LONDON (MINEWEB) -
The statement in the title relates to a frustrated comment in a recent King World News interview with John Hathaway, a renowned gold stocks analyst who manages the well-respected Tocqueville Gold Fund in the USA. Now, this factoid will not be news to regular readers of Mineweb, or to any avid follower of the gold market, and is perhaps indicative... read more
The circus from Washington has arrived on Wall Street. Stocks put in a big rally overnight on the hope that politicians would achieve some sort of debt ceiling agreement. Both the S&P500 and the Dow Jones Industrials finished up a big 2.2%.
But after the market closed the New York Times came out with a story saying Obama had rejected the Republican proposal to extend the US' a... read more
As the U.S. Government continues to waste time debating over the “Debt Ceiling Delusion”, the death of the fiat monetary system grows closer. Since 2000, the value of gold and silver have increased substantially compared to the world’s fiat currencies.
According to GoldSilver.com article, read more
Faced with some Republicans shrugging their shoulders at the thought of the U.S. defaulting on its debt obligations for the first time ever, notable economists are warning that the consequences would be the economic equivalent of a swarm of frogs and a plague of locusts.
The worst of the doomsday scenarios painted by economists involve an outright depression, as the effects o... read more
Today’s AM fix was USD 1,298.00, EUR 959.56 and GBP 814.51 per ounce.
Yesterday’s AM fix was USD 1,309.50, EUR 968.28 and GBP 819.77 per ounce.
Gold fell $13.10 or 0.99% yesterday, closing at $1,306.30/oz. Silver slipped $0.45 or 2.02% closing at $21.85. Platinum dropped $16.50 or 1.2% to $1,379.10/oz, while palladium fell $11.28 or 1.6% to $700.72/oz.
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Chinese gold import data have just been released for August, and it shows that imports are still very strong. But what investors should really take note of is that imports into Hong Kong were close to 300 tonnes in August - which would put them on pace to suck up all of global mine supply.
(click to enlarge) read more
In this article, I explore the effects of a U.S. technical default. By technical default, I mean a delay in making a coupon or principal payment by Treasury because the government fails to raise the debt ceiling. The delay is short term (a few days) and it is viewed by the market as the government's unwillingness to pay and not its ability.
Even though the odds of a technical default are ver... read more
RENO (MINEWEB) -
In a recent letter to gold investors, Tocqueville Gold Fund Portfolio Manager and Senior Managing Director, John Hathaway, suggests “a gathering loss of investor credibility” exists in the traditional intermediaries between financial markets and bullion, such as Comex and L... read more
The world's most powerful banker openly admits he doesn't understand gold prices.
And in nine days, there's a good chance he'll need a crash course, as the U.S. dollar dies a dramatic death.
Ben Bernanke told the Senate Banking Committee in July that "nobody really understands gold prices and I don't pretend to really understand them either." He also chastised fellow central bankers for s... read more
Paper currencies seem normal. They seem natural. We are told they are necessary. Paper currencies with no intrinsic value are used everywhere – we pretend they are valuable. If we don’t look closely, or remember the world of 60 years ago, they seem like a good idea.
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