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Friday, August 26, 2011

Those "Experts" On Gold Now Eating Crow, It's Every Dog For Himself

Watching gold track up nearly 31,41, now 51 bucks today. Back over 1800. Noting that CNBC does not have any Wall Street lackeys on today proclaiming the end of the gold bubble.

Telegraphing margin hikes before they actually occurred is absolutely criminal. The Comex aka the Crimex leaked rumors, then hiked margin rates on speculators who did not have the cash to cover and were forced to sell their positions in gold. The big players were unloading as though it was well published fact. It is truly that simple. No bubbles. Just the same old game. Drive precious metals prices down by raising margin requirements on paper futures prior to the settlement date- today. 

I noted that Bernanke essentially said nothing today. I suspected that would happen. Bernanke is screwed and running out of options. The options left to him are going to have significant consequences and his theories on the Great Depression are proving false. QE3 in any way, shape, or form will not do anything except ignite hyper inflation. QE3 will officially announce the death of the dollar. And all of this just prior to the 2012 elections. You can bet a desperate Obama will have his boot on the chairman's throat. Both men doing what they do best right now- vacationing.

I think the spectacular news of this week was Warren Buffett bailing out Bank of America on behalf of Obama. Proof positive that Bank of America is insolvent. Further proof that the elite, bankers, and politicians are all in bed together. Buffett and Obama meeting prior to the deal. Wouldn't you love to get a guaranteed 6% return on your money? Where can anyone get that rate of return now? Well, this is how you do it. Catch a desperate and and willing President. He cannot do a private B of A TARP or he will get lynched by voters. The giant zombie bank is circling the drain and threatening to take the whole banking system with it- Have at least 5 billion to throw away. Get the government to promise that taxpayers will backstop your investment. Promise to host a big fundraiser with all of your elite friends for the President. Crony capitalism in your face. Everyone wins except those stupid taxpayers.

It was an interesting week. Most numbers were bad, except durable goods. Everyone is kicking the can down the road just past Nov. 2012- and hoping for some miraculous recovery that cannot materialize. Nobody has the personal courage to act selflessly and in the best interests of this country. It's a dog eat dog world and all one has to do to prove that theory- is to watch what our President does.

I am working on a very useful essay on how to keep your sanity and prioritize what is truly important right now...I think you'll like it. Trying to have it up by morning.



Anonymous said...

The house of cards is very unstable right now, isn't it?

If you need any more evidence that this is indeed a Frankenstein government, check this post a Bunkerville:

Brian said...

Oh gawd I read that on Doug Ross. Soon, everything will be illegal. If you want freedom, you will have to find it somewhere else.

rawmuse said...

It comes out today that Gibson's main competitor, C.F. Martin Guitars, uses the same woods and has not had any Fed interference. The difference? Martin is an Obama supporter, and big time campaign contributor.

The story is at Big Hollywood.

Brian said...

I read the story and copied the link RM.

I love the comments. It's like zombie America is finally starting to realize the gargantuan buffoon we have in the WH.