The New York Times had the definitive take on the vicious sell off in gold. To summarize one of their articles:
Two years ago gold bugs ran wild as the price of gold rose nearly six times. But since cresting two years ago it has steadily declined, almost by half, putting the gold bugs in flight. The most recent advisory from a leading Wall Street firm suggests that the price will continue to drift downward, and may ultimately settle 40% below current levels.
Dr. Marc Faber, the Swiss fund manager and publisher of the 'Gloom, Boom and Doom Report' always enjoys illuminating the Wall St. talking heads and displaying his awesome command of numbers, dates and predictions.
The Fed's 'tapering' comments have ramped up market volatilaty and Faber gives some advice for short and long-term strategies. For example: ""The best course of action is to actually not buy anything, but rather to reduce positions on a rebound," Faber said: ... (more)
Dr. Marc Faber, the Swiss fund manager and publisher of the 'Gloom, Boom and Doom Report' always enjoys educating the Wall St. talking heads. In this interview one asked if Bernanke meant what he said about ... (more)
As usual the Federal Reserve media reaction machine has fallen for a poorly executed head fake. It has been fooled by this move many times in the past and for its efforts it has tackled nothing but air. Yet right on cue, it took the bait once more. Somehow the takeaway from Wednesday's release of the June Fed statement and the Bernanke press conference is that the Central bank is likely to begin scaling back, or "tapering," it's $85 billion per month quantitative easing program sometime ... (more)
As gold & silver prices tumble to 2.5-year lows in a wake of panic selling following a disappointing Fed Outlook & statement by Bernanke, as well as less-than-ideal Chinese economic data, Kitco News speaks with James Grant, editor of "Grant's Interest Rate Observer" about the carnage in gold & silver markets. In a previous interview, (then U.S. Congressman) Dr. Ron Pau... (more)
The Bernank said QE 'may' end sometime in 2014, but only if the economy is doing well, that triggered a big sell off across the board, but it hit gold and silver the most.
A month ago, I was sitting with some college students for lunch. After we ate, two of them took out loose-leaf tobacco and rolling papers, with filters and all. They started rolling cigarettes at the table. In some way, it looked more like poverty than a charming anachronism. Puzzled, I asked why they were doing this.
The answer was what I feared: Thanks to taxes, no student can really afford pre-rolled cigarettes anymore. You can avoid those taxes by rolling your own for a fracti... (more)
It's been said that in life two things are guaranteed - death and taxes. RT speaks with Dutch libertarian leader Toine Manders who has some issues with one of those.
Are governments ramping up their efforts to crack down on alternative currencies that are outside of their control? In the past, we've seen politicians attack Bitcoin as a form of "money laundering." Then, a few weeks ago, ICE went after Mt.Gox, the super popular Bitcoin exchange. Now, the latest is that the founder of the digital currency site Liberty Reserve, which... (more)
We've seen this over and over again: new and innovative startups enter a market in a creative and compelling way, and a combination of incumbents and regulators get in the way of something cool happening. Perhaps the most well known recent example of this is with Uber, but probably a close second is Airbnb. Airbnb is the immensely popular system for letting people rent out their homes/apartments/spare rooms to willing guests for (usually... (more)
The opening talk at the Bitcoin 2013 conference in San Jose was given by the Wilklevoss twins, purported owners of 1% of the world's existing Bitcoins. They addressed the burning question of whether and how much Bitcoin ought to be regulated by government.
Their primary message: "I don’t think anyone wants a fight — I think everyone here wants to build Bitcoin, to work with regulators… Cooperation is really the way forward.”
All Google has to do is buy an island or help finance the Seasteading institute. Mark my words, anarchy will come about due to the inherent inefficiencies of the state, it's much cheaper to simply build a road rather than create a state, loot people en masse through taxation, use the loot to employ thousands, hundreds of thousands, or as we have now millions of bureaucrats, then have those bureaucrats pay a private company to build the road after looting some 95% in overheads. - Chris
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