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Today’s Key Gold Headlines – 10/9/13

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Chinese Housewives vs Goldman Sachs: No Contest

Have you had a chance to read Peter Schiff’s October Gold Letter? Besides Peter’s incisive commentary on the Fed’s “taper fakout,” Jeff Clark of Casey Research has a fascinating piece on Chinese gold demand. While Western bankers like Goldman Sachs are predicting a major downturn in the price of gold, everyday Chinese are hoarding the yellow metal like there’s no tomorrow.

“Goldman Sachs is once again predicting that gold will fall, setting a new near-term target of $1,050.

Never mind the schizophrenic gene that would be required to follow the constantly fluctuating predictions of all these big banks; it’s amazing to me that anyone continues to listen to them after their abysmal record and long-standing anti-gold stance.

Sure, the too-big-to-fails can move markets – but they say things that are good for them, not us. For example, while Goldman Sachs was telling clients and the public to sell gold in the second quarter of 2013, they bought 3.7 million shares of GLD and became the ETF’s 7th largest holder.

When I visited China two years ago, guess who no one was talking about? Goldman Sachs.”

Read the Full Article Here

chindia gold demand

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Today’s Key Gold Headlines – 10/8/13

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Preparing for a Dollar Collapse (Audio)

This morning, Peter Schiff was interviewed by Mike Slater on KFMB San Diego. Peter explained why raising the debt ceiling is just going to make the real crisis much worse and lead to the inevitable collapse of the US dollar. Peter didn’t have time to advise the listeners on how to protect themselves from this crash, but it’s simple: invest in hard assets like physical gold and other precious metals.

“We’re headed for a real crisis, but it’s not going to be because we failed to raise the debt ceiling, but because we succeed… I believe that the dollar’s days as the world’s reserve currency are numbered. I don’t know how big that number is, but I don’t think it’s going to be a gradual process. I think at one point it’s just going to happen. One day it’s just going to plunge. And I think country’s like China are already preparing for that to happen.”

Listen to the Full Interview Here

mike slater

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Today’s Key Gold Headlines – 10/7/13

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The Fed Is Lying – Inflation Is Getting Worse (Video)

In an interview on The Street, Peter Schiff explained the relationship between physical gold and the debt limit of the United States. Peter argued that the Fed is lying about inflation because it doesn’t want to admit that there is no real economic recovery.

“What’s good for gold is when they raise the debt ceiling, because it confirms that we’re going to have a lot more debt and a lot more money printing… If you’ve looked at how far gold prices have increased over the last decade or so, a lot of that is a function of the debt and the inflation that has accompanied all that debt… [The Fed is] probably going to increase the amount of QE… Inflation is a problem and it’s going to get worse. So they’ve got it all wrong, and so they’re mis-pricing gold.”

Watch the Interview Here

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Uncle Sam: Big Believer in Gold

Brett Arends published an excellent article on MarketWatch today, revealing that US Treasury officials have no intention of selling gold reserves. As one Treasury spokeswoman told him: “Selling gold would undercut confidence in the US both here and abroad, and would be destabilizing to the world financial system.”

“Grab any Wall Street trader in a bar, or any portfolio manager in his office, and he’s likely to tell you gold is finished.

It’s silly, nothing more than a shiny metal, a substance with little use and little real value, a ‘barbarous relic,’ and the stuff of nothing more than superstition. Only a fool would own any gold in his portfolio. Right?

After all, its value has plunged by $500 an ounce in the past year, and $100 just in the past month. Gold hasn’t even rallied during the budget crisis: So much for its ‘Safe Haven’ status.

There is just one nagging problem with this story line. One group of people disagrees. And I am not talking about wacko gold bugs in Arizona (‘the ex-husband state’) with tinfoil on their heads.

I am talking about the people running the United States Treasury. They remain firm believers in gold. Big-time.”

Read the Full Article Here

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Today’s Key Gold Headlines – 10/4/13

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The Taper Fakeout

Peter Schiff's Gold Letter

Peter Schiff’s October Gold Letter is out today. In his monthly commentary, Peter picks apart the Fed’s rhetoric to explain why the stimulus will never be tapered. Jeff Clark of Casey Research ponders whether Chinese housewives or Western bankers understand gold better. And the latest Lampoon the System comic takes a poke at Bernanke’s “Exit Strategy.” Enjoy!

“Anyone who bought the media buzz about a September reduction of QE – called the ‘taper’ – was very surprised when the Federal Reserve announced that stimulus would continue unabated. According the the official narrative, inflation is under control and the labor market is steadily improving. Why wouldn’t a modest taper be announced?

The reality is that the economic indicators the Fed claims to rely on to decide when to taper are all dependent on stimulus money. This is not a mystery to Ben Bernanke. Instead, this entire saga amounted to little more than a ‘taper fakeout’ which sent hard asset investors for a loop.”

Continue Reading Peter Schiff’s Gold Letter

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Today’s Key Gold Headlines – 10/3/2013

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