Silver may be on the cusp of a major move higher as I type this. The crooks at the CRIMEX, and their housekeepers at the CME, are about to pay dearly for their early May and mid-September price attacks on the people's Precious Metal.
After falling nearly 50% from it's April highs near $50 an ounce, demand for physical Silver has soared as sales prices persisted through this past summer and into Fall.
On October 24, Silver broke from a four week base that followed Silver's blow-off bottom on September 25. With a close above $32.76, Silver shifted into first gear after idling in neutral for a month. [See chart below]
On October 31, backed by massive volume, Silver retested the breakout at $32.76 in textbook fashion. Traders and investors have responded in volume to the successful retest of this base breakout over the past week, and Silver sits poised here at $32.80 on the launch pad with $40 in it's sights.
A close above $34.80 opens the door to a very quick $2 liftoff. A further close above resistance at $36.73 will give Silver the "go for throttle up" and achieve orbit near $40 an ounce. Our projected target for Silver by Christmas is $39.47...a 51% gain off the September low of $26.05.
The ONLY thing standing in Silver's way, are the CRIMEX crooks. These criminals had best check and see if their health insurance premiums are paid up...as a major short squeeze [and ass whuppin] appears imminent.
After falling nearly 50% from it's April highs near $50 an ounce, demand for physical Silver has soared as sales prices persisted through this past summer and into Fall.
On October 24, Silver broke from a four week base that followed Silver's blow-off bottom on September 25. With a close above $32.76, Silver shifted into first gear after idling in neutral for a month. [See chart below]
On October 31, backed by massive volume, Silver retested the breakout at $32.76 in textbook fashion. Traders and investors have responded in volume to the successful retest of this base breakout over the past week, and Silver sits poised here at $32.80 on the launch pad with $40 in it's sights.
A close above $34.80 opens the door to a very quick $2 liftoff. A further close above resistance at $36.73 will give Silver the "go for throttle up" and achieve orbit near $40 an ounce. Our projected target for Silver by Christmas is $39.47...a 51% gain off the September low of $26.05.
The ONLY thing standing in Silver's way, are the CRIMEX crooks. These criminals had best check and see if their health insurance premiums are paid up...as a major short squeeze [and ass whuppin] appears imminent.
China’s gold imports jump sixfold
By Leslie Hook in Beijing and Robert Cookson in Hong Kong
Chinese gold imports from Hong Kong, a proxy for the country’s overall overseas buying, leapt to a record high in September, when monthly purchases matched almost half that for the whole of 2010.
The buying spree follows a sharp drop in the price of the precious metal. After hitting a nominal all-time high of $1,920.30 a troy ounce in September, gold fell to a three-month low of $1,534 an ounce later in the month. Chinese investors snapped up the metal as prices fell.
Analysts expect the September import surge to continue until the end of the year as Chinese gold buyers snap up gold in advance of Chinese New Year, China’s key gold-buying period.
And you thought the CRIMEX and CME were working in cahoots to force investors and traders to "sell" their Gold. Lower prices in a bull market equals increased physical demand. Gold closed above $1767 one trading day later than I'd hoped. And what a close it was! Gold vaulted our resistance line, and launched towards our $1824 Thanksgiving target. A retest of the break at $1767 cannot be ruled out, and would be very constructive relative to our $1921 Christmas target were it to occur.
Fed Heads are lined up to make headlines this week. The first out the door is from Boston:
Rosengren: Fed needs to act aggressively on economy
By Ros Krasny
Eric Rosengren, President of the Boston Federal Reserve Bank, said weak labor conditions would help keep inflation below 2 percent over the next several years.
"Given the very weak labor market conditions and the low expected inflation rate, the Federal Reserve should in my view continue to take action to aggressively try to reduce the stubbornly high U.S. unemployment rate," Rosengren said.
U.S. Approaches $15 Trillion Debt Limit
By Matthew Jaffe
It will be the latest sobering economic milestone that few were hoping to see: The U.S. national debt – any day now – will soar above the $15 trillion mark.
As of this writing, the total debt is $14.97 trillion, so moving beyond the symbolic $15 trillion is a foregone conclusion. When the unwelcome milestone is reached, it will come at a volatile time both in this country and abroad.
Can you say "sowing the seeds of QE3"?
"The GLOBAL ECONOMIC COLLAPSE is unrelenting and worsening each day, and will NOT end until the Western banking and currency systems are DESTROYED and REPLACED. I say this not based on speculation, but my knowledge of simple MATH. In the Western world, nearly all nations cannot EVER repay their debts, including the U.S., the U.K., and most of Europe. Not to mention, numerous nations WORLDWIDE are in the IDENTICAL position, notably Japan. Sadly, the cancerous tie that binds them all, and eventually destroy them, is the "world's reserve currency", i.e. the U.S. dollar."
-Ranting Andy Hoffman
The Collapse Of Our Corrupt, Predatory, Pathological Financial System Is Necessary And Positive
Submitted by Charles Hugh Smith from Of Two Minds [Zerohedge]
We are being throttled by the Big Lie: we're told that if the predatory financial system implodes, we'll all be ruined. The opposite is true: the only way to save our economy is to let the corrupt, pathological and flawed financial system implode.
What happens when the whole chain blows up and the foundation of debt is impaired? Since the whole system is based on the debt and the income streams devoted to servicing it, the entire edifice collapses when the debt is impaired--debtors default and the system clogs with bad debt, i.e. uncollectable debt.
In a transparent Capitalist system, the debt would be written down and all the insolvent borrowers, lenders and counterparties would be wiped out. But the political corruption that enabled modern finance to poison the American economy and culture has stopped that cleansing from occurring.
Silver: The People’s Money
Written by Jeff Nielson
If we take the fruits of our labours and convert it into silver as quickly as possible, then suddenly the bankers must do most of their stealing from the other paper-holders – not us. And if every ordinary person converted their wealth to silver as quickly as possible, soon the bankers (and the ultra-wealthy for whom the bankers “front”) would have no one to steal from but each other.
People need to divorce their minds from the notion of “buying silver”, and rather simply think of themselves as doing their “saving” with silver rather than with the banksters’ ever more diluted paper. Indeed, the worst thing we can possibly do with our wealth is to deposit it in a bank – since that simply allows the banksters to ratchet-up their “leverage” even further (i.e. steal from us even faster).
Put another way, every dollar which ordinary people convert to silver (or gold) weakens the intensity/effects of this stealing-via-dilution. This also explains the extreme aversion which the bankers have to a “gold standard”, and why they have disseminated millions of pieces of propaganda over recent decades attempting to portray a gold standard as either being archaic or simply “impractical”.
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