Monday, November 26, 2007

Bullshit Reigns Supreme

MUMBAI: A weaker rupee coupled with rising international gold prices have led domestic gold prices to an all-time high of Rs 10,695 on Monday. Gold prices in the global market continued to move up as investors, fearing a credit crisis, stocked up on the yellow metal as a safer resort.

International gold prices hit a two-week high, as concerns over a weakening dollar spurred buying activity. The dollar traded near a record low against the Euro and crude oil prices in New York rose for a second day to above $98 a barrel.

Spot gold prices in London touched $836.70 a troy ounce in day trade, the highest since November 9, when they broke a 28-year record hitting $845. Gold prices are up 30% this year as the dollar has fallen 11% against the Euro and crude prices have soared 61%.

In Asia, the precious metal rose 4.8% last week, the biggest weekly increase since July 2006, as bullion is also seen as an alternative asset and hedge against inflation.

But in New York, where physical Gold is a myth and paper futures contracts are used to rig the price, Bullshit Reigns Supreme. Each Day the US Dollar inches towards another new low, yet the price of Gold is held in check by the hucksters on the NY COMEX. The Dollar was down all day today, the stock market gets whacked by the mushrooming credit crisis, and Gold gives up all it's gains made overnight in Asia? Nobody sold any Gold in America today, just pieces of paper that represent Gold that doesn't even exist. It is criminal, it is disgusting, it is infuriating! But do not despair. Hold tight to your metal and mining shares. Every effort to date to stop the rise in the price of Gold has failed. Inevitably these COMEX Clowns will be destroyed.

Gold support remains at 817. Silver must close above 14.90 to recapture it's mojo. The stage is set. Gold, the Truthsayer, will destroy all that attempt to hide the truth.

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