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43 Gold Bars, 1,300 Double Eagle Coins and Thousands of Pieces of Silver

Inventory of treasure worth MILLIONS of dollars revealed from 1857 shipwreck off South Carolina coast

SS Central America_treasure

A photo from 1989 shows gold bars and coins from the SS Central America which sunk in a hurricane in 1857 off the South Carolina coast. Newly unsealed court documents provide the first detailed inventory of the treasure trove which is worth millions

Deep-sea explorers have recovered thousands of gold and silver coins and more than 40 heavy gold bars easily worth millions of dollars, along with a slew of personal items that are a virtual time capsule of the California Gold Rush in a 150-year-old shipwreck.

Newly unsealed court documents provide the first detailed inventory of a treasure trove being resurrected from an 1857 shipwreck at the bottom of the Atlantic Ocean. Continue reading

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Brokerages Don’t Want to Put Your Interests First

A rule that could help consumers is on hold — again

Wall-Street-Columbia-1929_02The art of politics may be most visible in delaying important decision-making until it is no longer relevant.

That’s the point we are reaching with the fiduciary rule — a standard that would require financial advisers of all stripes to put the best interests of their customers first — as it has gotten stuck in a legislative abyss that, by now, has swallowed up much of its potential impact.

Truthfully, the entire process is insulting to consumers, and the only reason that Congress, the Department of Labor and the Securities and Exchange Commission can get away with it is simple: The market has been running at record-high levels and isn’t showing signs of cracking.

At this point, the best consumers can hope for is that the rules finally change to a common-sense standard once there is a significant market downturn to motivate the politicians. Continue reading

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Do You Trust Paper Promises or Physical Reality?

burningmoneyWe have often spoken of the difference between what is commonly thought of as “money,” i.e. paper currency, versus actual physical precious metals. Historically, money has been gold, silver (and at one time copper) – and now for an increasing number of savers, platinum and palladium.

What’s the track record of paper currencies? Should we care?

Paper currency was introduced by the Chinese around 1400 years ago. After a pretty good run as a “money substitute,” the authorities got carried away with new issuance, and their currency declined to its intrinsic worth – the value of the ink and paper it was printed on, i.e. essentially zero. Continue reading

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The Head Of ‘The Central Bank Of The World’ Warns That Another Great Financial Crisis May Be Coming

The-Bank-For-International-Settlements-at-Night-Photo-by-Wladyslaw-300x300Most people have never heard of Jaime Caruana even though he is the head of an immensely powerful organization. He has been serving as the General Manager of the Bank for International Settlements since 2009, and he will continue in that role until 2017. The Bank for International Settlements is a rather boring name, and very few people realize that it is at the very core of our centrally-planned global financial system. So when Jaime Caruana speaks, people should listen. And the fact that he recently warned that the global financial system is currently “more fragile” in many ways than it was just prior to the collapse of Lehman Brothers should set off all sorts of alarm bells. Continue reading

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Hi Yo, Silver

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Hall: Inevitability of Financial Bubbles

HBR-financial-incentive-bubble-DesaiFinancial instruments are inventions of gnomes from investment houses and exchanges. There is nothing intrinsic about profitability or guarantee that over time such transactions will be rewarding. Much like the games played at a casino, the baccarat banks that run the betting sport and wheel of fortune, are running the odds in their favor. If only the payoff was similar to the gambling den probability, the consistency of indulgence might be worth the risk. However, the systemic incentivisations within the markets themselves are designed to reflect little of economic proportion to actual trading results. Just look how the financial firms compensate their traders to substantiate that the underlying security of the “so called” investment, which bears little resemblance to quoted pricing. Continue reading

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Bubbles, Bubbles Everywhere

Financial-Bubbles-Public-Domain-300x300Is there any doubt that we are living in a bubble economy? At this moment in the United States we are simultaneously experiencing a stock market bubble, a government debt bubble, a corporate bond bubble, a bubble in San Francisco real estate, a farmland bubble, a derivatives bubble and a student loan debt bubble. And of course similar things could be said about most of the rest of the planet as well.

In fact, the total amount of government debt around the world has risen by about 40 percent just since the last recession. But it is never sustainable when asset prices and debt levels increase much faster than the overall level of economic growth. History has shown us that all financial bubbles eventually burst. And when these current financial bubbles in America burst, the pain is going to be absolutely enormous. Continue reading

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Nearly 600,000 Sign Petition For “21st Century Glass-Steagall Act”

Glass-SteagallAt the Capitol this afternoon, U.S. Senator Elizabeth Warren (D-Mass.) received petitions in which nearly 600,000 Americans call for action on the 21st Century Glass-Steagall Act. This bipartisan bill, introduced by Senator Warren along with Sens. John McCain (R-Ariz.), Maria Cantwell (D-Wash.), and Angus King (I-Maine), would address the problem of Wall Street banks that have become too complicated, too conflicted and too powerful, as well as simply too big. Continue reading

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China Buys $22 BILLION Worth of Us Homes, Leads Global Pack

Foreign buyers of US residential real estate surged 35 percent last year, with Chinese buyers, searching for moderately priced, safe investments in a sea of economic and political uncertainty, outspending the rest of the world.

china-california-homes-property.siChinese buyers spent $22 billion on US homes in the 12-month period ending in March, or about 24 percent of total foreign sales by dollar value, according to a study released Tuesday by the National Association of Realtors (NAR). That’s up from $12.8 billion, or 19 percent, on the previous year.

Total international purchases of American homes jumped to $92.2 billion, according to the NAR, an increase of $68.2 billion on the year before and $82.5 billion for the year ending in March 2012.

Foreign clients made up about 7 percent of transactions in the $1.2 trillion US real estate market. Continue reading

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The Almighty Dollar Is In Peril As The Global ‘De-Dollarization’ Trend Accelerates

50-Dollars-Public-Domain-300x300As the Obama administration continues to alienate almost everyone else around the entire planet, an increasing number of prominent international voices are starting to question why the U.S. dollar should be so overwhelmingly dominant in global trade. In previous articles, I have discussed Russia’s “de-dollarization strategy” and the fact that Gazprom is now asking their large customers to start paying in currencies other than the dollar. But this is not just a story about Russia any longer. As you will read about below, China and South Korea have just signed a major agreement to facilitate trade with one another using their own national currencies, and even prominent French officials are now talking about the need to use the dollar less and the euro more. Continue reading

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“Gold is the constant”

eagle_obv_revOn occasion of the publication of his 8th annual “In Gold We Trust“ report, renowned gold market analyst Ronald Stoeferle points out in this interview some aspects of his latest report and the larger picture, inter alia: the interplay between inflation and deflation; the factors for the weak trend of the gold price during the last 24 months; and the importance of the permanently high stock-to-flow ratio of gold.

Ronald Stoeferle, managing director of Incrementum AG in Liechtenstein, is a Chartered Market Technician and a Certified Financial Technician. He was born October 27, 1980 in Vienna, Austria. During his studies in business administration and finance at the Vienna University of Economics and the University of Illinois at Urbana-Champaign in the U.S., he worked for Raiffeisen Zentralbank (RZB) in the field of Fixed Income / Credit Investments. After graduating, Stoeferle joined Vienna based Erste Group Bank, covering International Equities, especially Asia. In 2006 he began writing reports on gold. His benchmark reports drew international coverage on CNBC, Bloomberg, the Wall Street Journal and the Financial Times. Since 2009 he also writes reports on crude oil. In 2013, Stoeferle and his partners incorporated Incrementum AG in Liechtenstein. Furthermore, he is now senior advisor to Erste Group Bank. Continue reading

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Koenig: ‘The US dollar is not worth the paper it’s printed on’

In an exclusive interview for the Voice of Russia, Peter Koenig talks about “toxic derivatives”, the attempts to recreate the gold standard and the BRICS Development Bank. Peter Koenig is a former World Bank economist with 30 years of experience and the author of Implosion ~ An Economic Thriller.

dollar_eyesVoice of Russia: The Wall Street and the big banks have been accused of creating a “perfect economic storm” with its toxic derivative products and reckless lending practices. Is the financial sector the sole culprit? Continue reading

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The “BULL” in a China Shop

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Caruba: What Economic Recovery?

Economy in troubleYou have to know that the Obama administration has run out of excuses for destroying the U.S. economy when it starts to blame it on the weather.

According to the Commerce Department, the economy based on its Gross domestic product–the value of its goods and services–fell at a seasonally adjusted annual rate of 2.9% in the first quarter of this year. That was the largest recorded drop since the end of World War II in 1945!

The June 20 edition of The Wall Street Journal’s article, “Economy Shrank Rapidly in First Quarter” led off by reporting that “Weather disruptions at home and weak demand abroad caused a contraction in the U.S. economy in the first quarter, renewing doubts about the strength of the nation’s five-year-old recovery.”

What recovery? Continue reading

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Total Central Bank Balance Sheets vs. Gold

only_gold_bkgnd.jpgThe top four central banks with the largest balance sheets today are: 1) Federal Reserve: $4.368 trillion, 2) European Central Bank: $2.997 trillion, 3) Bank of Japan: $2.585 trillion, 4) Bank of England: $676.3 billion. The top four central banks currently have total balance sheets of $10.626 trillion.

Eight years ago at the end of May 2006, the top four central banks with the largest balance sheets were: 1) European Central Bank: $1.391 trillion, 2) Bank of Japan: $1.378 trillion, 3) Federal Reserve: $851.6 billion, 4) Bank of England: $163.3 billion. The top four central banks at the end of May 2006 had total balance sheets of $3.785 trillion. Continue reading

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