Calls to Action
Archives
- October 2014
- September 2014
- August 2014
- July 2014
- June 2014
- May 2014
- April 2014
- March 2014
- February 2014
- January 2014
- December 2013
- November 2013
- October 2013
- September 2013
- August 2013
- July 2013
- June 2013
- May 2013
- April 2013
- March 2013
- February 2013
- January 2013
- December 2012
- November 2012
- October 2012
- September 2012
- August 2012
- November 2011
- September 2011
Recent Comments
- Michael P. Shipley on Euro Pacific Precious Metals Is Now SchiffGold
- sell diamonds ny on Destroying the Dollar a Penny at a Time
- Gold and silver buyers on Why Is China Buying So Much Gold?
- Lloyd Bardell on The Swiss Want Even More Economic Freedom (and Gold)
- Klaus on Every Janet Yellen Press Conference Ever in Under 4 Minutes (Video)
Author Archives: admin
Cyprus Lifts the Curtain
In his latest commentary, Peter Schiff explains how the Cypriot banking crisis reveals the precariousness of the entire international banking system.
This week financial analysts, economists, politicians, and bank depositors from around the world were outraged that European leaders, more specifically the Germans, currently calling many of the shots in Brussels and Frankfurt, could be so politically reckless, economically ignorant, and emotionally callous as to violate the sanctity of bank deposits in order to fund a bailout of Cyprus. The chorus of condemnation may have been the deciding factor in giving the Cypriot parliament the confidence to unanimously vote down the measures in hopes that Berlin will cave or Russia will swoop in with a bailout.
The decision to inflict pain on both large and small depositors was almost universally described as a historic blunder. But the mistake was to do so in a manner that was not camouflaged by financial smoke and mirrors. In truth, rank and file depositors have been paying, and will continue to pay, for all manner of bailouts and stimulus. (Read about the Stimulus Trap in my just released newsletter). Whether it’s through lower interest payments on deposits, inflation, higher taxes, higher borrowing costs, or the accumulation of unsustainable sovereign debt, Cypriots will bear the burden of past profligacy. But the new plan for Cyprus was far too transparent, simple, and direct to survive in a world dependent on deceit and obfuscation. It was dead on arrival.
Posted in Peter's Commentaries
Comments Off on Cyprus Lifts the Curtain
Today’s Key Gold Headlines – 3/22/13
Posted in Daily Gold Headlines
Comments Off on Today’s Key Gold Headlines – 3/22/13
Texas Planning to Hoard Gold? (Video)
Jim Rickards, author of Currency Wars, appeared on Yahoo! Finance to talk about proposed legislation in Texas that would allow state pensions to invest in physical gold and would also open a sovereign gold depository where Texans could store their gold. He went on to talk about gold’s long-term prospects in the face of an international currency war and fiat money inflation.
“Gold is actually up 20% in yen. This is where the currency wars and the gold situation come together. Gold is always on the move, but the question is which currency. Whichever currency is devaluing the fastest, that’s where gold’s going up. There’s actually a gold frenzy in Japan right now…This will come around, and eventually it will be the dollar’s turn, and then it will go up in dollars again. So gold is on the move.”
Click Here to Watch the Video
Posted in Interviews, Outside Commentaries, Videos
Comments Off on Texas Planning to Hoard Gold? (Video)
Today’s Key Gold Headlines – 3/21/13
- Gold Firms on Fed’s QE Pledge, Cyprus Uncertainty, Reuters
- Gold Use in India Gaining May Weaken Attempt to Curb Deficit, Bloomberg Businessweek
- Swiss Right-Wing Forces Referendum on Banning SNB Gold Sales, Reuters
Posted in Daily Gold Headlines
Comments Off on Today’s Key Gold Headlines – 3/21/13
Today’s Key Gold Headlines – 3/20/13
- Argentines Go for Gold. Literally., Financial Times
- Gold Holds Near 3-Week High on Cyprus Crisis, Reuters
- Newcrest Mining Confident on Gold Price on Supply, Haven Appeal, Bloomberg
Posted in Daily Gold Headlines
Comments Off on Today’s Key Gold Headlines – 3/20/13
Do Not Invest in the Eurozone (Video)
Nigel Farage, representing the UK Independence Party as a Member of the European Parliament, appeared on Russia Today, talking about Cyprus and the “irreconcilable split” between Northern and Southern European countries when it comes to bailing out Eurozone partners. He warned all investors to avoid the Eurozone, and urged residents of struggling European economies to get their money out of the banks.
“Even in my direst predictions in this parliament over the years about the way the EU bosses were behaving, never did I think that they would, in a completely unprecedented manner, resort to stealing money from people’s bank accounts…They know that once one country [abandons the euro], the whole deck of cards will come tumbling down, and countries like Germany will realize absolutely vast losses…Don’t invest in the Eurozone…You’ve got to be mad to do so…”
Posted in Interviews, Outside Commentaries, Videos
1 Comment
Gold ETF Outflows vs. Physical Bullion Demand
Alena Mikhan and Jeff Clark, part of Casey Research’s Metals Team, published a commentary this week countering the bearish sentiment surrounding the recent gold ETF outflows. While investors in the paper market may be selling gold, long-term physical holders are buying record amounts of bullion from the US Mint.
Since January 1, the holdings of gold-backed exchange-traded funds (ETFs) have dropped by nearly four million ounces (125 tonnes). February turned out to be the worst month for the world’s largest ETF, the SPDR Gold Trust (GLD), which saw its holdings drop to 39.7 million ounces (1,236.73 tonnes), its lowest level since October 2011.
If this were the only data investors looked at, they might conclude that “everyone is selling” and maybe even that the bull market is over. But these data are misleading.
That’s because while ETF holdings are declining, the physical market is seeing robust support. In fact, the US Mint – the bellwether for measuring demand of physical gold in the Western world – reports that sales of gold and silver coins are soaring.
Posted in Outside Commentaries
Comments Off on Gold ETF Outflows vs. Physical Bullion Demand
Today’s Key Gold Headlines – 3/19/13
Posted in Daily Gold Headlines
Comments Off on Today’s Key Gold Headlines – 3/19/13
Cyprus: A Warning to US Depositors (Video)
Peter Schiff appeared on CNBC this afternoon to explain why the United States is not immune to the problems Cyprus is experiencing.
“Because we have this deposit insurance, American depositors don’t care how reckless their banks are, and the banks don’t care, because the depositors don’t care. So it’s a terrible system, and eventually it is going to implode. People who have money on deposit in US banks are going to take huge losses one way or another. Either they’re going to lose their deposits, or their deposits are going to lose value because of all the inflation that is going to have to be created to bail out the banks.”
Posted in Interviews, Videos
Comments Off on Cyprus: A Warning to US Depositors (Video)
Peter Schiff Talks Cyprus on Red Eye Radio (Audio)
Gary McNamara interviewed Peter Schiff on Red Eye Radio last night. They spoke about Cyprus, the danger of saving fiat money in banks, and the general mismanagement of the American economy paving the way for the real crash that is yet to come.
Click Here to Listen to Peter Schiff on Red Eye Radio