Tekoa de Silva of Bull Market Thinking spoke with Jim Rickards, author of Currency Wars, about the Fed’s decision to continue QE without tapering. Rickards, like Peter Schiff, had no expectation of tapering. The most interesting part of the interview is Rickards’ discussion of his involvement in a financial war game conducted by the Pentagon in 2009, which examined the role gold would play in the case of an international currency war.
“[Countries] want physical custody of gold…[they’re] positioning for the day when there’s a massive loss of confidence in paper money… When the international monetary system collapses and it comes time to rewrite the rules of the game and create a new system…[it’s] going to be [all about] how much gold you have. So it’s not surprising that everyone is trying to get their hands on as much gold as possible.”
Listen to the Full Interview Here
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In a commentary released today on Of Two Minds, Charles Hugh Smith explains how the Fed has painted itself into a corner with its endless quantitative easing. Smith argues that it can’t be long before the markets become completely desensitized to the money printing and the whole bubble economy goes kablooey. How do you protect yourself from the fallout of a super nova asset bubble of this size? Avoid dollar denominated investments and look to hard assets like physical gold and silver.
“The trouble with inflating asset bubbles is that you have to keep inflating them or they pop. Unfortunately for the bubble-blowing central banks, asset bubbles are a double-bind: you cannot inflate assets forever. At some unpredictable point, the risk and moral hazard that are part and parcel of all asset bubbles trigger an avalanche of selling that pops the bubble.
This is another facet of The Fed’s Double-Bind: if you stop pumping asset bubbles, they pop as participants realize the music has stopped, and if you keep pumping them, they expand to super-nova criticality and implode.
There are several dynamics at play in this double-bind.”
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After yesterday’s announcement of the Fed’s decision to not taper QE, CNBC published a commentary about how the news is affecting the views of stock traders and market analysts. Many are waking up to the fact that the economy is a long way off from true recovery and believe that gold may have kicked its bearish streak.
But traders believe that the fundamental picture has changed. In fact, Wednesday’s Fed decision changed Anthony Grisanti from a gold bear to a gold bull, but not for the reasons Boockvar outlined.
‘It’s not so much the fact the the Fed is continuing QE,’ said Grisanti, who is the founder of GRZ Energy and a CNBC contributor. ‘It’s the message that’s being sent, which is that the underlying economy is so bad that we can’t taper $10 billion. That means that you want to own gold to protect yourself—and that’s why I’m changing my opinion on gold.'”
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Last week, Vanessa Collette of GoldSeek.com interviewed global market strategist Dan Popescu at the Toronto Resource Investment Conference hosted by Cambridge House International. Popescu spoke about the role gold plays in the currency war that is pitting Asia and emerging markets against developed Western nations. Given the uncertainty of the US dollar’s stability, he thinks gold could easily surge beyond $2,000 before the end of the year, if an unpredictable “black swan” event should occur.
Gold is a hard currency, one that most of the central banks are buying now. Even the major developed counties, which used to sell it – now they are not selling it anymore, but they might start also buying it. And China has its own strategy, which is to use gold to give credibility to their currency.”
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The Silver Institute’s August Silver News was released this week and is full of updates on the ever evolving world of industrial and technological silver applications. Silver might hold the key to letting our smart phone batteries last a whole week, while silver’s antimicrobial properties are garnering attention from large universities. Silver News also explains the differences between the various types of silver that are created around the world.
In a post on The Tell, MarketWatch contributor Saumya Vaishampayan summarized Peter Schiff’s analysis of the upcoming replacement of Ben Bernanke as chair of the Federal Reserve. If you agree with Peter that the Fed can’t prevent the coming economic crisis, then he recommends avoiding dollar-denominated debt and investing in hard assets like physical gold and silver.
It doesn’t matter who takes over as the next chair of the Federal Reserve because the central bank isn’t going to slow its monthly asset purchases.
By Jeff Clark from Casey Research
Despite some positive data, the global economy is showing signs of slowing, a remarkable development in itself when you consider all the money printing and deficit spending that’s transpired over the past few years. According to the IMF’s overview, global growth was less than expected in the first quarter of 2013, at just over 3%, which is roughly the same as 2012. The lower-than-expected figures were driven by significantly weaker domestic demand and slower growth in emerging-market economies, a deeper recession in the euro area, and a slower US expansion than anticipated. The report concludes that the prospects for the world economy remain subdued.
On his blog Of Two Minds, Charles Hugh Smith published a scathing commentary on the supposed recovery from the 2008 recession. By examining a number of under-reported metrics, Smith paints a bleak picture of the ongoing recession that the government has tried to obscure with bogus GDP data.
Peter Schiff’s latest research report, The Powerful Case for Silver (available for download here), noted the wide gap between US Mint sales of American Silver Eagle and American Gold Eagle coins. The numbers continue to amaze. In a commentary on Wealth Wire, Steve St. Angelo goes through the numbers and explains why smart investors are making big plays on physical silver. For those who cannot afford to buy gold right now, silver is a great alternative to consider.
“Ever since the big take-down in the price of the precious metals in April of this year, an interesting trend has taken place in the Gold & Silver Eagle market. While demand for both coins remained strong in the first four months of the year, investors are now overwhelming purchasing more Silver Eagles…
Silver Eagle sales are on track to surpass the total sales for 2012 within the next 2-3 weeks. I forecast that total sales for Silver Eagles by the end of August will be 33 million oz. Of course, we could see a bit more or less depending how the U.S. Mint updates its records.”
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Marc Faber, editor of the Gloom Doom & Boom Report, appeared on CNBC to give his take on the current precious metals market. Faber was skeptical about the health of the stock market, hinted that it is in a bubble, and emphasized the importance of having safe haven hard assets in your portfolio.
I have a preference for physical gold held in a safe deposit box outside the United States… Some experts say they don’t like gold. Well, they never owned a single ounce of gold during gold’s great bull market of 1999 to 2011. So I don’t pay much attention to so-called experts.”
Faber: Gold As ‘Insurance Policy’ from CNBC.
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