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Catalonia’s Suspended Autonomy and Gold

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Posted by Arkadiusz Sieron

on Friday, 20 October 2017 07:28

Spain’s central government said that it would suspend Catalonia’s autonomy on Saturday. What does it imply for the gold market?

As we informed on Tuesday, Madrid set Thursday morning as the ultimate deadline for Catalonia to declare independence or its willingness to remain a part of Spain. But Catalan president Carles Puigdemont ignored the deadline and did not clarify his position. Instead, he wrote a letter to Rajoy, threatening with a formal declaration of independence in the regional parliament:

“If the government continues to impede dialogue and continues with the repression, the Catalan parliament could proceed, if it is considered opportune, to vote on a formal declaration of independence.”

In response, the Spanish government is to suspend Catalonia’s autonomy on Saturday. In a statement, the central government wrote:

“At an emergency meeting on Saturday, the cabinet will approve measures to be put before the senate to protect the general interest of Spaniards, including the citizens of Catalonia, and to restore constitutional order in the autonomous community.”

Although the crisis over Catalonia deepened (importantly, two pro-independence organizers, Jordi Cuixart and Jordi Sanchez, were imprisoned on Monday), investors were unmoved. Actually, the euro rose against the U.S. dollar yesterday, as one can see in the chart below. So the price of gold increased as well.

Chart 1: EUR/USD from October 17 to October 19, 2017.

2017-10-20-1-gnm



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Asset protection

'Dr. Doom’ Marc Faber faces media ban for thanking God white people populated America

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Posted by Marc Faber - Gloom Boom & Doom Report

on Wednesday, 18 October 2017 06:59

UnknownFamed Swiss investor Marc Faber, known as 'Dr. Doom' for his bearish views on the economy and equity markets, has sparked outrage after suggesting the US only prospered because it is ruled by white people. 

Thank God white people populated America, not the blacks. Otherwise, the US would look like Zimbabwe, which it might look like one day anyway, but at least America enjoyed 200 years in the economic and political sun under a white majority,” the financial analyst wrote in a newsletter in the October edition of his The Gloom, Boom & Doom Report.

The comment, branded as racist, has led to a public backlash with major US media outlets rejecting Faber as a guest commentator.

“We do not intend to book him in the future,” said a CNBC spokesperson, as quoted by Reuters.

“Faber has not appeared on the network often, and will not be on in the future,” spokesperson for Fox Business Network said.

In response, the disgraced analyst told Reuters in an email: “What else would you expect? If stating some historical facts makes me a racist, then I suppose that I am a racist. Maybe I am wrong, and the US would be far more prosperous if the blacks had populated it, but then please explain to me why you would think so.”

Faber has reportedly left the board of a global asset manager Sprott. Mining companies NovaGold Resources and Ivanhoe Mines announced the departure of Faber from their boards of directors as well.

“The recent comments by Dr. Faber are deeply disappointing and are completely contradictory with the views of Sprott and its employees. We pride ourselves on being a diverse organization and comments of this sort will not be tolerated,” Sprott Chief Executive Peter Grosskopf said in a statement.

“Ivanhoe Mines disagrees with, and deplores, the personally-held views about race that Marc Faber has published in his current investment newsletter,” Ivanhoe said in a statement.

....also from Marc Faber: Stock Market Party Coming To An End Warns Marc Faber

 



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Asset protection

Greyerz – Explosive Setup In Silver As Debt Binge World Faces Two Grim Alternatives

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Posted by King World News

on Monday, 16 October 2017 06:52

KWN-Greyerz-III-10152017

With continued uncertainty around the globe, today the man who has become legendary for his predictions on QE, historic moves in currencies, told King World News that the setup in the silver market is explosive as debt binge world faces two grim alternatives.

....continue reading HERE

....also from KingWorld:

With Gold Surging Above $1,300, Here Are Two Of The Biggest Surprises From Jim Grant’s Conference



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Asset protection

One Chart Shows Investors Are Dealt A Losing Han

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Posted by Lance Roberts - Real Investment Advice

on Monday, 09 October 2017 07:45

The rise in the market has seemed unstoppable. Despite the Federal Reserve continuing to hike interest rates and tightening monetary policy, geopolitical risks from North Korea to Iran, mass shootings, failure of legislative agenda and weak economic growth – the market’s rise has continued unabated.

Much of the recent rise, as discussed last week, has been based upon faulty assumptions about the effect of tax cuts and reforms. However, in the short-term, it is always the exuberance of market participants chasing returns as the “fear of missing out,” or FOMO, overrides the logic of fundamentals.

The problem for investors is that since fundamentals take an exceedingly long time to play out, as prices become detached “reality,” it becomes believed that somehow “this time is different.” 

Unfortunately, it never is.

Our chart of the day is a long-term view of price measures of the market. The S&P 500 is derived from Dr. Robert Shiller’s inflation adjusted price data and is plotted on a QUARTERLY basis. From that quarterly data I have calculated:

  • The 12-period (3-year) Relative Strength Index (RSI),
  • Bollinger Bands (2 and 3 standard deviations of the 3-year average),
  • CAPE Ratio, and; 
  • The percentage deviation above and below the 3-year moving average. 
  • The vertical RED lines denote points where all measures have aligned

SP500-RSI-Bollinger-CAPE-Crisis-100717



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Asset protection

When the Snowball Reverses

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Posted by Doug Wakefield - Best Minds

on Friday, 06 October 2017 06:46

Screen Shot 2017-10-06 at 6.38.32 AM
“I wrote a series of articles on the Fed versus History. If you thought the Fed could keep us out of recession, you would be a bull. If you thought History would prevail, you should stay out of the market. I bet on History. Time has shown that History won that fight. History is a tough opponent. Betting against History is usually a losing proposition.”  

September 2008 seems so long ago now. The experiment of global QE has proven from the last 9 years that the $700 billion bailout in 2008 did not end the crisis, but kicked off a world that became addicted to ongoing bailouts....

....continue reading HERE 

....also:

If You Want To Know How Crazy Things Really Are Right Now, Take A Look At This… (hint, take a look at the chart below! - Ed)

KWN-Boockvar-I-1042017

 

 



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