- I warned about this short squeeze earlier in the post on the JP Morgan silver manipulation investigation. Looks like the gold-silver cartel snakes are being fried. Yesterday’s 4.5% upward move in silver and 2.3% move in gold is but the beginning. Expect more violent jumps towards target US$29.50 for silver. Gold looks like a steady train to US$1500 – 1650/ounce. Kudos to Mr Gold Jim Sinclair. Can’t live without you brother! Stewart Thomson, the other maestro I acknowledge my unworthiness to, is always a must read:
1. Michael Crook from Barclays Wealth (Transfer) Management says he knows gold is going to $800. That’s an interesting name he has, “Mr. Crook”. The Crook argues that after all the liquidity has been extracted from the system, the fair price for gold is $800.
2. That’s like saying that as 100 nuclear bombers fly towards their targeted cities, “after all the radiation is gone I expect the cities to do well, that’s my prediction”.
3. Sorry Mr. Crook, but here’s my message to you: quantitative easing is not ending, liquidity is not being extracted. QE is being ramped up, and exponentially. The Crook apparently is based in England, which in my view is the leading candidate to take centre stage next, in the great global govt paper money crisis. I hope he’s prepared, because if the pound takes the kind of beating against gold that I think it can, I would suggest that the Crook might want to consider leaving town, before a lynch mob of enraged clients, clutching nothing but burning toilet paper money, come looking for him. Bottom Line:
4. The Gold Punisher is on the warpath. Are You Prepared?
5. I’ve spoken repeatedly about being equally prepared to handle yourself at gold $700 and $1400 pricing. We’re closer to the latter now. What if Mr. Crook and the rest of the wealth transfer agents turn out of be correct in their gold price “prediction”? The answer is that you want to be a buyer of gold at $1100, $1000, $900, $800, $700, $600, $500, $400, $300, $200, $100, and $1. Whether price actually goes to any of those prices, we can’t know. All we can do is hold the cash necessarily to be able to act if we are lucky enough to see lower prices.
6. The Crookster, and other annoying gold bear flies, will always be buzzing around your bullion. They operate on fear-mongering. The banksters operate these fly-puppets to create mindsets of fear, and they are phenomenally successful at the game. “What if ABC happens, you could be wiped out, sell everything now!” is always the bottom line of their “analysis”. There are never any tactics to actually buy into their targeted lower prices, just a “sell now before it’s too late!” rant chant.
7. Take out a piece of your gold bullion and take a hard look at it. Does it look any different since the Crook made his statement? No. Bullion is bullion. Flies are flies.
11. The short term Stochastics on the weekly gold chart is severely overbought, but that’s normal action not only during a big surge, but leading up to it. David Morgan has noted that metals can gain 90% of their total price appreciation in the last 10% in time in a bull market. That’s true, and it applies to intermediate trends as well. Gold could “supersprout” towards 1400 before any intermediate decline occurs.
12. The other major oscillators on the weekly chart are all on buy signals. Will gold blast thru 1225? The answer is of course yes it will, and perhaps today, sending the gold bear flies back to the closet to bury their latest failed predictions, and start with a fresh set of new top calls. Some of these gold bear fruitloops actually represent metals dealers, and seem to get off on terrifying their own customers, rather than thanking them for their business. Don’t bite the hand that feeds, or it may come back to haunt you, like a firestorm.
24. Subscriber GoldLion, who is the greatest gold juniors trader in the gold community and the world, and recently laid out an upside Gold Gridline to $1400, routinely books 100 wins a week in gold juniors stocks using my pyramid generator. He has committed to a monster silver buy program into $14, which he completed, and has been extending his sell points, eyeing an incredible $33 an ounce for this coming intermediate move. Silver is not a replacement for gold. You don’t need much, but you have something in silver, here and now, that you don’t have with gold and that is: The Silver Gridline. The high for silver in 1980 was $52.50 by some counts, $54 an ounce using the highest point reached on the futures contracts. With Gold, we’re in new high territory, and gridlines are theoretical, not historical, except for the inflation-adjust chart, which does have value. With silver, you have historical actual silver horizontal support and resistance gridlines, an HSR roadmap if you will, all the way to basically $50 an ounce!
- The simple fact is: you cannot borrow and spend your way out of bankruptcy. Solving a debt problem with more debts is just pouring kerosene on fire. No bank will lend you money when you are insolvent. Yet these snakes are promoting the idea that Greece is saved with this bailout. The agenda is a supra national world government. A greatly strengthened EU parliament is the intermediate aim to One World Government. This bailout is really for banksters and their politician puppets. The Illuminist cabal are pulling the strings, selling propaganda via the MSM. It is all smoke and mirror.
- The Euro rallied on Monday initially to 1.3x to the USD before giving up its gains. On Tuesday, the Euro failed to hold on to the 1.27 support. The market is signalling that the Euro will collapse inevitably. A worldwide monetary crisis is brewing. I am no longer confident that it will explode in 2011. By Q4 2010, is probably more realistic.
- Gold busted the previous all time high. It is signalling calamity ahead. People are abandoning fiat currencies for gold. Silver rocketed 4.5% . The resistance neckline at US$19.00 is convincingly breached. The massive reverse Head and Shoulder pattern, a massive volcanic caldera, points to a price target around US$29.xx. Expect silver to go ballistic in the next few weeks!
Bankers Destroy Global Economy by Design to Consolidate Power
New transfers of wealth from middle class go directly to French and German banks. American taxpayers have been freshly liberated of hundreds of billions more dollars as part of the IMF’s new bailout package which is principally going straight to European banks, in addition to the Federal Reserve program to ship U.S. dollars to Europe, in a move that represents little more than a desperate effort to save the Euro and rescue the credibility of economic global governance.
“The Federal Reserve late Sunday opened a program to ship U.S. dollars to Europe in a move to head off a broader financial crisis on the continent,” reports the Associated Press. “The Fed’s action reopens a program put in place during the 2008 global financial crisis under which dollars are shipped overseas through the foreign central banks. In turn, these central banks can lend the dollars out to banks in their home countries that are in need of dollar funding to prevent the European crisis from spreading further.”
As we reported last time this program was enacted, the Federal Reserve refused to say which foreign banks had received an estimated half a trillion dollars in credit swaps. The program is unconstitutional under Article 1 of the U.S. Constitution which states, “No money shall be drawn from the treasury, but in consequence of appropriations made by law.” In addition to the credit swap program being re-enacted, the IMF portion of a separate European bailout package amounts to around $287 billion dollars. Since American taxpayers represent around 20 per cent of IMF funding, they will fork out something in the region of $57 billion dollars which which primarily go straight to French and German banks, not to mention the billions more in transfers of wealth that will occur through the Fed’s credit swap program.
“Politicians everywhere applaud this most recent rape of America’s working class, even as communism is now the global ideology,” writes Tyler Durden. “Who needs TheOnion.com when reality is now 10 times more surreal. And the direct recipients of taxpayer generosity: SocGen, AXA, Dexia, CA and all other French and German banks, which right now are all up ~20%.”
But it’s not just American taxpayers who have been looted to save the crumbling facade of the Euro single currency. British taxpayers will be forced to underwrite an estimated £10 billion pounds of the bailout as part of the IMF package.
And all for what? The two primary reasons for the bailout are to rescue ailing confidence in the globalist Euro single currency, which was forced upon European citizens against their will when it was introduced, and to prop up the casino stock markets. Neither of these justifications provide any benefit for the average citizen or the middle class, and yet we are the ones paying for it with our depreciated savings, our evaporating pension funds and our crumbling infrastructure and public services, which are all being forgotten in pursuit of one massive banker bailout after another.
Credibility in the agenda to impose global economic governance run by the Nazi-founded Bank for International Settlements rests in upholding confidence in the Euro. If the Euro collapses and ceases to exist, which many financial experts are now seriously predicting, then the entire raison d’être for centralized economic planning in pursuit of global governance will be completely discredited. The globalists must save the Euro in order to legitimize future plans for a North American Union single currency which will replace the dollar.
When the dollar sank to alarming lows against other global currencies little over two years ago, we saw none of the same concern or hand-wringing on behalf of the elite as we are seeing for the Euro. That’s because the survival of the dollar is not part of their framework of global economic governance. For all the elite cares, the dollar can crash and burn but rescuing the Euro from the same fate is imperative.
Indeed, it appears as if the chaos in Greece is being deliberately provoked and hyped in order to justify the continued re-alignment and centralization of the entire financial system into fewer globalist hands.