Gold Going Parabolic*Updated

The ridiculousness of raising the debt ceiling another 3.0 trillion is causing gold and gold investors to realize that fiat money is essentially trash. With absolutely no restraint or constraints shown by governments worldwide, particularly the U.S.,  gold is now seeking the 1680 level. Silver up in sympathy beyond 41.

The world is now facing a liquidity trap. Japan has screwed the pooch, the U.S. has screwed the pooch, and the European Union has screwed the pooch en masse'. The flight to safety isn't going to be U.S. treasuries or as of this morning, the Swiss Franc. http://www.zerohedge.com/news/snb-intervenes-lower-massively-overvalued-franc-leaves-gold-only-safe-haven-currency Clearly the flight to safety is precious metals.

If you've been looking to dump a couple gold crowns at 2k an oz., your wait is almost over.

The stock market is now diving in the appropriate direction. It is as though, markets without manipulation, actually act in a predictable fashion when the news sucks. They are going down.

Central Banks are going to have to try to intervene in some concerted fashion. If you aren't watching this show- you are missing the biggest game in town. Far more interesting than the debt drama over the weekend.

Just wished I would have bought more gold. Waiting to buy the next dip. It might not happen.

Comments

Anonymous said…
Treasuries: 'It's pretty grim'
Aug 3 12:52pm:Treasury prices have spiked - then spiked some more, pushing the 10-year yield down to a nine-month low of 2.57% Tuesday

From CNNmoney
August 3, 2011 at 4:41 PM
Brian said…
It's fucking sad, Jim, but there is no other place to put huge chunks of money. China is absolutely doing a death dance with us. They know we screwed the pooch but there is no other place for them to run. When treasuries go kaput, soon, you may see gold move in 50-100 dollar moves per day.
August 3, 2011 at 4:45 PM
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