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Thursday, March 11, 2010

Gold Head And Shoulders Pattern

It looks like what is developing with the gold chart is an upside down head and shoulders pattern.



But, a smaller one within a larger one. All bullish!


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The powers that be are worried that a big chunk of bond market participants/players are starting to worry if government debt (US Treasuries for an example) are not really a "safe haven" any more.

". . . Moreover, the global economy has moved into uncharted waters. Never before has a monetary authority embarked on a well-publicized monetary policy whose sole purpose is to boost asset prices in order to sustain consumption, and hence the economy, as is now the case in the United States. That such a desperate, and on many counts highly objectionable, monetary policy can only end in calamity should be clear, but what is less clear is precisely when disaster will strike and how the calamity will play itself out.

Credit has to be given to Fed Chairman Alan Greenspan. He is the first head of a monetary authority who has not only managed to create a series of bubbles in a domestic economy, the United States, but also managed to create bubbles everywhere in the world -- in New Zealand and Australian dollars, emerging market debts, government bonds, commodities, emerging market equities, and capital spending in China. This is an achievement that no one else in the history of capitalism has ever accomplished, and one that investors will never forget once this universal bubble bursts and fills entire chapters of financial history books." … Marc Faber, "Strategic Investing," April 7th issue, 2004


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Howard Katz has some good economic history and principles in 2 articles over at Gold Eagle. The type of stuff the schools/colleges/universities refuse to teach. The type of stuff you need to know for survival reasons:

Unemployment
Howard S. Katz
March 8, 2010


MUCH ADO ABOUT THE EURO
Howard S. Katz
March 1, 2010



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Gold and silver are chomping at the bit to run higher.

Tuesday, March 09, 2010

Peter Schiff Can See $5,000 Gold or Higher

11/9/09 Peter Schiff on Fox Business: $5000 for Gold, or Even Much Higher!



OK!!! That Schiff video got removed from YouTube real fast like. I guess the powers that be do not want people getting turned onto gold and silver. It's hard for governments to steal stored value when the value is stored in gold and silver in people's own hands. It's easy for governments to steal people's value when it's stored as digital bits on the hard drive under the control of a crooked financial institution, one that is doing the bidding of a government, or on a government's hard drive (think Social Security).

So, here are 2 more Schiff videos that have not been removed from YouTube. Peter does not mention targets for the price of gold in these 2 videos, but it's safe to infer, from what he says, that $5,000 gold or higher is not out of the question.

Peter Schiff's Ultimate Prediction, Will he be wrong?


PETER SCHIFF: CURRENCY CRISIS INEVITABLE




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Greyerz really nails it in this piece


SOVEREIGN ALCHEMY WILL FAIL

by Egon von Greyerz – Matterhorn Asset Management

When we look at the world economy today, wherever we turn we see a wall of risk. And sadly this is an insurmountable wall with risks that are totally unprecedented in history. There has never before been a potentially catastrophic combination of so many virtually bankrupt major sovereign states (US, UK, Spain, Italy Greece, Japan and many more) and a financial system which is bankrupt but is temporarily kept alive with phoney valuations and unlimited money printing. But governments will soon realise that they are not alchemists who can turn printed paper into gold. The consequences of the global financial crisis are potentially catastrophic.

As the Austrian economist von Mises said: “There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of a voluntary abandonment of further credit expansion or later as a final and total catastrophe of the currency involved.”

In our view, governments like the US and the UK and many others will not abandon further credit expansion. They are committed to printing increasing amounts of worthless paper money in order to finance the growing deficits and the rotten financial system. Therefore there is no chance of Quantitative Easing ending but instead it will accelerate in 2010 and after.

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We have found it difficult to fathom so few people realise that the world economy has become a time bomb waiting to explode or more likely implode.

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The rest of it can be read at: http://matterhornassetmanagement.com/2010/02/11/sovereign-alchemy-will-fail/

“By a continuing process of inflation [remember, it is the increase of the "money" supply, not an increase in prices], governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. ” - John Maynard Keynes

Gold and silver will be providing incredible protection from the world's current make believe "monetary" and banking system. Remember, mathematically, the current system can not continue forever. It requires the constant increase of debt, which is not possible.

Wednesday, March 03, 2010

Bullish Gold Chart

The gold chart is looking quite bullish right now:



Gold broke up out of a bullish downward sloping triangle. Bull markets make higher highs and higher lows. Then it gapped up in price and then prices came back down till the gap got closed. A finished job which happened to end in a bullish outside reversal day. Then it was up from there.

Additionally, a bullish upside down head and shoulders pattern developed.



Gold broke above the neckline.

This gold chart is shooting for new all time highs in the near future.

Updated Unemployment Rate By County in the US As Of December, 2009 (If you normally keep Javascript turned off for security reasons, it needs to be turned on to actualize the chart.) This chart uses the conservative phony government numbers which are about 1/2 of the real unemployment rate.

Ron Paul says he has been buying gold since 1971 and that a currency crisis is coming, that debt is the monster; has to be liquidated.



New non-destructive technology for detecting tungsten filled gold and silver bars

"Gold Hits Record Highs In Pound, Euro Terms" - NYTimes.com