A long-time client, who is a financial advisor, sent this: I thought it was interesting that the Christie’s Art Auction brought in a record 745 Million yesterday. A Francis Bacon piece sold for 80.8 Million and keep in mind that same piece sold for 15 Million 10 years ago. Looks like the uber wealthy wants
Central planners and their minions rarely–if ever–admit the failures of their programs. In fact, they rationalize and even support their continuations when the schemes fail, laying blame on “the markets” or someone else’s inability to recognize the brilliance of their interventionist schemes. Martin Wolf, the Financial Times chief economics commentator, recently lamented the lack of
Although precious metals, platinum and palladium have never functioned as money. Still, many analysts consider them to be suitable hedges against a decline in the dollar. According to the latest GFMS Platinum & Palladium Survey, palladium has much more favorable fundamentals than platinum.
Europe’s economy remains in the doldrums, and central planners there are hinting at fundamental Keynesian moves to weaken the euro, which, in their thinking, would stimulate growth in the eurozone by making European goods cheaper on the world market and foreign goods more expensive for Europeans.
Jim Sinclair recently predicted $3,200 – $3,500 gold by 2020 and “emancipated gold” hitting $50,000. Because of Sinclair having made some really accurate calls in the past, his prediction caused quite a stir in the gold community. Even Ron Paul commented and gave reasoning why Sinclair’s predication is not preposterous.
As has been noted on this blog over the last three years, physical gold and silver are “moving east,” that is, going to Asia. To further support this position, a Singapore retailer of coins and bars announced the opening a 600-ton silver vault, with capacity to hold $390 million in silver at current prices. This
For years, reports that China’s banking system is at risk mostly have been ignored. Now, though, investors are listening as Chinese officials have admitted to problems in the Chinese banking system and its economy. From March 14’s Financial Times: China warning on defaults sparks fears over growth Bad debts on rise * ‘Lehman moment’ concerns
According to Mark Hamrick, bankrate.com economist, there is an accepted theory by Fed critics that the Fed had JFK killed. The only reason for Hamrick to comment on this is to paint all Fed critics as “whacko birds,” to use a John McCain pejorative. No serious Fed critics, such as former Congressman Ron Paul, his
For most investors, the primary reason for buying gold is to hedge against currency debasement, which, of course, comes about because of excessive money creation by central banks and via fractional reserve banking. At times, gold investors stand alone, even being ridiculed by mainstream investors. Now, though, one of Wall Street’s famed names, Merrill Lynch,
In 5 myths debunked about the Federal Reserve, Bankrate’s Mark Hamrick points out that the Fed is audited by Deloitte Touche Tohmatsu Ltd., using generally accepted accounting principles. Therefore, the Fed is audited. Not so fast. While DTT may audit the Fed, it does not delve into the Fed’s gold holdings. DTT does not randomly