October 26, 2020 

Gold Enters Major Bull Market


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 By bluejay

08/29/2009  11:00AM

Gold closed the weekend at $955.60

Antal Fekete writes another informative article relating to gold:

 By bluejay

08/29/2009  11:00AM

Gold closed the weekend at $955.60

Antal Fekete writes another informative article relating to gold:

 By bluejay

08/25/2009  10:41AM


We're in a bad economy for the use of gold in selling luxury items and in purchasing gold for industrial applications. The World Gold Council, FYI, does not support gold 100%. The headline of your referenced Bloomberg story was, as is usual of the media, to deceive the public with their inferred questionable merits of gold ownership.

Last on gold is $944.00.

The following are excerpts from a recent article entitled, US Dollar Analysis -Sea Change Coming by Stewart Thomson which appeared on the goldseek.com website recently:

20. If the Dow rally fails and takes out the lows at Dow 6500, I will be a buyer of any and all price weakness as it chews into new low territory. In terms of the public, I believe that will mark “the end” for this generation of retail investors. Their pipedreams of the stock market as their personal “long term wealth builder” will be 100% destroyed. Mentally and emotionally broken, they will begin a complete and total liquidation of their holdings.

21. Here is another critical point: As the above occurs, the only question is whether the bankers want to see the carcass of money from the stk mkt then flow into the bond market first, and then to gold, or immediately from the stock mkt into the gold market. To move gold to say $1500-$3000, money from the stock market would easily do that. But a US dollar currency wipeout could see money flowing from paper currencies into gold on a mass scale, which would send gold to levels like $10,000, and perhaps much higher. Using the same calculations Jim Sinclair used to put a $900 target on gold in the 1970s now yields a possible target in excess of $30,000 an ounce for gold.

22. President Obama, Tim Geithner, and Ben Bernanke are all committed to sustained money printing and dilution of the US dollar. The key word there is “sustained”. All the chess pieces are in place for a massive revaluation of gold upwards against not only the US dollar, but against all the world’s paper currencies. Just as the central banks worked together to stick the taxpayer with trillions in worthless otc derivatives, they will the stick the taxpayer with US dollars just in time for them to watch it decline heavily.
 By cw3343

08/24/2009  3:29PM

My motive was just to solicit clarification, or information regarding the "news" item.

I was not trying to make a point about gold going higher or lower, but looking for the readers/contributers here to share thoughts and/or information.

There is so much mis-information out there that I figured you all could shed more light on that topic. Or, clarify it's legimitacy (or lack therof).

I should have put that in writing- my bad...

If anything, my guess is that it would be bullish on gold, beings that the price has held up pretty good during a period of low demand. (If the article is correct). If demand picks up just a little, then prices should pick up as well...
 By bluejay

08/23/2009  10:03AM

More of a reason for gold ownership.

Days Away From Economic Chaos?
in response to Re: Next week's US data stream by ESL
posted on Aug 22, 09 05:59PM
Some highlights from Bill Sardi's revealing article....................

Days Away From Economic Chaos?

America is just a few days away from a possible day of reckoning. I again call attention to this day, August 25, when the Federal Deposit Insurance Corporation issues its 2nd Quarter report for 2009 on the state of health of American banks...........................

The FDIC is required by law to maintain a reserve ratio, or balance divided by insured deposits, of 1.15 percent. It was at 0.27 percent as of March 31. It could be near zero at the current moment. (See 1st Quarter FDIC reserve ratio chart below).............

Hiding losses

Banks have been slow to foreclose, allowing mortgage holders a few months before their home is deemed in default and giving another 2 years before the property is foreclosed on its accounting books. This practice has been able to temporarily hide most of the banking collapse..........................

Zombie banks

The FDIC, which claimed only about 300 problem banks in the 1st Quarter of 2009, but hid the fact there were about 2000 total lame banks among its 8400 members,..................

Examination of the following FDIC chart shows geographically that most banks are not making a profit.................

FDIC's $13 billion against $220 billion liabilities

So just how much liability does the FDIC bear aggregately for its "problem banks?"

At the end of the 1st Quarter in 2009 the FDIC said that figure was $220 billion. Remember now, the FDIC had only about $13 billion to over these institutions at the time. (See chart below) This figure will likely grow beyond imagination with the issuance of the FDIC 2ndQ report..............

(ESL comment: The FDIC cannot afford to cover $220 Billion in liabilities for 300 "problem banks" without dipping into Credit Lines at the Treasury. But even that LOC may not be adequate if banks fail to resolve their balance sheet issues, sink too deeply into the red and fold. True liabilities at SIGNIFCANT risk are several $Trillion if 2000 lame banks are included as they should be. To make matters worse the number of problem and lame banks is expected to be much higher in the Aug 25th Q@ FDIC report. Get the picture?)

Banks valued by goodwill and bailout funds

So there, you can see that in addition to goodwill, the bank's capital was largely increased by bailout funds. So a dose of reality therapy will lead one to conclude that nearly all American banks are essentially insolvent.

If this leaves you feeling a bit queasy, well, you may need to reach for Dramamine when you realize the FDIC is not only broke, but it will probably announce it is tapping into its line of credit at the US Treasury Department, which is also insolvent (America is spending $1.58 trillion more than it collects in taxes this year).

Here is how Bloomberg’s Vekshin says it:

If the fund is drained, the FDIC also has the option of tapping a line of credit .................. with temporary borrowing authority of $500 billion through 2010.

The mother of all bank runs?

Now if just a small portion of American bank depositors hear that the FDIC had to tap into the US Treasury for funds, and these depositors feel their banked money is at risk and want to withdraw some of it, the mother of all bank runs could ensue. This could create the day of reckoning that many have predicted............................
 By bluejay

08/21/2009  8:18PM

Last on gold is $953.70.

The following is the closing excerpt from the summer edition of The Trends Journal by Gerald Celente. Gerald's format in trends research is to reach into the future with supporting factual trends and identify the continuing process.

Trendpost: With America deep in denial, any product, service or enterprise that facilitated "escape" would turn a profit. There were two sets of emotions in play simultaneously. Fear and Hope. Although "Hope" was winning campaign slogan for candidate Obama, and still played well in the polls, "Fear" was the dominant underlying emotion playing to the public.

Recognizing that all was not well beneath the surface, anyone selling anything would do well to understand the public's anxious, confused and depressed state of mind ... no matter what the polls were showing. Projecting genuine empathy, compassion and honesty would win over consumers.

Our trend forecasts, unlike those with optimistic outcomes - and even those who don't buy the "green shoots"- scenario but forecast eventual "recovery" - are for longterm decline and a permanently altered consumer climate. Those planning long-term strategies and product launches should design them to correspond to current and emerging mood/attitude perceptions of targeted market sectors; to have a real world understanding of what prople feel, not just what they say.

Both "escapism and "fear" were overriding long-term trends.

Much of what held true in America would filter abroad. Ironically, although the world blamed America for the economic crisis, it still looked to America to fix it. And although copying the US way of life was a declining trend, America still exerted cultural influence. The trends prevailing in America would have parallels and variations, nation by nation.

In the Summer of 2009, the mass media, Washington and Wall Street were pitching recovery.

Economic outlook gauge pegs turnaround in September

USA TODAY, 11 June 2009 - The recession will likley end in September and be followed by a mild recovery, according to the new USA TODAY/IHS Global Insight economic outlook index.

The "all-clear" signal was sounded. The worst of the economic storm was over. By September there would be blue skies and fields of green shoots in flower.

By 2012 that picture looked as inaccurate and as dangerously naive as those official announcements on 9/11 telling people in the World Trade Center to go back (to) their desks, "the fire in the North Tower is under control."

The worst of the economic storm had not yet hit, and there was a widespread, if unarticulated sense of impending disaster.

When major natural catastrophes threaten, many creatures proact in anticipation of what's to come. Whether through intuition, instinct or some form of hypersensitivity, some seem to know what has to be done to survive ... moving to higher ground, taking flight, finding shelter, etc. Others, possibly as sensitive but less directed, become disoriented. They sense something has to be done but don't know what.

That was the situation in the Summer of 2009. There were those proacting intelligently in anticipation of "Obamageddon." There were others, possibly a majority that sensed it, but either did not trust their instincts or didn't know what to do. And then, of course, there were those didn't know and didn't want to know.

"Survival was THE trend. "Depression-Era Self Defense" was the strategy.
 By Rick

08/20/2009  8:26PM

CW3343, what is the motive to write what you did?
 By bluejay

08/20/2009  2:36PM

To the previous contributor concerning "Gold Demand Drops To A Six Year Low??," it's nice that you have made an appearence but I think it would be best for other readers if you quote subject article titles accurately.

Instead of the question marks you left out "On Recession."

What the article said was that jewelry and industrial demand were at a 6 year low.

In the guts of the article was a far more consequential comparison than gold demand being effected by a slower economy. It was the international central banks were net buyers of gold for the first time since 2000.

The questions marks were misleading. Get the facts straight. The reason that gold is not headed lower is that the US is in the midst of a major currency crisis, massive amounts of fiat money being manufactured. The lack of continuing demand for jewelry and industrial usage significantly pales in comparison to this.

The US Mint has suspended on and off the sale of gold and silver coins this year and last because they can not keep up with demand. Jewelry is a luxury item in the western world. If our currency implodes overnight during a "banking holiday," I would rather have the coins than a box full of jewelry, any day.

Advertised gold jewelry buyers are only paying 60% or so for the metal content. Sellers of gold coins would rarely receive a discount to the spot price.
 By cw3343

08/19/2009  10:17AM

Gold demand drops to 6 year low???

Per the World Gold Council.

 By bluejay

08/17/2009  7:32PM

Last on gold is $938.20

An excellent background on who is pulling the financial strings in Washington that's sending the great majority to the poor house:

 By bluejay

08/16/2009  10:25PM

Last on gold is $943.10

A quote from Martin Armstrong:

"Democracy died a long time ago. Our politicians are sitting on the otherside of the table, and we are the meal."
 By bluejay

08/09/2009  12:01PM

An "Oldie but Goodie"

Home » Daily Dispatches
Peter Millar: Seven-fold increase in gold needed to avert debt depression
Submitted by cpowell on Thu, 2007-02-22 00:14. Section: Daily Dispatches
7p ET Wednesday, February 21, 2007

Dear Friend of GATA and Gold:

While it is almost a year old, a study of the enduring importance of gold in the world economic system by R. Peter W. Millar, founder of Valu-Trac Investment Research Ltd. in Scotland (www.valu-trac.com), seems ever more compelling, and Millar graciously has agreed to let it be shared with you.

Millar stresses the periodic upward revaluation of gold as the mechanism for defeating a deflationary debt depression at the end of an economic cycle. Millar writes:(When gold was about $660)

"The first cycle unfolded as follows:

"-- Phase 1: Stability under a gold standard until 1914.

"-- Phase 2: Inflation until 1921, which resulted in a buildup of debt.

"-- Phase 3: Disinflation, which brought stability and allowed asset inflation until 1929, but encouraged a further buildup of debt.

"-- Phase 4: Instability after 1929 caused by deflation of assets from overpriced levels and exacerbated by excessive debt levels, leading to depression of economic activity.

"-- Phase 5: Monetary reform enabled by a revaluation of gold to overcome deflationary debt depression.

"In the second half of the 20th century we saw a repeat of the first three phases of the same cycle:

"-- Phase 1: Stability from 1944 to 1968 under a gold standard.

"-- Phase 2: Inflation from 1968 to 1981, which caused and justified another buildup of debt.

"-- Phase 3: Disinflation from 1981 until the end of the 20th century, and maybe to the present.

"However, it appears that Phase 4 (instability and ultimately deflation due to excessive debt) may have started. If so, Phase 5 (revaluation of the gold price to raise the monetary value of the world monetary base and hence reduce the burden of debt) becomes likely or inevitable. The extent of that revaluation would need to be major according to our calculations, probably by a factor of at least seven times, possibly up to 20 times the current price of gold."

The price of gold when Millar wrote his study, in May 2006, was about where it is tonight.

Millar's study is titled "The Relevance and Importance of Gold in the World Monetary System" and you can find it in PDF format here:


CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

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 By bluejay

08/08/2009  6:03PM

Friday's gold close $955.40

Significant charts from the Department of Labor.

 By bluejay

08/06/2009  9:35PM

last of gold is $961.40

The gold cartel digs in its heels and defends a given level. They dump paper gold on the market periodically in defense of the indefensible. The sequence has the strange characteristic of lower highs and higher lows each time. A resolution is demanded. The gold cartel is fast running out of physical gold with which to fill their rifles and artillery cannons. Being shot with a paper bullet from a rifle surely hurts, but the effect to stop a rush of angry investors cannot be stopped by paper gunfire. Beware of upcoming shocks.

Comments by Jim Willie
CB. Editor
Hat Trick Letter
July 29, 2009
 By bluejay

08/06/2009  5:40PM

Last on gold is $960.60

GoldSeek.com Radio interviewed Jim Sinclair on August 5, 2009 concerning gold.

Check it out and learn:

 By bluejay

07/21/2009  12:39PM

Last on gold is $948.10

Recent comments from Jim Sinclair:

Gold will take out $1000 on this try with a very temporary retreat before it moves fully through. Gold will move to and through $1224 with a temporary battle. Gold will move toward $1650 but meet serious temporary opposition in the $1400 area.

All of this will occur starting quite soon. Hold on tight to all that is precious metals.

Stay the course.
 By bluejay

07/16/2009  2:55PM

Last on gold is $937.00

The following was picked up today from the ECU stock page of agoracom.com in Canada. Sorry Mike, an easy link not possible.

Former Assistant Treasury Secretary, Paul Craig Roberts, again pens an excellent article below on the true state of affairs. He even pegs gold manipulation..."The price of one ounce of gold coins is $1,000 despite efforts of the US government to hold down the gold price."

Nice DOW save - VHF


There's Nothing Left To Recover - What Economy?

Paul Craig Roberts

July 16, 2009

There is no economy left to recover. The US manufacturing economy was lost to offshoring and free trade ideology. It was replaced by a mythical “New Economy.”

The “New Economy” was based on services. Its artificial life was fed by the Federal Reserve’s artificially low interest rates, which produced a real estate bubble, and by “free market” financial deregulation, which unleashed financial gangsters to new heights of debt leverage and fraudulent financial products.

The real economy was traded away for a make-believe economy. When the make-believe economy collapsed, Americans’ wealth in their real estate, pensions, and savings collapsed dramatically while their jobs disappeared.

The debt economy caused Americans to leverage their assets. They refinanced their homes and spent the equity. They maxed out numerous credit cards. They worked as many jobs as they could find. Debt expansion and multiple family incomes kept the economy going.

And now suddenly Americans can’t borrow in order to spend. They are over their heads in debt. Jobs are disappearing. America’s consumer economy, approximately 70% of GDP, is dead. Those Americans who still have jobs are saving against the prospect of job loss. Millions are homeless. Some have moved in with family and friends; others are living in tent cities.

Meanwhile the US government’s budget deficit has jumped from $455 billion in 2008 to $2,000 billion this year, with another $2,000 billion on the books for 2010. And President Obama has intensified America’s expensive war of aggression in Afghanistan and initiated a new war in Pakistan.

There is no way for these deficits to be financed except by printing money or by further collapse in stock markets that would drive people out of equity into bonds.

The US government’s budget is 50% in the red. That means half of every dollar the federal government spends must be borrowed or printed. Because of the worldwide debacle caused by Wall Street’s financial gangsterism, the world needs its own money and hasn’t $2 trillion annually to lend to Washington.

As dollars are printed, the growing supply adds to the pressure on the dollar’s role as reserve currency. Already America’s largest creditor, China, is admonishing Washington to protect China’s investment in US debt and lobbying for a new reserve currency to replace the dollar before it collapses. According to various reports, China is spending down its holdings of US dollars by acquiring gold and stocks of raw materials and energy.

The price of one ounce gold coins is $1,000 despite efforts of the US government to hold down the gold price. How high will this price jump when the rest of the world decides that the bankruptcy of “the world’s only superpower” is at hand?

And what will happen to America’s ability to import not only oil, but also the manufactured goods on which it is import-dependent?

When the over-supplied US dollar loses the reserve currency role, the US will no longer be able to pay for its massive imports of real goods and services with pieces of paper. Overnight, shortages will appear and Americans will be poorer.

Nothing in Presidents Bush and Obama’s economic policy addresses the real issues. Instead, Goldman Sachs was bailed out, more than once. As Eliot Spitzer said, the banks made a “bloody fortune” with US aid.

It was not the millions of now homeless homeowners who were bailed out. It was not the scant remains of American manufacturing--General Motors and Chrysler--that were bailed out. It was the Wall Street Banks.

According to Bloomberg.com, Goldman Sachs’ current record earnings from their free or low cost capital supplied by broke American taxpayers has led the firm to decide to boost compensation and benefits by 33 percent. On an annual basis, this comes to compensation of $773,000 per employee.

This should tell even the most dimwitted patriot who “their” government represents.

The worst of the economic crisis has not yet hit. I don’t mean the rest of the real estate crisis that is waiting in the wings. Home prices will fall further when the foreclosed properties currently held off the market are dumped. Store and office closings are adversely impacting the ability of owners of shopping malls and office buildings to make their mortgage payments. Commercial real estate loans were also securitized and turned into derivatives.

The real crisis awaits us. It is the crisis of high unemployment, of stagnant and declining real wages confronted with rising prices from the printing of money to pay the government’s bills and from the dollar’s loss of exchange value. Suddenly, Wal-Mart prices will look like Nieman Marcus prices.

Retirees dependent on state pension systems, which cannot print money, might not be paid, or might be paid with IOUs. They will not even have depreciating money with which to try to pay their bills. Desperate tax authorities will squeeze the remaining life out of the middle class.

Nothing in Obama’s economic policy is directed at saving the US dollar as reserve currency or the livelihoods of the American people. Obama’s policy, like Bush’s before him, is keyed to the enrichment of Goldman Sachs and the armament industries.

Matt Taibbi describes Goldman Sachs as “a great vampire squid wrapped around the face of humanity, relentless jamming its blood funnel into anything that smells like money.” Look at the Goldman Sachs representatives in the Clinton, Bush and Obama administrations. This bankster firm controls the economic policy of the United States.

Little wonder that Goldman Sachs has record earnings while the rest of us grow poorer by the day.
 By Rick

07/07/2009  7:54PM

I can't help but notice the parallel between the languishing gold price of the past recent doldrums ten years ago (280-320) and today's languish of 800-980....

It seems like the pull of the rubber-band: the stronger the pull, the bigger the snap.
 By bluejay

07/07/2009  8:44AM

Last on gold is $923.60.

The following link is to a recent interview of Jim Rogers by Fox News. Aside from the interview, how much longer can government revenues shrink while it continues to expand our debt to unprecedented levels? It must be nice to have a printing press in your basement but what will be the ultimate cost to you and I?

 By bluejay

07/01/2009  11:16AM

Last on gold is $940.20
Last on silver is $13.70
From Agoracom.com in Canada

Terresainte is from Geneva

JPM & Snowwhite
posted on Jul 01, 09 10:18AM

The OCC derivatives report Q1 2009 Table 9 on page 30 shows that the Fed’s conduit, JPM increased its Gold derivatives exposure by $10 Billion in Q1 vs Q4 ’08 to a mindboggling 79% of all outstanding Gold derivative contracts -> $92 billion or 100 million ounces.

In Silver (precious metals) JPM holds 56% of all Silver derivatives ($4.6 Billion or 338 million ounces) vs 48% in Q4. In addition the JPM current net silver short position on the Comex should be approx. 200 million ounces. This vs an annual world-wide supply of 888 million ounces. The paper ETF SLV claims to hold 280’500’000 Silver ounces (8724 tons). The Custodian “Surprise” is JPMorgan. https://ebts.jpmorgan.com/ebtsWebMod/ebts_downloads/BONYBARLIST.PDF

A Conflict of interest between these positions and at the same time being the custodian for the SLV shareholders is manifest. There is no written guarantee whatsoever that SLV’s silver claims on the physical silver inventory is not encumbered by one party or another. One has to be gullible to ignore the coincidence. Manipulating the price of silver with this kind of massive dominance is child's play.

Barclays, the current ETF owner predicting a silver price of $12 towards the end of the year should not surprise anyone either, they wish to fill their obligations at a discount.



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