October 25, 2021 

Gold Enters Major Bull Market


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 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.


 By Rockroby

06/29/2009  7:41AM

Gold is holding it's own,with India exporting for the first time?and not importing much with President pushing through a 400 ton IMF sale & all the scrap sales I am surprised gold is not going down.I am still buying miners and doing well with most of them and will continue through the Summer along with some physical gold & silver.
The U.S. does hold the most gold but who's gold is it & how much do we really have if they will not let audits take place, the people of the United States of America's gold could already be gone.
 By Nose 4 Gold

06/27/2009  2:15PM

Blue Jay: The USA holds the largest gold reserve in the World. What do you think will happen to the price of gold when your pinko friend Obama decides to sell this reserve to pay off your national debt? I read what you say and think you are a stupid jack ass.
 By bluejay

06/18/2009  9:50PM

Last on gold is $934.00

Dear Comrades In Golden Arms,

There is no better proof that we are getting extremely close to the Armstrong/Alf point of lift off than the violence of the shorts in their desire to cover both in paper gold and the long suffering junior gold shares.

The method used is to increase the short position now while we are waiting for the uptick rule to be reinstated all while driving a bulldozer of selling into markets. This selling is not to sell shares as much as it is to make a grandstand play to shake the confidence out of the bulls.

This type of strategy in paper gold today and many of the highly shorted junior gold shares is to ignite the passion of fear in holder's hands, therein allowing the shorts to make cover.

Call or email your company and inquire about their fundamental position. If it is good, then be sure you are witness to a strategy that is as old as markets themselves. This strategy is used by bulls to run shorts, and shorts to make cover depending on the circumstances.

In my opinion we are very close now to the best and longest move upwards in the gold market.

Gold is going to $1650 and then on to Alf's numbers.

The US dollar has nowhere to go as its support here has been only algorithms and coordinated statements of support, but actions to the contrary by the BRICs.

Stay the course.

Jim (Sinclair) http://www.jsmineset.com
 By bluejay

06/15/2009  7:54PM

Last on gold is $932.30.

I have just finished reading Antal Fekete's Primer On The Silver Basis. Thanks to Mr. Fekete my education continues to move forward.

The link to the article is:

 By bluejay

06/15/2009  11:42AM

The last on gold is $926.50. The banksters are feeling smug today with another manipulative feat. Why does the CFTC permit such a high illegal concentration of current short selling in gold and silver by two or three US banks???? The responsibility to the people by the government to insure fair play in markets was abandoned a long time ago.

The banks involved in setting prices for gold and silver are are criminals with no one in government brave enough to prosecute their own bosses except Ron Paul and possibly, a few others.

I have included a link to a remarkable effort by Martin Armstrong to awaken the people through his recent works in the essay entitled, Anatomy Of A Debt Crisis with special emphasis on the past reforming accomplishments of Julius Caesar during Rome's financial period of crisis.

Mike and Rick will find the content of Martin's report quite enlightening as it proves that incompetent judges along with incompetent politicians continue to make matters worse for the people in a historical repeating cycle of greed and lust for power.

 By bluejay

06/14/2009  7:12PM

The last on gold is $938.10.

Homestake and the 30's depression, will history repeat itself?

 By bluejay

06/12/2009  7:04PM

Last on gold is $938.30.

Concerning the CFTC's lack of interest to police the two or three large US banks that are heavily shorting gold and silver, precious metal holders should remain confident that sooner or later, on a daily bssis, this phantom selling campaign will end.


June 12th, 2009 by Egon von Greyerz

Take the following ingredients:
A banking system which is on the verge of collapse
Add a few $ trillion of government liquidity and guarantees
Inject $ 100’s of billions in loans and capital
Keep all the bank management that have caused the crisis
Pay them astronomical bonuses because otherwise they might be snapped up by a bankrupt competitor
Change the method for valuing the banks toxic and worthless assets so that they can publish hocus pocus increases in profits
Construct a stress test that all banks can pass, some with minor capital injection

Let some of the banks repay the government money to make the markets believe that the banking system has been saved and is sound
And what do you get?

Is still on the verge of collapse
Is leveraged 25-50 times
Will go under with a 2-4% write off of total assets
Has loan books that are deteriorating at an alarming rate
Is not recognising or extrapolating the rapidly rising default rates
Has a high percentage of prime residential mortgages in negative equity
Has not provided for commercial property loan defaults with property values falling 40-50%
Has a high level of personal loans and credit card loans which will never be repaid

Has worthless paper assets which are valued at fantasy prices with the blessing of the government

Has $ 100’s of trillions of derivatives for which there is no market and with no reserves for losses
Is too big to fail

Will soon require more support

Will need $ trillions and probably tens of trillions to survive which governments will of course print

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