Precious metals news

Lynette says it can be lonely being the only goldfish in the pond, but she's here to tell the truth about gold and to bust the strong dollar myth...

Late in the afternoon, US stocks finished moderately lower (S&P -5 to 2857), while the 10-year yield was steady around 2.825%. The DX faded to 95.61, and gold ticked up to $1186. It was $1,186 bid at 4PM with a loss of $10.

We are now officially in the longest bull market in US stock market history. Yesterday took out the record set in the 1990s. As Peter Schiff pointed out in his most recent podcast, the old record run ended in 2000.
And we all know how badly it ended. It ended with a 50% collapse, an 80% collapse in the Nasdaq, and the Federal Reserve had to slash interest rates to 1% and inflate a housing bubble in order to prop the market back up."
Peter said he believes this bull market will meet a similar if not worse fate.

Tuesday marked the 167th anniversary of the discovery of gold in Ballarat, Victoria, Australia. Since then, the Aussies have become the second largest gold producing country in the world. But analysts project gold output in the Land Down Under, along with several other key countries, could slump to "generational lows" in the midterm. 

"Dark money rules the world, and it could keep the bull market running longer than most people expect, even though the eventual turnaround could be ugly."

The eurozone's propped up and manipulated economy requires more propping up and manipulation to keep bubbles inflated, the ECB finds.

A compelling article from our friends at Sprott Asset Management, which starts by pointing out that while it's difficult to predict gold's short-term reactions to specific events, "there will be no quick fix for a global economy weaned on emergency liquidity."

"If we get a recession over the next few years, (perhaps precipitated by a central bank mistake?) we could actually see a $2 trillion deficit by 2021. And it’s hard to see how that wouldn’t be very bullish for the yellow metal that everyone seems so keen to condemn currently."

Jim has a dire warning about the imminent global implosion, which Jim says will include an entirely new monetary system and $50,000+ gold. Here's more...

One of the fundamental underpinnings of US foreign policy has been that other world powers essentially have no choice other than to find a way to deal with the world's reigning superpower. Increasingly, those entities seek to prove that may not be the case.

Yet another metric that gives the lie to gaudy headline numbers indicating most Americans are doing well: 52.1% of all American children live in households poor enough to qualify for some sort of government assistance program.

Despite the relentless press coverage given to the enormous amount of dollar-denominated debt owned by foreign central banks, especially China, the decided majority of US debt is still owned by Americans.

August sales are already up 33% from July, with a full sales week still remaining in the month, as silver's sudden and sharp intra-month drop has Silver Eagle sales at a six-month high.

Captain Ewave says aggressive traders should consider going long in both gold & silver. Here's what the technicals are telling him...

Traders have turned bearish, but there's a catalyst that could jump start the next rally as early as this week. Here it is explained in sixty seconds...

US stocks quickly retreated to unchanged, and the US 10-year yield ticked up to 2.825%. The DX climbed back over 95 to reach 95.19, and gold sank back to $1194.50. Gold was $1,196 bid at 4PM – unchanged.

Over the last couple of years, we've been reporting on efforts to remove the US dollar from its throne as the world reserve currency. We've primarily seen moves toward de-dollarization from countries like China and Russia, and other nations within their orbits. It's easy for Americans to dismiss efforts to undermine the dollar as desperate moves by their enemies that will never gain any kind of international traction. But now we're beginning to hear the same de-dollarization rhetoric from American allies.
Earlier this week, German foreign minister Heiko Maas called for the creation of a new payments system independent of the United States.

Russia has added to its gold reserves every month since March 2015. That trend didn't end in July. In fact, the Russians ramped up their gold purchases even more last month in the face of US economic sanctions.
The Russian central bank added 26.1 tons of gold to its hoard in July, according to International Monetary Fund data reported by Bloomberg. It was the largest increase in Russian gold holdings since last November. 

Chris says that something very interesting may be taking place in gold right now, and it's good news for gold bulls. Here are the details...

A significant lack of new underground gold discoveries of any notable size will contribute to a sharp and lasting decrease in overall production supply from counties include the United States, Australia, and Peru. Further, recent price weakness has slashed exploration budgets, leaving coming mine projects especially few and far between.