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Unfortunately- As Expected

As I’ve been saying for years now, the US$ and therefore America’s dominance on the world stage is in transition. The only question is will it be a fast transition or a slower one. Regardless, America’s policies of running the world’s economic engines are over. Credit Ben Barnake for some of it. It’s “his watch“, but there’s far more to the economic crunch and crash that’s coming than Ben’s decision to lower rates by 50 basis points. He learned that from his predecessor, Alan Greenspan who dropped the Fed fund rates to ONE percent and kept it there way, way too long. Continue Reading »

Gold Up $73 In Last 30 Days

Gold rose on expectations the Federal Reserve’s cut in U.S. interest rates will weaken the dollar and boost the appeal of precious metals as alternative investments.  Gold yesterday rose to the highest since February 1980 after the Fed lowered its benchmark lending rate by half a percentage point, more than economists forecast, to 4.75 percent.

The dollar fell to an all-time low against the euro after the announcement. Five of the past six bear markets for the dollar have boosted gold prices.The dollar is the most important factor driving gold prices. Look for the dollar to make new lows and gold to continue higher. The US$ dropped under $0.80 this morning. Gold futures for December delivery rose $5.80, or 0.8 percent, to $729.50 an ounce on the Comex division of the New York Mercantile Exchange. After the Fed announcement, the metal reached $735.50, the highest for a most-active contract since Feb. 11, 1980.

Assaulting The Sanctuaries?

House Republicans are taking aim at the so-called “sanctuary cities” that decline to use local law enforcement to police federal immigration laws. Rep. Brian Bilbray, the California Republican who chairs the enforcement-minded House Immigration Reform Caucus, today introduced a bill that would slash some non-emergency Homeland Security funding for cities that refuse to cooperate with federal immigration officials. Continue Reading »

$726 And Rising

Spot gold touched a high of $726 an ounce, its loftiest level since May 2006. It later dipped to $724.10 an ounce, still higher than Tuesday’s late New York levels of 720.30.

“You can throw away your charts in these kind of market conditions. There’s a chance we will see a new high this week,” said a bullion dealer in Singapore. It was an aggressive move by the Fed to cut rates by 50 basis points. I think the U.S. is in deep trouble. Gold should be your safe haven,” he said.

Gold hit a 26-year high of $730 in mid-May last year. A rise above that level will bring bullion to its highest since January 1980, when it hit an all-time high of $850 an ounce

Here Comes The Hype & Inflation!

Stocks soared Tuesday after the Fed slashed the target federal funds rate to 4.75 percent from 5.25 percent because of signs that continuing credit market problems could hurt the overall economy. The Dow Jones industrials, soaring nearly 336 points, had their biggest one-day point gain in nearly five years. So, what’s it all mean? Continue Reading »

When- Not If!

“The market is convinced that the dollar will go down after a Fed Funds interest rate cut,” said Julian Phillips, an analyst at GoldForecaster.com.  “Investment demand for gold…remains strong. It’s really a case of catch-up by the short-term traders after conservative long-term holders bought in, in a big way, last week. There is little doubt that gold is now here to stay above $700 and the market is reflecting it,” he added.

Gold traded as high as $728.30 an ounce on New York Mercantile Exchange Monday. It finished up $6, or 0.8%, higher for the session at $723.80 an ounce.

Those levels were above the intraday peak of $728 and the close of $721.50 the June 2006 gold contract saw during a regular trading session back in mid-May of 2006. But the June contract last year climbed as high as $732 in electronic trading. The $732 level for spot prices is “now a case of when, not if,” said James Moore, an analyst at TheBullionDesk.com, in emailed remarks.

The Perfect Storm

It’s not like I’ve not said it many times, but the visible manifestation of the storm just offshore can now be seen. We have oil at an all time high! Oil soared to a record near $81 a barrel on Monday on worries that global energy supplies could shrink to critical levels this winter heating season due to strong demand growth. I mean, this is just like handing a pistol to your enemies (Iran, Venezuela, China, et al) and saying, go ahead and make my day- SHOOT ME!

Added to the high price of oil comes the killing of the goose that lays the golden eggs. Translation- The Fed must cut interest rates to keep the juice flowing, which inevitably has to stop anyway, but give it a go! Expectations that the U.S. Federal Reserve will agree to cut interest rates when it meets on today. And we’ve just begun as Goldman said it expected oil prices to hit $85 a barrel by the end of this year.

Would you believe $90?

This is doing nothing but driving GOLD through the roof. Have you checked the price recently, on it’s way to $800? Would you believe $720 an ounce? And then there’s Greenspan who while telling the truth, now that he’s no longer the Fed chairman, isn’t doing the US$ any favors.

Former U.S. Federal Reserve chairman Alan Greenspan said it is possible that the euro could replace the U.S. dollar as the reserve currency of choice. According to an advance copy of an interview to be published in Thursday’s edition of the German magazine Stern, Greenspan said that the dollar is still slightly ahead in its use as a reserve currency, but added that “it doesn’t have all that much of an advantage” anymore.

Or maybe the Yen, or maybe the Yuan!

The time on top of the hill is over, but few see it so! And what’s so sad is that we’re doing it to ourselves!

A 16 Month High!

Gold touched a 16-month high Monday as investors heavily bought the precious metal on expectations the U.S. Federal Reserve will cut interest rates, which may lift bullion’s appeal.  The Fed is widely expected to trim its benchmark interest rate by at least 25 basis points Tuesday to help cushion the economy from the impact of the credit squeeze and housing slump. Lower interest rates tend to make the dollar less attractive and often boost gold’s safe-haven appeal.The metal is closing in on a 26-year high of $730 an ounce hit in May last year and is roughly $130 below its all-time high of $850, fixed in London on Jan. 21, 1980.

Spot gold rose as high as $719.65 an ounce Monday.

Schultz Says $780 In 90 Days!

I have followed Harry Schultz for many years now. He’s an international economic guru and one who has especially been favorable to gold. Today, I got this interesting solicitation from him (as a past participant in his newsletters).

“Gold has begun a major trend move. It’s not only safe but also urgent to “go back in the water”. To prove how confident we are that a major trend move has begun, if you sign-up today for a 3-month period, & gold does not reach $780 by December 15, 2007, we will extend your subscription for 1-month FREE (ie, a potential BONUS value of $300). “

Sounds pretty confident doesn’t he! 

$730 And Then What?

Gold, oil and most other commodities remain on the rise, a trend experts see continuing for another decade; despite sharp declines in the equity, credit and real estate markets.  September 7, 2007 gold prices rose above $700/oz. Why? “The primary catalyst for the next leg up in gold is the dollar,” said Matt Zeman, a trader at LaSalle Futures Group in Chicago. “In light of a potential interest-rate cut, people are expecting the dollar to head lower, and that’s a reason to buy gold,” reports Bloomberg.The 21st century gold rush is about to enter its seventh consecutive year. The appeal of owning gold is spreading fast as the U.S. dollar’s decline accelerates. The upside potential and the downside risks of gold investing is very favorable. If gold can break through the $730 previous high, then $775-$800 isn’t too far away.

Nothing Is Sacred In Politics

Who would want to run for a national or statewide office in today’s climate? For the last 10-20 years, politics has taken the gloves off and slander is the weapon of choice, particularly if you’re on the far left fringes. The right fringe isn’t quite that bad becuase they’ve had things more their way. All of that could quickly change though. Moveon.org has to be the worst of the worst though. Their attack this week on a loyal and dedicated four star general was basically obscene: politics at it’s lowest. Continue Reading »

Rudy Takes On Hillary

One day after Sen. Hillary Clinton, D-N.Y., sharply questioned the top U.S. commander in Iraq, Rudy Giuliani blasted his Democratic presidential rival, accusing her of spewing “political venom” in the Iraq war debate. “I don’t know what she’s trying to say when she’s accusing a general of the ‘willing suspension of disbelief,’” Giuliani said Wednesday. The former New York mayor repeated his criticism of the Democratic front runner for president later in the day Wednesday during a media availability in Akron, Ohio. Continue Reading »

Going Out With A Bang?

A recent decision by German officials to withhold support for any new sanctions against Iran has pushed a broad spectrum of officials in Washington to develop potential scenarios for a military attack on the Islamic regime, FOX News confirmed. What’s to confirm? Number #43 isn’t going to be the second Bush to leave office with a major threat not dealt with. I simply cannot see George leaving Iran in tact and getting the balme for whatever Iran does 2-10 years from now; and he will. Continue Reading »

9-11 Six Years Later

Al-Qaeda leader Osama bin Laden urged sympathizers to join the “caravan” of martyrs as he praised one of the Sept. 11 suicide hijackers in a new video that emerged Tuesday to mark the anniversary of the attacks on the World Trade Center and Pentagon. Al-Qaeda traditionally issues a video every year on the anniversary, with the last testament of one of the 19 hijackers involved in the Sept. 11, 2001 attacks. This year’s video showed hijacker Waleed al-Shehri, addressing the camera and warning the U.S., “We shall come at you from your front and back, your right and left.” Continue Reading »

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