.
Continue Reading at DailyReckoning.com…
Silver comex has a new record 223,201 total open interest. The front gold comex OI for August is 42,275 which is extremely high and indicates a huge amount of gold will stand/July gold officially stands at 21.452 tonnes/Big announcement tonight on the stimulus plan in Japan. If a failure all markets will tank tomorrow/Also tomorrow is last day for a reprieve for Monte de Paschi in Italy/Erdogan is at it again by arresting all the major media outlets: TV, Newspapers and Magazine companies
by Harvey Organ
Harvey Organ’s Blog
Gold:1332.30 up $5.60
Silver 20.17 up 20 cents
In the access market 5:15 pm
Continue Reading at HarveyOrganBlog.com…
from The Golden Rule with David Fischer
David talks about recent moves in gold, who, what, and where, about gold… Gold 101 education, and the future for gold. How about Silver? China, and the Yuan…
- What is happening in the gold market, and what has caused the most recent moves in gold
- Who is buying it and why.
- what are some of the benefits of owning gold? Give us some “Gold 101” education.
- What about silver? Should a person be looking at that or only gold?
- China been buying gold tell us about that
- Do you every think their currency called the Yuan will be in a world reserve status?
Ask about your IRA having physical metals, and taking possession with no tax liability – Call 877-448-2646 or visit LandmarkGold.com
Click Here to Listen to the Audio
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by Peter Schiff
Euro Pacific Capital
Theodore Roosevelt’s famous mantra “speak softly and carry a big stick” suggested that the United States should seek to avoid creating controversies and expectations through loose or rash pronouncements, but be prepared to act decisively, with the most powerful weaponry, when the time came. More than a century later, the Federal Reserve has stood Teddy’s maxim on its head. As far as Janet Yellen and her colleagues at the Fed are concerned, the Fed should speak as loudly, frequently, and as circularly as possible to conceal that they are holding no stick whatsoever.
Roosevelt’s “stick” was America’s military might, which in his day largely boiled down to the U.S. Navy, which he had enlarged and modernized. To demonstrate to a potential adversary that he was prepared to use these weapons, Roosevelt sent the fleet around the world in a massive show of force.
Continue Reading at EuroPac.com…
by Alasdair Macleod
It is a month after Britain’s surprise vote to leave the EU.
A new Conservative Prime Minister and Chancellor are in place, both David Cameron and George Osborne having fallen on their swords. The third man in the losing triumvirate, Mark Carney, is still in office. Having taken a political stance in the pre-referendum debate, there can be little doubt the post-referendum fall in sterling was considerably greater than if he had kept on the side-lines.
This article takes to task the Treasury’s estimates of the effect of Brexit on the British economy and Mr Carney’s role in the affair, then assesses the actual consequences.
Continue Reading at GoldMoney.com…
by Simon Black
According to Jacques Necker, everything was just fine.
The year was 1781, and Necker, France’s finance minister, had just published a report called Compte Rendu au Roi, an accounting of French public finances.
Necker’s report showed that, despite extraordinary public services and military spending, France had a net credit position of +10 million livres.
In other words, the country was in perfect fiscal health.
It turns out that Necker had cooked the books.
Continue Reading at SovereignMan.com…