At 10:00 AM est., Friday, March 14, 2008, spot Gold surpassed $1000 an ounce for the first time. As I type this at 9:25 est, March 16, 2008 Gold is rising, and is at this moment in time 1024.35 an ounce. Silver, content for the moment to stand in Gold's shadow at this milestone, is meandering along at 21.12 per ounce.
To all the naysayers, the Gold Cartel, dem Rat Bastids on the NY COMEX, Larry Kudlow, and the foolish Central Bankers of the Western World I think I speak for all of us, "Kiss my ass!" 1027.85...
1030.65... In my post on February 25, 2008 Looking Past The Moon I suggested the following: It would not be unreasonable to expect Gold to perform in March much the same as it did in January. If this scenario were to come to pass, we would expect Gold to soon break above 950 and move swiftly towards the BIG $1000 station. Gold bugs could be celebrating St Patrick's day wearing Gold instead of Green. And so it has come to pass, $1000 Gold. 1032.05... It would appear that the shorts in Gold have their hands full... lol, their pants may be full as well.
Gold may be looking past the station on the Moon. I hope you all took advantage of the Fed's Folly last week and purchased your boarding passes. This could be a long ride. Even at 1032, adjusted for inflation Gold is LESS than one half of it's true value. And infinity is far beyond that and here.
Bob Chapman, The International Forecaster
The market action we have been witnessing over the past several weeks where gold sets an all-time high and then pulls back for a short time, consolidates, and then repeats this action, which is characteristic of its most powerful rallies, has been occurring like clockwork. There is not a single negative fundamental for the precious metals, and the bad news emanating now on a daily basis is simply horrendous. It does not get any worse than what you are witnessing right now. Our economy now resembles the aftermath of a thermonuclear explosion. We are just waiting for the dust from the mushroom cloud to dissipate. And when the dust clears and the reality hits home, look out below! Precious metals and commodities are now the only place to be and all the pros know this.
Gold and silver are headed for a wormhole that leads into inter-dimensional space!
THIS JUST IN!
AP
Fed Takes Steps to Ease Crisis, Cuts Lending Rate to Financial Institutions to 3.25 Percent
Sunday March 16, 9:54 pm ET By Jeannine Aversa, AP Economics Writer
WASHINGTON (AP) -- The Federal Reserve, in an extraordinarily rare weekend move, took bold action Sunday evening to provide cash to financially squeezed Wall Street investment houses, a fresh effort to prevent a spreading credit crisis from sinking the U.S. economy.
The central bank approved a cut in its lending rate to financial institutions to 3.25 percent from 3.50 percent, effective immediately, and created another lending facility for big investment banks to secure short-term loans. The new lending facility will be available to big Wall Street firms on Monday.
The Fed has completely lost control. LOL, like this is going to help a damn thing. The truly scary thing to me me as events unfold at an ever increasing pace, ...they believe what they're doing will not only help, but make this all go away. Shock and Awe... America may wake up tomorrow to the beginning of the end of life as they know it.
Assault on U.S. Dollar Continues Unabated
by Jack Crooks
There appears to be no end in sight for the sliding greenback. This dollar of ours is rapidly falling to depths where no dollar has gone before. In fact, to say that it's unclear when we can expect a recovery would be a gross understatement.
http://news.goldseek.com/GoldSeek/1205679600.php
http://news.goldseek.com/GoldSeek/1205679600.php
The following essay by Congressman Ron Paul is an absolute MUST READ. Your national government has thrown the US Constitution and the Nation's future under the bus in their failed attempt to steal the Nation's wealth for their cronies that put them in office. Ron Paul is the lone voice of truth left in Washington. The media elite have labeled this man too honest to lead America. How unfortunate for all of us.
What the Price of Gold Is Telling Us
By: Dr. Ron Paul, U.S. Congressman
The incentive for central bankers to create new money out of thin air is twofold. One is to practice central economic planning through the manipulation of interest rates. The second is to monetize the escalating federal debt politicians create and thrive on.
Today no one in Washington believes for a minute that runaway deficits are going to be curtailed. In March alone, the federal government created an historic $85 billion deficit. The current supplemental bill going through Congress has grown from $92 billion to over $106 billion, and everyone knows it will not draw President Bush’s first veto. Most knowledgeable people therefore assume that inflation of the money supply is not only going to continue, but accelerate. This anticipation, plus the fact that many new dollars have been created over the past 15 years that have not yet been fully discounted, guarantees the further depreciation of the dollar in terms of gold.
Counterfeiting the nation’s money is a serious offense. The founders were especially adamant about avoiding the chaos, inflation, and destruction associated with the Continental dollar. That’s why the Constitution is clear that only gold and silver should be legal tender in the United States. In 1792 the Coinage Act authorized the death penalty for any private citizen who counterfeited the currency. Too bad they weren’t explicit that counterfeiting by government officials is just as detrimental to the economy and the value of the dollar.
Dereliction of Duty? Treason? Revolution? Things are going to get uglier than any one could conceive. We'll know the end is near when there's a hanging party on the Fed's front steps, and their palace is in flames. I'm not joking...
"The needs of the many outweigh the needs of the few and/or the one."
- Cmdr. Spock, USS Enterprise
History will show in time that it was greed that destroyed America. The Founding Fathers of our Nation are turning in their graves this evening.
1024.80... Well, nothing goes straight up. Even Gold has to pause and catch it's breath. The path of least resistance is clearly up. Enjoy the ride...
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