The Scottish economist Adam Smith had a sophisticated view of trade that is all too often missing from the Brexit debate
by Ambrose Evans-Pritchard
Telegraph.co.uk
The Leave campaign must choose. It cannot safeguard access to the EU single market and offer a plausible arrangement for the British economy, unless it capitulates on the free movement of EU citizens.
One or other must give. If Brexiteers wish to win over the cautious middle of British politics, they must make a better case that our trade is safe. This means accepting the Norwegian option of the European Economic Area (EEA) – a ‘soft exit’ – as a half-way house until the new order is established.
It means accepting the four freedoms of goods, services, capital, and labour that go with the EU single market. It means swallowing EU rules, and much of the EU Acquis, and it means paying into the EU budget.
David Morgan a.k.a. “The Silver Investor” from the Morgan Report gives a detailed overview of current silver market conditions. Our guest adds must hear information to the Silver Majestic story, where the CEO was contacted by a large electronics manufacturer seeking silver supply. His work indicates that the PMs bottom is in place, due in part to a slow motion global economic implosion. The silver market will likely build up momentum through higher highs and higher lows. Silver aficionados will delight in our guest’s prediction of a 2011 style, exponential climb in silver price, culminating with much higher than $50 per ounce. Case in point, the mining shares sharp advance is de facto evidence of higher bullion prices to come.
BALTIMORE – “Tommy… who are you voting for?”
One newly minted stock bear from a major bank just got a little more bearish, saying a handful of forces including a summer Federal Reserve rate increase could send the S&P 500 into a potential tailspin this summer.
As a newsletter writer who keeps an eye on the long term prospects for silver, there are a few indicators I follow which have proven reliable over the years past. When each indicator issues a buy signal in succession, the probability of a long term silver bull market increases and so does my confidence as a precious metals investor.
The potential for a truly devastating economic collapse has been real for some time.
As rumored, Japan’s PM Mr. Abe announced today that the Sales Tax increase is to be delayed for the second time. This will very likely have an impact on Ratings Agencies who will be waiting more details in regards to any change on fiscal impacts and their possible reaction. As a result the JPY moved stronger – touching an intraday high of 109.04 as the Nikkei cash closed down 1.6%. In late US futures trading the Nikkei has lost an additional 0.65%. China PMI was almost unchanged but most of the day was speculating over the possible MSCI inclusion and the effects thereof. HSI drifted in quiet trading awaiting further confirmation of the trend.
I often include charts in my weekly missives for a number of reasons, but the truth of the matter is that they add a little color to what would normally be a pretty drab bombardment of opinion delivered via text. By adding charts, it creates the illusion that I actually understand technical analysis (which I don’t other than what I gleaned during a two week training program in 1977 while in the employ of McLeod Young and Weir) and that it is useful in the forecasting of price trends in gold and silver over the long term. Well, I have a secret to tell you—”T.A.” (as it is called by the “in crowd”) is USELESS. “Cup and handles,” “hanging Chinamen, “engulfing knickers,” “tombstone dojis”—you can fire them all in the waste bin because that is precisely where they belong.
This is one of those friend-of-friend stories that no one believes. In this case, I actually know the people involved, so I can tell you it’s true.
Commodities Rout Not Quite Over Just Yet
EU leaders obsessed with the idea of a federal Europe are losing touch with their populations and are fueling nationalist and Euroskeptic sentiment across the Continent. At least, this is how Donald Tusk, European Council president, summarized the situation in Europe during a May 30 European People’s Party summit. According to Tusk, EU leaders create “all kinds of utopias — a utopia of Europe without nation states, a utopia of Europe without conflicting interests and ambitions,” even though “the citizens of Europe do not share our Euro-enthusiasm.” Tusk is not the first EU representative to question the future of Continental integration (EU Commission President Jean-Claude Juncker recently made similar statements). But Tusk’s choice of words is notable. EU integration has often been described as a goal, an aspiration or even a dream — all concepts that involve a degree of hope to achieve a possibility. But by definition, a utopia is an imaginary place that exists only as an ideal; the word itself comes from the Greek “ou-topos,” meaning “nowhere.” Tusk has therefore admitted that a fully integrated Europe, however ideal, is impossible.
Government Intervention is Making Things Worse
Editor’s note: Agora founder Bill Bonner has never done anything like this before…
There are new peace overtures toward the Palestinians coming out of Israel these days, but they’re coming from the last place you’d expect: the Israeli military.
[…] Global investors snapped up a record 89.6 million one ounce silver coins in 2015, according to USAGOLD’s annual survey of global bullion coin sales. The strong 2015 showing follows an equally impressive 2014 for silver coins at 77.9 million ounces and 2013 at 85.4 million ounces. Year over year, silver bullion coin demand was up 14% from 2014. Last year was a banner year for gold bullion coin sales as well – the fifth best since 2002. National mints sold 2.75 million ounces in 2015 – an impressive 30% increase over 2014.
Buying stocks can be overwhelming…