April 18, 2021 

Gold Enters Major Bull Market


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 By bluejay

01/23/2009  12:25PM

Last on gold is $895.70.

Today is a great up day in gold that begs respect. I say this for a good reason: the powers to be who run our fiat paper system are most probably either using paper instruments to hold today's strength in check or are devising another plan for a renewed attack on the metal.

You see, we have two very strong forces at work in today'a gold market: one is a force that doesn't want their fiat money system questioned ever by a rising gold price and the other one would be folks that want to protect their wealth from the destruction by a fiat money system.

The trials of a strong upward bias in gold since Gordon Brown made the collossal "mistake of his life" in selling most of England's gold at the bottom under $300, has turned into a real tug of war.

I want to take this time, again, to mention that it has been said that Gordon was accommodating Goldman Sachs' chief, Henry Paulson, so his firm could cover their gold shorts for a substantial profit. Who knows what went on between Paulson and Goldman when he was Treasurer? One just has to search YouTube under Max Keiser to find out his opinion concerning Paulson, it couldn't be worse for what he has done to the American people according to Max who works out of Paris.

The gold market and their shares as a result of this ongoing war have become extreme and difficult to pinpoint with analysis in projecting important highs and lows.

Even my extrapolations within this forum hasn't been perfect. I remember back on October 17th that I called a bottom on the gold shares when the Philadelphia Gold and Silver Index(XAU) was about at 90. Ten days later the bottom was put in at 63.52.

The extreme created by the cartel carried the Index lower(along with gold down to $700) about another 30 points. This was a vicious attempt to scare the public out of their shares, for once and all. The decline from about 220 on the Index was the biggest engineered panic drop since the Index was first created. The cartel means business and those who go against them without a stomach to endure their criminal temporary manipulation may fall victim as a sad consequence.

I remember the days following my prediction I felt terrible as the stocks I recommended fell like someone had pushed them off a cliff.

The three were Agnico-Eagle at 35.92, GoldCorp at 20.04 and Royal Gold at 30.44. They were all seriously effected with the continuing lower prices for the following 10 days. Fortunately, with the XAU turning around from its historical low things has wonderfully improved with the last sales on the three as follows: Agnico Eagle at 56.13, GoldCorp at 28.87 and Royal Gold at 47.54.

The key to successfully protecting your wealth is to buy right when events are orchestrated to freighten you and hold tight.

So with gold shinning brightly today, expect the capal to rattle your nerves with some concocted maneuvers, possibly, in the near future, again. The key will ALWAYS be, don't fall for their tricks.
 By bluejay

01/23/2009  10:49AM

Gold $895.10 up 38.70
Silver $11.93 up 0.54
Gold/XAU Ratio 7.09
Gold/Silver Ratio 75.03

Gold today is knocking at the $900 door. Gold in all currencies of the world is in a bull market and rising.

Some charts depicting part of this major event are available for review at jsmineset.com under the topic heading, "Trader Dan Comments On Gold's Action In Other Major Currencies."
 By bluejay

01/22/2009  1:23PM

Last on gold is $855.30.

Bad omens coming from DC towards China.

The Treasury Department is attacking China. Does this make sense concerning they are our largest creditor?

Hank Paulson prior to leaving his Treasury post told China that because of their high savings rate that they are responsible for the world's financial turmoil. Recently, the designee Secretary of the Treasury, Tim Geithner, said that China is manipulating their currency. Nothing like calling the kettle black, Tim.

These attacks are probably out of disdane for China telling the US that they should be doing better job in cleaning up their financial house. Being more specific, China might be wondering why the banks are hanging on to all the TARP money in buying Treasurys instead of injecting it back into the economy.

So our arrogant posture is just to slap China in the face? The Treasury does temporarily have China over a barrel just alone with their massive holdings of US debt. Meaning, they can't get out fast without devaluing what remains unsold. So China for the moment, may still have to play the waiting game as they trickle out of the dollar and in the process have to listen to insults from their big US debtor.

I'm getting the gut feeling that Geithner, if he becomes the head of the Treasury, will be just like another "Paulson." If this proves to be true, Heaven Help Us All.
 By bluejay

01/22/2009  10:22AM

Last on gold is $856.50.

Below is provided a link to another educational article concerning you and your money by Darryl Schoon.

 By bluejay

01/21/2009  2:39PM

Last on gold is $853.20.

The following article is a must read:

Robert Kiyosaki Why the Rich Get Richer

How the Financial Crisis Was Built Into the System
by Robert Kiyosaki

Posted on Monday, November 24, 2008, 12:00AM

How did we get into the current financial mess? Great question.

Turmoil in the Making

In 1910, seven men held a secret meeting on Jekyll Island off the coast of Georgia. It's estimated that those seven men represented one-sixth of the world's wealth. Six were Americans representing J.P. Morgan, John D. Rockefeller, and the U.S. government. One was a European representing the Rothschilds and Warburgs.

In 1913, the U.S. Federal Reserve Bank was created as a direct result of that secret meeting. Interestingly, the U.S. Federal Reserve Bank isn't federal, there are no reserves, and it's not a bank. Those seven men, some American and some European, created this new entity, commonly referred to as the Fed, to take control of the banking system and the money supply of the United States.

In 1944, a meeting in Bretton Woods, N.H., led to the creation of the International Monetary Fund and the World Bank. While the stated purposes for the two new organizations initially sounded admirable, the IMF and the World Bank were created to do to the world what the Federal Reserve Bank does to the United States.

In 1971, President Richard Nixon signed an executive order declaring that the United States no longer had to redeem its paper dollars for gold. With that, the first phase of the takeover of the world banking system and money supply was complete.

In 2008, the world is in economic turmoil. The rich are getting richer, but most people are becoming poorer. Much of this turmoil is directly related to those meetings that took place decades ago. In other words, much of this turmoil is by design.

Power and Domination

Some people say these events are part of a grand conspiracy, and that might well be. Some people say they represent the struggle between capitalists, communists and socialists, and that might be, too.

I personally don't participate in the debate over a possible global conspiracy; it's a waste of time. To me, the wider struggle is for power and domination. And while this struggle has done a lot of good and a lot of bad I just want to know how to avoid becoming its victim. I see no reason to be a mouse trying to stop a herd of elephants from fighting.

Currently, many people are suffering due to high oil price, the slowdown in the economy, loss of jobs, declines in home values, increased bankruptcies and businesses closings, savings being wiped out, the plummeting stock market, and rising inflation. These realities are all direct results of this financial power struggle, and millions of people are its victims today.

An Extreme Example

I was in South Africa in July of this year. During my television and radio interviews there, I was often asked my opinion on the world economy. Speaking bluntly, I said that South Africans had a better opportunity of comprehending the global turmoil because they're neighbors to Zimbabwe, a country run by Robert Mugabe.

In my interviews, I said, "What Mugabe has done to Zimbabwe, the Federal Reserve Bank and the IMF are doing to the world." Obviously, my statements disturbed many of the journalists. I did my best to comfort them and assure them I was not an anarchist. I explained, as best I could, that Zimbabwe was an extreme example of an out of control power struggle.

After they were assured I was only using Zimbabwe to illustrate my point, I said, "If you want to understand the world economy, take a refugee from Zimbabwe to lunch." I advised them to ask the refugee these questions:

1. How fast did the economy turn?

2. When did you know that you were in financial trouble?

3. When did you finally decide to leave Zimbabwe?

4. If you could do things differently, what would you have done?

Three Approaches to a Crumbling Economy

I spoke to three young couples from Zimbabwe while I was in South Africa. Two couples were recent refugees now living in South Africa, and one couple still lives in Zimbabwe. All three couples had interesting stories to tell.

One couple said that they would have quit their jobs earlier. Instead, they hung on, hoping the economy would change. Then, virtually overnight, the value of the Zimbabwean dollar dropped and inflation went through the roof. Even though they received pay raises, the couple couldn't survive and soon depleted their savings. They left Zimbabwe by car with almost nothing. If they could've done something differently, they told me, they would have started a business in Zimbabwe and began exporting products to South Africa, so that they would have had South African currency and a bank account there before they fled.

The second couple that fled the country said they saved money and paid off their house and other debts even as the Zimbabwean dollar fell in value. Looking back, they say they would've saved nothing and gotten deeply in debt in Zimbabwe, allowing them to pay off their debt with the cheaper dollars. Instead, they fled after they lost their jobs, leaving behind their house and owning $200,000 in nearly worthless Zimbabwean dollars.

The third couple still lives in Zimbabwe. When they saw the writing on the wall, they set up a business in South Africa and, with the profits, began acquiring tangible assets in Zimbabwe. Often, they'll buy an asset in Zimbabwe and pay the seller in South African currency. They believe that once Mugabe is gone and order is restored, they'll be in a strong financial position.

Many Problems, Few Solutions

There are three major problems with the events of 1913, 1944, and 1971. The first is that the Fed, the World Bank, and the IMF are allowed to create money out of nothing. This is the primary cause of global inflation. Global inflation devalues our work and our savings by raising the prices of necessities.

For example, when gas prices soared, many people said that the price of oil was going up. In reality, the main cause of the high price of oil is the decreasing value of the dollar. The Fed, the World Bank, and the IMF, like Zimbabwe, are mass-producing funny money, thereby increasing prices and devaluing our quality of life.

The second problem is that our economic crises are getting bigger. In the 1970s, the Fed faced and solved million-dollar crises. In the 1980s, it was billion-dollar crises. Today, we have trillion-dollar crises. Unfortunately, these bigger crises mean more funny money entering the system.

Apocalypse Soon

The third problem is that in 1913, the Fed only protected the large commercial banks such as Bank of America. After 1944, the Fed, the World Bank, and the IMF began bailing out Third World nations such as Tanzania and Mexico. Then, in 2008, the Fed began bailing out investment banks such as Bear Sterns, and its role in the Fannie Mae and Freddie Mac debacle is well known. By 2020, the biggest of bailout of all will probably occur: Social Security and Medicare, which will cost at least a $100 trillion.

Even if we find more oil and produce more food, prices will continue to rise because the value of the dollar will continue to decline. The dollar has lost over 90 percent of its value since the Fed was created. The U.S. dollar will continue to decline because of those seven men on Jekyll Island in 1910.

Granted, the funny-money system has done a lot of good it has improved the world and made a lot of people rich. But it's also done a lot of bad. I believe somewhere between today and 2020, the system will break. We're on the eve of financial destruction, and that's why it's in gold I trust. I'd rather be a victor than a victim.
 By bluejay

01/20/2009  12:22PM

Gold $853.00 up $11.10
US Dollar 86.37 up 1.34

The gold price is currently taking a rest from today's highs as the dollar continues to trade higher. It remains to be seen if the dollar can hold ground above its recent reaction high in the 86 area.

In this morning's entry attention concerning the action of the British Pound failed to be mentioned.

In the US Dollar Index, the pound comprises a 11.9% weighing. Part of the dollar's nine week old rally can be attributed directly to a consistently declining pound over the same period.

The pound during the time span has collapsed from 2.00 to about 1.40, a 30% drop. Today, the currency is below 1.40 at 1.3932, or 3.33% lower. Things are not good in England.

The Bank of Scotland earlier today reported the largest loss in British corporate history while things grew worse in the market as Lloyd's Bank Group traded lower by about 50% on the session. The government's rescue plan today for the economy and the banks apparently was not well received.
 By bluejay

01/20/2009  8:08AM

Gold $858.60 up $16.20
Silver $11.31 up $ 0.09
Gold/Xau Ratio 7.57
Gold/Silver Ratio 75.92
US Dollar 86.09 up 1.06
Crude Oil 35.50 off $ 0.01

On presidential inauguration day gold is pushing higher following weakness in Asian markets. Gold declined all the way down to $822.70 and currently, is just under its day's high of $860.90. In the process the metal has pushed back over a key area on the chart at $840 following weakness from this level that was identified some days ago as being temporary. During gold's weakness it hit $800.

The dollar is strong along with a higher gold price which is unusual as of late. It is clear gold is becoming the currency of choice as all other currences appear to coming suspect. The Euro is below 1.30 and is searching for some ground of support near 1.26 or above. Not mentioned lately is the fact that the Mexican Peso against the dollar has collapsed in the past weeks from the .10 level to just above the .07 area today.

Mexico's inflation rate is well over 6% and rising and the slowing down of our economy doesn't help it as 80% of her exports go to the US. For Mexicans workers in this country it's turned into a bonanza as flipping back to their pesos from dollars hasn't been this advantageous for them since January of 1999 when they received 14 pesos for each exchanged dollar. Today, the last on the peso is .0717. Big currency swings will continue in these markets until such time that all currencies are reconnected to gold in some manner or another.

Go gold!
 By bluejay

01/19/2009  5:47PM

Last on gold tonight is $831.20, off about $10 from Friday's close.

U.S. Treasury Fraud
(Thanks a lot Hank)

posted on Jan 19, 09 08:03PM
Wow, it is bad enough that the U.S. Treasury Dept. allowed fraud to occur on their watch but it is a much more serious issue if they were the ones responsible for orchestrating the fraud. We will see if Obama considers this a serious issue or will he just bury it with the other government frauds? But then again we probably already know the answer as we just have to consider that the bureau of the Internal Revenue Service will soon have a new Secretary of the U.S. Treasury to report to - tax evader Tim Geithner.

Same circus only new clowns - VHF(from Agoracom.com, Canada)

Government Regulators Aided IndyMac Cover-Up, Maybe Others

Darrel Dochow May Not Be the Only Official Who Helped Banks Hide Financial Problems

ABC News
Jan. 16, 2009

A brewing fraud scandal at the Treasury Department may be worse than officials originally thought.

Investigators probing how Treasury regulators allowed a bank to falsify financial records hiding its ill health have found at least three other instances of similar apparent fraud, sources tell ABC News.

In at least one instance, investigators say, banking regulators actually approached the bank with the suggestion of falsifying deposit dates to satisfy banking rules -- even if it disguised the bank's health to the public.

Treasury Department Inspector General Eric Thorson announced in November his office would probe how a Savings and Loan overseer allowed the IndyMac bank to essentially cook its books, making it appear in government filings that the bank had more deposits than it really did. But Thorson's aides now say IndyMac wasn't the only institution to get such cozy assistance from the official who should have been the cop on the beat.

The federal government took over IndyMac in July, after the bank's stock price plummeted to just pennies a share when it was revealed the bank had financial troubles due to defaulted mortgages and subprime loans, costing taxpayers over $9 billion.

Darrel Dochow, the West Coast regional director at the Office of Thrift Supervision who allowed IndyMac to backdate its deposits, has been removed from his position but he remains on the government payroll while the Inspector General's Office investigates the allegations against him. Investigators say Dochow, who reportedly earns $230,000 a year, allowed IndyMac to register an $18 million capital injection it received in May in a report describing the bank's financial condition in the end of March.

"They [IndyMac] were able to maintain their well-capitalized threshold and continue to use broker deposits to make loans," said Marla Freedman, an assistant Inspector General at Treasury. "Basically, while the institution was having financial difficulty, it kept the public from knowing earlier than it otherwise should have or would have."

Critics Point to Cozy Relationship Between Banks and Regulators

In order to backdate the filings, IndyMac sought and received permission from Dochow, according to Freedman.

"That struck us as very unusual," said Freedman. "Typically transactions are to be recorded in the period in which they occur, not afterwards. So it was very unusual."

One former regulator says Dochow's actions illustrate the cozy relationship between banks and government regulators.

"He did nothing to protect taxpayers in losses," former federal bank regulator William Black told ABC News. "Instead of correcting it [Dochow] made it worse by increasing the accounting fraud."

Meanwhile, IndyMac customers who lost their savings are demanding answers and are further infuriated after learning Dochow was also the regulator in 1989 who oversaw the failed Lincoln Savings and Loan, a scandal that sent its CEO Charles Keating to prison.

"He's the person that claimed that he looked into Charles Keating's eyes and knew that Charles Keating was a good guy and therefore ignored all of the professional staff that told him that Keating was a fraud, and he produced the worst failure of the Savings and Loan Crisis at $3.4 billion. Now he's managed more than triple that," said Black, now an economics professor at the University of Missouri in Kansas City, Missouri.

Following the Lincoln scandal, Dochow was demoted and placed into a relatively obscure office, but later, inexplicably was brought back into the Office of Thrift Supervision.

Dochow declined to answer questions from ABC News.

IndyMac Customers Furious

After Ronnie Lopez was killed in Iraq, his mother Elaine invested the life insurance proceeds at IndyMac. She lost $37,000 of it.

"I was hysterical," she told ABC News. "I literally thought I was going to kill myself that day, because I felt so bad that I had let him down. I remember going to his grave and telling him "don't worry, I'm going to get that money back', and I feel like he was saying 'hey mom, don't let them take that. I did the ultimate for that'."

A group of angry investors has started a website, demanding answers on the extent of Dochow's actions.

"It's just the strife and anger," said IndyMac customer Lisa Marshall. "That this Dochow person is still employed, it's unbelievable, it's shocking."

While Dochow could end up losing his job, neither he nor his colleagues are expected to go to prison.

"This is criminal with the small 'c'," said Black. "No one within the regulatory ranks may go to jail, but they have done the worst possible disservice to the taxpayers of America."
 By bluejay

01/19/2009  5:31PM

Michael Adams presents his new song on YouTube, "I want My Bailout Money" from his recent album, Beyond All Reason.

 By bluejay

01/17/2009  12:44PM

The Bank of America is robbing the American people and deserves nothing following their extremly questionable(stupid??) acquisition of Merril Lynch. Still, they continue to present their begging bowls for more free lunches at our expense.

Merrill Lynch was purchased by the bank for $19.4 billion. Now, the bank is saying that they understimated their potential exposure to Merrill's toxic paper(OTC derivatives).

If I remember correctly, Mr. Jim Sinclair from http://www.jsmineset.com stated some months back that Merrill Lynch was basically worth ZERO considering their OTC derivatives exposure. The Bank of America and their "ship of fools" deserves nothing more based on their inability to perform elementary due diligence.

I just recently read that the bank's potential exposure to Merrill's toxic waste is between $100 and $200 billion. How is this the responsibility of the American public?

Everyone should write their representatives in Washington immediately if you care about our financial future, protesting giving the fools from Bank of America another penny. Enough is Enough.
 By Hans Kummerow

01/15/2009  11:50PM

So Bank of America will be getting 20 billion $ in cash and 118 billion $ in garanties from the taxpayer.

I wonder, whether the incoming new president will present some kind of an OFOB ("Obama Fed Opening Balance"). Rather than fight in the courts about not disclosing figures to the public.

But he has got smart staffers. They are probably already adding up the numbers und we will soon be hearing more on that subject in his inaugural speech.
 By bluejay

01/14/2009  12:56PM

Last on gold is $811.30 with another day of paper smashing prices on the Crimex. The following article is a good enough reason why gold should be higher today, not lower. But oh no, Paulson just has to make a quick call to J.P. Morgan and down come gold prices. Paulson is a big bad gold bear.

By the time it's over, Paulson and his gang will have sucked more money out of this country than anyone could have ever possibly imagined.

Both the Fed and the Treasury seem to not want to be held accountable. Sounds like Nixon's attitude when he thought he could keep his unlawful activities from us by pushing the erase buttom on the White House tape recording system.

Fox Business sues Fed for information on bailouts
Mon Jan 12, 2009 3:24pm ES

WASHINGTON, Jan 12 (Reuters) - News channel Fox Business Network sued the U.S. Federal Reserve on Monday, saying that the government has failed to release details on financial companies receiving federal funds.

Fox said it made an initial request on Nov. 10 last year under the Freedom of Information Act. The network asked for the identification of the financial institutions receiving funds and details on the collateral provided by these firms between August 2007 and November 2008.

The network made a second request on Nov. 18, asking for more information on financial firms that received lending from Fed programs. It also asked for the amount of collateral held by the Fed as of Nov. 14.

A Fed spokeswoman did not have a comment on the lawsuit.

The Fed has been a critical player in financial rescue packages for companies such as American International Group Inc (AIG.N) and Citigroup Inc (C.N). It has also opened up its discount window to a wider range of entities in an attempt to provide more liquidity to the financial sector.

The Fed continues to create and fine-tune a number of other programs to support credit availability at a time financial market functioning remains impaired.

"The government has power over possibly trillions of the taxpayers' money and the fact that they are denying requests for enhanced transparency on the distribution of those funds is appalling," said Steven Mintz, legal counsel for Fox Business, in a statement.

Fox filed a similar lawsuit in December against the U.S. Treasury Department for what it called a failure to respond to repeated requests for information on how it has allocated the $700 billion bailout fund. (Reporting by Karey Wutkowski, additional reporting by Robert MacMillan in New York, editing by Gerald E. McCormick)
 By bluejay

01/12/2009  8:20PM

Last on gold is $826.00, up $5.80 from the NY close.

At jsmineset.com tonight CIGA(Comrades in Golden Arms) Alex presented a long term French curve on gold predicting that the 3000's will be reached in the year 2012. Jim agreed with Alex by responding with an emphatic, YES.

Today, the extreme bottom of the formation is located at $735 with the high point being $1100.

By year-end 2009 the extreme low point is $875 with the extreme high point at an exciting $1300. So, the next time the paper's and the cartel make a bunch of noise like today with lower metal prices, just keep in mind these future prices along with the $3000 plus price in 2012.

Don't be faked out of your positions with all the negative chatter and especially, don't let them effect your confidence in buying more on reactions.
 By bluejay

01/12/2009  3:28PM

Gold $820.20 off $33.40
Silver $10.60 off $ 0.65
Gold/XAU Ratio 7.67
Gold/Silver Ratio 77.38
US Dollar 83.11 up 0.38
Crude Oil $37.71 off $ 3.12

Gold continue lower but up from an earlier level at $814.60. Although prices still remain below a neckline support area that was violated earlier at $840, there is trendline chart support at $810 and further support below at the $800 level from the emeging and advancing 50 day moving average line.

Gold's weakness today smells very much like a planned campaign by the cartel. It seemed that probabilities favoring this new attack were solely based on the major gold stocks starting to drag as they appeared running out of gas as they zeroed in on their declining 200 day moving average areas. This may have been enough fuel, aside from the rhetoric of interest rate reductions in Europe, for them to get started on another bear raid.

In concert with fresh selling, most probably connected to major banks, their media resources were again summoned to prey on people's fears.

One significant publication in Canada, The Globe and Mail, printed today a bearish commentary that was put out by Reuters earlier this morning.

Again, there was talk in the article concerning a Thursday meeting with members of the Euro Central Bank to lower rates. This event is assumed to strengthen the US dollar thus putting renewed pressure on gold.

In the Reuter's article entitled, "Gold Hits 1 Month Low On Firmer Dollar, Weak Demand" the writer Anna Stablum collected some negative opinions and injected them to support her thesis that gold is heading south.

Pradeep Unni from Richcomm Global Services says, "Gold could drop substantially in the next couple of months."

Citi's David Thurtell says, "Precious metals, especially gold, should find little support from this front." The front being a 1,100,000 job loss since November and the inferred lessening of demand for petroleum products from the unemployed. J.P. Morgan must have made a killing today on the oil market weakness as they are the "big daddy" bear on the Comex. If J.P. Morgan operates the same way Bear Stearns did in the silver market prior to their implosion then they are trashing the oil price with nothing more than buckets of paper.

The gold cartel, major bankers along with their financial stooges, find it easy to operate in markets as authorities permit them to basically run "bucket shop operations." http://en.wikipedia.org/wiki/Bucket_shop_(stock_market)

These guys will mostly always be successful over the short term left unsupervised, less so over the medium term and sometimes over the longer term but NEVER over much longer term. One just has to accept this much longer term perspective based on history alone.

In reviewing China's monetary history, how many Dynasties tried paper money and failed? All of them, eventually. Two others, the Wiemar experience and the French Revolution events were much shorter lived with both succumbing to the same end results, "gold was the winner." Meaning gold went into the future while the fiat currencies were left behind as stark reminders that fiat currencies have no long term future.

Aside from all governmental efforts supported by large banking interests to suppress gold's influence as a wealth hedging factor, the metal always continued to be a real nuisance for fiat managers as it was the main source of competition for their funny money. A supposed financial monopoly allowed to create money, in their definition, gives them ultimate power and influence to go on a slow and methodical spree to steal the hard earned income of the real workers. They steal or confiscate it from us with their silent and effective weapon, INFLATION.

Threaten this establishment and they will come after you. Right now, today, is just another sad instance of their power to subjucate one of the few weapons left in our financial arsenal to compete with their out of control printing presses.

The last sale on the Philadelphia Gold and Silver Index(XAU) is just over 107 on the chart and is very near big support under the 100 level. This is the converging position of the 2500 and 5000 day moving average lines. Royal Gold and Agnico-Eagle are presently, IMHO, available at reduced recent prices and are favored for purchase over all the rest.
 By bluejay

01/12/2009  5:50AM

Gold $827.40 off $26.30
Silver $10.83 off $ 0.42
Gold/Silver Ratio 76.54
US Dollar 82.74 up 0.01
Crude Oil $39.08 off $1.75

Gold is trading lower at $826.30 in early Comex trading. The $840 level has been breached but it is being only viewed as temporary. The Comex paper bashers continue to squash the price in early trading. To me, this early session selling is business as usual on the Comex.

Weakness in gold is being attributed to the European Central Bank lowering key rates sometime this week.
 By bluejay

01/11/2009  9:38PM

Last on Gold is $850.40.

The following link provides access to Antal Fekete's recent article entitled, "Open The Mint To Gold" from silverseek.com.

 By bluejay

01/09/2009  11:31AM

Gold $860.20 up $3.30
Silver $11.27 up $0.27
Gold/XAU Ratio 7.55
Gold/Silver Ratio 76.33
US Dollar 82.30 up 0.66
Crude Oil 39.80 up 1.90

Gold continues to be in demand each time it approaches the general vicinity of the $840 area. This morning the Comex paper bears took it down early in the morning session, as usual, towards this level but buyers didn't wait for $840 contact as they started pressuring it higher at $845. The continuing premise here is that gold has broken to the upside from an almost year's long declining phase with the $840 area being firm ground for getting its footing firmly entrenched prior to major acceleration, barring significant interference from authorities.

Silver is looking quite interesting lately. The chart is near a perfect replica of the chart basing pattern that preceded the Euro's spike higher from 1.30 to 1.46. That was a quick increase in value of about 12% against the dollar that came close to spelling, "currency crisis."

It appears that smart conservative money may be putting on large spreads in the precious metal's arena by selling gold and buying silver. This event is being signaled on the Gold/Silver Ratio chart as the ratio is beginning to roll-over in favor of silver. Currently, the daily ranges are being confined lower under the 50 day moving average line at 78.15 or so. As the days advance with this suspected lower trending average gaining momentum, the odds favor silver outperforming gold on any and all moves to follow.

Silver is an interesting metal aside from its expected higher prices ahead. Did you know that the available ounces of silver above ground are far less than those of gold's? Currently, there are about 8 times more ounces of gold available than silver.

IMO, aside from certain commodity's potential during the next hyperinflationary period ahead, silver is super cheap. Historically, the average ratio between gold to silver has been about 16 to one. With the current ratio in excess of 77 to 1, one wonders how it got to such heights? One reason is that it is easier to manipulate than gold. Actually it's been higher, about 87.5 on two occasions recently, once in the first part of October and again on the first trading day in December.

Although many analysts commenting on silver, to my mind, fail to address the major underlying reason for low silver prices I like to stay focused on the cause. The root of the problem is central bankers concern over silver's potential to compete and undermine their government's power and influence which is currently supported by the people's acceptance of their manufactured fiat money.

One only has to visit the pages of monetary history to realize that government's from the beginning of time have always forced their will on the people to accept fiat money.

From Wikipedia:

The terms fiat currency and fiat money relate to types of currency or money whose usefulness results not from any intrinsic value or guarantee that it can be converted into gold or another currency, but instead from a government's order (fiat) that it must be accepted as a means of payment.[1] [2]

The governments's efforts to keep silver prices tame have actually created the formula for expected shortages. Keeping silver prices low during an inflationary period equals a big backfire for the price manipulators. In this environment, miners will not mine silver for a loss as this will certainly reduce supplies in international markets which asserts upward pressure on prices.

In conclusion, it's an old game of price suppression of real money, gold and silver, in efforts to prop up the fiat authorities power and influence in sustaining their existence. In the current systemic meltdown, expect more positive changes for them at your expense.

In France from 1789 to 1796 all "hell broke loose" for the people when their government tried one monetary experiment after another in their futile efforts at currency expansion to kick start a failing economy. In the end when all the machinery, plates and and paper that were used in printing the massive amounts of currency(Assignats) had destroyed the working class and the poor which completely wiped them out. Only a few elite in France in the very late 1700's had the foresight to put their wealth into objects of permanent value.

Your financial well being, hopefully, will be enhanced if you choose to educate yourselves on monetary history and to explore avenues that are available now. Protecting your wealth should be your number one priority as we all move forward into the foreboding environment of unprecedented growth in the money supply.
 By Hans Kummerow

01/08/2009  8:01AM

Not a very good day for news over here in Europe.

The stock of Germany's second largest bank (Commerzbank) suffered a 20% loss today after Financial Times has reported that the bank needs 10 billion Euros.

And I have seen one article in a prime business publication, wondering in very clear language, how much more US-Debt the markets will be willing to absorb in 2009.
The base-line reads: "There is no way that the two trillion US-Dollars who will be needed in the very near future, may be sold to the markets at current US-Dollar interest rate levels. So, the Federal Reverve System will have to step in and buy some of the debt. These purchases will be paid for with paper instruments that are equivalent to printing US-Dollar bills"

If that is the way things will go, US-Dollar prices for gold will probably move much higher in 2009. And the US-Dollar will not only be floating against other currencies. It will be kind of swift-boating.
 By bluejay

01/05/2009  5:49PM

last on gold is $853.50.

A personal friend of an Agoracom.com user in Canada reports the following:

"We accumulated 3 emini contracts on Comex for December delivery and we had been given serial numbers and weights last week for the three bars. Today we were informed that Comex, which is now a division of NYSE Liffe, is invoking a rule in which they can deny delivery of individual mini bars(roughly 33 ounces) and issue you only a Warehouse Delivery Receipt(WDR) against your mini-contract unless you have 3 WDR's, and then they'll issue you a 100 oz. bar. Otherwise, if you have only 1 or 2 mini-contracts, you only own a WDR, which you sell by shorting a mini against it. If you own a WDR for a 100 oz., the WDR insurance encourages you to safeguard the gold at the Comex."

Following are some more excerpts from the main communication:

"Our back-office guy at RJ O'Brien told us that he's been doing Comex deliveries for 30 years and he's never seen anything like this, and he's never heard of this NYSE Liffe rule on the mini-contract."

"Out of nowhere, some obscure rule is invoked and is used to override the terms and conditions of the mini-contract that we purchased over a month ago and fully funded for delivery."

"We have witnessed delivery notices issued for close to 50% of the gold supposedly held in the registered category on the Comex during the month of December, and yet the reported Comex inventory of gold as of 1/2/09 shows almost no physical gold leaving the registered category at the Comex."

It is only too clear that the mini-contract on the Comex has absolutely no gold behind it while the 100 oz. contract will have to cease trading if the outflow of gold from the Comex continues at its current demand rate.

TV viewers during the past 6 months or so have been innundated with commercials wanting your old gold jewelry. 85% of annual gold production goes into jewelry.

Is the government hiding the fact there is a major shortage of physical gold, thus hiding it from the public??? Would they be doing this to protect their bullion banks who are short? If any bank is over-extended on the short side it is JP Morgan. It is understood that there are some other big US banks short on gold as well.

It seems the Treasury under the leadership of one of the biggest past gold bears, Hank Paulson, is doing everything in his power to protect all of his banking buddies or other major gold shorts from facing the realities of a fully justified higher priced gold market.

Just look what he did for Bear Stearns when it financially imploded. Bear Stearns at the time was underwater with their extremely large short interest in silver which had no metal at all backing that exposure or funds available in case of future trading losses.

Paulson gave the positions to JP Morgan and guaranteed them against loss with US taxpayer money. JP Morgan probably had a little meeting with some of their banking buddies and put together an organized raid in the silver market and attacked gold at the same time just to make sure silver tanked.

How would you like someone to give you a silver short position guaranteed against loss and then be permitted to make naked short sales in silver or not even having to put up any money for any sales that you effected in overwhelming the marketplace? Well, that's what happened and the US taxpayer who held silver at the time in their investment accounts got nothing from it but the shaft.

Today, Hank's past buddies from Goldman Sachs, in either connected or not connected positions, were given the $12 to $13 billion dollar IndyBank today for $1.3 billion by the FDIC. Conflict of interest here?? You tell me.
 By bluejay

01/05/2009  3:44PM

Last on gold is $854.70.

Flash traffic out of Denver indicates that Comex has defaulted on delivering the 33 ounce gold bars tied to the mini-contract.

/More to follow/

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