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German Finance Minister Tells EU Leaders: Free Money Party's Over


Angela Merkel

Has Germany had enough? Hot on the heels of Mario Draghi's 'demands' that EU leaders undertake "structural reforms" to boost competitiveness and overcome the legacy of Europe's debt crisis, German Finance Minister Wolfgang Schaeuble unleashed perhaps the most worrisome statement tonight for all the free-money-party-goers - the music is about to stop. In an interview with Bloomberg TV, Schaeuble blasted "Europe needs to find ways to foster growth,"

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Gold Shines Most in September on Seasonal Buys

By Nicholas Larkin

Gold investors hurting from prices within 1 percent of a two-month low can find solace from history showing the metal tends to perform best in September.

The CHART OF THE DAY shows bullion averaged gains of 3 percent each September over the past 20 years, beating next-best month November, when prices rose an average 1.8 percent. Gold reached $1,273.14 an ounce on Aug. 21, the lowest since June 18.

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Portugal: A(nother) Central Bank Story

Portugal: A(nother) Central Bank Story

By Hard Assets Alliance Team

By Shane Obata, Special Correspondent to the Hard Assets Alliance

The Greenspan put, the Bernanke put, the Yellen put, the Draghi put?

Easy money causes people to take risks that they otherwise wouldn’t. And the result is always the same—a boom followed by a bust. Will the retail investor ever learn? Probably—but it won’t last because the emotions of greed and fear are too strong.

Yes, there have been improvements in the global economy since the financial crisis. That said, the devil is in the details. Artificially low interest rates have been okay for the global economy and great for asset prices. But structural problems such as youth unemployment, corruption and fraud, a high cost of living and high taxes, aging populations, and excess debt still remain.

We can’t paper over these problems. If they’re not dealt with, then they’ll persist—and they might get worse.

As a result of central bank policies, saving your money no longer pays off. Interest rates are so low that it’s hard to rationalize leaving your money in a bank. To compensate for this, investors are buying all kinds of junk securities, such as government bonds issued by the PIIGS.

Today we’re going to take a look at Portugal specifically.

If people are buying its bonds, does that mean they’re optimistic about its future potential? Not necessarily. What it means is that they’re confident they’ll get their money back—regardless of the fundamentals.

Debt and Rates

Portugal’s total government debt outstanding fell from 2011 to October 1, 2013; however, debt as a percentage of GDP is still rising and has now reached 129%.

Even though it seems that the government’s financial health is deteriorating, the chart below shows that demand for Portuguese bonds sent rates down from over 18% in late January 2012 to less than 4% on August 11, 2014.


Click image to enlarge


Investors want to buy Portuguese bonds, but it seems like a dangerous bet.

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Will There Be a ‘New Gold Rush?’ -- Ian Gordon, Longwave Analytics

Henry Bonner

Ian Gordon created Longwave Analytics, which studies the Longwave principle, by which economies obey long-term cyclical trends of expansion and contraction. Eric Sprott is an avid reader -- he suggested I interview Ian Gordon for his take on the role of Kondratiev’s ‘long wave cycle’ in explaining the economic environment we are seeing today.

Ian said ‘winter’ was coming for the world economy,

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India hikes mining royalty

Meantime, miners struggle to pass on the higher cost of business with the government going for a bigger slice of the pie during a tough time for the industry.

Author: Shivom Seth
Posted: Monday , 25 Aug 2014 


The Indian government has approved the hike in royalty rates of at least 10 minerals, which will enrich the exchequer of states by over $1.9 billion (Rs 120 billion).

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Dollar marks biggest weekly gain against yen in a year

NEW YORK (MarketWatch) — The U.S. dollar moved higher on Friday after the top Federal Reserve official suggested the economy is moving toward the central bank’s objectives, pushing the greenback to its biggest weekly rise against the yen since July 2013.

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What if China, Russia Succeed in Going off the Dollar? -- Alasdair Macleod

Alasdair Macleod writes the blog FinanceAndEconomics.Org. His research aims to explain the relationship between the dollar and gold, and to warn investors about the biggest threats to their wealth from macro-economic events. 

Besides what the Fed is doing by printing money, there is another big threat to the dollar, said Alasdair. Countries in Asia are banding together in order to rid themselves of using the dollar in international trade.

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Jackson Hole Rally at Risk as Investors Preempt Yellen

The end of the Jackson Hole bull run may be at hand.

Every time then-Federal Reserve Chairman Ben S. Bernankespoke at the annual monetary policy symposium in the shadow of Wyoming’s Teton mountains since 2007, stocks rallied. WithJanet Yellen set to make her first speech to the conference as central bank chief on Aug. 22, investors may be setting themselves up for a fall,

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Allow Me to Reintroduce You to Silver and Gold…

By Darren V. Long

August 13, 2014

In this so often ungraceful world of money we are getting the opportunity to witness a coming of age. A story filled with bobs and weaves, peaks and valleys moments of joy and years of sorrow the likes of which are book worthy. An opportunity so grand that simply having a small piece could be enough to invigorate even the most flaccid of portfolios, perhaps even financially prepare us for retirement at an early age. It is to this end, that I once again alert our readers to the story of gold and silver bullion.

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Stocks Up, Bonds Up, Gold Up, Oil Up, Dollar Up, F'd Up

Worst Japanese consumer spending data drop ever - BTFD. China financing slowed - BTFD. European industrial production tumbled - BTFD. US retail sales miss dramatically - BTFD. The worse the news the better the buy-the-dippiness as between JPY (102.50) and VIX (12 handle), US equities shrugged off shitty data and worsening geopolitics to jump to August highs. But it wasn't just stocks...

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