Negative interest rates continue to penalize pensioners and savers in European countries and this will lead to further diversification into gold. Financial markets are already starting to wonder about the solidity of last week’s summit measures to tackle the euro zone crisis and soon they may question whether even looser monetary policies will help prevent recessions and sovereign defaults. With Independence Day today (Happy July 4th to all our American followers, clients and friends), the ECB decision tomorrow and NFP on Friday, trading should be quite today but as we know illiquid markets can lead to outsized market moves. We tend to try and avoid predictions in GoldCore as the future is largely unknowable and there are so many variables that drive market action that it is nigh impossible to predict the future price of any asset class. However, our opinion has long been that over the long term all fiat currencies will depreciate and devalue against the finite currency that is gold. For this reason we have long held that gold would reach its inflation adjusted high of $2,400/oz and silver its inflation adjusted high at $140/oz and the equivalent in euros, pounds and other fiat currencies. Gold at just over $1,600/oz today remains 33% below its record nominal high in 1980. Silver at just over $28/oz today remains 80% below its record nominal high in 1980. However, we have tended to focus on the important diversification, store of value and safe haven benefits of owning physical gold (and silver) bullion. [Read more...]
The Doc sat down with Turd Ferguson of TFMetalsReport Monday for an exclusive interview regarding gold & silver and the massive exodus of physical metal from the system.
TF stated that the commercial’s net short position has now been reduced to 12,000 contracts, a reduction of nearly 50,000 contracts from April 2011. As JP Morgan is estimated to still hold approximately 16,000 net shorts, TF stated that it appears that the rest of the bullion bank cartel has turned on JP Morgan: ‘All of a sudden, instead of all acting collusively together, all of a sudden it’s everyone against JP Morgan!‘
In this explosive interview focusing on the metals, The Doc & TF also discussed the LIBOR manipulation scandal, the new downturn in the US, the manipulation of ALL markets, and physical supply issues with gold and silver. [Read more...]
The legendary Jim Sinclair has sent the following email alert to subscribers this afternoon in what he describes as ‘MY MOST IMPORTANT MESSAGE FOR YOU SINCE MY $1650 GOLD CALL IN 2001‘.
Sinclair stated that ‘the rig is up‘, that today’s movement in gold means that the cartel’s battle to stop gold has been lost, and that ‘the six attempts to kill gold was a now failed attempt to keep gold from trading above $3500‘.
From Jim Sinclair:
Gold will go to and above $3500. This is the most important message I have sent you since 2001.
There are very few of us dynamic thinkers that see everything as a trend constantly in motion. Anyone can be a static thinker, quoting recent economic figures or news headline (MSM), and coming up with a usually wrong opinion.
The change today is that the “Rig Is Up.” [Read more...]
As Bart Chilton informed SilverDoctors’ readers on May 31st when he stated that the CFTC’s silver investigation would conclude by September if not sooner, and that the CFTC would meet shortly after the 4th of July to consider final rules on the definition of the word ‘swap’, the CFTC has just publicly announced that it will hold an open meeting July 10th to consider the final rule on the definition of swaps, and the proposal to exempt certain swaps.
Full CFTC release below: [Read more...]
We have 4 COMEX silver inventory movements to report this afternoon during light trading ahead of the 4th of July holiday, including a large deposit into HSBC vaults
COMEX WAREHOUSE SILVER INVENTORY UPDATE 7/3/12 [Read more...]
Bloomberg’s ratings must be as bad as CNBC’s. The MSM financial outlet invited our favorite gold analyst, Hinde Capital’s Ben Davies on Tuesday, to discuss his outlook on gold.
In this MUST WATCH interview, Davies tells Bloomberg that gold is the ‘next big trade’ and that the metal could hit $6,000/oz! [Read more...]
Doc’s Deal Of The Day
In Honor of American Independence Day, May We Present…
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After yesterday threatening regulators with revealing details (likely that regulators were complicit in LIEBORGATE, as well as every other TBTF bank), Barclays CEO Bob Diamond resigned Tuesday over mounting external pressure.
Amazingly, Chairman Marcus Agius who resigned Monday, has been reinstated and will lead the search for a new CEO.
Apparently Diamonds aren’t alwys forever. Now if only we could say the same for Diamond’s counter-part at JP Morgan, Jamie Dimon….