July 5, 2022 

Gold Enters Major Bull Market


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 By bluejay

11/13/2009  8:17AM

Last on gold is $1108.50. In the past few days gold has been retreating. The metal was jerked higher over $1120 on comments from Barrick Gold's president that world gold production had historically peaked. The next day the same source stated that gold was over-priced for the short term and weakness in the market soon followed.

It's evident that Barrick still believes they have some remaining control over the gold market to effect price change. Remember these are the same guys who made money for their shareholders and hurt other miners while acting as the government's agent in surpressing gold prices. It was Barrick that indirectly put pressure on our company by forcing gold lower until 2001 as they canabalized the industry by raking in metal profits shorting it and in the process of this maneuver took over other mining companies at below realistic values from shareholders that didn't know any better.

It would seem that the controlling interest at Barrick is greedy and stubborn which proved to be dilutive to shareholder percent ownership when they were given advice from a gold expert to cover their hedges when gold was much lower in the $300 area and below. Barrick recently had a secondary offering to bring in what they about lost in a massive blunder of letting their short positions run against them when they were forewarned in 2001 by one of the top gold analysts in the world, James Sinclair. Now Barrick is talking about covering their last remaining hedge positions with gold over $1100.
 By bluejay

11/11/2009  1:34PM

Last on gold is $1117.90 as the media nay-sayers are proven wrong again.

Included below is an article by Alf Field, predictor of $5000 gold, discussing Zimbabe and their experience with hyperinflation.

 By bluejay

11/10/2009  10:49PM

last on gold tonight is $1108.30.

Aside from price predictors taking their turn at forecasting gold prices, the following article completely represents what is mainly wrong in this land of ours and why we must hold gold to guarantee our financial safety.

Paul B. Farrell

Nov. 10, 2009, 11:03 a.m. EST · Recommend (29) · Post:

Financial innovation is Wall Street's new 'soul sickness'
Commentary: New mutant American capitalism has no moral compassView all Paul B. Farrell ›
‹ Previous Column

Warning: Your brain is killing American capitalism
First Take ›

Retail's glass half-full
Story Comments Screener (298) Alert Email Print By Paul B. Farrell, MarketWatch
ARROYO GRANDE, Calif. (MarketWatch) -- Could our headline just as easily read: "Financial innovation: Wall Street's biggest con game?" How about: Rip-off? Joke? Oxymoron? Maybe "Wall Street's big lie?" Or something darker: "Financial innovation: Wall Street's deadliest sin, greatest evil, even soul-sickness?"

In fact, they all fit. Each reveals Wall Street's dark side: Why are they at war to keep financial innovation secret, hidden, without public transparency? And why is Wall Street spending millions on lobbyists to kill financial-regulation reforms? Why? Because Wall Street rakes in tens of billions of dollars annually from their financial innovations, gambling in the shadowy $670 trillion global derivatives market. And Wall Street does not want government, investors or competitors digging into their "financial weapons of mass destruction," as Buffett calls them.

Swine-flu uproar on Wall StreetGoldman Sachs, Morgan Stanley and Citigroup are among several large New York City employers that got doses of the H1N1 vaccine, which remains in short supply. WSJ's Betsy Mckay discusses Wall Street's latest public relations nightmare on The News Hub.
Remember, financial innovation is just a Wall Street code word. Translated it simply means derivatives and other proprietary secrets like the high-frequency trading algorithms used by their quants. Yes, Wall Street wants you to believe that financial innovations also help Main Street, but that's just Wall Street lobbyist propaganda to mislead the public, regulators and legislators. Remember when Washington proposed standardized mortgages as a way to help consumers? Wall Street attacked, spending millions to kill it.

Wall Street has no interest in helping Main Street. Time magazine's Justin Fox, author of "The Myth of the Rational Market," said it best in his "Curious Capitalist" column. Most so-called financial innovations are "just new ways to fleece customers or hide risk, and all major financial crises have been associated with some financial innovation." Even credit-card innovations are used against customers as marketing tools to increase fees. The truth is: Wall Street's greed-driven financial innovations fuel our bubble/meltdown cycles in many ways.

Hard-core Reaganomics is back
Wall Street's obsession with unregulated financial innovation also signals a resurgence of Reaganomics, the conservative ideology that killed Glass-Steagall in 1999, created "too-big-to-fail" banks, and set the stage for the 2008 meltdown. That 60-year-old law protected Main Street by separating low-risk retail banking from high-risk investment banking gambling with high-octane financial innovations.

Former Fed Chairman Paul Volcker and Nobel-Prize-winning economist Joseph Stiglitz warn: We need a new Glass-Steagall to rein in Wall Street. Or prepare for a new meltdown. At a Senate hearing last summer financial-innovation pioneer Richard Bookstaber, author of "A Demon of Our Own Design: Markets, Hedge Funds & the Perils of Financial Innovation," said: "Derivatives are the weapon of choice for gaming the system." They are "vehicles for gambling ... side bets on the market."

Get it? Derivatives put all markets, investors and taxpayers at risk. These "side bets can pose risks that extend beyond the losses to the person making the bet," because they actually "change the behavior of the market." In short, financial innovations only serve the interests of Wall Street's insiders, not the public interest, not Main Street investors, not American taxpayers, and not retail banking customers. Without transparency and regulation reform, a new meltdown is guaranteed.

Unfortunately, Wall Street has no incentive to help the public good. Quite the opposite: They want to get very rich, very fast. And our laws encourage their greed. Bookstaber and other critics warn that Wall Street's goals are clear: Design financial innovations that evade securities laws, avoid taxes, minimize capital requirements, increase leverage, hide speculative risks, maximize short-term profits, and avoid stockholder disclosures. In short, Wall Street is back running the same con game that triggered the 2007-08 meltdown, which is why they've amassed a record bonus pool so fast. They have no conscience.

Historical evolution of a new 'American capitalism' mutation
Yes, Wall Street's behavior has the feel of a socio-pathological disorder and a strong hint of a secret conspiracy to defraud America, a cultural "soul sickness." Now visible: An emerging new mutant American capitalism. In fact, Matt Taibbi's description of Goldman Sachs fits the entire banking industry: a "giant vampire squid wrapped around the face of humanity." Look closely and see clear signs of immoral, even criminal, misconduct fueling Wall Street's obsession with unregulated financial innovation. To fully understand why, you need to see financial innovation in the broader, historical context of the emerging new American capitalism.

1. In the beginning, Adam Smith's 'Wealth of Nations'
"Every individual ... necessarily labours to render the annual revenue of the society as great as he can." But he "neither intends to promote the public interest, nor knows how much he is promoting it. ... he intends only his own gain ... led by an invisible hand to promote an end which was no part of his intention." The public good is collateral damage from the aggregate economic activities of greedy individuals all acting solely in their own narrow selfish interests. That's pure capitalism. Today the equation survives and thrives as the "efficient market hypothesis," where the collective behavior of 95 million irrational investors is assumed to create a totally rational capitalist stock market.

2. Greenspan and Ayn Rand, author of 'The Fountainhead' and 'Atlas Shrugged'
Rand was Greenspan's guru and mentor. For decades they had a profound impact on American capitalism. Rand was dogmatic: "When I say 'capitalism,' I mean a pure, uncontrolled, unregulated laissez-faire capitalism, with a separation of economics, in the same way and for the same reasons as a separation of state and church." Why? "Capitalism is the only system that can make freedom, individuality, and the pursuit of values possible in practice because capitalism demands the best of every man -- his rationality -- and rewards him accordingly. It leaves every man free to choose the work he likes, to specialize in it, to trade his product for the products of others, and to go as far on the road of achievement as his ability and ambition will carry him." Rand captured the conservative spirit of the emerging American capitalism, and through her disciple, both demanded total, unrestricted freedom for Wall Street.

3. Reaganomics and Milton Friedman's 'Capitalism and Freedom'
Reaganomics defined conservatism after 1981, grounded in Nobel Economist Milton Friedman's conviction that "the government solution to a problem is usually as bad as the problem." He hated FDR's New Deal and Keynesian economics, preaching hard-core Adam Smith capitalism. Naomi Klein, author of "Shock Doctrine: The Rise of Disaster Capitalism," summarized Friedman's "three trademark" principles of conservatism: "Privatization, government deregulation and deep cuts in social spending." That ideology gutted Glass-Steagall. And as Thomas Frank put it in "The Wrecking Crew: How Conservatives Rule:" "Innovations in governance" meant take "jobs away from career civil servants and hand them over to the big federal contractors." Reaganomics led to an Iraq war fought by more profit-hungry private mercenary contractors than committed volunteers. Ironically, it created bigger government.

4. New 'mutant' American capitalism must kill financial regulations
American capitalism generally, and Wall Street's mindset specifically, reflects the 234-year history from Adam Smith to Friedman, Reaganomics, Rand and Greenspan. Today however, it is resurfacing in a new disguise: Wall Street's blind obsession to kill all restrictions on financial innovations, whether in the SEC, FDIC, CFTC, or proposed Consumer Financial Protection Agency. Wall Street's cash got Obama elected, got their Trojan horses in his cabinet. Now their millions flow the opposite way, as their lobbyists sabotage Obama's financial-regulation reforms. And no matter who gets elected, Wall Street runs the game.

Wall Street's soul sickness feeds on mutant American capitalism
So tell us: Which headline did you pick? "Financial innovation: Wall Street's biggest con game?" Or maybe: Hoax? Rip-off? Scam? Joke? Oxymoron? Or was it Wall Street's biggest lie? Perhaps "Financial innovation: Wall Street's greatest evil?" Mortal sin? Soul sickness?

You think "soul sickness" is too heavy? Not really. Since the Enron scandals, critics have been warning that Wall Street has lost its moral compass. However, in the new mutant American capitalism, Wall Street doesn't need a moral compass. Get it? Ethics and morals are irrelevant in the emerging new American capitalism, the latest mutation of Adam Smith's capitalism.

That means Wall Street's blind "anything goes" obsession with financial innovation is totally consistent with the rules of the new American capitalism. Morals, ethics and the public good are irrelevant in the rules of Wall Street's new mutant American capitalism.

Wall Street's only restriction is to obey the 11th commandment: "Thou shalt not get caught." And when you compare the number of indictments from the 2008 meltdown to earlier ones during the Enron-era scandals and the S&L frauds (plus add in the $23.7 trillion debt those same "too-greedy-to-fail" crooks scammed from American taxpayers), you can easily see why Wall Street is clearly living within the rules they created for the new mutant American capitalism.

And that, folks, is why my final headline pick is: "Financial innovation: Wall Street's soul sickness." Why? Because this is a grave moral issue for all Americans, but Wall Street doesn't get it. Unfortunately, neither does Washington. Worse, neither do the American people, but that's what a cultural "soul sickness" does -- it blinds us to moral issues and leaves us wandering, lost, in the fog of Wall Street's self-destructive new mutant American capitalism.
 By bluejay

11/09/2009  11:51PM

Last on gold is $1098.30.

In The News Today
Posted: Nov 09 2009 By: Jim Sinclair Post Edited: November 9, 2009 at 10:50 pm

Filed under: In The News

Dear CIGAs,

My friend, former partner, respected colleague and ace floor trader Yra Harris today said:

"Oh the birds are singing, the hills are alive with the sounds of music and the carry trade is in full swing. Today was the paradigm of the easy funding for the world for if you were an asset class that could not rally you must have been tied to causing the existence of flesh eating bacteria. With the G20 shown to be a paper tiger, the IMF giving its seal of approval to the debased dollar carry trade – the animal spirits ran wild. The dollar was down against everything but the yen for the yen is the second favorite funding currency with similar fundamentals to the dollar."

My comment is simple.

The floors of the dollar’s downward elevator are about to open up wide.

The freefall is near. Armstrong’s few days are just around the corner.

The Winter is going to be very cold for the US dollar Be advised. Take precautions immediately if you have not already.
 By bluejay

11/08/2009  9:36PM

Last on gold is $1104.50.

In the link below Ronald Rosen presents the case for gold dropping to the $640 to $650 area by 10/20/10. All I can say is that the metal is in a bull market. Could Ronald be right? Mr. Jim Sinclair says around April of 2011 gold will hit $1650. Jim Sinclair also said that there will be wide swings in this market going forward. Personally, I've mentioned recently that there is an outside chance of gold trading lower on a reaction to around $935 or so, to reaching higher to $1200 on this move.

I think it makes sense to have some extra funds always available "just in case" during this bull market. As a long term investor in this sector mainly since 2003, I'm going to remain about fully invested until much higher levels arrive with, sharp intermediate declines or not.

 By bluejay

11/08/2009  8:17PM

Gold is pushing higher tonight, last is $1104.60.
 By bluejay

11/06/2009  10:16PM

Gold closed out the week at $1096.90 after briefly passing $1100 earlier today. The media attributed the metal's strength to the Labor Department's disclosure that unemployment had passed the 10% level to 10.2%.

http://www.jsmineset.com carried today an advertisement from John Williams of Shadow Government Statistics out of Oakland, California that shows from his research in chart form that the real unemployment figure is over 22%.

Jim Sinclair from time to time quotes the widely respected John Williams.

If it's still available on the jsmineset website, Jim has provided a link to the recent thoughts of Martin Armstrong. Martin Armstrong may be one of the most brilliant minds in the world today.

Both John Williams and Martin Armstrong are patriots who both call it the way it is, as opposed to our elected officials who, I suspect, just make it up as they go along for whatever benefits them.
 By bluejay

11/05/2009  9:36PM

Last on gold is $1091.40

I know this might be a touchy subject for some but I believe the time has come to be more specific in identifying the nature of our business in our corporate title.

Here are a few thoughts:

16 to 1 Gold Mining and Exploration

Alleghany Consolidated Gold

Thinking of names could be endless. The point is we need GOLD in our name. The day is coming when the public will start their research for small gold and silver related companies. There was once a company, years ago, on the American Stock Exchange with gold in its name. The company had nothing to do with gold mining but each time the gold shares rallied this one always went up in sympathy.

Isn't it ironic that our stock does nothing with new highs on gold everyday while another company that has gold in its name but is not a gold affiliated company just might go up?

The lack of the word gold in our corporate title is another one of our untapped assets.
 By Rick

11/05/2009  5:57PM

As should be done first...read directly below.

Next....the battle between private sector autonomy in operating this mine vs. regulatory theives will become more and more evident as this mining gem continues to attract attention and somehow goes further along un-noticed by the private sector.

Major gold inside a mine with major highgrade history, untapped potential...given the trend, I see the road-blocks that have been thrown down in the pursuit of the historic success of this endeavor soon to be relegated to the dust pan.
 By Michael Miller

11/05/2009  3:06PM

Gold mining for us little guys has always been a mystery for many smart people to grasp. Years ago for my own amusement (since my first, middle and last names begin with M) I wrote an essay about the Three M’s of mining. They are Men-Money-Minerals. Its printed on this web site or published somewhere in some article. The writer Bluejay mentioned below hits this theme. I’m sure others will follow because that is the way with the flock of analysts joining this modern gold rush.

Our company has two of his requirements for evaluating a strong junior mining operation. There really is gold in the gold that we own outright, it is proven by past gold production and it is readily accessible without spending years getting permits, building a mining infrastructure of trying to figure out how to mine the yellow stuff.

Intelligent manpower is available to the Company with deep geological knowledge about practical methods of mining the rich and rare ore body known as the Sixteen to One mine in the famous Alleghany Mining District.

I disagree with him about exploration and would prefer to seek out actual gold producers. They are few and far between amongst the many gold juniors in existence.

So, with gold basing itself around $1,000 per ounce, why is this proven profitable gold mine living its current life in a maintenance mode? The last M…money. It is not at hand. A very imaginative and worthwhile limited partnership became available on November 1, 2009 for ten investments of $100,000 and ten investments of $50,000. It will not be printed on the internet. MMM is working to solve this last deficiency.
 By bluejay

11/05/2009  6:47AM

Last on gold is $1088.40 after hitting a high of $1095 earlier in London.

The following is an excerpt from David Vaughn's 11-03-09 kitco.com article entitled, "Are Safe Deposit Boxes Safe? No"

C. S. Lewis

Ready To Start Speculating In Gold Mining Stocks?

How do you know which junior mining stocks are quality and worth buying? While there are many who believe management is the most important asset to a quality mining company…I say it’s whether or not they have the gold in the ground.

Sure, management is extremely important, but so is the fact of whether or not the company has discovered an economically viable deposit.

I have seen many top notch managers who maybe find one good deposit in their lifetime. A few who have repeated their success. But why guess a mans yet undetermined future success? Look for the company that has already proven they have the yellow stuff in the ground. If it’s that good a find there is even the additional good chance the company may be bought out by a major for a premium.

Jim Sinclair – “As gold makes its way past $1000 to $1650 and beyond, the order up to now has been Major Producers and the top half of Junior Producers benefiting…” “Watch closely now as a shift takes place.”

”…I anticipate that the bottom half of Junior Producers and the viable companies in Gold Exploration entities to outperform the top half of Junior Producers and Major Producers as the price of gold continues higher in late 2009 and 2010.” ”History tells us this is how it has always happened, and I believe it will again.” Respectfully, Jim Sinclair
 By Dave I.

11/04/2009  2:11AM

The answer is a thought that as long as humanity grows and life gets longer it will grow. The relationship between the resources and quality of life is the true value of money. I think.
When humanity stops growing, then greater wealth will be left for the few.
 By bluejay

11/03/2009  9:41PM

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?
 By bluejay

11/03/2009  9:20PM


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.
 By Dave I.

11/03/2009  2:32PM

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?
 By bluejay

11/03/2009  11:06AM


Gold is rocketing, last sale is $1085.
 By bluejay

11/02/2009  10:42PM

Last on gold is $1063.80.


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.

 By bluejay

11/02/2009  7:19PM

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.

 By Rick

11/02/2009  5:36PM

Dave, I'm sorry, sincerely....thanks for clarity It is my mistake! Sorry for the slight.
 By Dave I.

11/01/2009  7:18PM

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.

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