Weekly High/Low/Close for the ‘Big 4’ Precious Metals + “Doctor Copper”
Quote of the Week/Commentary:
In the days leading up to All Hallows Eve, the prospect for a US dollar rally should inspire more fear than any campfire ghost story or voodoo curse. This is a realistic and increasingly probable outcome; and the last time the world saw a series of emerging-market crises (first in Mexico in 1994 and then in Southeast Asia in 1997) against the backdrop of a weak Japanese economy and a relatively stronger US economy, it pushed the US dollar to such heights that it triggered a 50% collapse in oil prices, pushed Russia’s economy over the edge in 1998, and blew a hole in the side of a highly levered hedge fund, Long Term Capital Management, that nearly brought down the global financial system.
The next round of policy divergence could be far more destructive than that, because this time the global financial system is far more levered; instability is far more widespread; and the amount of money required to backstop an accident will be greater than the Fed’s entire bloated balance sheet. These are the logical consequences of post-2008 financial repression, and they’re the reason why emerging-market central bankers like Raghuram Rajan are calling loudly for better coordination of global monetary policy.
It is indeed every central bank and country for itself, and that is a recipe for volatility and financial losses. If you think this story has a happy ending, you are not paying attention to history. John Mauldin, Thoughts from the Frontline
Headlines and Links of Interest (The headline is the hyperlink):
Nelson Bunker Hunt, 88, Oil Tycoon With a Texas-Size Presence, Dies
Dimitri Speck: New silver fix mechanism won't change much
The Morgan Report (TMR) If you are a Member – or intend to become one – now is a great opportunity to gain access to our content-rich website here
The November issue of The Morgan Report is now available. In this month's Editorial, David Morgan takes a look at the recently-concluded Silver Summit Conference in Spokane, WA, as well as the upcoming Swiss vote (Nov 30) on whether or not to “bring back the gold” in order to 20% backstop the Swiss Franc. He also offers his considered opinion regarding a popular Chinese gold coin which offers not only “bling” but potentially some extra “zing” in the profit department, as well as a tidbit regarding a company working on “a (new) developing technology that could make a significant difference in the exploration world.”
You will also get David’s update about one of TMR’s Asset Allocation “laggards” which is in the process of acquiring a silver property that – over the longer term - could have profound implications for both the company and its shareholders.
See how to use “Triage” to maintain and build your portfolio during severe downturns, so that you can “keep the survivors” in play for when the next bull market up leg gets going. We also discuss how a study of key reversal technical analysis can help spot a potential sector bottom – then if it turns out to be a false signal, how to play it on a limited risk-reward basis.
Finally, be sure to read this month’s unusually informative, Letters to the Editor. When you sign up here you will be able to enter the Members Only section, which means that you gain access to exclusive TMR content, such as Special Reports, on-site mining company video interviews, and our mining company videos.
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