Free-Money Musical Chairs - By Bill Fleckenstein (31/7/13) PDF Print E-mail
Bill Fleckenstein   
Wednesday, 31 July 2013 09:26

Financial Sense

Overnight markets were quiet and modestly higher. Equities in the early going here were perky, led by the Nasdaq, which gained 0.75% as speculation begets more speculation, in the same way rising prices beget a continuation of rising prices. We are in the midst of a speculative frenzy for equities, just as we were circa 1999 and 2007. Just how far it goes and how long it lasts is anyone's guess, but the aftermath will be worse than either of those two periods. Nonetheless, that obviously is not today's business.

Over the course of the day the early gain for the Dow/S&P 500 fizzled and those indices were flat, while the Nasdaq was still 0.4% higher with an hour to go (when I had to leave).

A Dollar Down Under

Away from stocks, green paper was stronger for the most part, but the big story was that the Australian dollar was hit pretty hard thanks to remarks by Glenn Stevens, governor of the Reserve Bank of Australia, who made it clear that he wasn't at all upset by the recent decline in the Aussie dollar and actually thought it would go lower. In other words, he wants a lower currency, as do the Japanese, and many other central bankers around the planet.



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Shocking Things Wall Street Financiers Say Off The Record About Their Bloated, Corrupt Industry - By Les Leopold (31/7/13) PDF Print E-mail
Les Leopold   
Wednesday, 31 July 2013 09:25

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Gold Backwardation Explained - By James Turk (31/7/13) PDF Print E-mail
James Turk   
Wednesday, 31 July 2013 09:23

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Andrew Maguire Discusses GOFO and Gold "Backwardation" - By Turd Ferguson (31/7/13) PDF Print E-mail
Turd Ferguson   
Wednesday, 31 July 2013 09:19

tfmetalsreport.com

GOFO & Gold Backwardation, by Andrew Maguire

I (Andy) have been asked by some members to allow a section of Commentary to be made public in order to demystify the backwardation argument. As noted it is not my intention to attack good people, however, it is important that the differences between the global cash market and paper markets are understood. Therefore I have agreed, especially as there are a certain mints and brokerages running pooled accounts that IMO have a vested interest in throwing up a smokescreen on this very important subject.

I received some more good questions this week regarding backwardations that need clarifying especially after a series of recent blogs claiming there are no backwardations in Gold. I would first like to say that one of these assertions came from Trader Dan, a person I do not know personally but respect as a good technician and very likely a good trader, too. This response is not an attack upon him or any others who I know have no vested interest in trying to debunk what is clearly the most important signal of physical shortages historically ever seen. In a nut shell, he is comparing apples to oranges. By isolating the real global cash market for gold and then only comparing Comex futures contracts in series out several years, I agree they are largely in contango. But this is a purely US centric Comex paper market phenomenon and has nothing to do with the divergence between the futures market and REAL CASH PRICE of bullion as determined by London fixes each day.



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MUST-WATCH VIDEO: Jim Rogers On Commodities, The Agriculture Boom, & Perilous Times Ahead (30/7/13) PDF Print E-mail
Posted by Administrator   
Tuesday, 30 July 2013 09:32

 

 

 



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