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Gold $1221.90 OFF $20.50
Silver $18.02 OFF $ 0.60Dow Jones Industrial Averages OFF 131.12 at 9642.90
The widely followed DOW has smashed below support in the 9800 area and appears destined for some shaky months ahead. It appears that moving ahead into the infamous September/October time period, the market could well be considerably lower. What is bothersome is that chances of a summer rally developing are lessening with each passing day of weakness.
The dollar is also weak this morning as the shorts in the Euro are getting squeezed with higher prices. It seems the gold price wants to sell-off based solely on the Euro’s strength as opposed to following a weak dollar with usually expected higher prices.
The dollar is off 1.32% at 84.92 while the Euro is up 1.70% at 124.53. Volatility in all markets seems to be the order of the day with the major banks being involved in trading as their main source of income these days.
Heaven help depositors and us all if the banks get on the wrong side of the market, again. Next time, there will be no bail-outs or as some call it, stealing from the public via their paid cronies in Washington.
Last on gold now is $2215.70. I wonder, where will the next great daily buying opportunity be? The key will not always be perfect as buying the metal at exact low points, but just keep buying it into weakness and you might get a low here and there.
Last on gold is $1242.70 UP $5.40
Last on silver is $18.57 UP $0.06Gold continues backing and filling with an upward bias following a suspected attack by the cartel after breaching $1260 some days back. The current daily uptrend shows about $1220 as support with resistance coming in at around $1320.
China has been downplaying gold’s strength from one of their many spokesmen as being in a bubble and having no interest in this volatile metal. Quite interesting as one of their gold producers just signed a deal to purchase about 50% of the gold production from Coeur d’Alene’s new Kensington Mine in Alaska. http://www.chinamining.org/Investment/2010-06-24/1277342344d37223.html
Another one of their spokesmen indicated some months ago that their plan is to acquire, within 10 years, a total of 10,000 tons surpassing the stated 8,000 plus tons that the U.S. holds. Unfortunately, there’s not many folks around that believe that we have nearly that much in hand lacking any recent audits. The Treasury reclassified their gold holdings sometime back as being in “Deep Storage,” whatever that means.
One thing is for sure, China continues to downplay gold as it quietly works behind the scenes to tie up physical gold while the bullion banks representing the Treasury continue hurting it with paper sales on the Comex Exchsnge in N.Y.
This game between the two will continue playing out with gold making new continuous highs as the cry babies of a dying fiat monetary system continue throwing mud at it following each price surge with no lasting effect.
California Numismatic Investments (CNI) – Englewood, California
Go to golddealer.com. All the info you require is there. In order to avoid tax and insured shipping charges you’ll have to spend 2M.
These folks have, overall, the best prices that I’ve seen. I’ve dealt with them for years. These people are very professional.
BlueJay, refresh my memory please…what is the best way/place to buy physical gold (not paper) ?
Gold hits all-time high of $1262.30
Last on gold is $1260.70 UP $15.50
Last on silver is $19.23 UP $0.50Speaking of a all-time high of gold today, one needs to consider the following along with silver’s current price:
From John Williams subscriber comments today.
“Gold and Silver Highs Adjusted for CPI-U/SGS Inflation. Despite another recent all-time high in the price of gold, in the current cycle, gold and silver prices have yet to approach their historic high prices, adjusted for inflation. Even with the June 8th historic high gold price of $1,246.00 per troy ounce, the earlier all-time high of $850.00 (London afternoon fix, per Kitco.com) of January 21, 1980 was not breached in terms of inflation-adjusted dollars. Based on inflation through May 2010, the 1980 gold price peak would be $2,384 per troy ounce, based on not-seasonally-adjusted-CPI-U-adjusted dollars, and would be $7,595 per troy ounce in terms of SGS-Alternate-CPI-adjusted dollars.”
“In like manner, the all-time high price for silver in January 1980 of $49.45 per troy ounce (London afternoon fix, per silverinstitute.org) has not been hit since, including in terms of inflation-adjusted dollars. Based on inflation through May 2010, the 1980 silver price peak would be $139 per troy ounce, based on not-seasonally-adjusted-CPI-U-adjusted dollars, and would be $442 per troy ounce in terms of SGS-Alternate-CPI-adjusted dollars.”
Also from John Williams today:
“The general outlook on the economy and the markets is unchanged. For those with assets at risk, circumstances continue to suggest looking at actions for long-range wealth preservation. Despite any severe near-term volatility in the markets, physical gold and silver, assets outside the U.S. dollar (such as the Canadian dollar, the Australian dollar and Swiss franc) and assets outside the United States, offer long-term hedges against the severe loss ahead in U.S. dollar’s purchasing power.”
Current gold and silver prices in “funny money” combined with skewed government reporting of our real inflation rate make these metals the most under-valued assets on the planet.
Last on gold is $1234.00
Last on silver is $18.62Remember May 6, 2010, the day the market crashed 1000 points within minutes? Remember the paper’s reporting that some order entry person submitted the wrong dollar amount to liquidate?
Well, get ready for a real education.
Words from Jim Sinclair:
I know for certainty that gold will trade at $1650 on or before Jan 14th, 2011, but Armstrong thinks higher and before the end of June 2011.
Gold closed off its high today at $1253.30 with a current last of $1234.80. This action could well be a very short term high point but never the less, an all-time high was established this Tuesday.
The following link is to a ratio of the DOW to gold, showing the great weakness it has experienced over past months. Richard Russell, when the Index was much higher predicted, the Index would continue lower until the DOW and gold were at the same level. The chart is courtesy of Dan Norcini at jsmineset.com who recentled moved from Houston to Idaho in getting away from big city life.
http://jsmineset.com/wp-content/uploads/2010/06/Dow-Gold_ratio.pdf
Egon von Greyerz from the below article appeared on CNBC today. When he started to make a forecast of much higher gold prices the CNBC crew attempted to discredit him.
The direct link to the video interview can be accessed from jsmineset.com
Last on gold is $1238.20.
The following linked article, “Sovereign Alchemy Will Fail” by Egon van Greyerz describes the world financial condition from February 11, 2010. At the end of the article is a John Williams’ real CPI adjusted gold chart which will shock you.
Not surprising, we never saw this chart on financial TV, in newspapers or mentioned in other media outlets except on the Internet.
http://www.matterhornassetmanagement.com/2010/02/11/sovereign-alchemy-will-fail
Governments, whether they be federal, state or foreign, are financial imbeciles. It might take a little time, but they are all coming to their citizens through wealth confiscation to bail them out and keep their jobs.
We are at the cusp of a complete financial breakdown. Currently, all combined debt, government and personal included, in this country is runnung at 840% of national GDP according to Mr. Ron Arnott chairman of Research Affiliates. How will this be sustainable with increasing debt obligations as Obama and company keep borrowing more? This is complete insanity.
Marc Faber a follower of the Austrian school of economics states, “We are all doomed.”
You and your neighbors will be bailing out these fools for a long time to come. Confiscation comes in many ways: States like California will dismandle the social support apparatus along with taxing property owners and taxing everyone for EVERY financial transaction. The barter system will make a major comeback. The federal ambitions are simple: Destroy our purchasing power by significantly expanding our money supply so they can repay the debt in cheaper dollars.
According to Martin Armstrong, when the people have had enough witnessing the continuing destruction of their purchaing power they will hoard by dumping their debased currencies as fast as possible. When this starts to appear we will be in hyperinflation. Hyperinflation will practically wipe-out everyone’s wealth unless you are protected. This is why it is so essential to hold a good portion of your family’s wealth in gold, some silver along with gold producers and explorers.
——————————————–
Jim Sinclair’s Commentary
The predatory beast of the OTC weapon of mass financial destruction, the CDS, is now consuming its next meal.
One by one the fiat currency system is unraveling while others are making trillions in the process.
Gold is the ONLY answer. If you do not own it you perish. If you trade it odds suggest you will not be fully positioned on payday.
Sovereign Credit-Default Swaps Surge on Hungarian Debt Crisis
By Kate HaywoodJune 4 (Bloomberg) — Credit-default swaps on sovereign bonds surged to a record on speculation Europe’s debt crisis is worsening after Hungary said it’s in a “very grave situation” because a previous government lied about the economy.
Hi Rick
I look forward to responding to your question. Can you please be a little more specific?
A rare interview with the Hugo Salinas Price of Mexico concerning gold and the possible reintroduction of silver peso coins back into general circulation. Put that into your pipe and smoke it J. P. Morgan.
http://www.kingworldnews.com/kingworldnews/Broadcast/Entries/2010/6/5_Hugo_Salinas_Price.html
Bluejay….what do you think of what is written below this topic?
Last on gold $1220.10……up $12.30
Last on silver $17.38….down $0.57
Gold/Silver ratio 70.21
Gold/XAU ratio 7.22It appears central banks had an orchestrated plan to support the Euro today but market forces overwhelmed them. Prior to New York’s opening, gold was forced lower to $1195 in London trading. The Euro was a little firmer to $1.2070 following the NY opening but started eroding and continued for the balance of the day, closing at $119.64 – off 1.69%. Over the day, gold continued steadily higher.
The real news today is J.P. Morgan’s efforts to take the monetary shine off silver which they are heavily short by relating it to Copper’s weakness in hammering it lower with more paper sales. The copper price broke critical support earlier in the day at the $2.95 to $3.00 a pound area. The metal closed at about $2.825. Silver closed off $0.57 at $17.38.
As everyone here knows, gold and silver have been used for money since practically the beginning. Now, we are witnessing Morgan helping it down along with copper, as gold ascends. For all practical purposes, silver’s usage as an industrial metal has been growing along side historical buying by the public as a hedge against their eroding purchasing power.
Currently, you can trade in one ounce of gold for 70 ounces of silver. In the last year buying silver each time the ratio exceeded 70 has been a good time to exchange some of you Federal paper for it. On the conclusion of this missive, the phone will be picked up and an order placed for more silver one ounce Canadian Maple Leafs.
Will Morgan’s apparent effort for a disconnect between gold and silver last? I guess you would have to ask the CFTC how many more short positions in the metal they will permit Morgan to hold.
According to west Texas Mike from krld.com radio at 10.07 PM Sunday nights, our recessionary spiral is deeping. This will probably effect silver demand to some extent.
A pertinent question is, will the -growing lack of confidence- in governments around the world motivate enough people to make up for the extra available supply of silver with additional purchases due to the expected lessening of demand from industry? Take your pick.
India used to import 700 to 800 tons of gold a year. Last year when gold spiked higher their demand was cut back to 200 tons. This year it is expected that they will import 422 tons. The people of India are bargain shoppers when it comes to their precious metals needs. Silver is in a declining mode with bargain basement prices almost here according to the Gold/Silver ratio. It will be interesting to watch the clash between paper short sellers in silver by Morgan and friends along with a suspected increasing demand for the physical metal from this section of the world.
A quick few words concerning the Gold/XAU ratio. The ratio at 7.22 is clearly favoring gold over the gold and silver related shares. The trend is firmly entrenched for this continuing, at least, over the short term. If the ratio continues higher, possibly approaching the 8 level, it is suspected that it will have gone too far and will be ready for a decline. When it reacts, the precious metal stocks outperform gold.
Got your gold?
Simply put, debt accumulation without a foundation is doomed to fail. This is so simple I wonder why some believe in the tooth fairy.
Ah… This brings up the explanation: people do believe in the tooth fairy, and the reason why Bluejay cites his sources. (I remember getting 10 cents for a tooth and then wondering what the scam was all about…I did the practical thing and asked my parents why they were wasting a dime. After all, what good was a tooth when it was unable to bite?)
When debt has no backbone, nor teeth, it is a recipe for riff-raff to eff with the whole balance.
This was all spelled out when we first heard of “Build a house upon sand vs. upon rock.”
Last on gold is $1223.40.
Price analysis in markets has always been a difficult art to master. It involves three important factors: fundamentals, technical observation of the charts and historical perspective.
It has recently been accepted by a minority that historical perspective is more important than simply reviewing current charts and fundamentals.
Martin Armstrong from http://www.martinarmstrong.org has been one of the pioneers in this area but others have preceded him. Millions and millions of dollars along with untold exhaustive hours have been spent over recent years in understanding what motivates markets to change.
Mr. Armstrong’s research results can be accessed by reading all his commentaries from the above linked website.
Instead of going into his conditional premises for predicting the future, it is advised that each one of his articles be read and digested. If you don’t get it all in your first effort, read it again until it completely gets absorbed.Take for example the housing bubble that has popped: the politicians and the media state that a turn is just around the next corner. This is a lie. According to historical perspective provided by Mr. Armstrong the declining home values will continue until the year 2012 then rebound to some extent until 2015. Following in time, expect values to decline to new lows and flatten out, maybe, in seven years of so.
So what the government, the politicians or the media speculate about concerning home prices prior to 2012 is all BS. Being able to state this is the direct result of being educated by Mr. Armstrong.
Since this is the gold market section, Mr. Armstrong has stated that gold is pushing up against a glass ceiling, which means we are pushing up against the upper channel in an established ascending trend formation. He expects gold to push through this ceiling then decline back to the break-out point then following, the metal will put in some sizable gains.
Mr. Armstrong has some enlightening words in his last few articles concerning the U.S. stock market that will give you some cause to be concerned if you are invested in this area.
The State and Federal politicians plus the big New York banks have plans for our wealth. An education being provided free of charge to you by Mr. Armstrong will quite possibly insure your family’s financial survival.
Last on gold is $1212.20.
The link below is to the kitco.com released article entitled Hidden Dollar Swap Hammer by Jim Willie.
Mr. Willie is a Patriot who has proven this over and over again by keeping the public continuously informed of the “real news” combined with his worthy opinions and predictions.
http://www.kitco.com/ind/willie/may282010.html
Also, check out some startling comments made by Felix Zulauf of Zulauf Asset Management to Eric King in a recent interview at http://www.kingworldnews.com .
Got your gold?
Gold closed out the week on demand at $1214.30.
In The News Today
Posted: May 28 2010 By: Jim Sinclair Post Edited: May 28, 2010 at 5:03 pmFiled under: In The News
Dear CIGAs,
David Rosenburg, an investment analyst out of Toronto, was featured on Bloomberg today until he made a gold price prediction of $3000 which he classified as most likely too conservative.
The interviewer made the mistake of asking him why. His answer was immediate and surgical.
You should have heard their attempt to flush him. All you could hear was David, David, David, as they tried to shut him up.
Well done David.
Last on gold is $1211.50 as it acts peculiarly firm: the Euro drops, gold advances – the Euro strengthens, gold still advances. Each time gold experiences daily weakness, it is followed by a quick snap-back.
This is all taking place as the media continues with their daily assaults on the noble metal. Now the Wall Street Journal is getting into the act with a “not so nice” three part appaisal of the gold market written by Brett Arends.
This morning a notorious gold hater, Jon Nadler, from Kitco has written more catty comments in his article, Baubles Sell, Bubbles Swell.” http://www.kitco.com/ind/nadler/may272010.html – Nadler has so much praise for Arends’ words that it might suit them both if they got a room together and left the education of gold to Martin Armstrong and Jim Sinclair. For some educational input concerning these gold haters check out the book, “Gold Wars” by Ferdinand Lips.
The fact of the matter is there just ain’t enough gold to go around for everyone to protect themselves in the midst of of one of the greatest bubbles in the history of the world, DEBT.
When this bubble pops, folks who haven’t insured their wealth with hard assets against this pending debt implosion fiasco being helped along with vastly expanding world fiat currencies will only have the mind-controllers of the media to thank for their family’s losses.
It has never been reported in the media that people buy the most amount of gold when they sense their government has been remissive.
Gold’s last sale is $1190.80 being pushed higher from recent lows at the $1170 level by a declining Euro. The currency’s last sale against the dollar is 122.86. Remaining below 125.00 leaves the door open for continuing erosion.
A new Martin Armstrong article is available. Mike and Rick will be interested in its content, as everyone should.
Food for thought. There are over 650 gold projects in the world with reserves of over 1 million ounces. If the world consumes 75 million ounces a year, present reserves with no new discoveries will last 56 years.
Food for thought. There are over 650 gold projects in the world with reserves of over 1 million ounces. If the world consumes 75 million ounces a year, present reserves with no new discoveries will last 56 years.
Last on gold is $1191.50.
And the media’s drum beat goes on – forecasting $800 gold.
Today, it is Fortune Magazine http://money.cnn.com/2010/05/19/news/economy/gold.price.collapse.fortune/ marching through the gold party with the cartel’s $800 streaming banner flying high in the public eye. It must have crossed the minds of independent thinkers that have read Fortune Magazine during the past, why hasn’t the publication reported on the benefits of owning gold with projections of higher prices since it has been the best asset performer while the Dow Jones Averages have basically remained stagnant? Who does the publisher take his marching orders from?
It must be nice to have a losing short position in gold and have one of your friends, hopefully, bail you out with a negative report. Oh, the power of the press.
Gold is currently digesting a forced bull market reaction with it being off today $31 today at $1192.00, which is fine. It’s just another opportunity to buy more at a great discounted price but obviously, Fortune has accomplished their goal today with their handlers marveling over the easy victory. Little do these fear mongers realize with this weakness: this market event will just be another bull trap for them to be punished further with continuing new highs down the road.
At the moment, gold is off $31 for the day. The move down from the recent $1250 high represents a decline of 4.9%.
With a last of $1189.50, the metal may or may not continue descending to test strong intermediate term support at the $1170 level.The miscreants may still have another shot left in them to push gold temporarily lower from current levels with how they report this decline in their controlled media outlets.
How does today’s cumulative 4.9% decline from a 1250 high stack up against other weak phases since last December in this major bull market?
1) For the month of December gold dropped from 1218 to 1075, a 143 dollar decline or 11.7%
2) For the period from January to February gold dropped from 1162 to 1053, a 109 dollar decline or 9.4%
3) During March gold dropped from 1144 to 1085, a 59 dollar decline or 5.2%
4) During April gold dropped from 1070 to 1023, a 47 dollar decline or 4.4%.
Using just the last two representative periods of weakness for comparative purposes, as a basis for a possible glimpse into understanding this market’s intentions, it is very possible that this manipulated weakness has seen its day.
Mike might really have a fit with all the print that’s being put on lately but we are in historic times and the following from Trader Dan and Jum Sinclair from the jsmineset.com website is important:
Gold is becoming the currency of last resort and that it not going to change because a Central Bank floods a system with liquidity and makes money available. The effects of this compounded increase in the amount of money in the system are going to be felt in an inflationary outbreak down the road. You will be glad you own the metal then.
I personally think that the more the price riggers jack with the system and play games in the paper market, the higher the price is eventually going to go. The harder you press down on a spring to compress it, the more fiercely it uncoils.
Nearly any astute investor OUTSIDE this country now knows that the paper Gold market is being rigged by the US government and its pals at the bullion banks. They are using that to their advantage as the short sighted fools of the West cede any economic advantage to the rising powerhouses of the East. Whoever owns the gold will rule the world. It really is that simple.
There really is something about gold that people can understand who are watching their currencies implode. No amount of bullion bank chicanery and official sector theft is going to change that. Gold is real money and always will be in the minds of the public, even though a war against it has been waged for three decades in the West.
Best to you,
Trader DanJim Sinclair’s Commentary
I would like to add my voice to this quote from Trader Dan.
It will be the various Goldmans that will make the most money in gold after picking the trader’s/scalper’s pockets dry.
“I personally think that the more the price riggers jack with the system and play games in the paper market, the higher the price is eventually going to go. The harder you press down on a spring to compress it, the more fiercely it uncoils.”
Last on gold is $1193.20.
Last on silver is $18.23.Just ran into the linked story below concerning Democratic Representative Anthony Weiner from N.Y. pointing the finger at Goldline International a precious metals coin dealer that advertises on the Glenn Beck Show.
Weiner issued a report critical of the company for “grossly overcharging for coins and makes false claims about gold being a good investment. Amoung other comments that possibly could have merit, I take issue with the statement that publicly questions gold as a good investment.
Why doesn’t Weiner do something more productive like an investigative report concerning the loan sharks that are allowed to gouge everyone with excessive interest charges on the Visa and Mastercard accounts at the banks when at the same time these scoundrels are allowed to borrow from the Fed for practically no interest expense?
Was Weiner sauced when he made this irresponsible comment or are people in Congress really super naive and ignorant or are they just a stumbling herd of hacks?
Of course, Beck stikes back with a strong right cross. I know some people who think Beck is really off the wall but he does do his part with an effort to educate the listensers concerning what’s happening to their representative wealth and the “out of control” debt factory in Congress that’s well on its way to ruining our purchasing power along with the help from Bernanke at the Fed.
http://news.yahoo.com/s/ynews/20100519/pl_ynews/ynews_pl2136_2
Gold closed out the week at $1231.40.
Jeff Clark from Casey’s Gold and Resource Report says gold is talking:
I won’t always be this cheap. If you don’t buy me soon, you may regret it. I may get less expensive in the short term, but don’t mistake that to mean I’m losing value or that everything is fine with your paper currencies or your economic future. What you’ve done to your fiat currencies will hurt you. What is coming in terms of the price of things will overwhelm you. What the government has debased will haunt you. I’m here to protect your finances. I may be the only thing that can really do that.
You can be cautious about the price, but don’t be short-sighted about the purpose. Are you sure you own enough of me?
The Take Down
In London gold overnight trading the metal hit 1250 where it sold off a little to stabilize above 1245. When Comex opened this morning the metal drifted a little lower, had a little bounce back and then got hammered down to 1217. Following the concerted take down, gold had rallied back some with a last of about 1228.80.
This is the first real attack we have witnessed in past weeks of strength. The banks knew of this take down as it was planned ahead of time. Bullion banks were issuing naked Comex shorts yesterday in gold and silver as if they were passing out free cotton candy at Coney Island without takers realizing that they would have a stomach ache the next day. Isn’t it amazing that some Wall Street banking firms show a profit everyday from trading?
The $30 take down this morning in dollar terms might get your attention but it was only 2.4% compared to the advance that started 11 trading days ago when gold pushed above a positive chart formation at 1170. Following that time period it advanced from 1172 to 1250, a gain of 6.7%. With the current trading price of 1132.50 gold is only down 1.4% from its high point of the day.
It’s guessed that the semi-round number of $1250 scared the fiat manufacturers around the globe so much that some entity was elected to act in holding off the people in another attempt to scare them from turning in their fiats for gold and silver and related items. Remember, the REAL reason that gold is experiencing heavy demand: Loss of Confidence in Governments to Rule. Recent buyers have been educated enough to understand that governments will turn against their own people when their power base in threatened. One step is to devalue, quietly, their currency’s purchasing power as the presses run 24 hours a day in their muffled basements. History is littered with the strong hand of the people when their life-style to survive becomes compromised as a result of the excessive self-interest by their leaders.
No better example of this mind-set to survive and maintain their power can be shown than what these banksters did with the government’s blessings to the community in 2008 when they were threatened with a run on their banks: demean and devastate gold by selling prices as low as possible. Well, that didn’t last long.
This style of unbridled greed, with regulators asleep next to them, caused every holder of precious metal related items severe losses. Some Canadian mining shares, with a slaughtering hand being slung by their related investment banks up north, were almost reduced to financial ruin. Drops of 90% were not unheard of.
Martin Armstrong stated that the Transitional Phase in gold has begun which will carry it to about $2500. So, expect gold to double in price with continuing attacks along the way from these miscreants. A remaining question is, over what time period? If the derivative’s global expanding financial cancer is any indication, it’ll be sooner, rather than later.
The major gold bull is alive and well.
After hitting an all-time high today of about $1234 gold is currently taking a breather in after hour’s trading with a last of $1228.
Following a tentative fix to the Greek problem over the week-end, the bullion banks with aid from the Plunge Protection Team tried to pull the rug out from beneath gold before NY markets opened but it miserably failed, even after their foolish pre-opening sales were made all the way down to $1185.
The bullion banks are short and hurting. There is no sympathy here for them. These are the same people who are responsible for keeping pressure on its price and burdening gold mining companies that depend on a good price for their product to pay their bills. Currently, the major gold producers are working with a $200 plus profit margin due to high operating costs and for the smaller producers, they are lucky to show a modest profit at all.
The shorts in gold are hurting so much that they are squealing to other banks like Barclay’s and Societe General to talk it down by making crazy projections each for $800 an ounce by the end of the year. What desperate foolishness.
The banks in general are like spoiled little brats, always insisting on having it their way by resorting to crying out like little babies over spilled milk wanting someone else to always bail them out. It’s an old, pathetic and tiring story to endure.
Isn’t it enough for the banks to have the GAAP’s changed for their benefit and have their competition reduced where in this country now six banks control 60% of the action according to east Texas Mike from the KRLD radio show last Sunday night? Who knows the dollar amount that they got bailed out for with our money that was funneled through the IMF for the Greek bonds they were holding following the recent $1 trillion bailout. Enough is enough. The banksters are like the persistent squirrel at the bird feeder, taking what was not intended for them. Stealing is the first word that comes to mind.
Now, on to more positive thoughts from Martin Armstrong from his March 23, 2009 essay, Destroying Capital Formation – Economic Suicide:
(Concerning gold)
“The next technical barrier will be slightly above the current high(1040), forming at the 1100 to 1200 area. Once we begin to see gold above the 1200 level, then we should start to see the Phase Transition type move that will carry it upward to about $2500. It is still entirely possible for gold to even reach $5000. That is the extreme projection that would signal serious decline in Public Confidence in government as a whole. Reaching $2500 is a normal stage of market development.”
Mr Armstrong’s empirical analysis is straight and does not have an axe to grind like the cry babies do, he calls it the way he sees it.
Last on gold is $1199.40 recovering from a $1185 low overnight in London.
On Thursday the DOW dropped more than 1000 points within 10 minutes. The media explained this an order entry mistake, nothing could be further from the truth.
The following link to a KRLD Dallas radio show late last night gives you the facts that will, more than likely, frighten you.
http://www.krld.com/topic/play_window.php?audioType=Episode&audioId=4640594
Last on gold is $1209.50.
It appears there is tinkering in place with all precious metal related items as recently gold bettered the $1200 level.
In the past two days silver and been beaten down with paper products on the Comex but that can only last for a short period as the primary trend is up and has many years to run. Today, potential silver buyers thought it through and concluded this is nothing but miscreant drama and elected to gather up cheap silver driving prices ahead over $1 at one point while hitting $18.70 from early morning lows of $17.50. That’s a pop of nearly 7%.
What is concerning is the amount of naked short selling that is humbling the gold and silver shares with higher metal prices. The clearing corp. for stocks is about the same as the accounting standards board: they rewrite the the rules to appease their handlers thus keeping the public in the dark concerning what is.
It’s a real saver’s tragedy that banks are permitteed to value their garbage derivative holdings at whatever price they choose and have them applied to their official reserves and somewhere along the way earnings and net worth get skewed big time. It’s a real tragedy.
It’s clear and simple aside from the misguided regulators: selling shares that are not owned or borrowed is simply, FRAUD. Why the SEC gives the right by doing nothing to the naked short sellers to increase a company’s outstanding issued amount of shares and hurt companies and their shareholders by this criminal activity currently brought to excess in preventing the shares from going higher and in many cases driving them lower, is beyond moral reason.
You can’t really say that employees at the SEC haven’t been taught better in their college days concerning morals and that crime doesn’t pay, or does it?
Gold closed out the week at $1208.00.
Check out:
This is the real news.
California’s financial mess that we don’t hear or read much about is 4 times as grave as is Greece’s, Jim Sinclair at jsmineset.com reports.
The promised entitlements for the California teacher’s union is $540 billion in the hole.
Giant protests are due for Sacramento once the public gets fed up enough to take to the streets.
Last on gold is $1207.70. It would be nice this time for it to stabilize above $1200, we’ll see.
I think what we’re witnessing here is that western central bankers have totally lost control of the gold price.
What tools they have left to keep confidence in these dying fiats is more BS for the press along with big naked selling of the gold stocks and now forcing silver lower. In the end they’ll be trapped with using these levers like they are with the current gold price.
Silver has been pressured lower in the past two days. If the miscreants can’t find anymore gold to sell with paper products expected to be called for delivery sooner than later, why not throw a bunch of non-backed silver paper contracts around in the silver pits? These people are becoming desperate and are now just frustrated want-to-be’s.
Gold is drifting back after today’s run with a last of $1200.50.
The following is the link to an educational interview between Eric King and Jim Sinclair that took place just prior to the stock market’s close concerning gold, currencies and the stock market which, at one point today, was down 1000 points.
http://www.kingworldnews.com/kingworldnews/Broadcast/Entries/2010/5/6_Jim_Sinclair.html
Gold was temporarily weak this morning trading below $1160 until buyers came rushing in taking out offerings left and right. The last on gold is $1175.10
The linked article below was written by Greg Hunter explaining what’s happening to your currency.
Gold after swinging between $1193 and then down to $1166 is attempting to stablize itslf in the $1170 area.
Gold has been working on a bottom over the last 5 months and just recently pushed above key resistance at the $1160 level. The result was additional negative responses adding to the ones that started up about three weeks ago from the peanut gallery like, gold is going to $800.
It would not be a surprise to see gold taken down below $1160, temporarily, in an attempt to negate this recent positive chart event. So be prepared, just in case.
It’s amazing how the paper shuffling at the Comex effects physical gold priceswhen there is basically no physical metal behind these products. The cartel sellers would be better off trading coupons at Safeway for the risk they face these days. The idea these paper products represent gold that is just not available is a ticking time bomb that will eventually and completely destroy the miscreants in the end, once and for all.
Maybe then, our company can receive a more realistic value from our gold sales and be better prepared to deal with our future without having to go around hat in hand always looking for funds.
The following is an excellent article by Darryl Schoon an historian and one who clearly sees the handwriting on the wall as it relates to our future.
Gold is warming up in after hours trading with a last of $1173.70.
For the past two weeks or so gold has been closely watched, witnessing the attacks on it by the cartel and also the bullish understone in it showing the miscreants being repeatedly slapped in the face with good daily run-ups following periods of crooked engineered weakness.
What’s changed? In recent testimony submitted to the CFTC in hearings it was stated by reputable market participants that the gold and silver markets are PHONY with accompanying proof. Of course, this did not get reported in the media. Sounds like the news blackout on the protests on Wall Street when the big banks got all of our free Tarp money.
The key here is that it was reported that there are paper products outstanding for 100 times more physical gold that is available. Silver has also been rigged not to go higher with the same products. J.P. Morgan shame on you.
It is being predicted here that the jig is up. The gold and silver train is in the process of leaving the station, All Aboard! Your ticket for the ride is owning physical gold and silver or gold and silver companies with the metal in the ground.
Make no mistake about this, THIS IS THE REAL THING.
Last on gold is $1168.90. As more and more countries and economic blocs bail out sovereign debt failures, the higher and higher gold will go.
The most important reason for buying gold is a vote against the government and a vote for your future.
It was heard the other day that following a poll it found that 85% of those polled expected a decline in the gold price. Standing alone as a contrarian, this is a buy signal. The time to sell a little is when the opposite is true.
Don’t know if anyone heard this one but the bankruptcy filings were up 46% in California for 2009 and the current unemploment in the State stands at 24%. This whole thing is coming to a head. Are you prepared for the fallout?
The fallout will equate to a much lower dollar and a much higher gold price along with the State coming to us to remedy their brazen ignorant and selfish failures with stipulations under law(more stealing) with legal requests(orders) for a bigger share of our family’s net worth. Had enough yet?
Where would the State Water Board employees get a job if their division were eliminated? Vote the government bums out that condone the rape of corporate California and the families that rely upon it for work.
Rick and Dave and others, there is hope on the way if Peter Schiff gets elected to the Senate. Check out his words on youtube.com:
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