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Image | Blast Shields Up! Prepare for Incoming!
Blast Shields Up! Prepare for Incoming!
 PREVIEW
by Chris Martenson

Executive Summary Central bank policies to prop up the global economic system are failing Developing countries and the PIIGS are the periphery where we can see the crumbling now accelerate The emerging Syria crisis could hardly come at a worse time & could have an explosive effect The steps every concerned individual should be taking…
Blast Shields Up! Prepare for Incoming!
 PREVIEW by Chris Martenson

Executive Summary Central bank policies to prop up the global economic system are failing Developing countries and the PIIGS are the periphery where we can see the crumbling now accelerate The emerging Syria crisis could hardly come at a worse time & could have an explosive effect The steps every concerned individual should be taking…
Image | Bernanke’s Suspicious Remarks on Gold
Bernanke’s Suspicious Remarks on Gold
 PREVIEW
by Chris Martenson

Recently, on July 18, 2013, Federal Reserve Chairman Ben Bernanke told Congress a number of things about gold that make us wonder which one of two interpretations is correct: Is he really that out of touch? Or is he telling us lies with the bumbling skill of a four-year-old?
Bernanke’s Suspicious Remarks on Gold
 PREVIEW by Chris Martenson

Recently, on July 18, 2013, Federal Reserve Chairman Ben Bernanke told Congress a number of things about gold that make us wonder which one of two interpretations is correct: Is he really that out of touch? Or is he telling us lies with the bumbling skill of a four-year-old?
Image | The New Game-Changers for Gold & Silver
The New Game-Changers for Gold & Silver
 PREVIEW
by Adam Taggart

Executive Summary

  • Large players (and likely price manipulators) now have incentive for precious metals prices to rise
  • Investor demand for bullion remains at record highs
  • Competition for bullion from the East continues to heat up
  • Central banks buy more bullion as Comex inventories deplete
  • The key signs to know when it will be time to sell your gold & silver

If you have not yet read Part I: Is Gold at a Turning Point? available free to all readers, please click here to read it first.

Manipulation

Much has been written across the Web (including here at PeakProsperity.com) about whether or not the precious metals markets are manipulated in price by big players (major multi-national banks such as JP Morgan). Without delving into the many arguments on both the pro and con sides, Chris and I are of the opinion that sufficient data exists to convince a reasonable observer that price manipulation in the PM markets is indeed real, or, at the very least, highly probable. (For those remaining doubters out there, have a look at the evidence here, here, and here, and let us know if you have a rational, non-manipulative explanation.)

One of the most glaring signs of likely manipulation has been the massive short positions that a small number of large banks (JP Morgan being the most prominent among them) have held for many years, particularly in the silver market [measure positions as % of world silver production]. And not only were these unlimited positions allowed, but this cabal of banks was allowed to naked-sell PMs short (i.e., sell metal without actually owning it first). On the other side of the coin, the long side, position limits were enforced, and there was no similar ability to buy more metal than one could pay for. This imbalance of rules certainly provides the mechanism by which PM prices could be artificially jockeyed more easily to the downside. In this context, a decline from the high $40s to the low $20s looks more understandable.

Well, a very important part of this story has just shifted. The CFTC (Commodities Futures Trading Commission) publishes a monthly report illustrating the positions taken in Comex Futures Contracts

After nearly ten years of being net short in Comex gold futures, U.S. banks have been recently decreasing those short positions, and – for the first time since 2004 (with the exception of a single month in 2008) – they have flipped to become net long gold in May (see bottom chart below)…

The New Game-Changers for Gold & Silver
 PREVIEW by Adam Taggart

Executive Summary

  • Large players (and likely price manipulators) now have incentive for precious metals prices to rise
  • Investor demand for bullion remains at record highs
  • Competition for bullion from the East continues to heat up
  • Central banks buy more bullion as Comex inventories deplete
  • The key signs to know when it will be time to sell your gold & silver

If you have not yet read Part I: Is Gold at a Turning Point? available free to all readers, please click here to read it first.

Manipulation

Much has been written across the Web (including here at PeakProsperity.com) about whether or not the precious metals markets are manipulated in price by big players (major multi-national banks such as JP Morgan). Without delving into the many arguments on both the pro and con sides, Chris and I are of the opinion that sufficient data exists to convince a reasonable observer that price manipulation in the PM markets is indeed real, or, at the very least, highly probable. (For those remaining doubters out there, have a look at the evidence here, here, and here, and let us know if you have a rational, non-manipulative explanation.)

One of the most glaring signs of likely manipulation has been the massive short positions that a small number of large banks (JP Morgan being the most prominent among them) have held for many years, particularly in the silver market [measure positions as % of world silver production]. And not only were these unlimited positions allowed, but this cabal of banks was allowed to naked-sell PMs short (i.e., sell metal without actually owning it first). On the other side of the coin, the long side, position limits were enforced, and there was no similar ability to buy more metal than one could pay for. This imbalance of rules certainly provides the mechanism by which PM prices could be artificially jockeyed more easily to the downside. In this context, a decline from the high $40s to the low $20s looks more understandable.

Well, a very important part of this story has just shifted. The CFTC (Commodities Futures Trading Commission) publishes a monthly report illustrating the positions taken in Comex Futures Contracts

After nearly ten years of being net short in Comex gold futures, U.S. banks have been recently decreasing those short positions, and – for the first time since 2004 (with the exception of a single month in 2008) – they have flipped to become net long gold in May (see bottom chart below)…

Image | Robert Mish: Front-Line Observations from a Seasoned Gold & Silver Bullion Dealer
Robert Mish: Front-Line Observations from a Seasoned Gold & Silver Bullion Dealer
by Chris Martenson

Spikes and plunges in the U.S. dollar price of gold; this is not new. It goes back to the early 1970s. We remember that for most of the past 40 years, physical gold and silver investors, particularly in the U.S., tended to chase big rallies and buy late, while too often selling after plunges or after long periods of price erosion. Gold was sold then primarily as an inflation hedge. When it was working, speculators bought much more. When it stopped working as an inflation hedge, they first became puzzled and frustrated, then fearful, and they sold out at bottoms.

So, fast-forward to this month, and today’s gold community starts to look a bit different as the breakdown below previous gold and silver price support levels began, and especially last week, with gold going below $1400. Physical buyers were outnumbering sellers in our store by at least 5 to 1.

 
Robert Mish: Front-Line Observations from a Seasoned Gold & Silver Bullion Dealer
 by Chris Martenson

Spikes and plunges in the U.S. dollar price of gold; this is not new. It goes back to the early 1970s. We remember that for most of the past 40 years, physical gold and silver investors, particularly in the U.S., tended to chase big rallies and buy late, while too often selling after plunges or after long periods of price erosion. Gold was sold then primarily as an inflation hedge. When it was working, speculators bought much more. When it stopped working as an inflation hedge, they first became puzzled and frustrated, then fearful, and they sold out at bottoms.

So, fast-forward to this month, and today’s gold community starts to look a bit different as the breakdown below previous gold and silver price support levels began, and especially last week, with gold going below $1400. Physical buyers were outnumbering sellers in our store by at least 5 to 1.

 
Image | Unintended Consequences Are Increasing World Demand for Gold
Unintended Consequences Are Increasing World Demand for Gold
by Chris Martenson

With the financial experts claiming, some gleefully, that gold has "lost its safe haven status" in the aftermath of its biggest tumble in 30 years, many commentators  thought (hoped?) that the dramatic price drop would steer people away from gold ownership. To my eyes, the past week has all the earmarks of a high-gloss propaganda campaign complete with well placed anti-gold stories in the media and the careful use of language aimed at sowing doubt about gold's ability to be a store of wealth.

But for those who consider gold a store of value, the recent gold slam is a gift: an invitation to purchase more sound money with fewer units of paper currency. In other words, a sweet deal.  Gold and silver on sale and the world is taking advantage.
Unintended Consequences Are Increasing World Demand for Gold
 by Chris Martenson

With the financial experts claiming, some gleefully, that gold has "lost its safe haven status" in the aftermath of its biggest tumble in 30 years, many commentators  thought (hoped?) that the dramatic price drop would steer people away from gold ownership. To my eyes, the past week has all the earmarks of a high-gloss propaganda campaign complete with well placed anti-gold stories in the media and the careful use of language aimed at sowing doubt about gold's ability to be a store of wealth.

But for those who consider gold a store of value, the recent gold slam is a gift: an invitation to purchase more sound money with fewer units of paper currency. In other words, a sweet deal.  Gold and silver on sale and the world is taking advantage.
Image | Jim Rogers: We’re Wiping out the Savings Class Globally, to Terrible Consequence
Jim Rogers: We’re Wiping out the Savings Class Globally, to Terrible Consequence
by Chris Martenson

Jim Rogers decries the growing uncertainty and recklessness of global central planners as the world enters unchartered financial markets:

For the first time in recorded history, we have nearly every central bank printing money and trying to debase their currency. This has never happened before. How it’s going to work out, I don't know. It just depends on which one goes down the most and first, and they take turns. When one says a currency is going down, the question is against what? because they are all trying to debase themselves. It’s a peculiar time in world history.
Jim Rogers: We’re Wiping out the Savings Class Globally, to Terrible Consequence
 by Chris Martenson

Jim Rogers decries the growing uncertainty and recklessness of global central planners as the world enters unchartered financial markets:

For the first time in recorded history, we have nearly every central bank printing money and trying to debase their currency. This has never happened before. How it’s going to work out, I don't know. It just depends on which one goes down the most and first, and they take turns. When one says a currency is going down, the question is against what? because they are all trying to debase themselves. It’s a peculiar time in world history.
Image | Eric Sprott: Is the West Dishoarding Its Sovereign Treasure?
Eric Sprott: Is the West Dishoarding Its Sovereign Treasure?
by Chris Martenson

We are well into the financial crisis. Everyone’s trying to keep it together, even though it would appear from the reading of the economy things are not going well at all here. And everyone's ignoring things.

But I think, in their hearts, the Central Bankers must know what they’re doing is totally irresponsible. And the tell of that irresponsibility – which is the debasing of the currencies – is the fact that real things will go up in value. This should be reflected in the price of gold and silver.

So expresses Eric Sprott, CEO and founder of Sprott Asset Management, and one of the most experienced and vocal advocates for owning precious metals.

The past decade has validated Eric's thesis, as gold has risen considerably against all world fiat currencies. But what vexes him is that in recent years, when currency debasement has accelerated to extreme levels, precious metals prices have been clearly suppressed, particularly versus the U.S. dollar.

As the topic of price manipulation is nothing new, Eric finds his focus increasingly drawn to where the precious metals are going at these bargain prices – who is accumulating and who is dishoarding:
Eric Sprott: Is the West Dishoarding Its Sovereign Treasure?
 by Chris Martenson

We are well into the financial crisis. Everyone’s trying to keep it together, even though it would appear from the reading of the economy things are not going well at all here. And everyone's ignoring things.

But I think, in their hearts, the Central Bankers must know what they’re doing is totally irresponsible. And the tell of that irresponsibility – which is the debasing of the currencies – is the fact that real things will go up in value. This should be reflected in the price of gold and silver.

So expresses Eric Sprott, CEO and founder of Sprott Asset Management, and one of the most experienced and vocal advocates for owning precious metals.

The past decade has validated Eric's thesis, as gold has risen considerably against all world fiat currencies. But what vexes him is that in recent years, when currency debasement has accelerated to extreme levels, precious metals prices have been clearly suppressed, particularly versus the U.S. dollar.

As the topic of price manipulation is nothing new, Eric finds his focus increasingly drawn to where the precious metals are going at these bargain prices – who is accumulating and who is dishoarding:
Image | The Demise of the Car
The Demise of the Car
by Gregor Macdonald

India’s recent series of power blackouts, in which 600 million people lost electricity for several days, reminds us of the torrid pace at which populations in the developing world have moved onto the powergrid. Unfortunately, this great transition has been so rapid that infrastructure has mostly been unable to meet demand. India itself has failed to meets its own power capacity addition targets every year since 1951. This has left roughly one quarter of the country’s population without any (legal) access to electricity. That’s 300 million people out of a population of 1.2 billion. Indeed, it is the daily attempt of the underserved to access power that may have led to India’s recent grid crash.

But the story of India’s inadequate infrastructure is only one part of the difficult, global transition away from liquid fossil fuels. Over the past decade, the majority of new energy demand has been met not through global oil, but through growth in electrical power.

Frankly, this should be no surprise. After all, global production of oil started to flatten more than seven years ago, in 2005. And the developing world, which garners headlines for its increased demand for oil, is running mainly on coal-fired electrical power. There is no question that the non-OECD countries are leading the way as liquid-based transport – automobiles and airlines – have entered longterm decline.

Why, therefore, do policy makers in both the developing and developed world continue to invest in automobile infrastructure?

The Demise of the Car
 by Gregor Macdonald

India’s recent series of power blackouts, in which 600 million people lost electricity for several days, reminds us of the torrid pace at which populations in the developing world have moved onto the powergrid. Unfortunately, this great transition has been so rapid that infrastructure has mostly been unable to meet demand. India itself has failed to meets its own power capacity addition targets every year since 1951. This has left roughly one quarter of the country’s population without any (legal) access to electricity. That’s 300 million people out of a population of 1.2 billion. Indeed, it is the daily attempt of the underserved to access power that may have led to India’s recent grid crash.

But the story of India’s inadequate infrastructure is only one part of the difficult, global transition away from liquid fossil fuels. Over the past decade, the majority of new energy demand has been met not through global oil, but through growth in electrical power.

Frankly, this should be no surprise. After all, global production of oil started to flatten more than seven years ago, in 2005. And the developing world, which garners headlines for its increased demand for oil, is running mainly on coal-fired electrical power. There is no question that the non-OECD countries are leading the way as liquid-based transport – automobiles and airlines – have entered longterm decline.

Why, therefore, do policy makers in both the developing and developed world continue to invest in automobile infrastructure?

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