Listener Comments
Hello Everyone,
I am starting a new section on the blog and it is called Listener Comments. Each and everyone of your comments will be posted here along with my and other listeners’ comments.
Should be fun!
Best,
Big Al
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The following question came from a listener in India:
“Hi Mr. Korelin,
Please give some genuine suggestion based on the technical analysis that will the gold further rise above $1359 or will it come down to lower levels.
I have short (sold) 3 kg of gold at $1332 so should i wait for the prices to come down or should i book the loss at the current price of $1359. Please suggest.”
Rick Ackerman,a great technical analysts in my opinion, answers this question today on our Daily Show which can be heard on the site.
Big Al
Al, Rick, et al:
Technical analysis just can’t quite cut the mustard when it comes to divining gold’s future. We live in a house of cards, propped up by fraudulent fiat currencies, all of which are destined to crash and burn as gold (and silver) reclaim their rightful roles as real money. Debts which can’t be repaid, won’t be repaid. The Fed’s perverse notion of a traditional Jubilee is an all-out debasement of the dollar with a wholesale destruction of its reserve status. We find ourselves in the midst of an ongoing war between savers and speculators, and it is the savers who are being mercilessly savaged. When financial terrorists of the international banking cartel are free to use their political puppets to manipulate markets and loot the wealth of nations, the peoples of the world are relegated to a future of feudalism. Voting tomorrow will not strike the root of our plight, but it may help us forget for a while. I hope not!!
Hi Steve,
I completely agree that voting tomorrow will not strike the root of our plight, but we gotta start somewhere. What the hell, there is always a chance.
Regarding your comments about gold and technicals, you know that I agree with you about debt and fiat currencies.
I just hope and pray that some folks who really are not in anyone’s back pocket will get elected and actually do something.
Thanks the the comment,
Big Al
Al
Don’t get hung up on political parties. Neither is doing the job. Think fundamentals. The destruction is greed and that doesn’t have a political face. Your R party is the same as the D party. Theft, corruption, dysfunction, and no transparency. Don’t fall for the mainstream. Both parties got us here and the theft is not stopping.
HAPPEN TO BELIEVE ROGER IS RIGHT! PRINTING BOGUS MONEY IS ABOUT TO BRING A HUGE DOWNFALL IN AMERICA OVER THE NEXT 24 MONTHS. AMERICANS DON’T HAVE A CLUE AND ARE MESMERIZED BY THE ‘POSSIBILITIES RATHER THAN REALITY’. DO YOU AND ROGER BELIEVE GOOD GOLD STOCKS WILL BE ABLE TO WITHSTAND ALL THE PANIC SELL THAT IS COMING? IN THE LONG RUN (5+ YEARS) WE CAN GET THINGS BACK TO STABLE….DEPENDING ON BUDGETING AND COST CUTTING.
THANKS FOR HEARING ME OUT!
WYN
Ian Fletcher is absolutely clueless! Hoover practiced austerity? Wrong! I suppose this means he believes that FDR’s disastrous policies were effective? This clown also has no clue about Austrian economics and would get destroyed in a debate with any of them.
Was not impressed whatsoever with Mr. Fletcher. Would love to know his take on Smoot-Hawley.
Karl,
It looks like he’s a regular contributor to the Huffington Post. Here’s his take on Smoot:
http://www.huffingtonpost.com/ian-fletcher/protectionism-didnt-cause_b_527274.html
Hi Al and all devoted KER listeners,
Just a general comment here, but I’ve noticed a curious dissonance in the general beliefs of quantitative easing here in the US and more recently, around the world. I’d say around 85% of the popular media considers QE2 a form of economic stimulus, perhaps understandable due to Bernanke’s characterization of it that way. However, I’ve always seen QEx as more devious means by the Fed to fund the US Treasury, who of course, is the piggy bank for the Federal government. QE is hardly stimulus, but a means to create cashflow so the government remains able to pay its bills each week.
Quite frankly, I’m a little surprised by how the stock and bond markets have accepted QE. Even the US dollar remained above 80.00 until about a month ago. Either markets are being manipulated at a super-grand-scale, or those who participate in markets have no sense of history prior to 1982, or those of us in the “inflation/buy gold” camp are all wrong about our conclusions.
Well, today’s price of silver (touching $29+/oz) tells me it’s not the latter of those three. But I’m quite serious when I say the buyers for large mutual funds or governors at the Federal Reserve are not stupid people. How can they find a tenable balance between lending ourselves money we ourselves created, and then find it stimulates the economy (or the stock market, depending on which you feel comes first)?
Perhaps the reason QE is accepted is option 4: Denial. The Nixon, Ford and Carter Administrations resisted raising interest rates to quash 1970′s inflation for fear of political backlash, setting up Volcker’s landmark (and painful) decision to do so under Reagan. I think we are in a Carter-esque period right now…not in a pure economic sense, although there may be some similarities, but simply in our acceptance to maintain the status quo in the face of serious and maturing problems. A nation with a trade surplus might be able to pull itself out of the hole, despite the costs of QE policy, because it has the net national income to do so. In the US, and many nations today, we have an increasing trade-deficit (thanks largely to the price of oil), and a truly repulsive budget deficit. How can this be positively reconciled with economic growth, either today or in the next 5 years?
I know I’m preaching to the choir here, but I think we’re about to find out that it can’t be reconciled. It will be interesting to see what transpires in the next 8 – 12 months.
Hi Al,
Aurcana just diluted the….out of us. Are you still a happy and confident AUN investor? Next time you interview Mr.Lenic, who has told us he would minimize dilution just did the biggest dilution I have ever seen. Smells like a bribe from SLW or something in those line. It was a complete give away!
Yes, please have guests on your VLOG!
I heard you say before you would try to have Keith Schaefer on often. I find his information to be very acurate and Oil & Gas can be as explosive as Gold & Silver. Hope to hear of him in the future.
Al,
have you seen this:
The requested URL /dailyshow/dailyi-dec0810-seg2.html was not found on this server.
Correct the error, if you would.
Al,
Perhaps you can give Roger or Clyde the chance to express their predicted dismay on this…the “Form 1099″ rules included in the Health Care bill. They basically say that all hard goods/asset purchases over $600 require the issuance of a 1099 to the IRS, beginning in 2012. i.e. if you buy a TV at Costco or a laser printer at the office supply store or a 1 ounce gold coin at your favorite coin shop, a 1099 must be filled out and sent to the IRS. I’m not kidding about this…it’s actually already law that is due to take effect by 2012 unless repealed (where fortunately there is some bi-partisan willpower to do).
What I don’t understand is:
1. Why hasn’t this been reported anywhere? I don’t think I’m misunderstanding the rants of some unreputable source in describing to you what I’ve read about the 1099 provision.
2. How did a law like this ever get passed in the United States? I’m originally from Canada, but am a very proud and grateful resident of Arizona. I’d expect this from the UK or Spain or maybe even my own original country. Although the purpose of the 1099 is tax compliance, I really think the tracking of everyone’s $600+ purchases is breathtaking in its audacity. I own a small consulting business but I just cannot imagine issuing 1099′s for every $600 purchase.
Would love to hear any feedback.
Al,
may I suggest you to do an interview with Richard Daughty?
I think Richard could talk to you about the current situation in a very interesting manner.