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Larry Kudlow Says Don’t Panic – Dan Mangru Market Commentary August 28, 2011

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Larry Kudlow says don’t panic

Posted: August 10, 2011
8:19 pm Eastern

© 2011 WND

Wow! I can’t believe this guy.

People are losing their retirements, their savings, their nest egg. Investors are now starting to realize that the U.S. is built on a deck of debt cards and they are starting to fall.

The United States has a current debt-to-GDP ratio of 100 percent just like the other Third World nations out there. It also has future liabilities in excess of $110 trillion (an amount that no other country can even fathom).

All the while, the U.S. dollar is losing strength and the cost of living and feeding a family continues to go up.

But Larry Kudlow says don’t worry.

See his article here:

While Kudlow points out that lower commodity prices should spur economic development, he misses out on several key factors that are needed to properly evaluate the market.

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First, this isn’t a short-term pullback, this is a market correction. When the Dow Jones Industrial Average (Dow) went down to 6547.05 on March 9, 2009, we were supposed to retrace the low to roughly 50 percent. What this means is that our stock market should have faced some major resistance to move beyond the 9750 mark on the Dow. Instead by 2010 we had blown by it, and with the slight exception of the May 2010 flash crash, we never looked back. 

Make no mistake, speculation fueled the market. Case in point, look where we are now. When QE2 (Quantitative Easing 2) was implemented by the Fed last December, the Dow was hovering around 11,000. During April the Dow surged to 12,928. Everything seemed great.

Except it wasn’t.

With continual Federal Reserve (Fed) stimulus (low interest rates, and QE2), traders, black box traders in particular, were given cart-blanche to trade financial markets knowing that they would be flush with cheap Fed cash.

Since the cash was always there, traders didn’t care what the economic news was for the day. They were concerned with liquidity and how they could exploit liquidity to make a profit.

That’s why things such as a high debt to GDP ratio, poor housing numbers, and high deficit spending didn’t seem to register on Wall Street’s radar.

However, once the Fed pulled out their cash and ended QE2, traders started to run for the hills. They began to start dumping stocks. In fact, even sophisticated hedge fund managers such as Carl Icahn and George Soros proclaimed that they were disbanding their hedge funds, returning money to investors, and leaving the market at professional managers.

That should tell you something.

Between the top money guys leaving and the Fed pulling out cash, the fix was in. We were all fed the line that once we did the debt deal that financial markets would rally. And they did … for about an hour.

But that’s when reality hit.

Since then financial markets are starting to realize that the United States has no real end in sight to its flagrant spending ways, and astronomical long-term debt. Without Fed easy money to spur buying, investors are treating the U.S. economy for what it currently is … a sell.

Second, Kudlow points to rising corporate profits as being an indicator that the U.S. economy is still healthy. What Kudlow fails to recognize is that corporate profit guidance is being lowered for the second half of this year. Even Goldman Sachs lowered their guidance for the second half of this year.

Large corporations will see that margins are going down and that after enduring a major stock market correction, consumers are not running around the store waving their credit cards dying to spend. Consumers will not consume as much.

Savings rates are going up. The most recent data from the St. Louis Fed shows the U.S. personal savings rate is at 5.4 percent. Compare that with our April 2005 rate of 1 percent, and you can see that Americans are worried that the economy will fall and they will need their money.

That translates to economic slowdown. When individuals do not spend and start to save more, that slows down production and consumption, which in turn slows down the entire economy.

Third, Kudlow believes that there is a big overreaction going on to the problems in Europe. Keep in mind, Kudlow, along with fellow CNBCer Jim Cramer, thought Lehman Brothers was a good buy before it went bankrupt and wiped out investors.

The easiest way to understand the Europe problem is to think of economies of scale. Greece, which in relative terms is very small country, cost over $1 trillion to bail out.

One small country took all of the financial might and muscle of Europe’s top banks and governments to bail out.

Now think of Italy, the newest country on the brink. Italy’s debt crisis is 10 times the size of Greece. I’ll put it to you this way, the European Union cannot afford $10 trillion.

The entire GDP of the European Union is $16 trillion, so $10 trillion is too big to bail out. An additional problem with Italy is that a huge chunk of its debt is due within the next two years. So this isn’t a problem that can be shoved under the rug.

Combine this with a sluggish Euro and a European Union that is dealing with a global economic slowdown and the recipe is not good. With all of the weakness in Europe, the EU’s stronger countries (Germany and France) should start to see some of their strength erode as they are continually forced to bail out smaller players. By the EU charter, the EU guarantees all of the debt of its member nations. Hence, Germany and France will end up paying the bill for Greece, Italy, Spain, and all of the other countries who have overspent and are nearing bankruptcy.

Finally, Kudlow fails to point out several key ticking time bombs in the United States. First is the real estate market. With shadow inventories and foreclosures, home inventories should skyrocket to all-time high levels in the United States.

Second, student debt in America is at an all-time high. Fueled by government loans, universities have been charging students higher rates every year, regardless of what the stock market or the economy is doing. Current student debt in this country is estimated at $1 trillion. Just so you know, that was the amount of money that was needed to bail out our banks.

Third, municipal debt is a major issue. If cities and states start to go bankrupt, all hell could break loose. Remember, less than a year ago, California (the world’s 9th largest economy) could have gone under. The effects of a default of that size would cripple the domestic and global financial economy.

So Mr. Kudlow, in times like these, while panic may not be the right feeling, all is not well. Investors should be very concerned. They should be safeguarding their assets against a major stock market drop and planning for the future.

But then again, maybe that message isn’t one that the talking heads want to hear or give.

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Worried About Your Wealth? – READ THIS TODAY September 19, 2010

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The chart doesn’t lie.  Just look at the Dow and what it’s been doing this year.

First it goes up, then takes a big drop down, has a huge run up, then takes another dive, and so on and so on.  It seems as though the market has been more volatile than ever, leaving investors with very little direction.

I mean just when you think you’ve got the market figured out, it goes in the exact opposite direction.

For instance, many people are now fully aware that our economy is in bad shape.  Our national debt is approaching $14 trillion dollars, 25% of homes have more debt than what they are worth, there is at least $1 trillion of hidden losses in Fannie Mae & Freddie Mac, and to boot, unemployment has been at around 10% for the better part of this year.

Yet with all of that bad news, the DOW has rallied from lows of 6500 just last year in March 2009, and has for some reason or another been atop of 10,000 for most of the last year even with all of the volatility.

So what is an investor to do?

One of the adages on Wall Street is that information that everyone knows is not worth knowing.

The reason behind that is because if everybody already knows something, then most likely, that information has already been factored into the price of a stock.  So when many people were trying to sell stocks and go short the market because of bad fundamental news (unemployment, national debt, etc.) and lost a lot of money, they didn’t understand that the market had already factored in that information into stock prices.

The problem that many people have is that they decide what direction they think that the market is going to go in and then find information and data that support that idea.  That’s how many brokers and so-called “experts” have led their clients astray.

There are certain key data that will tell you where the market is going (industrial production, job postings, etc.).  The key is to be able to look at that data without any preconceived notions.

That’s what we do at The Mangru Letter.  We look at the market for what it is and not for what we want it to be.  If the market is telling us to buy, we buy.  If it is telling us to sell, we sell. (CLICK HERE FOR A SPECIAL MANGRU LETTER OFFER)

By staying true to being unbiased, that’s how myself along with my associates have helped thousands of Americans to generate substantial gains while keeping them informed about life-changing economic and geopolitical developments.  Now, you too can have access to the same type of information that helped investors to avoid the big downturn in the stock market during 2008 and to participate in the dramatic increase in stock prices during 2009.

That’s why I’d like to invite you to join us here at The Mangru Letter – a service that will help you to grow the value of your assets during both up and down markets and that will enable you to protect your principal when others are incurring significant losses.

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In each and every edition of The Mangru Letter, I’ll provide you with crucial information on the key factors that are affecting the financial markets and that will enable you to properly position your investment portfolio at any point in time, whether you are just starting out or whether your are getting ready for retirement.

I’ll also provide you with specific investment recommendations for two model portfolios that are structured for both conservative and aggressive investors.

In addition, I’ll share insightful comments with you from proven money managers regarding their thoughts and analysis of the economy and the direction of stock and commodity prices. (TO ACCESS THE MANGRU LETTER CLICK HERE NOW)

The difference between this letter and many others you will see out there is that we make no outrageous promises.

You won’t turn $30 into $300,000 in just one year.  There are no 10,000 % returns.

What we have to offer is honest, solid, unbiased market direction.  We use time-tested proven methodologies that preserve wealth and grow it for the long term.  That’s what we do, and that’s what we’re good at.

So while many newsletters have decided to charge anywhere from $500 to even $2000 per year for “get rich quick” type of advice, we want to make our service available to everyone from the seasoned trader to the mom and pop investor.

That’s why we’ve reduced the price of our service to $99.99 per year, which comes out to 28 cents a day, a small price to pay to potentially save thousands in losses and have the ability to start generating substantial and consistent market returns.

To join our service, just CLICK HERE NOW and add The Mangru Letter to your cart through our secure checkout.

I appreciate you taking the time to read this letter and wish you life, liberty, and pursuit of prosperity.

To Your Success,

Dan Mangru

P.S. – Subscribers to The Mangru Letter are also automatic member of The Mangru Report Insider’s Club which gives you first access to all things Mangru including exclusive interview content with leading business and financial figures such as Steve Forbes, Ron Paul, Peter Schiff, and many more.  Sign Up for The Mangru Letter Today by CLICKING HERE NOW.

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It’s Good To Be “Big” In America – Dan Mangru Exclusive WorldNetDaily (WND) Commentary July 20, 2010

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It’s Good To Be “Big” In America

By Dan Mangru

Read Full Article on WND HERE

It was the best of times. It was the worst of times. It was the age of record profits. It was the age of bankruptcy and corporate cuts. It was a season for bailouts and free fed cash. It was a season for depression and the disappearance of credit.

These sound like two wildly different economies, don’t they? Two wildly different circumstances, two wildly different places. Yet sadly, they are but one United States of America, the land of the haves and have-nots, the big and the small, bailouts and all.

In fact, big is the American way. Big cars. Big houses. Big government. Big everything. We are Americans and we like things big.

So when it comes to big banks and big corporations, we say the bigger the better. Let the good times roll.

And if you are a big company, the times couldn’t be better.

Big corporations and big banks have easy access to credit and low interest rates. This has helped them leapfrog any appearance of a depression.

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For Q2 of 2010 analysts are projecting a 42-percent jump in profit among S&P 500 companies. For Q3 of 2010, which ends September 30, analysts are projecting only a paltry 31-percent jump.

It’s not just profits though. Big corporations are stockpiling their reserves with billions of hard cold cash.

In March 2010, cash on hand at S&P 500 companies rose to a staggering $837 billion – roughly 18 months’ worth of profits amongst those companies.

S&P senior analyst Howard Silverblatt expects that record-breaking number to be even higher when the Q2 April-June 2010 figures are reported later this quarter.

Now you might say, “Well, what about big banks that were supposed to fall, like Bank of America and Citigroup. They are still in trouble … right?”

The answer to that question is absolutely not. Not after the government spent hundreds of billions of dollars to bail out the largest banks.

Want proof? Just look at Citigroup’s balance sheet. Citigroup currently is sitting on $757.68 billion. That’s right, three-quarters of a trillion dollars for one of the weakest banks on Wall Street.

Thank you, Ben Bernanke.

Yep. It is good to be big in America. Big banks and big government all working together in harmony.

So what’s the big deal (no pun intended)?

Well, that little thing we like to call small business is anything but small. You see, small business plays a vital role in our economy.

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Small businesses employ human capital as opposed to offshore human capital like the big boys do.

According to Federal Reserve Chairman Ben Bernanke small businesses employ about half of all Americans and account for 60 percent of job growth.

To boot, the newest of small businesses, those two years and under, account for about 25 percent of all job creation, even though the newest of small businesses employ less than 10 percent of the American workforce.

Essentially, what that means is that small-business jobs are new jobs, and, in an economy which has roughly 10-percent unemployment, the U.S. could use some new jobs.

You are probably thinking, well if all of the big banks and corporations are flush with so much cash then they must be lending to small businesses.

WRONG. Even as big banks have padded their balance sheets to record levels, lending to small businesses is on the decline. Small-business lending has gone from $710 billion in Q2 2008 to less than $670 billion in Q1 of 2010. All of this while bank profits and cash reserves have never been higher.

Something reeks.

Banks make money by lending money, but if they are not lending money how are they making money? Big banks essentially borrow money for nothing from the Federal Reserve and then buy U.S. treasuries at roughly 3.5 percent interest. They have virtually no risk.

Whatever money that they have left over from buying treasuries they lend out to other big companies that are bailout-protected by the U.S. government just so there’s no risk involved.

Why, lending to those pesky entrepreneurs, innovators and small-business men, that’s all a bunch of hogwash. They are too great a risk to the perfect bank plan of no-risk lending and government payouts.

To support that plan, banks have floated the idea that small businesses don’t need money and actually don’t want it.

They have guys like William Dunkelberg, chief economist at the National Federation of Independent Business, who has gone around the country touting the idea that in a slow economy, businesses that may be losing customers may not want to hire new workers, focus on new technology or expand their businesses.

Because, when times are bad, we shouldn’t focus on new technologies, or investing in new human capital to grow our businesses. Of course not.

I want the big banks to produce all of these small businesses who are refusing to take money. I want to meet them. In fact, I challenge the big banks in America to provide the names of 1,000 small businesses that refuse to take their money.

But, just to placate the American public, the big banks decide to lend to pesky entrepreneurs every now and then.

In fact, a couple of the big banks are trying to claim that they are lending more to small business. Bank of America claims to have lent $19.4 billion to small and medium businesses in Q1 of 2010, up some $3 billion from that same period a year ago.

Keep in mind that same period a year ago, the Dow was approaching 6,500 and the world seemed on the brink of utter financial ruin.

But nevertheless entrepreneurs and innovators get a bone from Bank of America. I guess Bank of America thinks they will all just shut up now.

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Some among you might say, “Well, what about interest rates? Are small businesses getting the same interest rates as the big guys?”

Of course not. According to the Federal Reserve’s “Terms of Business Lending,” the average rates on small-business and industrial loans worth approximately $500,000 were 3.5 percent higher than the federal funds rate.

Now 3.5 percent may not seem that high to you but the difference is the highest it has ever been since 1986, which is when those numbers were first tracked.

All of this and Ben Bernanke still doesn’t know why small businesses aren’t borrowing. It doesn’t take a rocket scientist to figure out that, when smallbusiness has to pay an additional 3.5 percent more on interest than everyone else, they probably will borrow less.

That’s just banking 101. But apparently Bernanke didn’t go to class that day when they taught that at Harvard. Maybe he slept through it at MIT.

Bottom line is that he doesn’t get it.

Until the banks have financial incentive to lend to small businesses, they will continue to buy U.S. treasuries and play it safe when it comes to lending.

Big banks are staying close to the federal government, which subsequently is allowing them to make record profits with virtually no risk. That’s a no-brainer for the banks.

Currently, bank minimum reserve rates are roughly 8 percent of overall deposits. The Fed easily could make that 8 percent somewhere between 6 and 7 percent. Along the way it could shut down direct lending and free-money policies that it has extended to Wall Street’s elite.

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Those are two simple ways to get the banks moving toward lending and away from being beholden to the federal government.

But who needs solutions when we have a crisis, and, as White House Chief of Staff Rahm Emanuel says, never let a good crisis go to waste.

So instead of lending to small businesses, which is the traditional role of community banks, we are going to give all of the privileges to the big banks, burden the community banks with interest payments they can’t meet (see my previous article) so that they can go bankrupt and be bought out by big banks. That way the big banks can be even bigger.

Same thing goes for big corporations. Why invest in loaning money to small and medium businesses when we can just wait for them to go under and buy them cheap? That way the big corporations in America get even bigger.

That’s the plan for America. The big get bigger and the small get thrown to waste. Since 2008 some 250 banks have gone out of business. None of those banks was named Citigroup, Bank of America or Goldman Sachs.

For those guys it’s the best of times. Sadly for us, it is becoming the worst of times.

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Anthony Pulieri: The Bears Running Wild for a Decade in Stocks and the Bulls Charge Forward in Gold…. June 23, 2010

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Exclusive Commentary By Anthony Pulieri

Chief Investment Adviser

Joseph Glenn Commodities

I look at the U. S. stock market and see nothing but the destruction of wealth over the last decade and it sickens me to continue to see an entire society all in and over committed into stocks.  Are you kidding me?

We have just seen The Lost Decade.  The U.S. economy has expanded at a healthy clip for most of the last 70 years, but by a wide range of measures, it stagnated in the first decade of the new millennium. Job growth was essentially zero, as modest job creation from 2003 to 2007 wasn’t enough to make up for two recessions in the decade. Rises in the nation’s economic output, as measured by gross domestic product, was weak.  Household net worth, when adjusted for inflation, fell as stock prices stagnated.  Home prices declined in the second half of the decade and consumer debt skyrocketed.

I continue to see nothing but absolute market volatility and pressure downward.   Whether it was the dot.com bubble bursting, or the massive real estate mortgage foreclosure crisis, all the way to the 2008 market debacle and destruction of wealth, the last 10 years have been nothing but turmoil for the average American.  When it comes to investing, the last 10 years have been nothing but a short term traders market.  The buy and hold strategy that had succeeded for so long is no longer a recipe for success.

I had discussed that this market came way too far way too fast at the peak of 11200 on the Dow and the S&P move to 1200 was not justified.  This was just a short term bear market rally and here we are about to break the important 1040 mark.   If we see this break through a test of 950 could approach very quickly. I am still sticking with my belief of 9000 on the Dow and possibly even lower at 8400 in the short term.  Technically speaking the market seems to be breaking down.  It is having major trouble breaking through the almighty 200 day moving average.  If it is able to do so we could see a short term bounce, but if not the market will experience an extreme sell off and it will happen at lightning speed.

The European contagion has been growing and will continue to spread at a steady pace.  The entire continent of Europe is in major long term trouble and the Euro continues to get crushed. We have seen a dead cat bounce off the lows for the Euro but it is absolutely a flawed currency and the down trend will continue over the long term.  I do not see how this can change in the short term and what this has done is create a lack of confidence globally throughout Europe and America. The stock market trades purely off of confidence and there is none out there.  Can you blame anyone for not having confidence after all the years of credit expansion, easy money and free spending? What do you expect?  We would be able continue to spend at a pace not even imaginable just 20 years back and succeed?  Will the policies ever get reeled in? We have chosen to inflate our way out of it and the Federal Reserve is left with no answer except to print more dollars. The strategy to inflate our way out of the deep recession we are currently in will culminate with the ultimate demise of the U.S. Treasury market and the U.S. dollar.  Large investment flows have been flooding into the U.S. dollar but we have seen that trend reverse this week. This rally is over and we will see the U.S. dollar get demolished in the midterm and long term.  Rick Santelli, said it best, “it is the tallest midget in the room”.

I turn my focus and investors to Gold.   This market is an absolute bull market and has been for 10 years now.  I believe the talk of a bubble is absolutely false.  If you look back to all of the bubbles that have popped what you see is extreme volatility when the top is hit.  We have yet to see any volatility in gold and it has done nothing but built an impressive base technically for 10 years with higher highs and higher lows alongside heavy volume.  A short term move to the downside is possible to 1170 but there aren’t any sellers on any level in gold.  Whenever it dips 10-15 dollars we see more buying right away. So until we break the 5 month uptrend I am no way selling my gold.  I am a long term investor though and always have been.  If we are able to retest and break 1250 I believe 1320 will be hit very quickly.  Ultimately 1500 will be broken through by year end.  Over the long term, 12-24 month forecast, 2000 per oz gold will be met with ease.  Central Banks globally have switched from being net sellers of gold to net buyers.  This is a huge change historically and very bullish.  The global production cannot keep up with demand.  The South African Rand Refinery has seen an increase of 50% in coin demand last month alone alongside an 86 year low in production, yet one more example of the bullish nature of Gold.

I stand firm in my belief that Gold will continue to trend higher because of the lack of faith in fiat currencies. The Dollar has been going down for the last decade and has gone down by about 30% since its high. The euro is in a major down trend due to the European contagion spreading and has just begun.  Gold is the currency of kings and has weathered every single economic storm known to man.  It has survived every major war and will always be a store of value to protect your wealth.  If you look back in history you will see that every paper currency in the history of mankind has ultimately devalued to nothing and gone to zero.   Protect your wealth and buy Gold.  The enormous web of uncertainty permeating throughout the world will continue to drive Gold higher and ultimately lead to tremendous gains in your portfolio.

Anthony Pulieri is the Chief Investment Adviser to Joseph Glenn Commodities.  For more information please CLICK HERE NOW.

Web Exclusive: Martin Weiss Interview UNCUT – Available Now May 30, 2010

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If you’ve just finished watching The Mangru Report and want to see more, you’ve come to the right place.  As a special thank you to our viewers, we’ve unleashed the unedited version of our exclusive interview with Weiss Ratings Founder (www.weissratings.com) Martin Weiss. In the version that we couldn’t show you on television, Martin Weiss goes further into the financial security of the United States, plus his prognosis on the U.S. dollar.

To view the full unedited Martin Weiss interview just CLICK HERE or go directly to www.weissratings.com.  To view Martin Weiss’ bank ratings on over 3000 banks across the United States please CLICK HERE NOW.

And just as an additional note, if you don’t want to miss any of these crucial updates look to the top right of your screen and join The Mangru Report Insider’s Club  – ABSOLUTELY FREE.

Ambrose Evans-Pritchard talks U.K. Politics and Economics with John Browne…Plus John Bogle One-on-One with Dan Mangru May 30, 2010

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Ambrose Evans-Pritchard, International Business Editor of the London Daily Telegraph, sat down with The Mangru Report’s own John Browne to discuss European contagion, exactly what is the E.U. bailout fund, who pays for it, the impact of the recent U.K. election, and the financial solvency of the United Kingdom.  In case you missed this interview, you can watch it tonight on Fox Business Network at 5:30 p.m and be sure to join The Mangru Report Insider’s Club – ABSOLUTELY FREE – by scrolling to the top right of your screen.

Also appearing on this episode of The Mangru Report is Dr. Martin Weiss, Founder of Weiss Ratings (www.weissratings.com), who discusses the hypocracy behind debt rating agencies.

And just to give you a little taste of what Mangru One-on-One interviews are like, here’s Dan Mangru’s interview with John Bogle, Founder of the Vanguard Group.

In Case You Missed It… May 23, 2010

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Here are some great clips (Taxation By Representation (May 15) and War on Your Dollar (May 8)) from previous episodes of The Mangru Report.  To be the first to receive notice on these clips, breaking news, and more look to the right of your screen (on the website) and sign up for The Mangru Report Insiders Club – ABSOLUTELY FREE.

Also in case you missed yesterday’s (May 22) edition of The Mangru Report, be sure to catch the replay today Sunday May 23 at 5:30 p.m. on Fox Business Network, where we will be joined by Ron Paul (Texas Congressman and Former 2008 Presidential Candidate), and John Bogle (Founder of The Vanguard Group).

Pulieri on Gold Breaking New Highs May 19, 2010

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Market Commentary from

Anthony Pulieri, Chief Investment Strategist for Joseph Glenn Commodities

We have seen Gold prices continue to surge higher to all time highs into the end of last week trying to push through 1250/oz. I discussed a new high was coming in gold on my last post which we saw with relative ease.  We are seeing a little bit of  a pullback on gold which is healthy for a bull market. This consolidation is very short term.  Smart investors will snap up large quantities of gold at these levels as it starts to retest its highs in the coming weeks.

I believe stocks will continue to pull back as I discussed 2 weeks ago.  I think 9000 on the DOW is coming and from there you could see 8400 to the downside. Most of the buying in the recent stock market rally has been on light volume over the last year and now were seeing an absence of faith in the U.S. markets.  Steer clear as another trillion dollars is the number for the most recent bailout in Europe.  They are following right in the United States shoes which is a recipe for disaster.    This is just the beginning.  As we have seen in America just one bailout is never enough.  Look at the list of bailouts from TAF, TALF, FHA, CPFF, AIG, TARP and the list goes on and on.  Over 11 trillion dollars has been committed. The question is: How many more bailouts will Europe need?

Editor’s Note: Stay tuned to The Mangru Report to view market commentaries from Anthony Pulieri.  For more information on Mr. Pulieri and Joseph Glenn Commodities please visit www.jgcommodities.com 

Bert Dohmen One-on-One Interview with Dan Mangru May 17, 2010

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Dan Mangru of The Mangru Report interviews Dohmen Capital Research Founder Bert Dohmen. In the One-on-One interview with Mangru they discuss everything from why deflation is the bigger threat than inflation, why gold will go down during deflation, black box trading, the top of the market and the expected pullback, plus a possible return of mark-to-market accounting . (Interview from Episode 2 of The Mangru Report).

Join The Mangru Report Insiders Club TODAY – ABSOLUTELY FREE May 15, 2010

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Thanks for watching The Mangru Report.  We work very hard to give you multiple viewpoints on real issues that effect your financial life.  We’ve brought to you the insights of people such as Dr. Marc Faber, Jim Rogers, Peter Schiff, Carly Fiorina, Ken Fisher, Bert Dohmen, John Browne, Anthony Pulieri, and Grover Norquist.  As a thank you to all of our viewers we are offering membership into The Mangru Report Insiders Club ABSOLUTELY FREE.  Inside the club you’ll get first access to all of Dan Mangru’s cutting edge interviews, as well as web only exclusives.  Just look to the right of your screen and fill in your email address to sign up today.