Gold and Silver Are Still Locked and Loaded… Don’t be Out of Ammo

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In military terms, the phrase “locked and loaded” refers to “locking” a magazine or cartridge into a firearm and loading a round into the gun’s chamber. A variant is to “lock the safety” and then load a magazine into the weapon.

The analogy in his essay is that from a technical (chart) standpoint, the price of gold and silver are building energy to the point that they are getting closer and closer to breaking out of a consolidation pattern and beginning the next impulse in the bullish sequence of higher highs and higher lows.

The pullback this week does not negate the outlook for higher prices in the coming weeks and months.

All sorts of factors are contributing to being “loaded” into the launch chamber so that when the “hammer” is dropped, the two metals can burst out of the gate like a couple of thoroughbred racehorses.

How many regular people, let alone most of the experts got it right when silver, which was supposed to spend weeks if not months working its way through chart layers from $20 to $22.50, instead cut through them like a knife, stopping just below $30?

It doesn’t much matter even if gold and silver first decline below $1,800 and $22 respectively. Sure, it might be “painful” but what’s been happening so far is that when prices drop, physical (and miners’) buying volume increases. Yet when prices rise, buying still goes up!

You may be “on board” now but get left behind later.

As prices advance, it will become more and more compelling to “take a tidy profit” – either with the idea that you might be able to buy back on a correction, or by selling on a double and getting what in the trade has become known as “a Casey (or Katusa) Free Ride.” The thinking is that once you’ve done this, only the market’s money (representing your remaining position) will be at risk.

David Morgan and David Smith at a
Scoping Study on the Deseado Massif, Argentina

During “normal” runs this is often a good idea, because sustained trends tend to be relatively rare, whereas choppy sideways patterns are the norm.

But in a strong, enduring run, which we believe for metals and miners will be the case during at least the next 2-3 years, if your goal is to go for a larger portion of the bull’s total profit potential, this tactic can end up being self-limiting.

Don’t forget this critical strategic planning piece. David Morgan, at The Morgan Report, has performed extensive research on what the end of a secular metals’ run looks like.

David determined that as much as 90% of the profit potential comes during the last 10% in time of the entire bull market! This concept is further supported by a fascinating quote recently from Incrementum. They state that:

“One can see that every (gold and silver) bull market always ended with a parabolic upward trend that lasted 9 months on average, and at least doubled the price…presenting us with a potential once in a lifetime opportunity.”

We know there are no guarantees in life, but do you want to take a chance on missing such an opportunity if things play out that way?

Occam’s Razor works for a reason. William of Ockham, a theologian and philosopher from the medieval period posited that, for solving a given problem, the simplest solution is usually the best. “Cutting” away unnecessary details gives it the “razor” designation.

Acquiring and holding physical gold and silver doesn’t have to be complicated.

Just make sure you’re buying from a trusted source, stay within a budget you’ve decided on beforehand, find a safe place to store your metal, and don’t tell friends and neighbors.

Complexities can detract from your bottom line and limit the upside:

• Trading the Silver/Gold Ratio. In addition to getting hammered by volatility when one or both metals changes position while you’re making a switch, there’s the issue of spreads, high premiums and possible tax issues.
• Selling some core holding for “a tidy profit.”Coming out ahead once or twice may convince you that you’re smarter than the market -but you’re not.
• Buying more after a big rise and getting shaken out on a decline. David Morgan’s dictum that “silver will either wear you out or scare you out” is never more true than during times like we’re seeing today.
• Not buying “less than is rational.”Placing a large order on a breakout day – either up or down – can cost you a lot in terms of money and emotions if you’re wrong.
• Getting hooked into purchasing “limited-edition,” “proof,” graded, or special event bars/coins. Most of the premium paid at the store goes away as soon as you take delivery. Know your limitations, and almost always stay away from graded coins.
• Not having a big enough picture, and suffering from “palladium dysfunction.” Think you can call the top at, say $50? Maybe, but what if you’re off by another $100 an ounce or it jumps $20 just after you sell out? Are you willing to buy back at that higher price? Should you?

Palladium tripled in price from its “top” – and almost three years later is still miles above the 20 year “resistance” breakout point – who would have guessed? Could silver do the same thing?

• Not having a good exit plan – and being prepared to follow it. Riding prices all the way up and all the way down may offer a lot of thrills at the time, but looking back, you’re not going to be happy. Start coming up with some kind of exit strategy that fits your temperament, risk tolerance and financial goals.

So… are you going to finish working your plan and consider adding to physical metal holdings during this time of uncertainty and possible price retracement, or will you step out onto the financial battlefield later with an empty magazine and nothing in the chamber?

 

David Smith is Senior Analyst for TheMorganReport.com and a regular contributor to MoneyMetals.com. For the past 15 years, he has investigated precious metals’ mines and exploration sites in Argentina, Chile, Mexico, Bolivia, China, Canada, and the U.S. He shares his resource sector findings with readers, the media, and North American investment conference attendees.

 

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Beware of These Faulty “Inflation Protected” Investments

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The Federal Reserve last week reiterated its commitment to an unprecedented inflation-raising campaign.

Specifically, the Fed aims to push the inflation rate above 2% for an extended period.

The risk for investors is that central bankers succeed in their mission to depreciate the currency more rapidly – perhaps even more rapidly than intended or acknowledged in the official (understated) inflation data.

Inflation is a corrosive force that eats away at the real value of savings and investments.

It is perhaps the biggest threat looming on the horizon for millions of retirees who have been steered into assets marketed as “conservative” – such as dollar-denominated money market accounts, bonds, and fixed annuities.

Investors who are savvy about the inflation threat know that low-yielding financial instruments are especially vulnerable to losing value in real terms. But those seeking protection from inflation can still run into trouble by venturing into flawed “inflation protected” assets.

Beware of the following:

Treasury Inflation Protected Securities (TIPS). Though they could fare relatively better than conventional fixed-rate bonds, TIPS are flawed. They are pegged to the federal government’s self-serving Consumer Price Index gauge which tends to understate real-world consumer prices.

Foreign currencies. Assets denominated in foreign currencies may benefit from a decline in the U.S. dollar on foreign exchange markets. But foreign fiat currencies are no safe haven from inflation.

There are no truly sound national currencies out there. The fact that one is gaining against another over any given period doesn’t mean it’s not also depreciating in real terms.

Central banks around the world are engaged in competitive devaluation, and lll fiat currencies have been falling against gold.

If one currency is strengthening against others at any given time, that doesn’t mean it’s gaining purchasing power – it’s probably just performing less bad than the others.

Cryptocurrencies. Some Bitcoin bugs tout the cryptocurrency as “digital gold.” They are mistaken, however.

While there is certainly utility and value, Bitcoin is a purely digital asset with no tangible backing. Moreover, there is no limit on the number of competing digital currencies that can be created.

Cryptocurrencies may have explosive upside potential, but they also carry huge downside risk – irrespective of the inflation rate.

Commodity Instruments. In theory, owning a basket of commodities is a good hedge against inflation. In practice, you probably don’t want to store barrels of oil and bushels of wheat in your basement!

That means you’d have to own speculative derivative instruments that often fail horribly at tracking the price movements of the underlying commodities. Commodity futures, ETFs, and the like are suitable only for short-term speculation, not long-term inflation protection.

Gold and silver mining stocks. Mining companies stand to benefit greatly from rising metal prices. But they are also vulnerable to rising energy and labor cost, carry political risk and the risk of poor management, and can become unstable during a financial crisis.

To be sure, miners can play a role in an aggressive investor’s inflation protection portfolio, they are no substitute for a core holding in physical precious metals.

Numismatic coins. Investors who grasp the need to hold some physical precious metals as part of an inflation protection strategy can still make a big mistake if they buy pricey numismatic coins. The large collectible premium attached to numismatics will not necessarily rise with inflation or match the gains on spot metal prices.

Hard Money Is the Ultimate Inflation Hedge

Gold is a timeless, immutable monetary asset, still widely held by central banks.

In former Federal Reserve chairman Alan Greenspan’s words:

“For more than two millennia, gold has had virtually unquestioned acceptance as payment. It has never required the credit guarantee of a third party… Today, the acceptance of fiat money — currency not backed by an asset of intrinsic value — rests on the credit guarantee of sovereign nations endowed with effective taxing power, a guarantee that in crisis conditions has not always matched the universal acceptability of gold.”

For these reasons, gold and its junior partner silver are an indispensable long-term hedges against inflation and political/financial turmoil.

Over a period of decades and even centuries, the purchasing power of gold and silver tends to remain relatively constant.

The catch is that precious metals markets don’t always track inflation well in the near term.

They can suffer large cyclical declines over periods when other asset classes may be gaining.

Of course, they can also post huge gains when conventional markets are falling – that’s what makes them essential for proper portfolio diversification.

According to the World Gold Council, in years when the inflation rate has exceeded 3%, the price of gold has increased 15% on average.

Silver has the potential to do even better in an environment of rising inflation – delivering holders huge gains in real purchasing power.

When the purchasing power of the U.S. Federal Reserve note takes a dive, hard money will ultimately shine.

 

Stefan Gleason is President of Money Metals Exchange, the national precious metals company named 2015 “Dealer of the Year” in the United States by an independent global ratings group. A graduate of the University of Florida, Gleason is a seasoned business leader, investor, political strategist, and grassroots activist. Gleason has frequently appeared on national television networks such as CNN, FoxNews, and CNBC, and his writings have appeared in hundreds of publications such as the Wall Street Journal, Detroit News, Washington Times, and National Review.

 

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Central Banking Cartel Promises ZIRP Until at Least 2023

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Gold and silver investors who were hoping Wednesday’s FOMC meeting would be a catalyst for a major breakout move were largely disappointed.

The metals complex didn’t see an immediate boost from the Federal Reserve’s dovish policy meeting. Still, the central bank’s commitment to an accommodative monetary policy is set to play out not just over the course of a week, but of years to come.

On Wednesday, the Federal Reserve announced it would continue to hold its benchmark interest rate near zero. That came as no surprise.

However, the extent of the Fed’s commitment to avoid any rate hikes in the future raised the eyebrows of many veteran observers of monetary policy. Not only did members of the central banking cartel vow to keep rates down for the remainder of the year. They also signaled there would be no rate hikes in 2021.

But they went even further than that. All voting members with the exception of one pledged to keep interest rates near zero through 2022.

And a majority voted to maintain current interest rate policy at least until the end of 2023!  That’s zero percent interest rates as far as the eyes can see!

Yahoo Finance Report: The latest FOMC meeting has reassured markets that there is no chance for a rate hike for a least two years. The euro-dollar futures market, which trades out much farther than the Federal Funds futures market is forecasting a 25-basis point rate hike in mid-2024. That shows that the market is currently expecting the negative effects of the pandemic to linger and hurt the economy for many years to come.

Yahoo Finance Analyst:  Now, the Federal Reserve codifying that in the statement today, committing to keeping interest rates at that level until labor market conditions have reached levels consistent with the committee’s assessment of maximum employment and inflation has risen to 2% and is on track to moderately exceed 2% for some time.

No economist or market guru on the planet has a crystal ball that can tell them what the GDP or the unemployment rate or the inflation rate will be three or four years from now. But apparently Fed officials think they are smart enough to see that far into the future and are able to know today what the optimal interest rate will be then – that is, effectively zero.

The truth is that all they know how to do is react to signals given to them by markets, politicians, and banks.

If the repo market freezes up or stocks on Wall Street tank, they roll out more stimulus.

If the government needs to expand its borrowing capacity by trillions of dollars to finance deficits, then they commit to buying more Treasuries.

If the leveraged financial system requires more inflation to eat away at the real value of otherwise unpayable debt obligations, then they commit to depreciating the currency at a more rapid pace.

The Fed is continuing its $120 billion per month Quantitative Easing program, which has ballooned its balance sheet to more than $7 trillion. And it won’t turn off the monetary spigots until government-measured inflation rates exceed 2% over some unspecified period.

An inflation rate above 2% with interest rates remaining well below that level would be a hugely bullish driver for precious metals markets. According to the World Gold Council, in years when the inflation rate has exceeded 3%, the price of gold increased 15% on average.

Gold and silver do not merely keep pace with rising inflation. They tend to hugely outperform it.

Of course, if there comes a time when the Fed is forced to aggressively hike rates above inflation to bring it back down, then the metals can suffer outsized declines.

An environment of positive real interest rates and declining inflation rates do not appear to be something metals investors will need to worry about anytime soon – and probably not for the next few years.

There will be inevitable volatility along the way, but it’s hard to see anything but a continuation of the major bullish trend going forward.

The coronavirus lockdowns were certainly a catalyst for a surge in physical buying this year. Even though bullion market conditions have since settled down, sales of coins, rounds, and bars continue to far outpace those of a year ago.

We are eyeing the upcoming election as the next potential catalyst. With polls tightening between President Donald Trump and former Vice President Joe Biden, fears are growing over a contested election that could drag on for weeks.

An expected torrent of mailed-in ballots could overwhelm state election systems. The backlog could spark highly charged fights in the courts and on the streets over which ballots get counted and which ones get thrown out as late, incomplete, or fraudulent.

If there is anything sure to rattle markets, it’s uncertainty. During uncertain times when the only thing that can be counted on from the authorities is to keep printing currency, precious metals provide a rock solid and necessary counterbalance to conventional “risk” assets.

 

Mike Gleason is a Director with Money Metals Exchange, a national precious metals dealer with over 50,000 customers. Gleason is a hard money advocate and a strong proponent of personal liberty, limited government and the Austrian School of Economics. A graduate of the University of Florida, Gleason has extensive experience in management, sales and logistics as well as precious metals investing. He also puts his longtime broadcasting background to good use, hosting a weekly precious metals podcast since 2011, a program listened to by tens of thousands each week.

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trusted online casino canada

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payday loans with bad credit online

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Bad credit rating explained

If your FICO score is 700 and above, you have superb credit standing. From 620 to 699, it is taken into consideration to become alright. However, if you drop below this amount, it is actually thought about to be a bad rating. If a borrower has a credit rating of 499 listed below, the debtor is actually considered to have bad credit.

If you have been consistently missing out on settling your credit card on time, your score will definitely decline. If you request loans and after that have overdue settlements or maybe a nonpayment, this can dramatically influence your rating. If this proceeds, your credit will certainly remain to go down up until you will definitely have a hard time possessing access to credit in particular coming from typical lenders as they are actually looked at to become truly rigorous when it concerns a borrower’ s credit history.

Secured Bad Credit Funding

Witha secure bad credit funding, it suggests that the customer needs to possess collateral. Borrowers receiving a secured bad credit lending is aware of the risk that possesses this kind of financing as it implies fully giving up your property (an auto or a home) in the event of non-payment. Car loan and finance lending organizations use this type of car loan.

Get Your Payday Loan Online Now!

Once the application is actually permitted and also your financing files have been authorized as well as acquired due to the financial institution you could see the funds in your account within 1 service day.

If this sounds like something that will help you at the moment then put on’ t be reluctant; call our toll free variety today to talk witha representative payday loans with bad credit online or jump start the process by completing the online application.

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usa payday loan

Published here: http://goldsilverworlds.com/gold-silver-price-news/usa-payday-loan-16/?utm_source=rss&utm_medium=rss&utm_campaign=usa-payday-loan-16

Small Loans Bad Credit History

If you need to have a bit of funds swiftly, you might need tiny usa payday loan browse usacashnetloan.com withbad credit. SmallLoans.com.au are Australia” s leading on the web short-term financing carrier, delivering easy online documents and swift permissions.

Need a tiny loan however have poor credit rating?

Do you possess bad credit report and need to have a small, temporary cashmoney loan? Possibilities are you’ ve been actually declined by many of the mainstream loan or even little cashloan finance companies around. Don’ t panic- Smallloans.com.au relies on second opportunities when it comes to negative credit scores. Where other lenders say no, our on the web confirmation unit points out ” yes! ”

How a lot can I borrow?

You can easily borrow $2100-$ 4600 by utilizing your vehicle as protection.

How long carries out permission take?

All bad debt loan applications are actually tracked by our negative credit history tiny loan financial institution. Applications are often approved within minutes, and also you could possess your tiny loan in your bank account within twenty four hours.

What’ s the catch?

Smallloans. com.au is an honest as well as responsible company and also our company reveal what’ s involved withevery item we provide therefore you can easily make a notified choice. All our terms, costs, fees and also rate of interest are actually revealed to you up front. If you are actually ever confused at any stage of your application process, you may contact some of our staff member to make clear any sort of points you’ re possessing problem with.

Does that suggest I’ ll be actually paying substantial rates of interest?

Smallloans. com.au doesn’ t believe in capturing individuals withexpensive rates of interest. Like all bad credit history items, the interest rates you’ ll wind up compensating are generally greater than conventional interest rates. We target to provide every client the absolute most very competitive interest rates on the market place irrespective of whether their credit rating is actually good or bad.

Is approval guaranteed?

Smallloans. com.au tries its greatest to give everyone along withnegative credit an odds to obtain small loan financial. Our team take individual financial scenarios in to account just before lending any kind of funds as part of our rigorous and responsible loaning methods. Sometimes, our team might certainly not offer out the amounts asked for and simply supply a muchsmaller amount that carries out certainly not worry the borrower. Our bad credit report loan supplier examines eachdocument on a scenario throughscenario basis.

Why does usa payday loan provide to folks withbad credit report? Isn’ t that high-risk?

Other loan providers tend to decline lending to folks along witha poor credit history due to the fact that they believe there is actually a greater likelihood of not earning money back. Regardless of whether you have actually been taking steps to enhance your credit history, it might certainly not be enoughfor banks and also other lenders to please their challenging loaning standards.

Smallloans. com.au targets to help folks away from negative finances, certainly not place all of them into deeper financial rivalry. Our team believe in 2nd possibilities, althoughour experts perform place restrictions on what folks along withbad credit history can easily acquire. By obtaining finances including these as well as spending them back punctually and completely may actually aid enhance your credit rating over time.

Where do I apply?

If you possess poor credit rating as well as need a small, short-term loan swiftly, visit here to become taken to our bad credit history little usa payday loan lender web page. All requests are actually defended through256-bit SSL safety and security

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Pension Funds Start Looking to Gold to Avert Disaster

Published here: http://goldsilverworlds.com/investing/pension-funds-start-looking-to-gold-to-avert-disaster/?utm_source=rss&utm_medium=rss&utm_campaign=pension-funds-start-looking-to-gold-to-avert-disaster

Public and private pension plans face a dual crisis.

The first and most obvious threat to pensioners is that defined-benefit vehicles are severely underfunded. By one estimate, pension systems taken as a whole are $638 billion in the red.

Some are in better shape financially than others. But all pension plans will have to reckon with a second huge challenge going forward.

Namely, they are already entirely unable to meet their stated return objectives by owning conventional “safe” interest-bearing instruments such as Treasury bonds.

Fed Declares War on Savers

The Federal Reserve has effectively declared war on savers by vowing to hold short-term interest rates near zero, likely for years to come. Longer-term bond yields also plummeted to record lows (below 1% for most maturities) this year.

An ultra-low interest rate environment is survivable for investors only so long as rates keep falling, thereby generating capital gains on bond holdings that supplement their diminutive coupon payments.

But what happens when the great bond bull market, which has been intact for nearly four decades, reverses? It will be a disaster for the assets of pension funds.

They could reach for yield elsewhere by owning dividend-paying stocks. But an all-equity portfolio would be too volatile for their conservative investing mandate. Even the highest quality stocks got hammered during the virus-induced economic lockdown hysteria this spring.

Market volatility combined with rising liabilities has driven a 6% increase in total adjusted pension debt this year, according to Moody’s Investor Services.

Meanwhile, the Federal Reserve recently announced that it would be changing its 2% inflation “target” to an “average.” That gives central bankers the policy leeway to begin pushing inflation well above 2% for an extended period. (And let’s not forget the Fed also uses the U.S. Government’s grossly understated inflation statistics.)

Pension Plans CAN Hold Gold – But Only These Two Do

How can pension funds obtain protection from this threat? They can own gold.

Last week, Ohio’s $16 billion Police & Fire Pension Fund approved a 5% allocation to the monetary metal. This relatively small gold allocation provides at least some measure of portfolio diversification and could pay off in an outsized way if the gold market enters into a price-compounding mania phase.

Ohio will join Texas, through its Texas Teacher Retirement System, in having the only known public pension programs that hold precious metals.

Each fund appears to be targeting about $1 billion in gold holdings.

Others have been urged to do so, including by the Sound Money Defense League and Money Metals Exchange, whose Sound Money Index ranks all 50 states on whether they hold gold in their pension or reserve funds.

Wyoming, for example, considered and rejected the idea early last year when gold was trading at just $1,300/oz.

In a contentious Wyoming senate hearing in February 2019, the career deputy to the newly elected State Treasurer – having just turned in a staggering $300+ million loss on the state’s controversial investment in Third World debt – scoffed at gold while openly opposing his own boss who had just testified in favor of holding the monetary metal to protect the state.

Unfortunately, precious metals assets represent only about 0.5% of all savings and investments in the United States. The vast majority of pensioners and workers are thus vulnerable, like sitting ducks, to the threat of an inflation outbreak or a meltdown in the financial system.

The bias against gold runs deep, according to Larry Parks, Executive Director of the Foundation for the Advancement of Monetary Education (FAME): “Money managers, lawyers, actuaries, accountants, and other ‘fiduciaries’ recommend pension plans to not have gold in their portfolios. They say that gold is too risky and too volatile.”

But Parks says the opposite is true: “The real reason they try to discredit gold is that gold pays no fees, which is their principal concern. Thus, they have an inherent conflict of interest with pensioners, who are by law the sole plan beneficiaries. It is a scandal how pension trustees have been misled.”

A Secure Retirement Requires Physical Backup

Those who are now, or later will be, relying on a pension as their primary source of retirement income should develop a fail-safe backup plan.

The agency tasked with backing up pension programs, the Pension Benefit Guaranty Corporation, is itself underfunded and could quickly become insolvent in the event of a rise in pension failures.

Of course, the risk of a pension program failing to keep pensioners ahead of inflation is closer to a certainty.

Conventional institutional asset allocation models will be exposed as deficient and even dangerous when their stock and bond portfolios wilt under a period of possible stagflation – an economic trend that investors haven’t had to navigate since the late 1970s.

The ultimate hedge against a regime of currency depreciation and an environment of negative real returns on interest-bearing paper is physical precious metals.

As FAME’s Larry Parks advises, “If you want a secure retirement, you better own some physical gold.”

We would add that if you want the potential for some spectacular real gains in retirement above and beyond what gold delivers, you better own some physical silver as well.

 

Stefan Gleason is President of Money Metals Exchange, the national precious metals company named 2015 “Dealer of the Year” in the United States by an independent global ratings group. A graduate of the University of Florida, Gleason is a seasoned business leader, investor, political strategist, and grassroots activist. Gleason has frequently appeared on national television networks such as CNN, FoxNews, and CNBC, and his writings have appeared in hundreds of publications such as the Wall Street Journal, Detroit News, Washington Times, and National Review.

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How Will the Election Impact the Bullion Market?

Published here: http://goldsilverworlds.com/trading/how-will-the-election-impact-the-bullion-market/?utm_source=rss&utm_medium=rss&utm_campaign=how-will-the-election-impact-the-bullion-market

Bullion investors took a breather when Donald Trump was elected in 2016. Demand for coins, rounds, and bars fell significantly on the day after election day and stayed down for the next 3 years.

After 8 years of Barack Obama, ultra-loose fed policy and a historic run-up in the national debt, investors felt things would get better under Trump.

Today, as we near the end of Trump’s first term, demand for physical precious metals has spiked. The COVID scare and the associated monetary and fiscal stimulus coupled with widespread social unrest has gold and silver bugs stocking up once again. Along with them, an entirely new wave of investors and savers has entered the markets.

Politics are a big driver in the bullion markets. What can people expect when the voting is done in November?

Trump’s victory in 2016 caught many by surprise, and there could be another surprise this time around.

But we’ll leave the 2020 election forecasting to others and focus on the potential implications for the bullion markets.

Should Trump win, the question will be whether investors breathe a collective sigh of relief once again and turn their attention away from safety and toward risk assets.

In the short run, investor psychology is more important than the facts. Trump’s first election did little to change the fundamental drivers behind gold and silver prices and demand…

…the Fed still prints too much, Congress still borrows and spends too much, and mining production of gold and silver is flat to declining. The reckoning for all of this is closer today than it was in 2016.

However, it might not matter that Trump has little control over the metastasizing national debt or that he is anything but fiscally conservative.

If Trump wins, gold bugs may simply be relieved that Joe Biden and Kamala Harris aren’t taking the reins of power. Their confidence could be boosted even as the Federal Reserve Note continues down the path to oblivion, just as it has over the past several administrations.

The circumstances around this election are different, however. A Trump victory would not catch nearly as many people by surprise.

Investors will also be able to respond according to Trump’s actual track record rather than to his campaign rhetoric.

Prior to his 2016 election, Trump was critical of the Fed for running such loose monetary policy. Since his election, the president has been lambasting Jerome Powell for not being dovish enough.

Bullion investors gave Trump a pass on fiscal policy during the first 3 years of his term, and the stock market rallied bigly.

But today’s multi-trillion dollar annual deficits may be tougher to ignore. If the current activity in the bullion market is any indication, investors are already very nervous.

Should Joe Biden win, on the other hand, we expect demand for physical bullion to surge. Gold bugs may shift from nervous to terrified.

The trouble with any new drivers for demand is that mints and refiners are already having trouble coping. If buying activity doubles or triples again, dealer inventory – particularly at Money Metals’ weaker competitors – will go from sparse to completely barren and premiums will go completely out of sight.

Anyone who thinks Biden has a good shot at becoming president should definitely stock up now.

 

Clint Siegner is a Director at Money Metals Exchange, the national precious metals company named 2015 “Dealer of the Year” in the United States by an independent global ratings group. A graduate of Linfield College in Oregon, Siegner puts his experience in business management along with his passion for personal liberty, limited government, and honest money into the development of Money Metals’ brand and reach. This includes writing extensively on the bullion markets and their intersection with policy and world affairs.

 

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Fed Chairman Powell Is Vowing to Wreck the Currency

Published here: http://goldsilverworlds.com/money-currency/fed-chairman-powell-is-vowing-to-wreck-the-currency/?utm_source=rss&utm_medium=rss&utm_campaign=fed-chairman-powell-is-vowing-to-wreck-the-currency

As the Federal Reserve embarks on a new campaign to raise inflation rates, markets may be in for a change in character.

On Wednesday, Fed Chairman Jerome Powell announced that the central bank would be targeting an inflation “average” of 2%. By the Fed’s measures, inflation has been running below 2% in recent years. So, getting to a 2% average in the years ahead will require above 2% inflation for a significant period.

Here’s Powell attempting to explain himself from central bankers’ virtual Jackson Hole conference:

Jerome Powell: Our statement emphasizes that our actions to achieve both sides of our dual mandate will be most effective if longer term inflation expectations remain well anchored at 2%. However, if inflation runs below 2% following economic downturns, but never moves above 2%, even when the economy is strong, then over time, inflation will average less than 2%.

Households and businesses will come to expect this result. Meaning that inflation expectations would tend to move below our inflation goal and pull realized inflation down. To prevent this outcome and the adverse dynamics that could ensue, our new statement indicates that we will seek to achieve inflation that averages 2% over time.

If Jerome Powell and company are successful in jacking up consumer price levels, the implications for holders of bonds and cash are dire. Anyone who holds savings in a money market account or a U.S. Treasury security of any maturity stands to suffer real losses year after year.

Not even the 30-year Treasury sports a yield as high as 2%. Bond yields did rise sharply on Thursday following Powell’s jawboning.

Earlier this month, Fed officials had disappointed the bond market by backing off on yield curve control. That signaled they would allow long-term yields to rise even as they hold short-term rates near zero.

The 30-year Treasury hit 1.5% yesterday. It still has a long way to go to get to a positive real rate in environment where the Fed is likely to push inflation above 2% — and to an overshoot of 3%, perhaps 4%, perhaps higher.

But Wall Street is cynically cheering on the Fed’s currency debasement campaign of impoverishing wage earners, savers, and retirees who are living on a fixed income. CNBC’s Jim Cramer heaped praise upon Powell for a job well done.

Jim Cramer: I think he’s done a remarkable job. He’s not listening to people who say, “You’d better start worrying about inflation now.” He’s looking about employment and realizing, “You know what? We got to be sure that we don’t go back into a depression after we’ve had some nice comeback.” David, I don’t know. To me, he says, “Don’t you have to worry about me anymore. We’ll let it overshoot.”

David Faber: Yeah, he is penalizing savers. He continues to do that though, right, who cannot find a return anywhere except perhaps the stock market.

Stock market bulls are anticipating another leg up in the Fed-fueled rally. But they may be in for a surprise as investors begin to position for a more inflationary road ahead. It may not be the high-flying Nasdaq names and the mega-cap growth stocks in the S&P 500 that continue to lead.

We could instead see a rotation into areas of the market that represent better value and have real pricing power in an inflationary environment.  Energy, materials, mining, and metals come to mind.

Of course, a core holding in physical gold and silver is an absolute must for investors who want to hedge against inflation risk, financial turmoil, and geo-political risks.

At Money Metals, we believe that holding less than 5 or 10% of your assets in precious metals is downright irresponsible at the current time.  Yet, despite the large inflow of new precious metals buyers witnessed over the past year, the vast majority of Americans still don’t have a single ounce of gold or silver.

As metals markets have consolidated over the past three weeks, we’ve also seen the pace of bullion buying settle down.  Premiums on many minted precious metals products have also come down a bit. That’s good news for those looking for opportunities to accumulate more coins, rounds, or bars.

Whether spot prices have some room to fall in the weeks ahead remains to be seen. The Fed’s inflationary policies are obviously a long-term tailwind for the metals, but they aren’t necessarily a near-term catalyst for the next up leg.

We may have to look toward the fall when market volatility is likely to pick up ahead of the election.

This week’s Republican National Convention targeted moderate and swing voters with non-traditional pitches to try to get Donald Trump re-elected.  GOP pundits think it was a success.  With Trump trailing to Biden in the polls over the summer, these polls appear to be tightening to within the margin of error in key battleground states.

Though a lot can change between now and November, the election map is set to look much like it did in 2016 – with solid blue states remaining blue, solid red states remaining red, and the same set of so-called tossup states up for grabs. The end result will be a deeply and bitterly divided country regardless of who prevails in states like Florida and Wisconsin to ultimately claim the White House.

The imbalances and contradictions in the economy may also reach a tipping point.  Wall Street is enriching itself while Main Street suffers under the effects of lockdowns and violent anti-police riots supported by America’s largest corporations and even a few governors and big city mayors.

First, the economy was wrecked. Then the cities were wrecked – looted, burned, and turned over to the forces of lawlessness and disorder.  Next, the purchasing power of the dollar will be wrecked.  Inflation could be the next big source of economic despair for millions.

Wall Street will be mightily disappointed if it turns out to be the sort of stagflation that predominated in the late 1970s.  It was not a good time to be invested in either bonds or stocks in general. Both major asset classes produced real losses after taking into account inflation.

Of course, gold and silver both shined during the late 1970s. Their bull markets culminated in super spikes that reached their apex in early 1980.

The Paul Volcker led Fed had to frantically raise interest rates into the double digits to finally tame inflation. The Powell Fed won’t be raising rates anytime soon – and given the overhang of government and private debt, it’s doubtful rates will be meaningfully higher at any point in the next few years.

Central bankers fear deflation and debt defaults more than anything under the sun, and since there is no restraint on their power to expand the currency supply, they have the tools they need.  Instead, the default will simply be on the value of the currency.

 

Mike Gleason is a Director with Money Metals Exchange, a national precious metals dealer with over 50,000 customers. Gleason is a hard money advocate and a strong proponent of personal liberty, limited government and the Austrian School of Economics. A graduate of the University of Florida, Gleason has extensive experience in management, sales and logistics as well as precious metals investing. He also puts his longtime broadcasting background to good use, hosting a weekly precious metals podcast since 2011, a program listened to by tens of thousands each week.

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