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How is Doug Casey Preparing for a Crisis Worse than 2008? He & His Fellow Millionaires Are Getting Back to Basics

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Posted by Doug Casey via The Mining Report

on Thursday, 04 September 2014 07:06

Trillions of dollars of debt, a bond bubble on the verge of bursting and economic distortions that make it difficult for investors to know what is going on behind the curtain have created what author Doug Casey calls a crisis economy. But he is not one to be beaten down. He is planning to make the most of this coming financial disaster by buying equities with real value—silver, gold, uranium, even coal. And, in this interview with The Mining Report, he shares his formula for determining which of the 1,500 "so-called mining stocks" on the TSX actually have value.

The Mining Report: This year's Casey Research Summit is titled "Thriving in a Crisis Economy." What is the most pressing crisis for investors today?

Doug Casey: We are exiting the eye of the giant financial hurricane that we entered in 2007, and we're going into its trailing edge. It's going to be much more severe, different and longer lasting than what we saw in 2008 and 2009. Investors should be preparing for some really stormy weather by the end of this year, certainly in 2015.

TMR: The 2008 stock market embodied a great deal of volatility. Now, the indexes seem to be rising steadily. Why do you think we are headed for something worse again?

DC: The U.S. created trillions of dollars to fight the financial crisis of 2008 and 2009. Most of those dollars are still sitting in the banking system and aren't in the economy. Some have found their way into the stock markets and the bond markets, creating a stock bubble and a bond superbubble. The higher stocks and bonds go, the harder they're going to fall.

TMR: When Streetwise President Karen Roche interviewed you last year, you predicted a devastating crash. Are we getting closer to that crash? What are the signs that a bond bubble is about to burst?

DC: One indicator is that so-called junk bonds are yielding on average less than 5% today. That's a big difference from the bottom of the bond market in the early 1980s, when even government paper was yielding 15%.

TMR: Isn't that a function of low interest rates?

DC: Yes, it is. Central banks all around the world have attempted to revive their economies by lowering interest rates to all-time lows. It's discouraging people from saving and encouraging people to borrow and consume more. The distortions that is causing in the economy are huge, and they're all going to have to be liquidated at some point, probably in the next six months to a year. The timing of these things is really quite impossible to predict. But it feels like 2007 except much worse, and it's likely to be inflationary in nature this time. The certainty is financial chaos, but the exact character of the chaos is, by its very nature, unpredictable.

TMR: Casey Research precious metals expert Jeff Clark recently wrote in Metals and Mining that he's investing in silver to protect himself from an advance of what he calls "government financial heroin addicts having to go cold turkey and shifting to precious metals." Do you agree or are you more of a buy-gold-for-financial-protection kind of guy?

DC: I certainly agree with him. Gold and silver are two totally different elements. Silver has more industrial uses. It is also quite cheap in real terms; the problem is storing a considerable quantity—the stuff is bulky. It's a poor man's gold. We mine about 800 million ounces (800 Moz)/year of silver as opposed to about 80 Moz/year of gold. Unlike gold, most of silver is consumed rather than stored. That is positive.

On the other hand, the fact that silver is mainly an industrial metal, rather than a monetary metal, is a big negative in this environment. Still, as a speculation, silver has more upside just because it's a much smaller market. If a billion dollars panics into silver and a billion dollars panics into gold, silver is going to move much more rapidly and much higher.

TMR: Are you are saying that because silver is more volatile generally, that is good news when the trend is to the upside?

DC: That's exactly correct. All the volatility from this point is going to be on the upside. It's not the giveaway it was back in 2001. In real terms, silver is trading at about the same levels that it was in the mid-1960s. So it's an excellent value again.

TMR: In another recent interview, you called shorting Japanese bonds a sure thing for speculators and said most of the mining companies on the Toronto Stock Exchange (TSX) weren't worth the paper their stocks were written on, but that some have been priced so low, they could increase 100 times. What are some examples of some sure things in the mining sector?

DC: Of the roughly 1,500 so-called mining stocks traded in Vancouver, most of them don't have any economic mineral deposits. Many that do don't have any money in the bank with which to extract them. The companies that I think are worth buying now are well-funded, underpriced—some selling for just the cash they have in the bank—and sitting on economic deposits with proven management teams. There aren't many of them; I would guess perhaps 50 worth buying. In the next year, many of them are likely to move radically.

TMR: Are there some specific geographic areas that you like to focus on?

DC: The problem is that the whole world has become harder to do business in. Governments around the world are bankrupt so they are looking for a bigger carried interest, bigger royalties and more taxes. At the same time, they have more regulations and more requirements. So the costs of mining have risen hugely. Political risks have risen hugely. There really is no ideal location to mine in the world today. It's not like 100 years ago when almost every place was quick, easy and profitable. Now, every project is a decade-long maneuver. Mining has never been an easy business, but now it's a horrible business, worse than it's ever been. It's all a question of risk/reward and what you pay for the stocks. That said, right now, they're very cheap.

TMR: Let's talk about the U.S. Are we in better or worse shape as a country politically and economically than we were last year? At the Casey Research Summit last year, I interviewed you the morning after former Congressman Ron Paul's keynote, and you said that you hoped that the IRS would be shut down instead of the national parks. There's no such shutdown going on today, so does that mean the country is more functional than it was a year ago?

DC: It's in worse shape now. The direction the country is going in is more decisively negative. Perhaps what's happening in Ferguson, Missouri, with the militarized police is a shade of things to come. So, no, things are not better. They've actually deteriorated. We're that much closer to a really millennial crisis.

TMR: Your conferences are always thought provoking. I always enjoy meeting the other attendees—it's always great to talk to people from all over the world who are interested in these topics. But you also bring in interesting speakers. In addition to your Casey Research team, the speakers at the conference this year include radio personality Alex Jones and author and self-described conservative paleo-libertarian Justin Raimondo. What do you hope attendees will take away from the conference?

DC: This is a chance for me and the attendees to sit down and have a drink with people like Justin Raimondo and author Paul Rosenberg. I'm looking forward to it because it is always an education.

Another highlight is that instead of staging hundreds of booths of desperate companies that ought to be put out of their misery, we limit the presenting mining companies in the map room to the best in the business with the most upside potential. That makes this a rare opportunity to talk to these selected companies about their projects.

TMR: We recently interviewed Marin Katusa, who was also excited about the companies that are going to be at the conference. He was bullish on European oil and gas and U.S. uranium. What's your favorite way to play energy right now?

DC: Uranium is about as cheap now in real terms as it was back in 2000, when a huge boom started in uranium and billions of speculative dollars were made. So, once again, cyclically, the clock on the wall says buy uranium with both hands. I think you can make the same argument for coal at this point.

TMR: You recently released a series of videos called the "Upturn Millionaires." It featured you, Rick Rule, Frank Giustra and others talking about how you're playing the turning tides of a precious metals market. What are some common moves you are all making right now?

DC: All of us are moving into precious metals stocks and precious metals themselves because in the years to come, gold and silver are money in its most basic form and the only financial assets that aren't simultaneously somebody else's liability.

TMR: Thanks for your time and insights.

dc

International investor Doug Casey, chairman of Casey Research, LLC, has written several books on crisis investing, including the groundbreaking "Crisis Investing: Opportunities and Profits in the Coming Great Depression" (1979). He has appeared on NBC News, CNN and National Public Radio, and he's been featured in periodicals such as Time, Forbes, People, Barron's and The Washington Post. He has also written countless articles for his own publications.

Want to read more Mining Report interviews like this? Sign up for our free e-newsletter, and you'll learn when new articles have been published. To see a list of recent interviews with industry analysts and commentators, visit our Streetwise Interviews page. 

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DISCLOSURE: 
1) JT Long conducted this interview for Streetwise Reports LLC, publisher of The Gold Report, The Energy Report, The Life Sciences Report and The Mining Report, and provides services to Streetwise Reports as an employee. 
2) Doug Casey: I was not paid by Streetwise Reports for participating in this interview. Comments and opinions expressed are my own comments and opinions. I had the opportunity to review the interview for accuracy as of the date of the interview and am responsible for the content of the interview. 
3) Interviews are edited for clarity. Streetwise Reports does not make editorial comments or change experts' statements without their consent.
4) The interview does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their families are prohibited from making purchases and/or sales of those securities in the open market or otherwise during the up-to-four-week interval from the time of the interview until after it publishes.

 

 



Asset protection

Dead Ahead: Big Black-Swan Events!

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Posted by Martin D. Weiss, Ph.D. - Money and Markets

on Tuesday, 02 September 2014 06:30

A subtle, but fundamental, shift — not yet widely discussed in financial circles — is sweeping the globe, with enormous potential consequences for the U.S. economy, for investors and for you personally:

The old global war on splintered terrorist cells
and ragtag militias is turning into a global war
against fully armed, well–organized armies.

This is happening in all three theaters of war that are currently at the top of the news — in Iraq and Syria, in the region surrounding Israel, and in Ukraine.

It’s causing a rapid, tectonic shift in strategy-making at the Pentagon, in the White House and in Congress.

It could cast a long shadow on nearly everything that Washington does to the U.S. economy — warping the federal budget … prodding still more Fed money printing … and creating all kinds of new excuses to pursue reckless, unsound policies.

And it’s likely to trigger a series of black-swan events — powerful, unpredictable changes that strike like a comet from distant space.

So, first, let me demonstrate for you the enormity of this change. Then, I’ll explain the economic and investment consequences.

Iraq and Syria: ISIS is Already a Full-Fledged Army

ISIS used to be viewed as just another al-Qaeda affiliate among the dozens of groups that have sprouted up like wildfire across Africa and Asia — all competing for recruits, few coordinating their activities.

Today, after months of prescient warnings that fell on deaf ears, that idea is finally being recognized for what it was: naïve and dangerous.

According to the New York Times, “ISIS’s success has alarmed American and regional security officials, who say it fights more like an army than most insurgent groups, holding territory and coordinating operations across large areas [with] a network of regional commanders who have their own subordinates and a degree of autonomy.”

ArabThe leadership structure, explains the Times, includes 25 deputies across Iraq and Syria, among which about one-third were military officers during the rule of Sadam Hussein, and nearly all were at one time imprisoned by American forces.

Behind this are the recent successes of an ISIS campaign to free hundreds of militants from Iraqi prisons, including intelligence officers and soldiers that had been leaders of Sadam’s elite Republican Guard. Moreover, many are graduates from Sadam’s military academies and are highly skilled strategists with years of experience fighting U.S. forces.

Now, with its control of large populated areas, ISIS is likely leveraging this experience to recruit and train tens of thousands of unemployed, disaffected youth. At the same time, for the global recruitment of jihadists, ISIS has turned mostly to foreigners, including Saudis and Westerners with advanced media and propaganda skills.Behind this are the recent successes of an ISIS campaign to free hundreds of militants from Iraqi prisons, including intelligence officers and soldiers that had been leaders of Sadam’s elite Republican Guard. Moreover, many are graduates from Sadam’s military academies and are highly skilled strategists with years of experience fighting U.S. forces.

Result: Both locally in the region and internationally across four continents, ISIS is like a jolt of electric-magnetic energy that’s transforming a messy, disjointed terrorist field into an aligned, singularly focused, global terrorist army. Now, mostly in Syria and Iraq; soon, also in Africa, Europe, North America and Asia.

But this isn’t the first time a terrorist organization has evolved into an army …

Lebanon and Syria: Before ISIS, Hezbollah
was the Largest Terrorist Army in the World

arab2According to The Tower Magazine, a reliable source on Israel and the Middle East, before ISIS burst onto the scene, it was Hezbollah that was “probably the world’s largest, most sophisticated, wealthiest and most militarily capable terror organization.” They explain how …

  • Hezbollah, a Shiite organization, was created, trained, funded and deployed as a proxy of the Iranian government, with operations spanning Europe, Africa, Asia, and the Americas.

  • It has effectively taken over the Lebanese government.
  • It has launched thousands of rockets at Israeli civilians.
  • It has killed more Americans than any other organization other than al-Qaeda.
  • And it is a fearsome weapon in the jihadist anti-Western arsenal.

The only saving grace: It’s vehemently opposed to the Sunni ISIS; and in the Syrian civil war, thousands of its fighters have been directly confronting ISIS armies on the battlefield.

Ukraine: Rebel Militias Replaced by Russian Army

Until just a few days ago, the Western-backed Ukrainian army was on the verge of defeating Russian-backed militias seeking to establish a break-away region aligned with Moscow.

arab3And even if Ukraine’s central government could not achieve victory, NATO and Russian forces always were two steps removed from a direct confrontation. Both were fighting a proxy war; neither involved in direct conflict.

Now, suddenly that has changed.

Now, the Western-backed Ukrainian troops are no longer making steady advances against inexperienced, oft-disorganized and extremely discouraged, local militias; they are retreating in panic from the vanguard of one of the largest, best-organized invading forces on the planet: the Russian army.

It seems, in fact, that Russian President Putin’s strategy is to escalate its penetration into Ukraine in three phases:

Phase 1 was his so-called “humanitarian convoy” that defied the International Red Cross and crossed the border into Ukraine without IRC inspection or escort two weeks ago.

Phase 2 is Russia’s stealth invasion, now under way, using unmarked armament and troops. Despite Mr. Putin’s repeated denials, evidence is now virtually conclusive that his army has crossed into Ukraine and reached the battlefields on two separate fronts.

And it looks like Phase 3 will begin soon after he publicly admits the presence of his troops — an admission that I believe will presage an unabashed, all-out invasion by the Russian armed forces.

How big is the Russian military? Nominally speaking, it’s estimated to have 766,000 active personnel, about one-half as many as the U.S. But it also has 2.5 million reservists, three timesas many as the U.S.

Meanwhile, Russia’s total tank strength is massive — over 15,000 units or nearly double America’s. And its self-propelled guns (SPGs) number close to 6,000, also triple the U.S. arsenal. Both these tanks and SPGs could be critical on the Ukrainian battlefield.

I’m not implying that the U.S. or NATO will confront Russia on an Eastern European battlefield. NATO commanders have effectively vowed not to do so unless Russia invades a NATO-member nation, such as those with large Russian-speaking minorities, like Estonia, Latvia and Lithuania.

Rather, my points are twofold:

First, Russia has tremendous military resources to spare. It could easily and quickly overwhelm the Western-backed Ukrainian army with just a small fraction of its forces. Moreover, given the West’s implicit vow not to respond militarily, it could do so with almost total impunity.

Second, the only way Western Europe and the U.S. can or will retaliate is via sanctions on Russia. But unlike any previous sanctions, they will not be constrained or contained. Nor will Russia’s response. For the first time, Western Europe and the U.S. will hit hard with actions that cripple Russian industry, gut their stock market, and set off a far more dangerous round of tit-for-tat East-West economic warfare.

Don’t Underestimate the Economic
and Investment Consequences!

That’s the mistake most analysts and investors have already made — repeatedly. But you can be different. You can step back from the trees of day-to-day trading and see what many experts have been largely ignoring, what has been obvious to Larry Edelson and our Money and Marketsteam for many months:

Consequence #1. The movement of flight capital to the United States is large and accelerating. The main reasons: Despite all of our internal troubles and fumbles, the United States …

* Still sits at the pinnacle of all military forces in the world, with no peer in terms of advanced weaponry, warships and air power.

* Still boasts the largest economy in the world.

* Still has the strongest alliances with the largest number of countries.

* Already has new drilling technologies to achieve the long-sought goal of energy independence.

If we slide further down our current fiscal and monetary path, could this change? Absolutely. But right now, the U.S. continues to be the single most secure and dominant economic/military power on the planet; and that helps explain why flight capital from all over the world continues to flow into the U.S.

Not just from frightened families in the Arab world, as I illustrated here last week, but also from …

* Major banks and other financial institutions still heavily invested in North Africa, the Middle East, Pakistan and other hot spots.

* Russian oligarchs, who have already moved a good portion of their big cash hoards out of Russian banks, and are now taking the rest …

* Japanese pension funds and institutions, who had invested heavily overseas in recent years, and are now shifting from what they consider “hot zones” (like the Persian Gulf and North Africa) to what they deem “safe zones” like the U.S. and Japan itself.

* Massive sovereign wealth funds that are so large, even small moves can have a big market impact. I’m talking about Norway’s Government Pension Fund (with $893 billion in assets), UAE’s Abu Dhabi Investment Authority ($773 billion), Saudi Arabia’s SAMA Foreign Holdings ($738 billion), and China’s three largest sovereign funds (over $1.5 trillion), just to name the largest.

* Plus many other sources of flight capital, some hidden or some not.

This helps explain why the U.S. stock market has been going up and could continue to do so.

It also helps explain why U.S. real estate, especially in key markets, is recovering.

Consequence #2. Escalating economic warfare with Russia; a closer alliance between Russia and China; and bigger efforts by both to draw unaligned developing nations into their fold.

Consequence #3. Big new strains on the shaky U.S. federal budget: In Eastern Europe, NATO members are already pleading for — and about to get — more NATO forces. In Washington, the Pentagon is already pushing for money to finance a stronger U.S. military presence globally. And all over the U.S., Americans, who, just weeks ago, were still demanding cutbacks in military spending, are now pleading for big increases.

Consequence #4. More Fed funny money, or worse! If the U.S. is waging all-out economic warfare with Russia and China … if the U.S. budget deficit is going haywire again … and if all this begins to look like a new black cloud hovering over the U.S. economy …

The Federal Reserve is not going to stand idly by. It will do everything in its authority — or evenoutside its authority — to offset the real or imagined impacts on the financial markets, the job market, the real estate market and more.

What exactly will the Fed do? Too soon to say. But at the very minimum, it could use these new threats to the economy as another in a long line of excuses to delay what it should have done long ago — sopping up some of the $4 trillion in stimulants that it has injected into the economy bloodstream since 2008.

And this is just the beginning! If military and economic warfare continue to escalate globally, there’s no crystal ball that can divine the ultimate consequences. That’s why this environment is so prone to black-swan events.

My recommendations:

1. Tomorrow, just before noon Eastern Time, click here to attend my special online video briefing.

2. Continue to seize the opportunity to profit from the select investments we’ve been pointing you to — in sectors like domestic energy and technology.

3. Keep core, long-term positions in cash and gold — not only to protect yourself against financial threats, but also to help cushion against the inevitable black swans.

Good luck and God bless!

Martin

Martin D. Weiss, Ph.D.

Dr. Weiss founded Weiss Research in 1971 and has dedicated the past 40 years to helping millions of average investors find truly safe havens and investments. He is president of Weiss Ratings, the nation’s leading independent rating agency accepting no fees from rated companies. And he is the chairman of the Sound Dollar Committee, originally founded by his father in 1959 to help President Dwight D. Eisenhower balance the federal budget. His last three books have all been New York Times Bestsellers and his most recent title is The Ultimate Money Guide for Bubbles, Busts, Recesssion and Depression.

The investment strategy and opinions expressed in this article are those of the author and do not necessarily reflect those of any other editor at Weiss Research or the company as a whole.



Asset protection

Quite The Quagmire - "On the precipice of another collapse"

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Posted by TreeceInvestments.com

on Friday, 29 August 2014 09:07

3737990 origWe, like many others, have been watching the increasing turmoil in the Middle East, contemplating the effects recent events have been having the financial markets, as well as their political implications. Looking back on US involvement in the region, it's hard not to get a salty taste in our mouths. After all the sacrifice by American military families, we've accomplished little more than the destabilization of the region.

Yes, in the course of our intervention we eliminated some very brutal dictators, but we did so without adequate understanding of how that part of the world operates. This naivety has prevented us from installing a stable government since toppling regimes. In the end, it's hard to argue that we've made life any better over there for the average person.

Militarily and politically, the United States should absolutely be withdrawing from the Middle East. While this would almost certainly escalate local strife to an event greater magnitude (in the near term), US involvement in these regional conflicts is beginning to resemble Vietnam more and more.

The only problem with a potential withdrawal is that currently the US economy is in such a state that it can't support returning troops. There would be disastrous results from a sudden influx of labor when unemployment is already high; or of consumers when prices are already rising.

However, these are not justifications for leaving troops on the ground in the Middle East. Rather, it is further evidence of the lack of intelligence on the part of US central planners.

Frequent readers of our columns and listeners to our radio updates know that we often talk about the law of unintended consequences. This, however, is the law of unforeseen implications. The problem arises when power is concentrated among a small group of people who are incapable of seeing past next week.

One of the primary benefits of free and open markets is that they have a smoothing effect. Radical swings are often prevented when millions of people are competing with each other in pursuit of their own self-interests, and things are far smoother than when power is concentrated among just a few market movers.

As an added benefit, the collective intelligence of crowds is almost always greater than small groups or individuals. However, studies have shown that when power is focused among just a few people, not only do those people demonstrate less intelligence than crowds, but they are also more confident in their abilities - even though that confidence is more often misguided.

We see examples of this all the time. In financial markets, the Federal Reserve is almost the only market participant that matters. Everyone else involved with the markets is constantly watching to see what the Fed does, even though they more often than not do precisely the wrong things.

Likewise, in recent decades political power has been more focused in the White House (as opposed to Congress or the courts). This has happened despite the inability of people who occupy the Oval Office to understand the dynamics of regions in which they meddle. The result has been that they do things that change the world without an adequate understanding of why things are as they are; obviously a poor recipe for positive and sustainable change.

Now, after years of unintelligent actions by poor central planners, the United States finds itself in a quagmire. We're trapped in a series of conflicts, none of which we can win, with no clear set of goals or any end in sight. Our economy has suffered collapse and failed to see any significant rebound because those who guide our monetary policy have tried to keep inflation at bay, with the result that a whole new set of bubbles has formed in the meantime. This has placed our economy on the precipice of another collapse, except that we have nowhere left to fall and no tools left to stem the calamity, much less any ability to reabsorb the heroes we sent abroad to help a people we didn't understand.

About Dock Treece

Dock David Treece is a partner with Treece Investment Advisory Corp (www.TreeceInvestments.com) and is licensed with FINRA through Treece Financial Services Corp. He provides expert content to numerous media outlets. The above information is the express opinion of Dock David Treece and should not be construed as investment advice or used without outside verification.



Asset protection

Peter Schiff - Safeguarding Your Portfolio By Investing Abroad

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Posted by Peter Schiff - Euro Pacific Capital

on Monday, 25 August 2014 16:59

pschiffPeter Schiff and John Browne on the Global Market Forecast: 

 

 

 

John Browne Discusses the Global Market Forecast - August 22nd, 2014
 



Asset protection

Shocking Truth About The Missing U.S. & German Gold Hoards

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Posted by Grant Williams via King World News

on Tuesday, 19 August 2014 08:58

shapeimage 22Today one of the most highly respected fund managers in Singapore takes King World News readers around the world on a shocking trip down the dangerous and secretive rabbit hole of the missing U.S. and German gold hoards.  Below is what Grant Williams, of Vulpes Precious Metals Fund, had to say in this fascinating interview.

Eric King:  “Grant, in yesterday’s KWN interview William Kaye was accusing the US government of using disinformation agents in the gold community to sell the ‘fairy tale’ that the United States still has its entire 8,100-ton gold hoard safely vaulted in the U.S.  He pointed out that Germany was supposed to get a tiny portion of its gold back (300 tons), which is allegedly safely stored in the U.S., and so far they have received only 5 tons and it wasn’t even the same gold Germany deposited.”

Williams:  “The German gold repatriation situation has been fascinating from Day 1 and continues to be.  I think the motives behind making that announcement have probably been overtaken by events.  From the moment Hugo Chavez repatriated the Venezuelan gold, I said this is the start of a game of musical chairs that is going to end very, very badly....

.......Continue reading the Grant Williams interview HERE...



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