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Gold Clobbers Most Investors, But Not All!

Monday, July 20, 2015
Money and Markets
You can also access this issue on our website.
Gold Clobbers Most Investors, But Not All!

(Mike Larson is away this week. Larry Edelson, editor of Supercycle Trader, is providing a series of special afternoon reports this week.)

Market Roundup
Dow +13.96 to 18,100.41
S&P +1.64 to 2,128.28
NASDAQ +8.72 to 5,218.86
10-YR Yield +0.023 to 2.372%
Gold -$29.10 to $1,103.40
Oil -$0.91 to $50.32

By Larry Edelson

Gold cracked below $1,100 today, making a new low in its now 4-year-old bear market. Despite all that central bank money printing!

The impetus behind today’s decline: Friday’s news that China’s government accumulated far less gold than most had expected.

The People’s Bank of China on Friday published figures on its gold reserves for the first time since April 2009. Its official gold reserves stood at 53.3 million ounces, or 1,658 metric tons, in June.

China’s government accumulated far less gold than most had expected.

That’s an increase of 604 metric tons since its last report in 2009, up from 1,054 metric tons or 33.88 million ounces.

But it’s less than half what the market was expecting, which was a total of well over 3,000 metric tons.

That’s no surprise to me. I’ve repeatedly stated that China is not looking to corner the gold market. For two chief reasons:

A. Authorities in Beijing are acutely aware that a gold standard is historically deflationary. So why would they want to implode the Chinese economy?

B. China has never had a gold standard and gave birth to paper money way back in the Tang Dynasty (618-907). In other words, its tradition has always been largely paper money.

Yes, it is true that China wants a strong yuan. But it does not want the restraints of a gold standard. Period.

In fact, there isn’t a government on the planet today that wants a gold standard.

“China does not want the restraints of a gold standard.”

Quite to the contrary — and led by Europe and the United States — most western governments are now gearing up for a cashless, electronic currency.

Why? Three simple reasons …

A. They can track and tax you more.

B. They intend to eliminate the underground economy. And …

C. They want the ability, in crisis times, to prevent bank runs, by simply throwing the kill switch on financial transactions over the internet.

Of course, it’s all being “sold” to you in the guise of monitoring and catching drug dealers and terrorists. And that may well be part of their motivation to an electronic currency.

But let’s never forget: Politicians always have ulterior motives. So make no mistake about it. They despise gold and are moving towards eliminating gold from the monetary system, once and for all.

Of course, it will backfire on them in the end. For once gold bottoms and investors worldwide realize that it’s governments that are the problem today … and not the private sector …

Gold will once again soar.

Money and Markets subscribers have long known about this interim bear market in gold. So they have avoided the clobbering that most investors have taken in the precious yellow metal.

And, they will be among the first to get back in, at or near the lows when gold does indeed bottom.

But what do you think of gold? Are you invested? Are you bailing out? I’d love to hear your views.  Click here to jump to the website and join the conversation.

Best wishes,

Larry Edelson

Our Readers Speak

What do you feel about the future of gold prices, short term and in the long term? Are you invested? I’d love to hear your comments. You can click here to go to the website and join the conversation.

Other Developments of the Day

BulletOne of the last vestiges of the Cold War has passed into history. The Cuban interests section in Washington officially became an embassy, with the U.S. and Cuba restoring full diplomatic relations. The change occurred shortly after midnight without ceremony. Meanwhile, the same will be happening in Havana, with the U.S. interests section officially becoming an embassy there. The U.S. flag won’t, however, fly over the building until Secretary of State John Kerry visits in August for an official ceremony.

BulletStaying overseas, banks in Greece reopened today after being closed for three weeks because of the lack of funds ahead of a bailout agreement with international creditors. Until now, Greeks were limited to withdrawals of 60 euros a day (about $65), but now the limit will be based on a weekly amount of 420 euros, meaning they won’t have to line up on a daily basis to get their money. Other aspects of the bailout agreement will go into effect today, such as a rise in the Value-Added Tax (VAT) to 23% from 13%.

BulletThe first government-approved drone delivery took place in the U.S., with an Australian-made craft transporting medical supplies to a rural health clinic. The drone made three three-minute flights carrying 24 medical packages. The test was hailed as proof that drones can make deliveries to remote areas that are hard to reach by other means.

BulletU.S. businesses are less optimistic about sales for the upcoming months, according to a new survey. More companies plan to cut back on investment in equipment and buildings in the third quarter. Nevertheless, hiring and wage and salary increases are likely to continue at about the same pace in the quarter as they did in the second, the survey showed.

What are your feelings about Larry’s take on gold? Do you have comments on other events – Cuba, Greece, the U.S. economy? You can click here to jump to the website and add your views.

The Money and Markets team

Mike Larson
Mike Larson graduated from Boston University with a B.S. degree in Journalism and a B.A. degree in English in 1998, and went to work for There, he learned the mortgage and interest rates markets inside and out. Mike then joined Weiss Research in 2001. He is the editor of Safe Money Report. He is often quoted by the Washington Post, Reuters, Dow Jones Newswires, Orlando Sentinel, Palm Beach Post and Sun-Sentinel, and he has appeared on CNN, Bloomberg Television and CNBC.
The investment strategy and opinions expressed in this article are those of the author's and do not necessarily reflect those of any other editor at Weiss Research or the company as a whole.

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