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  • Gold may be going down on paper, but the physical market is still in high demand. Just ask Rick Harrison, co-owner of the Gold & Silver Pawn Shop and a co-star of the reality series "Pawn Stars." "I'm having a real difficult time right now getting physical metal," Harrison says. "It's the crazy world of gold and silver: Sometimes the paper market is going down but you can't find actual physical items." [View news story]
    No. Supply for things in the Ussr was limited because of price fixing and the communism model.

    I've been through several coin shops as of late and they have inventory, but I was told by them that because of the falling prices, they are trying to keep inventory down. Not all shops sell futures to hedge their inventory.

    Why does everyone think prices are being manipulated? They didn't complain when prices were rising insanely fast under a low inflation environment creating a bubble. But the same market forces at work, maybe even insane if you prefer, are now driving the price down as liquidation takes place.
    Jun 29 10:06 AM | 2 Likes Like |Link to Comment
  • Obama "essentially fired Ben Bernanke on the spot," says ex-Fed Governor Larry Meyer, commenting on the President's remarks during an interview yesterday (he's stayed a lot longer than he was supposed to). Meyer also notes the "tepid" testimonial from the President following that line. "It's time to really now focus on who the next chairman might be." [View news story]
    ... and apparently he gave in letting it continue just a bit longer.
    Jun 19 03:43 PM | Likes Like |Link to Comment
  • FOMC Announcement: No changes to the $85B per month in asset purchases and the committee stands ready to increase or decrease the level as necessary. Downside risks to the economy and the labor market have diminished since the fall. [View news story]
    Sell the news.
    Jun 19 02:27 PM | 1 Like Like |Link to Comment
  • Obama "essentially fired Ben Bernanke on the spot," says ex-Fed Governor Larry Meyer, commenting on the President's remarks during an interview yesterday (he's stayed a lot longer than he was supposed to). Meyer also notes the "tepid" testimonial from the President following that line. "It's time to really now focus on who the next chairman might be." [View news story]
    I think it went down like this:

    Mr. President: So... Ben.. what is this I hear about letting off the gas?

    Helicopter Ben: Well, Mr. President, we have been engaged in quantitative easing programs for the last several years and the economy is not showing any signs of self-sustained recovery. The balance sheet is several trillion dollars and growing. We were doing this to give the government time to address fiscal policy, but instead it has done nothing. The economy cannot recover and jobs return without serious fiscal reform.

    Mr. President: Ben.. look.. You and I know both know that I am in office until 2016, and I can't afford to have you turn off the spigot. If you don't continue to prop up the economy, the government can't spend. And if the government can't spend, people can't get their bennies. If people can't get their bennies, they get upset. If people get upset, they want someone to blame. We both know that I can't afford them to be pointing the finger at me.

    Helicopter Ben: Mr. President, it is the government's mandate on the Federal Reserve Bank to maintain price stability with maximum employment. Monetary policy is no substitute for fiscal policy, including austerity. We maintain our independence from the government specifically to avoid giving the impression of monetary policy being dictated by political motivation.

    Mr. President: I... I don't think you quite understand. I mean, this is working pretty good, isn't it? Just keep doing what you're doing, and we don't have a problem. If you stop, I'm going to make sure you get the blame. People don't like it when they don't get their check.

    Helicopter Ben: Mr. President, it is my intention to step down as the chairman of the Federal Reserve Bank after my term is up. I don't intend to continue accommodative monetary policy when there is no fiscal restraint, given the size of our balance sheet and that a sustained recovery on monetary policy alone is not possible.

    Mr. President: Wooohh... Ben.. Look.. We need you to stick around here and keep the foot on the gas, or I'm going to need to find someone else to do that.

    Helicopter Ben: Mr. President, it would be reckless for any chairman to recommend continuing down this path. Regardless, I intend to begin withdrawing stimulus. If the next chairman decides to change that policy at your request, it will be clear that I am not responsible for that decision.

    Mr. President: Maybe we're... we're not getting off on the right foot here. You need to continue here or people are going to blame me.

    Helicopter Ben: Mr. President, I cannot in good conscience do that.

    ...... this continues for a while with the president begging.....
    Jun 19 02:25 PM | Likes Like |Link to Comment
  • J.C. Penney (JCP +4.1%) is continuing its December rally on a day when many other retailers are slumping thanks to negative sales data. With 42.6% of the float shorted as of Nov. 30, there's a good chance some shorts are opting to take profits before year's end. Oppenheimer issued bullish comments on JCP on Monday. [View news story]
    Actually, yes. I did. I did a bunch of online shopping with JCP.com and also went to the B&M for some clothes, after being very disappointed with Macy's. I went to the Men's suits and dress shirts/ties area of the store, and encountered early 20-somethings with no experience in what they were selling. I may as well have gone to Walmart. After getting a poor shirt measurement and wasting my time trying to find someone to help me, I went to JCPenny and got some experienced floor sales staff that knew the clothing they were selling and how it should fit.

    I am not planning on returning to Macy's anytime soon after that experience, but will be back to JCP. That said, JCP.com was running so many specials on their website that I'm sure they lost money on anything I bought. When I did need to call customer service once, I actually found they were very responsive and corrected the issue I had without me having to ask them twice.
    Dec 26 04:06 PM | Likes Like |Link to Comment
  • Gold futures dropped more than $40/oz., in their fourth straight weekly loss, to settle at $1,675 after the nonfarm payrolls report. “With the uncertainty of the presidential election looming, gold needed a very bad employment number... to cause the Fed to ramp up its QE operations," Gold Newsletter's Brien Lundin says. Miners are lower too: ABX -2.7%, GG -4.5%, NEM -6.8%, AU -2%, AUY -4.6%[View news story]
    Well, some of what you said I agree with. However you sound as if there is some grand conspiracy. Also, there is no "hidden hyperinflation." Hyperinflation is not something that can be hidden. There is inflation, but there has been inflation my entire life and everyone knows there is inflation -- they know it to be a way things are. I'm not saying this is good. I'm not saying I like the Federal Reserve or think they are doing the right thing. I'm stating how things are. By commenting on the rich so much as if they are the "global elite" that the conspiracy theorists always speak of, it sounds as though you have class envy and don't believe people could or should be rich on their own merit. Some have made a buck on the backs of the taxpayer, but this was not without the consent of the governed and those they elect. You want to change something? Change that.
    Nov 16 02:26 PM | Likes Like |Link to Comment
  • Gold futures dropped more than $40/oz., in their fourth straight weekly loss, to settle at $1,675 after the nonfarm payrolls report. “With the uncertainty of the presidential election looming, gold needed a very bad employment number... to cause the Fed to ramp up its QE operations," Gold Newsletter's Brien Lundin says. Miners are lower too: ABX -2.7%, GG -4.5%, NEM -6.8%, AU -2%, AUY -4.6%[View news story]
    Ramp up QE? Correct me if I'm wrong, didn't they already "ramp up" by going "all in?" What else are they going to do at this point -- extend QE? It's already without a clear end. Perhaps they will say they will keep rates low for an extended period of time? Oh, they already did that. What if extend operation twist? Darn, they did that already too. Unless they plan to triple, or more, their purchases, there is little they can do from here. In 2008, Gold eventually gave way to a sharp decline even though jobs reports were dismal. Gold may be a last hold-out in contraction, but it is always a participant. For all those hyper-inflation types, riddle me this. What do you think the Fed is trying to fight? Unemployment? Government debt? The correct answer is, "Deflation." They are so worried because the deflationary forces are so powerful they are left with no more options than an "all in" bluff and pray play.
    Nov 2 03:40 PM | Likes Like |Link to Comment
  • Gold will be at $5000 in two years, and that may be the low end of the range, claims Peter Schiff. Granted, we've already seen a spectacular run in the yellow metal over the past decade, but it's going to accelerate even more from here as the pace of inflation begins to pick up. Not only that, but the government continues debasing the dollar faster and faster, so gold logically has nowhere to else to go - but up. (video[View news story]
    Peter, pass me the pipe. Peter has his head screwed on right, but he gets way ahead of himself all the time. I do not believe our problem is inflation, rather extreme deflation as debt after debt is defaulted on and the dollar reigns king, at least for a while. Eventually there will be heavy inflation, maybe hyper inflation, but not until the dollar soars, gold crashes (hard to pay for your food or house with gold.. you need to sell it to pay your debts).
    Oct 25 10:25 PM | Likes Like |Link to Comment
  • Optimism about the housing recovery continues to climb, according to Fannie Mae's September survey. A full 37% expect prices to rise over the next year, the highest percentage since the survey started in 2010. One for contrarian bond bears: With mortgage rates at all-time lows, those expecting higher rates over the coming year declined 7 points to 33%. [View news story]
    So a full 37% will be surprised?
    Oct 9 05:38 PM | 1 Like Like |Link to Comment
  • The DOJ asks a federal appeals court to rehear a case over a FDA requirement that would force tobacco companies to place large graphic health warnings on cigarette packages. Previously, a three-judge panel in Washington backed the ruling of a lower court by finding the mandate infringed on First Amendment free speech protection. The bigger issue: At last count, 46M Americans still smoked despite stepped-up efforts by health organizations to cut into the number and reduced marketing spending by tobacco companies. Has the anti-smoking crusade now cut to the bone? [View news story]
    Nanny state run amuck.
    Oct 9 03:24 PM | 8 Likes Like |Link to Comment
  • Chicago Fed's Charles Evans fires back at QE3 critics, warning of a U.S. "lost decade" if the Fed limits itself to modest policy actions. There's no surprise here, as the hard-core dove Evans finds it “essential" to do as much as possible now to prop up the economy; his most noteworthy comment is that 3% inflation "not an unreasonable cap" on policy. [View news story]
    "If we continue to take only modest, cautious, safe policy actions"

    There he goes again. Mr. Evans, by using this statement again, is confirming that QE3, and monetary policy intervention he proposes, is bold, rather than modest, reckless, rather than cautious, and dangerous, rather than safe.

    "That type of passivity is a gamble that is not worth taking."

    The gamble of allowing the markets to correct so we can have sustainable growth that lasts? That's not a gamble. We know what will happen. The economy will rebalance, get rid of malinvestment. There will be some pain, but it will be temporary. Then the economy and markets take off in real growth mode. Instead, they gamble on perpetuating insolvency through more debt, and malinvestment in risky assets. They feel that it is better to gamble on the legitimacy of the world reserve currency and our country's future.
    Sep 26 03:18 PM | 3 Likes Like |Link to Comment
  • The U.S. is headed for an industrial revival, a new Boston Consulting Group report says, driven by lower energy costs, higher labor expenses in competitors such as China and the potential to use idle U.S. port capacity for pushing up exports. "As a result, the U.S. has the potential to increase goods exports by up to $130B by 2020, [and] add 5M jobs to the U.S. economy." [View news story]
    I don't doubt we are going to go through an industrial revival, but this isn't going to happen until the economy is allowed to rebalance and not have government and central banks trying to prevent it. Until that happens, no such luck.
    Sep 21 12:45 PM | 1 Like Like |Link to Comment
  • Interesting stuff here: A Troika report into whether Greece's debt is manageable (no), will apparently be delayed until after the U.S. presidential election, reports Reuters. "The Obama administration doesn't want anything on a macroeconomic scale that is going to rock the global economy before Nov. 6," says an EU official. [View news story]
    This is actually a pointless delay. If the news were good, the Obama administration would be glad to see them announce it so they might see markets rise. So by not releasing the report until November, after the elections, they have not delayed the impact it will have on financial markets. In any case, if anyone is actually fooled into believing this is going to end well for Europe, I'd recommend you seek immediate help.
    Sep 21 11:53 AM | 1 Like Like |Link to Comment
  • If your keep your customers supplied with quality craft beers they keep coming back, according to restaurant industry research. That could be the logic behind the acquisition of Yard House by Darden Restaurants (DRI -0.9%) or the master plan of Red Robin Gourmet Burgers (RRGB -0.6%) with its new beer milkshakes. The data also suggests a bigger beer menu adds to sales, with 36% of consumers saying they want to try a new brand. As for that trend cutting into sales at industry giant Anheuser-Busch (BUD +0.4%) the brewer has some new indy-sounding beers launching of its own. [View news story]
    You mean people like good beer?
    Sep 20 03:42 PM | Likes Like |Link to Comment
  • As the Arctic melts, the scramble is on for oil, gas and rare earth minerals as they become newly accessible along with increasingly navigable polar shipping shortcuts. So it's no surprise that China is becoming a far more aggressive player in the area, provoking alarm among Western powers. Rare earth names are slightly higher: MCP +1%, AVL +1.7%, REE +0.8%[View news story]
    Thanks, "davidingeorgia." I guess the point I was trying to make though is that the climate changes and always has. People get all alarmed over everything now-a-days because they they choose to focus on a subset of information and then make a lot of assumptions. Since the antarctic has been growing in snow and ice, this is quite offsetting any loss in any arctic ice.
    Sep 20 03:17 PM | Likes Like |Link to Comment
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