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GREAT NEWS
Gold is rocketing, last sale is $1085.
Last on gold is $1084.70.
Total U.S. unfunded obligations in trillions:
2009 $104.0
2008 99.2
2007 87.9
2006 83.9
2005 79.2
2004 72.0
Any thoughts on how this one ends?
Dave
Zimbabwe went to US dollars as their country’s currency due to the failure of their money to function as a result of the effects of hyperinflation.
Maybe, laws or not, our currency dealings may be in Chinese Yen someday when we find ourselves in the throws of our own coming hyperinflation as a result of unbridled massive quantitative easing(letting the printing presses run day and night). Contrary to the spoken word in Washington, IT’S COMING.
I’m preparing myself for transactions in the future by acquiring Franklin silver half dollars, Washington silver quarters and Roosevelt silver dimes.
Hi every body,
I some time come up with some goofy ideas. I thought I would run this buy this forum,
Is there a law that All our natural resources mined in America, to include Hydrocarbons, and agriculture, be paid for in US dollars?Last on gold is $1063.80.
BREAKING NEWS
IMF sells 200 tons of gold to India. It appears all of the over 400 tons of gold that is to be sold by the IMF will directly go into the coffers of central banks, bypassing the market as predicted by Mr. James Sinclair months ago.
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aAkoEr3mFLv0
Last on gold is $1064.70
Gold is firming tonight on news from the jsmineset.com site concerning the central bank of India wanting 200 tons of the proposed sale of IMF gold.
Linked below is an excellent article from Harper’s that clearly infers, Wall Street is still in charge and our representatives continue to be influenced by them.
Dave, I’m sorry, sincerely….thanks for clarity It is my mistake! Sorry for the slight.
Last on gold is $1044.70.
In times of change, learners inherit the earth, while the learned find themselves beautifully equipped to deal with a world that no longer exists.
–Eric Hoffer – Longshoreman, PhilosopherI had originally wanted to forecast gold’s price probabilities this morning but thought I’d put my two-cents in regarding some preceding thoughts.
Currently, managing our economy is in unchartered waters, never has it been more complex. Obama, Little Timmy and the Bearded Wonder have made forecasts after forecasts and their track records are not that good. The worse recent government forecaster was ex-Treasury head Lord Paulson. This guy made a fool of himself on a regular basis. Plus, all these guys were in favor of degrading our currency’s purchasing value with barrels full of fiat money for companies that should have failed.
Our government officials, in my view, don’t have a clue on what’s happening and furthermore, because of the complexity concerning many problem areas aren’t experienced enought to remedy the financial mess that is only growing. These guys only care about their job security and appeasing the lobbyists.
All the recent spiralling DEBT that is being created is to save the system from collaping. Although debt is a great engine for growth, it has been misused and someone has to pay the consequences.
The good old buddies must take some pain but our representatives are being led around by them preventing this from happening with a ring in their noses. To understand what’s really going on one must source the independent opinions of some people like Gerald Celente, Jim Rogers, Max Kaiser and Jim Sinclair. Just go to YouTube while searching these men to get a better understandable grasp. In addition, you might search Janet Tavakoli on YouTube under Q & A to get more enlightened. Her interview is long but informing.
I checked out gold’s monthly chart and here’s what I consider to be the probabilities for price action going into the end of 2010:
Gold still has an outside chance of selling lower into the $935 to $985 area for the next few months or so. On the upside, chances exist for a move to $1200 in December. By year-end of 2010 gold can easily get to $1325. That’s just an intermediate look but many respected gold related analysts say much higher prices could come quicker based on possible geopolitical disturbances or a break-down of the US dollar.
I was not aware that I caused any disrespect for those who fought in World War II. I had both a brother and a brother in law who did. If my words were miss understood than I recommend you look up the “Great Depression” in Wikipedia.
That all depends on who you give the borrowed money too.It will not help the California economy if most of the money that came into our State went to social services and the Sierra Club.Two billion was sent to Brazil for oil,how much went to us for oil and gas exploration?they could have put one trillion dollars on the White House lawn and lit it on fire and it would have served us better then the people he gave it too.
Dave, with honest due respect….your WWII anology and subsequent citation of the real reason for recovery back then holds no water in today’s market. (It’s also an affront to those who fought that war. Shame on you.)
Analyze the motive of the American spirit then vs, now.
You will find a vast difference in invested spirit.By the way, Dave, you dodged the math I put forth regarding the fake GDP growth model, by suggesting “wheel grease” makes the engine work.
Wrong. When graft and corruptions are the basis of greese, no-one but the holders of corrupt fruit can prosper. To wit: no one (trust your own soul0…would you invest in the fraud?
I recommend that a review of Wikipedia’s assessment about the history of the great depression. Our nation did not recover from this depression until the advent of World War II. The economic growth was supported by debt to pay for the war machine to defend the free world at the time. That was the economic stimulus at the time. The whole world was caught up in the great depression. The same thing is much the same today. With out putting stimulus funds into our nation, as well as other nations, the deflation and the lack of investment to drive growth will once again raise the prospect for bankrupting the world. The misery index will be fruit for discontent of the people, to take up arms and conquer those who have the wealth.
The following excerpt is from a commentary by Roger Wiegard on kitco.com entitled, “Zombie Government Reality Check.”
Artificial Growth Courtesy Of Government Taxes Take a minute and think about what propels these so-called recovery markets.
The phony, positive GDP growth rate announced on October 29 is a bald-faced lie. John Williams at Shadowstats.com, our trusted and very accurate source of numbers, says the annual GDP rate is sinking at -5.7% and we would agree.
We’ve previously reported that when a nation’s GDP-to-debt ratio surpasses 6% it can never recover; that is historical fact. The USA’s today is projected at 13% and getting worse. Since statistical distortion is the name of the game even the government hasn’t a clue whether its 6, 13 or 30. One thing we know for sure; it’s much worse than imagined.
Consumers’ primary assets are cars and houses. Cash for Clunkers was a clunker that cost taxpayers $28,000 per car as one analyst reported. Further, it took paid-for cars and trucks off the road and sunk these new vehicle owners into payments they cannot afford. Look for those new vehicles to be repossessed in few months.
Consumers’ residential loan failures are legendary. New homes are being produced at a rate of 400,000+ per year with a normal year being 1,700,000. It that a recovery? That’s a disaster! Other used home sales seeming to be perking-up are those of new buyers getting free down payments from the government. How long are those loans any good?
John Williams tells us durable goods, the hard, expensive stuff like furniture and appliances fell to a 1997 order level. He also told us help-wanted advertising for jobs sits at a 58 year low. Is that a growing economy?
These broken consumers need jobs and credit and have neither. As governments and central banks steal more taxes and print more currencies in this low interest environment, hyper-inflation seems inevitable to us.
I do enjoy the discussion on this forum. I do agree that the stimulus money has not been the economic engine for California, and to the demise of our liberty is due to the majority of our state legislature have become defacto members of the sierra club or the green party.
There is some good news for the future, The House of Representatives is providing a big increase for funding the Small Business Administration, with Loan guarantee up to 90% of the principle, unless you are a vet, then it will be a 100%. I hope your mine can take advantage of this money.I have to disagree with Rick, debt is a form of capitalization that get the wheels of commerce running again. The debt will be paid back from the profits of growth. It will be this economic growth that will deliver us from this lack of faith in our depressed economy.
Combine today’s vs. yesterday’s stock market movement…the result is a big time negative.
Why am I bringing this up?
Reason: yesterday’s jubilant gain was supposedly in response the “great news” of quarterly GDP growth of 3.5%….does it really take a day for people to realize why?
Any GDP gain derived from borrowing money is a farce, so let’s hope your investment adviser didn’t suggest you get in on the news.
Simply stated, when someone borrows money and then gloats about having more money, does it really take a whole day for people to say, “what growth” ???
There is no GDP growth. Don’t be fooled by words.
If anyone ever suggests that Keynesian philosophy works, try this new math:
A government sector job, by definition, must pay more than 100% in taxes generate growth.
Last on gold is $1047.20.
Is this the general attitude of all of our elected officials, for example, during a House session in Connecticut?
http://waynerobinson.tumblr.com/post/227258091/what-really-goes-on-when-the-house-convenes
Gold is higher tonight with the last of $1046.20.
Are we really in an economic recovery?
– Durables Goods Orders at 1997 Level
– Help-Wanted Adverting at New 58-Year Low
Last on gold tonight is $1041.20 after hitting a low earlier in the day of $1031.50.
Check out the linked Bloomberg story below concerning all the secret behind the curtain dealings that little Timmy was orchestrating against us in the favor of his buddies.
http://www.bloomberg.com/apps/news?pid=20601109&sid=a7T5HaOgYHpE
The J.P. Morgan’s and likes are stepping on gold’s price this morning with their created paper products in New York with the last sale of $1055.40.
Darryl Schoon in his following linked article, “Who Woke The Dragon”e presents the case for gold in no uncertain terms:
Gold is pushing higher tonight at $1066.60. On recent daily sell-offs carrying below the $1050 level, a surprising number of buyers seem very interested in acquiring the metal. Overall, the action in gold over the past few weeks has been quite impressive.
How much more proof do interested people require to accept that there is a growing problem to satisfy increasing demand for delivery of physical gold? The linked article below clearly says it all, J. P. Morgan needs physical gold in London in a hurry.
J.P. Morgan, with all their paper tricks in gold, have finally been pushed to the wall. Instead of going to the market for physical gold in order to satisfy delivery requests, they are looking to temporarily borrow someone else’s goods. These people have no shame. By the way, J.P. Morgan’s interest in the silver market represents 40% of the total amount of contracts that have been sold short.
Martin Armstrong has said in the past that these guys rarily put other people’s money or goods to work for themselves unless they are convinced that they can control, manipulate, their market of interest. What better way to force their will on the gold and silver market than with the support of government officials? Well, the game has changed with or without their paid friends or comrades in Washington. The race is on for physical gold led by China and joined in by Hong Kong, the Germans and lately, the Swiss. They are all tired of these paper games to control gold for profit by the Wall Street establishment.
What we are witnessing now by some of the smarter central banks is their calling home the gold before the music stops and they are unable to locate a seat, or their gold. It has been reported by many financial writers that paper gold products have been sold in the excess of 20 times over the amount of outstanding physical gold in the world today. Shocking? Yes, quite shocking. Is there any wonder the worm is turning?
http://www.zerohedge.com/article/cme-allow-gold-margin-requirement-collateral
Last on gold tonight is $1052.20.
Professor Antal Fekete in his October 18, 2009 essay keeps the heat on the gold riggers:
Last on gold tonight is $1053.10.
The possible fraud concerning effecting gold’s price with questionable paper products lacking bona fide metal behind them has been disturbing enough but now questions are being asked whether custodian held gold is really, in fact, there? Let the games begin.
The following linked article from agoracom.com indirectly says it all, keep your gold near and well hidden. The only exception is the Central Fund Of Canada(CEF-$13.51-NYSE)which maintains their physical holdings of gold and silver in a totally transparent environment within Canada in an insured depository which is regularly audited by certified auditors.
http://agoracom.com/ir/ECU/forums/discussion/topics/372254-major-suspicions-with-gold-bar-lists
Last of gold is $1064.40.
Check out the DOW 10,000 article by Dan Norcini at http://www.jsmineset.com. Dan takes the position that you’re real wealth is represented by gold. If you have liquid assets of a million dollars that equates into 938.6 ounces of gold today. If gold goes to $2000 your million will then only buy you 500 ounces. The dollar Monopoly money with nothing behind it continues to be debased with growing debt and the dollar holders have every reason to be concerned.
According to my own price cycle studies, gold will reach $1400 in about 17 weeks followed soon after by a rapid decline of about 30%. This price action will set up the higher consolidating price range for the metal to rest in for awhile until it is time again for another historical push higher.
Last on gold is $1068.10.
Professor Antal Fekete has presented on September 30, 2009 an excellent article depicting the failure of the IMF relating to its stewardship of its member’s gold entitled, The Supply Of Oxen At The IMF.
The story is available from the following website: http://www.professorfekete.com/articles.asp
Last on gold is $1068.90.
Silver’s last price is $17.96.Events continue to unfold supporting a much higher gold price on this current surge. The last on the US dollar is 75.60 off 0.21 as it continues lower past short term support in the 76.00 area. The dollar is poised to test long term support at 72.00 in the coming weeks which will support higher metal prices.
Dan Norcini of http://www.jsmineset.com said tonight, “it is looking more and more like the current administration has set on a course of destruction of the US dollar.”
Last on gold is $1054.80.
The following article pasted to agoracom.com tells why the gold shorts have REAL trouble.
Last on gold is $1054.70.
In The News Today
Posted: Oct 11 2009 By: Jim Sinclair Post Edited: October 11, 2009 at 9:28 pmDear CIGAs,
There is nothing and no one to be fought. The end was in the beginning, and there is no force on the planet that can stop the price of gold now.
“The supreme excellence is to subdue the armies of your enemies without even having to fight them.”
–Sun TzuLast on gold is $1054.50.
Here comes another public service negative article on gold, this time from Reuters.
Looks like there is brewing a another concerted effort to attack gold prices. Good, I’m looking to buy some Franklin circulated halfs for future monetary chaos which might come lower as silver may also be talked down for some hours or days.http://blogs.reuters.com/columns/2009/10/13/china-retail-speculation-adds-risks-to-gold-price-2/
Last on gold is $1053.00.
To a great extent the media is anti-gold. The brief missive below surely smells of sweating shorts and desperation. The worst indirect advice was given by the Boston Globe to basically prepare for a shakeout of buyers in so many words some years back following the $250 low while gold was reacting from a previous advance to about the $400 area. Directly after the Globe’s comments, an order of mine was placed for another roll of gold coins.
Although the media’s jabber concerning gold is like a stopped clock in that they’re right once in awhile, the great majority of time they are “dead wrong.”
What they hope gold oriented investors will do is second guess themselves on the daily down ripples in price and sell, sell, sell. It’s an old continuing story that just keeps repeating itself as the metal remains completely intact within a very strong bull market.
Don’t sell your gold.
You don’t sell advances, you buy declines.
High speculative positions in gold raise sell-off (potential)
MarketWatch 10-12-09
NEW YORK (MarketWatch) — Gold futures held by speculators reached a record high in the most recent week as prices climbed above $1,060 an ounce, raising worries that a possible switch in positions could lead to a slump in gold prices.Last on gold is $1056.50.
Chinese commercial banker in September 23, 2009 remarks dampen China’s reported interest to exchange Dollars for international gold bullion, basically says buying domestic gold from local miners good enough for increasing country’s gold reserves. Also, predicts the price of the metal to hit $1200 by year’s end.
http://www.chinamining.org/News/2009-09-23/1253670527d29013.html
Last on gold is $1050.50
Linked below is an article by Adrian Douglas entitled, “The Explosive Dynamics Of The Gold And Silver Markets.” The story is copied from the agoracom.com websiste.
At prevailing spot (1040+) I hope
there is enough revenue to meet
the existing payroll, expense, etcGold closed out the week at $1048.90.
The reputable John Williams of Shadow Government Statistics gives a short interview concerning gold and silver at http://www.kitco.com. For an audio go to Contributed Commentaries and listen to John’s reflections, they might surprise you.
Last on gold is $1047.50.
Japan joins China in investing in precious metal resources and out of currency reserves.
Japan to obtain rights to platinum in Africa
TOKYO (AFP) – Resource-poor Japan has obtained rights to develop platinum mines in South Africa and Botswana in a bid to ensure a stable supply of the metal, officials said on Friday.
The government-backed Japan Oil, Gas and Metals National Corp. (JOGMEC) has signed a contract with Discovery Metals in Australia to jointly develop nickel and platinum mines in northeast Botswana, it said in a statement.
It has inked another deal with Canadian firm Platinum Group Metals to explore for platinum in South Africa.
It will pay three million Australian dollars (2.7 million US dollars) to Discovery Metals over three years for exploration costs, in return for 60 percent of the rights to the metals.
JOGMEC will pay 3.2 million US dollars to Platinum Group Metals over four years for a 37 percent share, it said in a statement.
Japan has in recent years worked to strengthen ties with African countries to ensure supplies of resources including precious metals.
Last on gold is $1056.20.
A few words from a conservative Jim Rogers:
Jim Rogers, the Singapore-based investor who has been one of the biggest bulls during this decade’s commodities rally, said that he would refrain from buying gold at a record high, but added that he was not betting against a drop in prices.
He told Reuters: “I cannot say what will happen to gold tomorrow. But if you ask me whether gold will go up in the long term… would say yes.”Last on gold is $1050.00.
The following is a copy of an e-mail that came into GATA last night for Bill Murphy.
From Midas
posted on Oct 06, 09 11:35PMBill;
I’ve been told by someone who “knows” that major players demanded a lot of physical gold on Sept. 30 and “clowns” tried every trick to keep them in paper and even offered premium in cash over the Sept.30.Spot price.Allegedly, the BOYZ were told that they have 5 days of grace to come up with the real goods.
The results are obvious.
There is less then 600 metric tons of Au available [globally] at this point in time [for possible sale] and 1/2 is locked / frozen and cannot be moved.
The delivery commitments are a multiple of this.
The battle is on and the first guys are being taken out of the room with bullet holes in their forehead.
There might be one last great concerted effort by the BOYS to knock back the price. But even they know by now that they have lost control and that their construct of lies, fraud and deceit is coming down.
It will get – no, it is – very, very, very ugly.
On top of it we shall see the collapse of some Gulf states, as well as some major US and European banks hitting the skids.
Rob…It would seem – if my sources are correct – that we have finally reached “the point” that Frank Veneroso speculated about so many years ago – when price managers would “RUN OUT” of physical gold to continue their paper games. My ‘bird on a wire’ source continues;
The jerks are being hung by their thumbs and there is nothing they can do.
The very little Au that is available globally and it has been blocked from being sold to the BOYZ.
JPM/Chase is scrambling at every refinery to get their hands onto product. They even go to mines, no, – as we call it ‘going to the pit to get it to the cage’, but they don’t have the required access and are being strung out big time.
They did not see this coming.
They will fight but they are being pushed onto their own swords. Arrogance comes before the fall.
I say, couldn’t happen to a nicer group of criminal thugs.
Best,
Rob Kirby”Last on gold is $1049.90. It crossed $1050 just minutes ago.
Last of gold is $1015.40 as the metal works on establishing itself above $1000.
Dan Norcini submitted a Dow Jones/Gold Ratio chart to the http://www.jsmineset.com website earlier today.
The Ratio is arrived at by dividing gold’s price into the last sale of the DOW.
You can think in fiat money terms concerning your wealth or you can see what wealth is in gold related terms. It is just a matter of time before another currency’s “thought of worth” gets vaporized leaving gold as the only consistent historical standard of true value remaining.
As gold remains intact in its current bull market you can be sure of one thing, your assets in fiat terms, outside of precious metals, will be worth less and less in terms of the metal as time slowly advances.
Some analysts have predicted that one day the price of gold and the Dow Jones Industrial Averages will be at the same price. To profit if these predictions are correct you would either sell the DOW and buy gold or sell short the DOW and, again, buy gold.
It is possible to watch the DOW go higher and still profit as gold is expected to greatly outperform any DOW strength.
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