May warns UK faces ‘crisis’ following Bercow ruling

Financial Times/George Parker/3-19-2019

“Theresa May has told her cabinet that Britain is facing a ‘crisis’ after Commons Speaker John Bercow made it even harder for her to pass her Brexit deal through parliament.”

USAGOLD note:  Some experts believe that Bercow’s roadblock to a new vote on Brexit could lead to no Brexit. Others believe it is the road to a longer extension for negotiations.  The markets, in our view, are not giving this development the weight it deserves. The UK remains on razor’s edge – a nation at odds with itself, in crisis as Theresa May points out, and with no signs of a Churchill emerging to show the way.

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There’s a fight brewing over government debt, low inflation and what to do about it

Bloomberg/Rich Miller

“‘This is an Alice in Wonderland world,’’ said former International Monetary Fund chief economist Olivier Blanchard. It’s one that Japan has long been familiar with, and Europe may be getting used to. In the U.S., it’s prompting policy makers to reconsider how public finances and interest rates should be managed. Possible results include even bigger government deficits and debt, and faster inflation — all anathema to Econ 101.”

USAGOLD note:  It is hard to imagine how the principles of the Mad Hatter Modern Monetary Theory can gain credence in the public debate without encouraging a large, consequent flight out of the dollar and into gold and silver.


Repost from 3-15-2019

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The road to confetti is long and winding

“Does the deployment of helicopter money not entail some meaningful risk of the loss of confidence in a currency that is, after all, undefined, uncollateralized and infinitely replicable at exactly zero cost? Might trust be shattered by the visible act of infusing the government with invisible monetary pixels and by the subsequent exchange of those images for real goods and services? . . .  To us, it is the great question. Pondering it, as we say, we are bearish on the money of overextended governments. We are bullish on the alternatives enumerated in the Periodic table. It would be nice to know when the rest of the world will come around to the gold-friendly view that central bankers have lost their marbles. We have no such timetable. The road to confetti is long and winding.” – James Grant, Grant’s Interest Rate Observer

Dr. MoneyWise says. . . .Some think it takes an advanced degree in economics to understand the merits of a diversification in gold and silver when all it takes is a little common sense.  Common sense ownership of unencumbered metal saved the skeptical saver in the time of the French assignat inflation in 1789, the nightmare German inflation in 1923, the global bank collapses in 1932, the American stagflationary breakdown in the 1974 and Venezuela’s inflation in 2018 – even though those episodes span almost 250 years.  As old Ben Franklin once said: “A change of fortune hurts a wise Man no more than a change of the Moon.”

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Sales of gold and silver should not be taxed

Forbes/Steve Forbes

“When you exchange a $20 bill for two $10 bills, you don’t pay sales tax on the transaction, even though, theoretically, you are “buying” the tens. The notion is utterly preposterous. Yet if you purchase a gold coin that was created by the U.S. Mint and is legally usable for commercial transactions, in some states you have to pay sales tax on that coin.”

USAGOLD note:  It probably goes without saying that we agree with Mr. Forbes assessment and welcome his prominent voice in the effort to end sales and capital gains taxes on gold and silver (money) transactions on a national basis. As it stands, 38 out of the 50 states have some version of a sales tax exemption in place on citizen purchases of gold and silver coins and bullion.  West Virginia joined the group of exempt states just last week.


Repost from 3-14-2019

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Gold pushes steadily higher in advance of today’s Fed meeting

(USAGOLD – March 19, 2019) – Gold pushed steadily higher overnight in advance of today’s Fed meeting – up $7 at $1310.  Silver is up another 8¢ this morning at $15.42. The advance which began in Asia carried over to European trading and the open in New York.  It’s principal influence remains an anticipated dovish result to the meeting on two fronts – the direction of interest rates and an announcement of a time certain for ending the Fed’s quantitative tightening program. 

In a report that asks if the world is running out of gold,  Germany’s Deutche Welle answers with a quote from CFRA researh analyst Matthew Miller:  “The largest and most prolific reserves have already been found. Gold miners are struggling to grow reserves in line with their production.” John Ing, an analyst at Canada’s Maissons, offers a different take on the situation. “Finding gold is a function of the gold price,” he says. “There is no shortage of gold in the world but just at this price there is a shortage. It’s quite possible that gold will be $2,000 per ounce, you will see a rush of exploration and more deposits being found.” 

Quote of the Day
“If you could go back to 2007 would you really choose these policies again? Had they been used as short-term shock therapy only, the central bankers might have got away with it. As it is they now made our economies more dysfunctional than ever – and, worse, they can’t find a way out. . .They helped get us into this. They are not having much luck getting us out. But our elected governments have still ceded such enormous power over our financial system to them that we have no choice but to listen to their every word – if we want to have a chance of figuring out how the next (inevitable) crisis will play out, that is. Of all the things that have happened since 2007 that, I think, is the one that makes the least sense of all.” – Merryn Somerset Webb, Editor-in-Chief, Money Week

Chart of the Day

Chart note: This quarterly chart zeroes-in on why the national debt matters to ordinary Americans. Rising interest rates and massive growth in the gross debt will push these numbers much higher – so much so that it will exceed in the near future what the nation spends on national defense. . . .and the higher interest rates grow the greater the problem will become. One would think that like Italy or Greece, at some point, the level of debt and interest payments will affect the national credit rating. Last, please note the acceleration in debt payments over the last twelve months (the last bar represents Q3-2018).

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Why gold is still the best basis for money

Forbes/Nathan Lewis/3-16-2019

“Why is it that the collective intelligence (let’s be generous) of today’s central bankers, and indeed all the central bankers since 1971, cannot outperform a yellow rock? This probably strikes some as bizarre, but it has always been thus. Way back in 1928, in a book called The Intelligent Woman’s Guide to Socialism and Capitalism, George Bernard Shaw declared: “You have to choose … between trusting to the natural stability of gold and the natural stability of the honesty and intelligence of the members of the Government. And, with due respect for these gentlemen, I advise you, as long as the Capitalist system lasts, to vote for gold.”

USAGOLD note:  Whether or not gold is the best basis for money may be a moot point.  Whether or not private investors should own it because the money is not gold-backed, on the other hand, remains a vital question.

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How to understand the Fed’s dovish turn

MarketWatch/Noriel Roubini/3-18-2019

“Richard Clarida, a well-respected economist and market expert, joined the Fed Board as vice chair in the fall of 2018, tipping the balance of the FOMC in a more dovish direction. Before then, Fed Chair Jerome Powell’s own dovish tendencies had been kept in check by a slightly less dovish staff and the third member of the Fed’s leadership troika, New York Fed President John Williams, who expected inflation to rise gradually above target as the labor market tightened.”

USAGOLD note:  Noriel Roubini on the rapidly changing climate at the Fed as alluded to briefly in yesterday’s DMR . . . Interesting stuff as the Fed meeting begins today and ends with a statement and Powell press conference tomorrow afternoon.

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Short and Sweet

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When the United States owned
most of the gold on Earth

Chart courtesy of GoldChartsRUs

Few Americans know that just after World War II the United States owned most of the official sector gold bullion on earth – about 22,000 metric tonnes or 80% of the world total. As part of the 1944 Bretton Woods Agreement, though, the United States allowed unrestricted redemptions from its reserves at the benchmark rate of $35 per ounce. In the 1960s, a group of European nation-states, led by Germany and France, got the idea that U.S. trade and fiscal deficits had undermined the dollar, making gold a bargain at the $35 benchmark price.

Steadily over the next decade, they exchanged dollars for gold at the U.S. Treasury’s gold window. By the early 1970s, 14,000 tonnes of gold – or 64% of the stockpile – had departed the U.S. Treasury never to return. The transfer of gold finally ended in 1971 when President Nixon halted redemptions, devalued the dollar and freed the greenback to float against other currencies.

The era of global fiat money with the dollar as its centerpiece had begun.  Gold went from its official role as backing the dollar to one as a hedge among private investors against its depreciation. Since that role reversal, gold has risen in fits and starts from the $35 official benchmark in 1971 to a peak of over $1900 in 2011.  It is trading now in the $1300 range. For the central banks that made those original redemptions at $35 per ounce, the gains have been extraordinary – over 3700% at current prices or 7.5% annually compounded over the 47-year year period.  Simultaneously, the dollar lost 84% of its purchasing power.  In short, for those central banks that redeemed their dollar for gold in the 1960s, gold lived up to its historical billing as a means to long-term asset preservation.

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The ecstasy of gold

MasterInvestor/Mark Watson-Mitchell/3-18-2019

“It is now evident that central banks have been buying-up gold at a rate not seen since World War II, driven by concerns over geopolitics, government debt, inflation and the strong dollar. And although the yellow metal has at times caused short-term pain, it can give better returns than other asset classes in the long-term.”

USAGOLD note:  An abridged, information-packed history of the gold market and a less than 10-minute read . . .


Image courtesy of © Degussa Goldhandl 2019. 

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A 42% surge in India’s gold bar imports

Scrap Monster/3-18-2019

“The combined gold bar imports during the initial eleven-month period of the current fiscal year totaled $7,183.02 million. The imports surged higher significantly by 41.80%, upon comparison with the imports that had totaled only $5,065.71 million during the corresponding eleven-month period of the previous fiscal year.”

USAGOLD note:  About a month ago, reports were circulating that investment gold demand would drop in India due to increasing acquisition prices in rupiah terms.  We questioned that assumption saying that the increase seemed small when compared to the concern Indians might have about the future value of their currency.  It turns out we were right on that score. Bullion sales are up 42% over the past eleven months in India as investors move to protect their assets against further depreciation of the rupiah.

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The relevance of gold as a strategic asset

Scrap Register/3-18-2019

“Gold is a highly liquid yet scarce asset, and it is no one’s liability. It is bought as a luxury good as much as an investment. As such, gold can play four fundamental roles in a portfolio:

–a source of long-term returns
–a diversifier that can mitigate losses in times of market stress
–a liquid asset with no credit risk that has outperformed fiat currencies
–a means to enhance overall portfolio performance.”

USAGOLD note:  Why gold makes sense for private investors as a long-term, all-weather portfolio addition. . . . . . .

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Better Business Bureau Five Star Review

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Recent Better Business Bureau Client Review

“For more than a year now, I have been very concerned about an impending crisis in the financial markets and decided to diversify into gold coins. Thus, I visited a couple of high profile online-coin shops/discount dealers which advertise extensively over the internet and was immediately overwhelmed by the confusion and large spread in prices for the same coin. I also noticed that the BBB reviews of these firms were far from stellar with complaints about quality of the merchandise, spotted and/or marked coins, incomplete orders with substituted items, etc.

Since I was interested in a large order of several hundreds one-ounce coins, I got really concerned and realized that it is truly a wild world out there in the gold coin business. I needed to look for a trustworthy firm and went to the BBB. I immediately found USAGOLD which had received an A+ rating and had ZERO consumer complaint. I got in touch with Jonathan Kosares who immediately inspired me confidence.

I explained to him that I am a “safe-haven” investor not interested in a collection of exotic rare coins but rather in a Krugerrand-type of investment which ensures liquidity and price appreciation. After numerous phone conversations, Jonathan got a better understanding of my investment goals and slowly directed me towards pre-1933 certified coins which had added premiums currently at historic lows. He also explained to me, referring to the graphs on the USAGOLD website, that these premiums can typically reach values 2 to 3 times that of the underlying gold itself in times of financial crisis!

For someone like me, concerned by an impending meltdown of the markets, this was an ‘Eureka’ moment. Jonathan had truly identified – better than I could articulate myself – my investment goals. So far this year, I have made two purchases, the last one being very significant. Throughout, service was impeccable, delivery was fast and the coins were exactly as described. I could not be happier and I am looking forward to more purchases in the future, assuming the financial markets still hold…”

Scorecard: 38 45 48 52 five star reviews. Zero complaints.
A+ rating. Accredited since 1991.

[Link]

USAGOLD Recommendation: The precious metals industry is unique in the financial industry in that it is not subject to oversight or regulation by third-party government entities like the SEC or CFTC. As such, marketplace forums and feedback sites often serve as a replacement for investors attempting due diligence. While several options can be found, by far the most impartial and least susceptible to vested influence is the Better Business Bureau. When looking at a company’s BBB profile, don’t focus solely on the rating. To be honest, pretty much everybody has an ‘A’ or ‘A+’ rating. What is far more important to assess is the number and nature of complaints, number and caliber of positive and negative reviews, longevity with the BBB, as well as the number of ‘stars’ given a company through the actual customer review system.

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The Fed’s failures are mounting

Bloomberg/Daniella Martina Booth

“When ’60 Minutes’ reporter Scott Pelley asked Bernanke if the Fed was printing money, his reply was, ‘Well, effectively. And we need to do that, because our economy is very weak, and inflation is very low. When the economy begins to recover, that will be the time that we need to unwind those programs, raise interest rates, reduce the money supply, and make sure that we have a recovery that does not involve inflation.’”

USAGOLD note:  A frank admission on the part of the Fed chairman we thought worth passing along for your consideration. Central bankers always believe they can control the inflation they create.  Sometimes they can.  Sometimes they can’t and that is why investors buy gold and silver.


Repost from 3-12-2019

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Fiat currencies. Fiat news. Fiat world. Fiat lifestyle.

Epsilon Theory/Ben Hunt

“This is the cave in which inflation hides … our Fiat Lifestyle, where we simply declare into existence the manner in which we deserve to live. Declared into existence exactly like everything else in the Fiat World.  Pulled into the present from our future selves and our children. Without a second thought.”

USAGOLD note:  Quite a statement from Ben Hunt as part of a short article you really should not pass by – even if it is a bit unsettling.


Repost from 3-14-2019

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When trouble strikes, where should you hide? The case for gold

TheEconomist/Buttonwood

” There is one other destination you might consider, if only because others are starting to think the same way. And that is gold.”

USAGOLD note: Deductive logic, game theory point to gold . . . A well-written thinking man or woman’s approach to the financial markets and gold.


Repost from 2-15-2019

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Gold edges higher to start Fed Week

(USAGOLD – March 18, 2019) – Gold is off to a positive start on the week trading at $1305.50 and up $3 on the day.  Silver is up 11¢ at $15.38.  With the Federal Reserve Open Market Committee meeting tomorrow and Wednesday, this morning’s upside is something of a victory for the yellow metal in that Fed Week is typically spent trading sideways to down. 

The Wall Street Journal this morning ran an article with the headline “Fed is likely to signal rate boost isn’t near” which summarizes pretty much where Wall Street stands on the meeting. Adding to that assessment, Wall Street Journal Fed reporter Nick Timiraos offered this insight in Saturday’s edition:  “New York Fed President John Williams, Fed governor Lael Brainard and Mr. Clarida, who are often in sync with Fed Chairman Jerome Powell, have all made recent statements compatible with this assessment by underscoring the need for a very cautious approach right now.” In doing so, Timiraos somewhat surprisingly enters Powell’s name on a list of Fed players known for their dovish sentiments.

Quote of the Day
“I remember being told many years ago on a South African game reserve that the buffalo was the most dangerous of the big five game animals. In large part, this is because of the complacency shown towards them relative to the other, more obviously dangerous big five game animals (ie the lion, leopard, rhino and elephant). It’s also a fact that unlike the other big five, the buffalo gives no warning of an imminent charge (see link). It’s complacency that gets you killed, and the same goes for investors with the macro-risks. We all know what the big macro-imbalances are out there, caused by years of loose money, but investors continue to ignore them at their peril.” – Albert Edwards, SocGen

Chart of the Day

Chart courtesy of HowMuch.net

Chart note: As you can see, after the United States and China, GDP for the rest of the nation states falls off quickly. Japan is a distant third and Germany an even more distant fourth. The European Union as a whole even without the United Kingdom, however, would replace China as number two if counted as a whole. This visualization drives home what’s at stake in the trade war between the United States and China. It involves the two largest economies in the world by far and nearly 40% of the global economy.

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Keynes is dead; this is the long run

Evergreen/Gavekal/Charles Gave/3-14-2019

“Of course, the name is something of an oxymoron; there is really nothing modern about this monetary theory. Confusing money creation with wealth creation was at the core of the debate between John Law and Richard Cantillon 300 years ago. For Law (a Scot who fled British justice, took refuge in France, and within a few years managed to drive what was then the leading economic power of the day into near bankruptcy), increases in the supply of money would lead to the employment of unused land and labor, which in turn would lead to higher productivity. Meanwhile, Cantillon explained in his Essay On Commerce that mistaking money for wealth always leads to disaster.”

USAGOLD note:  At the risk of sounding cynical, it would not be difficult to imagine the Federal Reserve – make that the world central banks –  proceeding with some version of MMT even while railing against it and saying they would never engage in such a thing.  How far from MMT was quantitative easing?  Not far, we would venture.

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Gold gets boost from euro strength

Seeking Alpha/Clif Droke/3-15-2019

“As can be seen in the April 2019 gold futures chart, the gold price managed to climb back above its 15-day and 50-day moving averages in the latest session. This is the first major sign that the bulls are on the cusp of recovering their control over both the immediate-term (1-4 week) and intermediate-term (3-9 month) gold trend. By closing above its 50-day MA on Friday, the gold price will establish its first weekly close above this widely-watched trend line since February. This would also likely result in additional short covering next week due to the popularity of the 50-day moving average as a stop-loss guide and turning point indicator for technical traders and fundamental investors alike.”

Chart courtesy of TradingView

 

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Chinese economic data shakes the global equities markets

IRIS/Chris Vermeulen/3-13-2019

“The Chinese economic data was particularly devastating. It leads our researchers to ask a very critical question, “is this going to be an orderly contraction, or is this contraction going to extend into more chaos?” Our research team believes the economic contraction in China will extend into much of Asia and nations participating in the Belt Road Initiative (BRI) over the next 3~6+ months. We believe a natural progression of ‘protectionist processes’ will begin to take place throughout many of these nations as the money spigot from China dries up. We believe this credit contraction and economic downturn will result in an extended repositioning of priorities, assets, and valuations throughout most of southeast Asia and India and could extend into certain areas in Europe and Arabic nations.”

USAGOLD note:  Vermeulen believes that the next step will be a scramble for safety.  Since much of that scramble according to this theory will originate in Asia, it is not difficult to imagince where that scramble for safety is likely to lead.

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The big central banks increase the case for gold

Degussa/Market Report/Thorsten Polleit/3-14-2019

“The critical question is: What about the current price of gold? Is it cheap enough to justify a purchase recommendation? Yes, we think so, especially for long-term-oriented investors who wish to hold onto liquid means in the years to come. If central banks keep exaggerating their money printing schemes, it is hard to imagine that gold will not become increasingly competitive in the universe of liquid assets.”

USAGOLD note:
Polleit makes the case that central banks have already reverted to the money-printing mode and it is only a matter of time until gold becomes the beneficiary.
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Gold-buying trends show fragile European sentiment

Investment Week/Alistair Hewitt/3-15-2019

“In 2018, central bank gold buying hit its highest level since 1967, with the likes of Poland and Hungary becoming the first European central banks to significantly increase their gold reserves in more than 25 years. In a survey of 22 central banks YouGov conducted on [World Gold Council’s] behalf last year, 76% cited gold’s role as a safe haven asset as being extremely relevant to their investment. Some 35% of respondents cited political risk as an important motivation for their gold holdings.”

USAGOLD note:  This bodes well for physical gold market fundamentals in the months and years to come – gold’s renaissance as an asset of last resort among global central banks.

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Trump again threatens Europe with tariffs: Expect instant global recession

Mish Talk/Mish Shedlock/3-15-2019

Trump is hopping mad the EU for at least seven reasons. Mad enough to foolishly smack them with tariffs? I Believe so.

USAGOLD note:  Up ahead, around the bend, after or even before things are settled with China, another trade war looms – this time with Europe.  Shedlock provides an introductory look at what the White House might be thinking and why. . . . . . . . . . .

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The Power of Gold Diversification
“Although it is needed in good times,
it can be vital when times are difficult.”

Enlarged version at link

This short article begins with reference to a speech by Sir Peter Tapsell on the merits of gold ownership before the House of Commons in 1999. The occasion was Britain’s proposed sale of over half of its gold reserves at under $300 per ounce. It ends by comparing the performance of two investment portfolios from the time of that speech to present.  One portfolio – the more successful of the two – included a diversification with gold; the other did not. Sir Tapsell, who passed away this past August, lived to see his defense of gold vindicated. Though his argument before the House of Commons failed to stop the sales, it goes down as one of the most eloquent appeals ever made on the merits of gold ownership for nation states and individuals alike.

[LINK]

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American colonists had a modern monetary theory of their own

BloombergOpinion/Stephen Mihm/3-15-2019

“But there was a serious problem: The colonial government had no money, and failed to secure a loan. It fell to a small committee of prominent citizens to figure out what to do. The head of the committee was a man named Elisha Hutchinson. . . Hutchinson and the others devised an unusual solution to the problem. They issued what is generally recognized as the first fiat currency in the Western world. The twenty-shilling notes they printed cheekily claimed that they ‘shall be in value equal to money’ — meaning that they were equivalent to silver coin.”

USAGOLD note: Though, as Mihm explains, the original paper currency Massachusetts introduced in 1690 functioned reasonably well in terms of holding its value, some of its successors did not do so well.  Years later, a paper currency inflation during and after the American Revolutionary War earned a prominent place in the Amerian lexicon for the phrase “not worth a Continental.”   Mihm’s article  makes reference to the period in Massachusetts around 1690 as a “crude forerunner” of Modern Monetary Theory and is an interesting read.


“The Congress issued six million dollars of continentals in 1775, and the issues increased each year. One hundred and forty millions were issued in 1779. As prices rose, the government found that it needed more and more dollars to finance its expenditures. More money was printed. This added supply of dollars led to further depreciation in the infamous spiral of inflation. At the outset, the continental had circulated at par with a dollar of specie. By 1780, over one hundred continental dollars were required to exchange for one specie dollar; Congress had printed continentals until they were worth almost nothing.” – Murray N. Rothbard, Faith and Freedom, (1950) as published at the Mises Institute, 12/17/2018

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COT–Gold speculators lowered their bullish bets for 3rd straight week


–– Now posted ––
Commitment of Traders reports for Tuesday, March 12, 2019
GOLD • SILVER • US DOLLAR INDEX

Commentary by Zac Storella, CountingPips

[LINK]


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No one knows how monetary policy works

Credit Bubble Bulletin/Doug Noland/3-16-2019

“One could pinpointing the start of the great Credit Bubble back with the 70’s inflation. For my purposes, I date its inception at the 1987 stock market crash. At the time, many were drawing parallels between the 1987 and 1929 market crashes – including dire warnings of deflation risk – warnings that have continued off and on for more than three decades. The Greenspan Fed made a bold post-crash pronouncement: ‘The Federal Reserve, consistent with its responsibilities as the Nation’s central bank, affirmed today its readiness to serve as a source of liquidity to support the economic and financial system.’ In hindsight, this was the beginning of central banking losing control.”

USAGOLD note:  Another quality weekend read from Mr. Noland. . . . . . .

 

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As Fed’s QE era ends, a new trillion dollar bond dilemma emerges

Bloomberg/Liz McCormick and Alex Harris/3-15-2019

“While Fed officials have made it clear they want to go back to owning mostly Treasuries, as they did before the financial crisis, it’s unclear how the central bank will get there or what it will buy. Its current policy, replacing mortgage bonds only when they mature, could take a decade or more. That’s led some to advocate outright sales, which the Fed has never done.”

USAGOLD note: This article raises some interesting questions on future Fed policy with respect to unwinding, or not unwinding, the deep pool on the asset side of its balance sheet.

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Better Business Bureau Five Star Review

––––––––––––––––––––––––––––––––––––––––––––––––––

Recent Better Business Bureau Client Review

It was 2005 when I first started to learn about the possibility of investing in gold for a secure future. Seeking on the internet a company to engage with for this purpose I chose USAGOLD Centennial Precious Metals because they offered education for first time investors including a book I could purchase and read through at my pace. All my communications with USAGOLD felt like I was talking with caring family members. This helped me so very much being a divorced woman and turning 60 years old. Since that wonderful beginning I have had two times a need to cash in some of my coins. Once in 2009 for a down payment to buy a house and recently to buy a new car because my oldie but goodie died on the highway. The administrative process to do this is not a familiar everyday task. But, with the help of Jonathan K****** this happened in a timely way meeting the needs of all concerned. I am in the process tomorrow of offering to a friend the reference information for USAGOLD. It is unknown if my friends needs are possible to be filled at USAGOLD, but I know for sure she will receive quality guidance filled with knowledge and truth.

Judith M.

Scorecard: 38 45 48 52 five star reviews. Zero complaints.
A+ rating. Accredited since 1991.

[Link]

USAGOLD Recommendation: The precious metals industry is unique in the financial industry in that it is not subject to oversight or regulation by third-party government entities like the SEC or CFTC. As such, marketplace forums and feedback sites often serve as a replacement for investors attempting due diligence. While several options can be found, by far the most impartial and least susceptible to vested influence is the Better Business Bureau. When looking at a company’s BBB profile, don’t focus solely on the rating. To be honest, pretty much everybody has an ‘A’ or ‘A+’ rating. What is far more important to assess is the number and nature of complaints, number and caliber of positive and negative reviews, longevity with the BBB, as well as the number of ‘stars’ given a company through the actual customer review system.

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Metals Focus says two to three year bull market for gold ‘to start in late 2019’

Bullion Vault/Adrian Ash

“‘For much of 2018, investors tended to focus on other, higher-yielding asset classes [than gold],’ says a note from specialist analysts Metals Focus, ‘but we do expect this position to gradually change, especially during the latter part of 2019…[as] a slowdown in the US economy will encourage the Fed to adopt a far more dovish stance towards its interest rate policy.’ Forecasting that ‘a bull market in gold [will] emerge from late 2019 onwards,’ Metals Focus think that uptrend will then ‘remain in place for two to three years.'”

USAGOLD note (12-19-2019):  Adrian Ash passes along another positive reading for the yellow metal for 2019, this time from London’s Metals Focus.

USAGOLD note (3-15-2019):  This prediction from Metals Focus in December appears to have been prescient and unfolding on a timeline much sooner than originally anticipated. On December 19, the date Metals Focus released their study, gold was trading in the $1240 range.  It reached $1340 February 19th, two months later, and is hovering now in the $1300 range.


Repost from 12-19-2018

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USAGOLD Special Report

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Bridging the ‘Fourth Turning’ with Gold
It began in 2008.  It is scheduled to end in 2028.
What happens between now and then?

“Howe designates 2008 as the start date for the current fourth turning. Since turnings typically last 20-23 years, it will end sometime between 2028 and 2031. That puts us about midway through the cycle. At the moment, if the politicians, Wall Street and press accounts on the status of the economy are to be believed, the good times have arrived. For many Americans, though, that arrival has some pretty dark clouds hanging over it – the deep political divisions, the escalating trade wars, the emerging nation debt and currency crisis, the overvalued stock market, the threat of rising interest rates – and that is just a sampling of fourth-turning strata that worries global investors. The nation despite the rosy outlook is a bit unnerved by it all. For his part, Howe, who saw it coming, believes things could get much worse before before they get better.”

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