The world's economy is in tatters and safe havens are few and far between, says legendary contrarian Marc Faber. The banking crisis in Cyprus has shown that even bank deposits are not safe. So where can a person park their money?
As to the allegedly strong dollar, James Turk suggests comparing it to the price of gold rather than other fiat currencies for a better picture. And the world's newest currency—Bitcoin—has a lot in common with one of the oldest—gold.
Last Wednesday the Bundesbank released a statement to the effect that 300 tonnes of Germany’s gold will be moved from New York and 374 tonnes from Paris. The whole exercise is a public relations stunt.
The US fiscal cliff debate is over, and if you’ll excuse me for resorting to a well-worn gold bug cliché, the can has just been given another kick down the road. The problem is of course that the can is getting ever bigger and heavier.
US M3 grew by another $46 billion in October, reaching an estimated $14.8 trillion. At the same time the gold price weakened, taking a small break after the substantial run-up in September. As a result the Fear Index remains above the significant 3% level.
The Federal Reserve’s new stimulus measures have had a noticeable impact on market confidence in the dollar and the solvency of our current monetary system. The Fear Index picked up in September and is once more over 3%.
Any reasonable saver who has seen the virtue of accumulating gold should be asking himself the crucial and necessary question of when to part with their gold, or at least when to reduce his allocation to precious metals.
An exhaustive study of global physical gold stocks, authored by James Turk with the assistance of Juan Casteñeda is published, and concludes that the commonly accepted figure of 171,300 tonnes overstates gold stocks by 16,056 tonnes.