It's not only ABX that had "debt problems"...the US Gov. debt stands at $18.316,000,000 TRILLION, and they/we haven't had a rate increase in x10 years; I'll also add that we haven't had a true -10% correction in the Markets either, since the Fed's stock-market inflation scheme; The Fed's balance sheet stands at $3-tillion +
Where do you think "all this is headed"? I've never seen a stock market more over-valued, nor over-leveraged by the Fed, in world history. True, ABX could get taken-down to -0-, but at the same time, you'd be way remiss to not mention the other "debt bombs looming". At some point, something of substance will hold reserve currency value. The "money-changers" are attempting-fighting with all their might, to get you to believe it's USD, and on the surface, it looks to be the case. But since when did (as I heard Market-watch say just the other day), that the Fed can print an infinity of money with zero consequences.). That heightened me to know that we are in one of the biggest equity bubbles the world has ever known. If gold does you no good, then maybe 'food, water and a shelter" is one's best bet. There will be wailing and gnashing of teeth, when stocks show their "real and intrinsic value".
Appreciate the encouragement! Interesting to hear even Gartman talking about the looks of a "technical reversal"; Said he'd be a buyer if it "holds above $1,100 in one month, in US-denominated terms". 'Tis the season too, or getting near to the traditional Sept. bump. I'm just looking to recover losses before I get even remotely giddy! Again,...we'll see!
A new Super Wal-Mart is being built, in a FEMA 100-year flood-plain, next to an imperiled waterway, where migrating Canadian geese used to land (until they recently bull-dozed the land), hordes of deer would feed at night, and fog would roll-in off the river-bottoms.
This is happening at Exit 14, off I-40 of east Memphis. They thing that is so reckless about this particular development, is that there are so many other sites close-by, prepped for re-development, that are "for-sale", and that folks would welcome. This development, on the other hand, is "encroaching, egregious, and not-in-keeping with long-term conservation values". It is this dis-regard for the public good, that has tarnished Wal-Mart's image, and made it an "enemy of the people", not a enabler of a greater good. We don't live in the 1900's anymore, where there were bunches of open-lands, in need of development. Rather, it's the opposite. We need to conserve and really be conscientious about our effects on the planet and our surroundings. If Wal-Mart wants to prosper, they must truly look-out for their shopper's environs, wanting to keep their business from becoming run-down Commercial, blighted and of un-aesthetic appeal, while building upon "endangered and sensitive lands".
I couldn't give investment dollars to an outfit that robs me of "peace-of-mind", exacerbates destruction of wildlife and habitat, and isn't concerned about the public's well-fare above corporate profits. Corporation with respect and staying power, honor people, and that means, honoring our home-environments.
This is a bad idea, as we already have x2 Super Wal-marts within 6.1 miles of this proposed "environmentally damaging one".
Sentiment: Strong Sell
If you think those of us who have "believed in gold in the face on un-precedented Central-Bank action around the world", and the deteriorating hegemony of the American financial system (as it has been allowed to fraudulently steal not only from average Americans, but from other dis-advantaged citizens greatly affected by their currencies demise against the dollar", then read this article out today from Marketwatch.
One gets so dis-heartened believing that "he may be a cook for observing the perverse nature of massive quantitative easing, enriching the banks, CEO's and US multinationals, giving the 1% the greatest wealth in the history of the world, and disproportionately so, relative to "the rest of us", then read this article.
Here are my take-aways that are so apropos, and that keep me "believing in myself", believing in true price discovery, and knowing, always knowing that the truth ends up on top in the end, no matter how long it may take.
"New York and London have generally been the hubs for setting gold prices. But with “so little gold going through Comex in physical terms, this is a distortion of demand and supply as it only reflects the trading picture of speculators in New York,” said Phillips. He noted that only 5% of contracts are delivered on Comex after notice has been given of this intention."....
"Having New York and London as the price-setting locations has “kept gold prices well below the level of demand and supply should reflect,” Phillips said. China does not want an uncontrolled gold price, but it also “does not want the U.S./U.K. to have control over this market if they are minor players.”.....
In the end, it may be really about China operating independently of the U.S. financially, Phillips said.
Gold isn’t just a commodity, it is “money” and recognized by all global central banks as such, he said."
Question is, which will go down faster, the stock market in general, gold, silver, oil, copper, wheat?
Why is the 10-year in retreat, with a Fed-rate hike looming? Wouldn't folks be selling the 10-year with a rate-hike on the horizon? I know, I know, we've drunk the Fed's cool-aide, and bought-into the "all is well, paper mantra". Yeah, what's the US-Government's debt level now? $18.3 trillion, and the USD is strong-strong-strong, on top of a near record high stock market. But unlike the old days, people/consumers bustling with money in their pockets, buying cars, homes and consumables, today's record-high stock market is going directly into Wall-Street's pockets. Yes, we sheeple buy-into the "all is dandy manta" and "now the Fed will normalize rates" and all will be fine. Yeah my friend, sure, great, only will the rate increase be in September? December? or next year even? The 10-year note says we're full-of-it to beleive it's this year! And yet, not a person is concerned in the least, not a smidgen with a "forever going to raise/normalize rates" Fed. I bet they will when the Dow/S&P start falling off a cliff!
I've been so "jaded and dragged-through-the-mud", that I find it hard to believe...not holding my breath, and 'we'll see". GLTA!
PS: The one thing I do wish, that there wasn't such extreme negativism and nihilism with the gold trade. I've rarely encountered a more vile, hate-filled sector to invest than in the gold sphere; So much so, I'll just be glad when this is all over. How gold ever got to be so dissed, so tarnished, so "sinister" is beyond me; And even as it has fallen from $1,800, then $1,700, then $1,600, then $1,500, then $1,400, then $1,300, then $1,200, and finally below $1,100, and at this level, I've never seen more "bearish-and-brutish calling for $350 gold and the worthlessness of this precious metal". You'd think such nay-saying would be called-for at every other price-point north of where we are, not some 80% below its high back in Sept of 2011 when it was $1,900 In fact, the lower it has fallen, the more vile and repressed is it prediction for utter collapse. I can't understand such non-sense. Yes, calls for a huge fall at $1,900, but at $1,100, seems immature, backward-thinking and as if a "horde-and-crowd of animals is making brutish bets".
I will say, the industry is largely to blame for its malaise, for if you can only make money only at $1,300 POG, then it's kind-of a crap industry in need of washing-out. I'd say, with most of the easy-gold already mined for the pickings, and with massive Central Bank money printing, that $1k pog, and these companies should be able to make good $$$ The only company I know with this philosophy is GOLD, and they are even shooting for a $800 environment. Good for them!
It has been a learning process for me, and my advice would be to "never bet on big downfall for your investment to make good"; Such may or may not happen. Rather, ask yourself rationally, with your investment in gold, what's a decent, non-emotional POG-pricing for my Co. to really be able to make good $$$ It needs to be $1-1.2k
With not public input whatsoever, even though we residents live within 1-mile if this new mega-store, being built off Exit 14, I-40 in Memphis, TN. Plus, it's next to a Tennessee Imperiled waterway, and they are only required a 60-foot buffer between massive run-off, oil-coolant fluid from people's leaking cars, and imperiled Fletcher Creek.
Sound like a company you can invest with "for the future"? Progressive companies don't conduct business like this, but rather, juggernauts that are trying to reign supreme, while the ground crumbles beneath them. Reminds me of the McDonald's menu, although I don't think their so egregious to the public's welfare, environmental wise, not cholesterol-wise, pun intended.
Sentiment: Strong Sell
Point being, and as painful as it is, let them take gold so low as to expose this huge Fed lie for what it is. We can't stop it, but what I see is that "truth and the real state of our economic affairs" is coming to a head. if things were "that great", we'd have a sniff of inflation, consumer borrowing, building, buying, etc. etc. Instead, we have falling commodity prices, and unprecedented deflation, which will result in falling consumer prices.
You/we must be very patient here, and very long. At this point, we want to see gold falling -$25-50 dollars a day. The quicker it gets to where it must, is the quicker folks will realize the sham that is a record-setting US-stock market, USD-paper, and the lie can be exposed for what it is: massive Central Bank intervention, destroying true market-based asset pricing, while giving the 1% a life-line and a bonus check, while the rest of us sit and watch!
Yeah, that's b/c he's one of the few talking heads on CNBC that has shot-straight from the hip ever since the Fed's asset-inflation scheme has sent the dow up to 18k plus (lately Guy Adami, Melissa Lee, and Carter Worth, along with Doug Kass, haven't been shills for the big-boy-Fed-paper-Club, warning investors that all might not be "peaches-and-cream".) IMO, this is a lot more than China's so-called soft-landing. It's more about "funny money and sky's-the-limit Fed-play", and that effects China and emerging Markets. QE needs to be questioned, beyond it's "cure-all properties", and rather, asked how effective is it in "jump-starting true Main-Street economic activity". My contention is that we "gave away the store to the banks and the elites of Wall-Street" and now that the Fed has said "end-of-party mid-Sept", we are starting to see just how over-valued stocks have become. GLTUA! eom!
The more you see these gold stocks get crushed, the higher-and-higher the paper-stocks are given to run, and told that "they are the ONLY GAME IN TOWN", and consequently wanted to be lifted ever-more high by the USD-club and corporate culture, that were given $4-trillion by the Fed, after raping the consumer in 2008, the more I know how rigged the Comex is. It's too funny at this point, and the more perverse the manipulation of our markets is showing to be, the more I know just how un-stable our capital markets have become the world-over, since everyone and their brother is QE-ing!
Did you see the chorus of articles and proclamations about how "oil had seen the worst of it yesterday, and that it PUT-IN A BOTTOM FOR THE YEAR"! Even today, we get "Iran Oil Flood Wouldn't Last"!
All I can say is, that as an average American consumer, what could be better than a 1) absolutely booming US and World economy and oil falling huge percentages each day! (I'm saying this tongue-in-cheek, btw!)
If you want to get a proxy test for the world's health, and the Greece-effect, look at oil, not gold. Anybody with a smidgen of a brain, can see how "manipulated and absurd the gold price is in the face of what the world is facing". They (Central Banks, JP-Morgan, and the host of other "price-fixers") want you to feel "turned-inside-out and as if you are a FOOL for ever thinking gold had some value". It should be obvious how irrational the gold-price is on a day like today, and it bespeaks one thing so loud and clear in my mind: Desperation on the part of quantitatively eased, controlled, rigged, Central-bank dictated markets---"we will have none of this, we control where the market goes, and what has value, not you!"
Really at this point, as a gold investor, we WANT the price of gold to keep falling by big percentages nearly each-and-every day of this building crisis. let it fall to $800-900 in short order, b/c that's when the Central Banks can lose control of its grip, imo.
Those of us who have bought-into this notion of the "Goldilocks world economy", boosted by $ tillions-upon-trillions in Fed-monies around the world, might do well to question "just how market-driven is equity pricing in our stock-market, as opposed to fed-inflated"? Ask yourself if recent record-high stock-market prices FEEL LIKE we've never been more prosperous and economically healthy as a country and world? If you can't answer with a resounding "YES", then that might be a clue that the money-changers have tried to sell us a bag of #$%$!
PS: As I've typed, I've watched crude fa
Yeah, up some +6% today alone, the best on my screen! All's well in never-never land, fairy dust and purple shoes! It's all rational, sane and in good faith that DUST is doing so well! (said with tongue-in-cheek)
And some days it goes up even when gold is up big! Gotta love it, right! All's fair and dandy in the Markets, that's for sure!
The last news I saw/heard was "Possibly", then I never heard any follow-up about an actual investigation. Link please!
We want to see this get a lot messier, imo. They are trying to get people to believe it's a "gold thing" only. Look at all the rosy forecast for oil, even when Iran is set to un-leash 500k-barrels-a-day in the Market, then 1-million, still they sing the praises of increased oil demand and pricing.
What we should be realizing and witnessing is one of the most destructive, broad-based commodity declines in the making--all the while when the Central Banks of the world are massively inflating paper. Don't you think if the world economy and the US economy were "that strong", that the Fed could at least raise rates 1-basis point! Yet, in all of x10 years, they can't. Now, how can they raise in September, with oil near under $50 and a host of other commodities prices free-falling and the uber-strong USD crimping multi-national sales? It's a ruse, a scam, and we've let the oligarchs bid it all up, with greed and mal-practice. This whole charade of paper is going to come crumbling down much like 1929, b/c the Fed and their bubble antics can't keep going-on forever in 'forever going to normalize mode"; Either what they say is true and a rate is forthcoming, or they've been fibbing and exaggerating, with this whole false notion of "economic strength". Truth be told, few realize just how precarious a position the world economy is really in, mainly exacerbated, not by QE I, but II, III, and IV. Those huge $trillions have gone into the US-banks pockets, the top 1% (never greater disparity in wealth, in the world's history!--EVER!), and Corporate America, and they've peddled the lie that "all is well now, and we've recovered". Yeah right, that's why oil is at $50 and falling, that's why any hard assets are seen as value-less. It's all about Fed-paper, until it isn't, and the fact that the Fed hasn't been called-out for B/S yet, after x10 years, only tells me how much bigger this fall is going to be.
After the Chinese market lost -8% over-night, the biggest daily decline since 2008, Chinese regulators promised to purchase massive amounts of stock to support their otherwise crashing economy. Meanwhile, the US has already done their "massive support", with the Fed's $4-trillion-dollar life-line. Europe is said to be looking "not so good", while the ECB is ball-and-chained to Greece (everyone says that crisis is past now that Greece agreed to European bail-out terms, but what has really and fundamentally changed with Greece?), and yet US Indices aren't really all that far from their not-too-distant record-high territory!
Ask your self this? Doesn't such seem just a "little bit odd"?
Isn't it just a bit odd that the best stock on my screen is DUST? Yet gold at the Comex is "up" for the day!
All I can say is "there will be wailing and gnashing of teeth", as we've let Markets around the world be totally manipulated, inflated and supported by Central Banks and Governments. What would normally retreat a market into some kind of "correction territory" no longer does. It can't, b/c the "Fed's of the world are holding it all up", and we've sat-around and patted-our self on the back, and said "how good things are now that we've "Recovered"." All smoke-and-mirrors and there will be a day of reckoning when the Market prices assets "fairly and accordingly" not to some Central Bank's determination.
Why did we let this happen? Why did we give the top 1% "that much more" with QE-2-3-4?
We are culpable as a people, letting big-Money not only take-over our body politic, but also our supposed "free market". Crony Capitalism and manipulated stock markets, is what we have, pure, plain and simple. At this point, one must say, "let the chips fall where they may"!
No, you are right, the millennials have been taught by Father Fed, that USD "is the only salvation". Never mind that the Fed created $4-trillion to buy mortgages and bonds, and lets US-Banks park their money there to gain interest. We have been taught in the benevolence of the Great Fed, that has given us a stock market that is no longer subject to -10% normal corrections, and can now run near fautless with much less tendency to "go down". We've been taught that the whole "hard money commodity complex is bunk", and such things as "digital dollars hold more value". Yeah, we think of WW-II Veterans as "hold fogies", that use to save money in their mattresses, still remembering the Great Depression. What's that? But, we are a much smarter, younger lot, that knows no true sacrifice, b/c Father Fed is there, has been there and will be there.
Simply put, "war and gold are old-fashioned notions". We have Facebook, Twitter and Bit-coins. Never mind 8-billion people and growing, a 1% that controls more wealth than in the history of the world, and a climate that is reducing the quality of living beyond anything enjoyable and sustaining. We have Father Fed! Buy USD, b/c it's the ONLY STOREHOUSE OF REAL VALUE! Thank-you Father FED!
If you would have said that at $1,900, 1,700, 1,500, 1,300, yeah, I can hear you. But now every one and his brother comes-out the wood work, screaming how low gold is going, when it's $1,090-ish, with a chart that looks like it could possibly hit $950, which I wish it would ASAP, instead of hanging-around this level; Unless it's headed to $500, I'd say they are real late to the "short-gold party", and are rather parroting the other shorters, pundits and USD believers--and their desire, wish and bet, that gold's headed "so much lower". I say it's headed lower too, btw, but when I look at a long-term chart, I see $950 for strong support!
Where will the DOW be? The S&P? Oil? Copper? Wheat? Corn? Palladium? Soybeans? Heating Oil? Lumber? The 10-year treasury? All up, right!