Dear All You Goldbugs;
Gold at $700!!! Hmmmm is now the time to start short selling gold futures???
http://news.moneycentral.msn.com/provider/providerarticle.asp?Feed=OBR&Date=20060509&ID=5706688
Ron Getty
SF Libertarian
Now is not the
time to
shortsell gold.
Corrected to
1980 prices
using my
patented slight
of hand that
prices are at
least 3 x times
highr than they
were in 1980,
you get a price
of about 233 an
ounce. It's a
long way to go
to 800, and this
does not account
for the hugh
groewth in the
worlds economy
and money supply
during that 26
years, nor the
fact that
central banks
have dishorded
most of not all
thier gold in
the ensuing
quarter century.
short gold when
there is a 24
hour a day gold
channel, and
Maria Bartiloma
is renamed the
Gold Girl from
the Money Honey
or when the
chatter on the
street is about
the killings
people made in
that spec gold
mine in
Transylvania.
are any of your
non libertarian
friends in Gold
in any
significant way.
I think that
gold's next
correction
larger than 15
percent will be
once it has
cleared 1500 an
ounce. The
dollar is in
freefall. Very
sad, but it has
been baked in
the cake for a
very long time.
I loaded to the
gills 2 days
ago. Any options
profits over the
next months will
be spent on my
campaign, if
someone will
step up and
volunteer to be
my treasurer.
Take a look at
my website now,
with the help
Steve D and
others it is
shaping.
Suggestions
requested, still
a work in
progress.
www.choosepeacenow.us
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Derek - Are you suggesting that the IMF will bail out
the dollar by dishording its gold? Interesting..
If anything has overhand it's USD - it's lost 7-14%
valuation in the past 30days, depending on how you
calculate it.
I think you need a dose of Mogambo!
(he says in total mogambo scorn(TMS)
http://www.safehaven.com/article-5134.htm
seriously, I'd like to see evidence that the IMF
actually has that amount of gold on the books, and not
leased out - Enron style. Either way, it's a trivial
amount compared to the total US debt obligation that
has built up...and obviously uncovered. ($20-44T)
cheers,
d.
--- Derek Jensen <derekj72@...> wrote:
One hundred
million ozs is
worth about 70
billion today,
about 6 weeks of
us trade
deficit, about 6
weeks of us
government debt,
and about 3
weeks of current
account deficit.
compared to
china's dollar
reserves over
1000bil, not to
mention the rest
of the world,
all of the above
low balled from
my memory.
Daryl, you like
almost every
american is
afraid to see
and now feel the
freight train
that is running
over us right
now...here is a
great post from
one of my
private boards.
..
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From:
"spacerkev"
<kevinmckern@...
2006 3:18 pm
The
"Unthinkable" In
Action
spacerkev
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On December 21,
2005, not much
more than
four months ago,
spot future
Gold was closing
under $US 500.
On April 13,
2006, a mere
THREE WEEKS
ago, spot future
Gold was closing
under $US
600. Now, on May
5, 2006,
Gold is 84.3% of
the way to $US
700. Two
points need to
be made about
this HUGE
acceleration of
Gold's upside
velocity. The
minor point is
that it is so
big, and has
come on so
rapidly.
The MAJOR point
is
that the paper
markets are
doing their
level
best to act as
if it has
not taken place
at all.
The great German
man of
Enlightenment,
Friedrich
Schiller, has
been
quoted as
saying: "Against
stupidity the
gods
themselves
contend in
vain.". Schiller
in his era was
witness to his
fare share of
it, as
are we in our
age. But what we
are contending
against, and
what
Schiller was so
nobly contending
against, is
not stupidity,
it is
wilful
ignorance.
In itself,
ignorance is not
a vice.
Ignorance is
simply a lack of
knowledge. In
that context, we
are all
"ignorant" in
that there are
vast swathes of
human knowledge
which we
know nothing or
next to
nothing about.
An honest man or
woman is
one who freely
acknowledges
ignorance and,
should he or she
deem it
necessary,
strives to
replace
it with
knowledge. In
this context,
the
"unknowable" is
instantly
dismissed from
the realm of
reason as an
insolent
contradiction in
terms. If one
can't "know"
something, why
bother wasting
any time
thinking about
it?
That leaves the
"unthinkable".
How many
times have you
heard the word
bandied about
unashamedly in
public? How
often is a
policy, most
often a proper,
workable and
correct policy,
summarily
dismissed
because to
implement it
would be
"politically
unthinkable"?
When you
hear something
being deemed
unthinkable,
you may know
that the person
using the word
does not want to
think about it,
and doesn't want
you
to think about
it either. There
is a vast gulf
between a lack
of
knowledge and a
refusal to know.
Simple
ignorance is
inconsequential.
WILFUL ignorance
is always
debilitating and
frequently
deadly.
In all our years
of watching
politics and
markets and
reading about
events which
took place long
before we were
born, we have
seldom if
ever seen such a
dose of wilful
ignorance as
we are
witnessing
today.
And while it is
unedifying
enough to watch
the
political and
economic
debauchery
practiced by the
Bush
Administration
and their
"allies" in
the UK and
Australian
governments, it
is truly
nauseating to
watch
the antics of
their sycophants
in the media
and in
"academe".
Nobody
wants to
identify the
nature of the
mess they
have gotten
themselves
into. And nobody
wants to do
anything to give
anyone else
grounds for
taking up the
task they have
shirked. We are
"governed" and
"led" by
the three
monkeys, with
eyes, ears and
mouths firmly
sealed.
If the situation
were not so
tragic it would
be
truly comical.
The
comedy lies in
the fact that
these people
expect to be
taken
seriously. The
far vaster
tragedy is that
too
many DO take
them
seriously. Most
people have
neither the time
nor the
inclination to
become truly
knowledgeable
about
fundamental
political and
economic
principles. We
live in a world
of
specialisation
and in such a
world,
it is a lifetime
task to master
ANY single field
of human
knowledge.
An "expert"
worthy of the
name has spent a
lifetime gaining
knowledge
and honing the
skills necessary
to make the
fullest and most
skilful
use of that
knowledge. Such
a person
naturally
expects that his
or
her peers in
other fields,
areas where they
themselves
are "ignorant",
have done
likewise.
Abe Lincoln said
that you can't
fool all of the
people all of
the
time. He knew he
was right,
having tried it.
But what modern
politicians,
media barons,
journalists,
propaganda
artists and so
called
"educators" know
is that you
don't have
to fool all of
them.
You just have to
fool enough of
them. Actually,
you don't even
have
to "fool" them.
All you have to
do is to create
a set of
circumstances in
which their
future well
being
as they see it
is
dependent upon
them going along
with what
you want of
them.
At that point,
it becomes
"unthinkable" to
challenge the
direction
they are taking
a town or a
state or a
nation or
a continent. At
that
point the vast
majority of
people see
themselves as
having no choice
but to fall back
on the old:
"They must know
what they're
doing,
they're the
experts."
In Nazi Germany
in the mid
1930s, Germans
were free to
leave at any
time. They did,
in their
millions, all
year round.
In winter, they
went skiing in
Switzerland. In
spring, they did
tours of the
ancient
churches of the
British Isles.
In summer and
well into the
autumn,
they basked on
Italian and
Greek beaches.
And then, when
their
holiday was
over, they all
trooped back to
Germany of their
own free
will. To imagine
that they were
returning to a
police state
which had
become a tyranny
was
"unthinkable".
To
imagine that
they and/or
their
children were
about to be
sacrificed by
the
million to the
ambitions
of one man was
"unthinkable".
To imagine
that their
nation was
rushing headlong
towards a war
was
"unthinkable".
It was not
stupidity or
ignorance, it
was a refusal to
know.
In the West
today, everyone
is free to live
within their
means, to
refrain from
getting into
debt and to
protect
themselves from
the
ravages of paper
money by owning
Gold and
Silver and
wealth in the
form of REAL
economic goods.
Some of them,
but not nearly
enough -
yet - are doing
just that. But
the vast
majority
have not left
the
system in any
way, shape or
form and have no
intention of
doing so.
To imagine that
the money they
depend on will
inevitably crash
in
purchasing power
is
"unthinkable".
To imagine
that their
system
has "mortgaged"
their children's
futures for
the next five
generations is
"unthinkable".
To imagine that
the markets they
cling
to could come
crashing down
about their ears
is
"unthinkable".
It is
not stupidity or
ignorance, it is
a refusal to
know.
There have been
many eras of
history when
men could get
away with a
refusal to know
for an entire
lifetime and not
have to pay for
it,
except for the
fact that they
cheated
themselves of
the lives they
could have had.
Those who paid
for it were
their children
or
grandchildren.
We are not
living in one of
those eras
today, any more
than the Germans
of the mid-1930s
were. The
political
consequences
MAY not be as
bad, but the
economic and
financial
consequences
will
be magnitudes
worse.
It took Gold
nearly four
YEARS to rise
from $
US 300 to $US
500. It
has taken it
less than five
MONTHS to rise
from $US 500 to
(almost)
$US 700. The US
Dollar is
crumbing nearly
as
fast as it is
losing its
reserve currency
status. The
political
cohesion
of the world is
fracturing to
the point where
President Bush
is
now calling the
period since 9/
11 "World War
III".
While this is
going on, Wall
Street is
hanging
on to their
sense of
complacency with
teeth-grinding
tenacity. The
Dow is now one
good
day's rise below
the highs it set
almost six
and a half years
ago,
ignoring the
fact that in
"purchasing
power"
terms, the
equivalent of
a level of 11723
in January 2000
would be
about 14,000
today.
Financial
"experts" are
falling all over
themselves to
predict
a "pause" in the
Fed's rate
rising regime,
ignoring the
fact that the
Dollar is
crumbling. Any
talk that there
might
be ANY cloud on
the
horizon is not
only not talked
about, it is
deemed
"unthinkable".
The problem with
the
"unthinkable" is
that the
more insistent
those
in control
become about NOT
thinking about
it
the closer it is
to
becoming
reality. Once
that happens,
it's too
late to think,
one has
to act, and
action without
thought can lead
only to chaos.
The current
"system", in
both its
political and
economic/
financial
aspects, has
been twisted 180
degrees from
its proper
foundations. It
is utterly
unsustainable.
When government
is
carried out
without
consent and
exchange is
carried out
without a
valid money, the
system
is doomed. While
the date of the
demise of
representative
government
in the US is
debatable, the
demise of valid
money is not. It
happened
on August 15,
1971. The time
for getting by
without thinking
about
THAT is almost
over
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