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Ben Kramer-Miller

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  • The Austrians Are Right - Inflation Is Coming [View article]
    Where's the point of disagreement? I point out this demand for dollars as a negative force on prices.
    Nov 25 09:21 AM | 17 Likes Like |Link to Comment
  • Is The Gold Market Manipulated? Part 1: Introduction And The London Gold Pool [View article]
    Manipulation has been written about in the gold market for decades. Due to social media the notion is more widespread over the past 5 years or so, and naturally interest in the notion is growing. The fact that it is more prevalent today than it has been in the past while the gold market corrects is coincidental. I have been buying gold since it traded in the double digits, and silver in the single digits, and I am not leveraged. I welcome these corrections as buying opportunities. No wounds to lick here.
    Nov 24 08:18 AM | 11 Likes Like |Link to Comment
  • The Case For Investing In Russia (Despite The Risks) [View article]
    I say the same thing about our American corporations. The difference is that the Russians have been trained through history to be skeptical of their corporate elite whereas in America we call Buffet and Dimon heroes of capitalism. Its all crooked everywhere at the top.
    Mar 18 03:13 PM | 9 Likes Like |Link to Comment
  • Is The Gold Market Manipulated? Part 1: Introduction And The London Gold Pool [View article]
    Have you been following Stephen Leeb's idea that Germany, China, and Russia are forming a political block? All three nations want/are accumulating gold.
    Nov 24 08:21 AM | 8 Likes Like |Link to Comment
  • A Safe And A Shotgun, Or Public Sector Banks? The Battle Of Cyprus [View article]
    That isn't true. You aren't taking into consideration the difference between demand deposits and time deposits. If you were to put money in a bank as a time deposit then the bank could still lend it out because it would not be a liability of the bank until the deposit came due.
    The Euro is not failing because it is a "fixed money". Just look at the M2 money supply of the Euro.
    It is not identical with M1 money supply (look at the side bar on the right at for M1 link).
    The Euro is failing for the same reason that the US and Japan are failing: because its member nations have too much debt; they are themselves insolvent. But people end up claiming that the problem is that Eurozone nations cannot print their own currency. Why should any nation be able to print currency? It is just a form of counterfeiting.
    You don't need a money supply larger than the monetary base. What you need is savings, and people who rightfully own this saving to make loans based on the rational decision that the business being invested in is promising enough to make the risk of loaning out the money worthwhile.
    I highly recommend Murray N. Rothbard's book "The Mystery of Banking" if you are interested in these kinds of issues.
    Mar 21 11:09 PM | 8 Likes Like |Link to Comment
  • Sell Your Gold And Silver Now [View article]
    Interesting article. I'm not so sure that Westerners are selling their gold and silver given the extremely high premiums that are being paid for physical (e.g., junk silver on APMEX is going for $3/oz over spot for the $1,000 face bags). We probably need a washout below the $1525 level in gold and the $26 in silver to scare the technical traders into selling, but then there is nobody left to sell except for the strongest hands with the most conviction.
    Apr 4 02:08 AM | 7 Likes Like |Link to Comment
  • A Safe And A Shotgun, Or Public Sector Banks? The Battle Of Cyprus [View article]
    Excellent article. Too few people realize that when they deposit money in the bank that it is not theirs, but the banks to give back to them as they please.
    The only place I disagree with you is at the end where you advocate public-sector banks that can be "bailed out" by a central bank, even if it were done for the benefit of the 99%.
    The problem is fractional reserve banking. Banks should be money warehouses, no different than Public Storage. Any bank that has a reserve ratio less than 100% is technically unable to meet its obligations and is consequently insolvent. By eliminating fractional reserve banking bankers would not be in a privileged position of being able to gamble with other people's money. The money supply would be stable because the money multiplier would be 1, and there would be no boom-bust credit cycle.
    Mar 21 10:12 PM | 7 Likes Like |Link to Comment
  • The Case For Investing In Russia (Despite The Risks) [View article]
    People in the US can be arrested, detained, tortured, and killed without trial. All of the major regulatory agencies in the US are run by former executives of the corporations that they are supposed to regulate. So things here aren't so different than they are in Russia. Except that while America tiptoes toward totalitarianism Russia is moving away from it. The West is going to be "third world" while the East is going to dominate and innovate. Maybe it won't be a capitalist utopia but it will be the center of global power and the place where investors seek to put their money. You have to skate to where the puck is going and stop looking through the rear view mirror.
    Mar 18 08:56 PM | 7 Likes Like |Link to Comment
  • Is The Gold Market Manipulated? Part 2: From De-Pegging To De-Monetization [View article]
    The key is manipulation of interest rates, which the Fed does openly. The connection between gold and interest rates is one exposed by a famous Larry Summers paper. Gold suppression leads to interest rate suppression, which leads to credit expansion and generall economic expansion. Of course this is unsustainable.
    Dec 11 05:00 PM | 6 Likes Like |Link to Comment
  • Gold Bugs And Conspiracists: Stop Doubting The CPI [View article]
    As a CPI doubter I suggest readers of this article look at actual data of products people buy rather than fancy charts produced by economists and politicians.
    I provide this data in my article on the CPI

    You might also want to check out the book "How to Lie with Statistics"
    Jun 17 11:51 AM | 6 Likes Like |Link to Comment
  • Silver Bull Resources Is For Silver Bulls Only [View article]
    I think people are largely missing the point of this article. I am not bearish, but my bullishness is predicated on my bullish stance on silver. This is opposed to, say, my position on Guyana Goldfields, which I believe is a good investment even if the gold price falls somewhat or remains flat. The appeal of SVBL is in its optionality. If that's what you're looking for then great! Buy SVBL. But if you are looking for a stock that is undervalued and whose undervaluation will be rectified through cash-flow generation you should look elsewhere.
    Jun 30 02:54 PM | 5 Likes Like |Link to Comment
  • Will China Back The Yuan With Gold? [View article]
    The Chinese don't think short-term
    Jan 11 07:48 AM | 5 Likes Like |Link to Comment
  • The SPDR Gold Trust Vs. The Central GoldTrust [View article]
    SA pushed back hard on this article. I was denied publication when I submitted versions where I did not have anything positive to say about GLD. So the reader sees what I mean, and how I REALLY feel about the GLD, I have posted the original as an instablog:

    While I disagree with SA's decision I respect its right to publish those articles it chooses to.
    Apr 22 04:01 PM | 5 Likes Like |Link to Comment
  • Trouble Ahead For The Gold Bears [View article]
    Do you remember what happened the last time the S&P entered an "official" bear market?
    Hint: think back to September, 2011.

    The same goes for the death cross and a plethora of other technical indicators.

    I only discussed the technical picture for gold (and briefly at that) to illustrate that the bears pointing to technicals had it wrong. It turns out I was wrong. I own up to that. (Although I don't want to make too much out of one day's price action.) Long term the fundamental picture for gold looks extremely positive and every institution seems to be negative. This portends well for gold.
    Apr 12 04:22 PM | 5 Likes Like |Link to Comment
  • Sell Your Gold And Silver Now [View article]
    A couple things about the article you link to. First, the author uses a 200 year time frame to compare returns. Nobody invests for that period of time. Also the data he uses for this does not take into consideration the taxes paid on dividends and interest. Finally he completely neglects the fact that the US dollar was backed by gold for most of this time. Of course gold with a 5% yield is going to outperform gold substantially over several generations! The article is sensationalistic and designed to get PVs; it contains no meaningful insight or unique perspective.

    Any investor with a sense of history knows that there are times to hold each of these assets, and now is the time for gold. It could go to $1350, but if you buy gold now in several years you will be very happy.
    Apr 4 04:06 AM | 5 Likes Like |Link to Comment