excellent quote followed by clear future perspective
"O'Neill has been unable to maintain the illusion that the
dollar is worthy of being the world's reserve currency,"
says James Turk, founder of gold payment system GoldMoney.com.
"So he's gone. Very bullish for gold."
----------------
"The talking heads on CNBC and others are putting on a "full
court press" trying to convince the public that the bear market
is over. This is a lie. The stock market has two phases,
accumulation and distribution. When the market is up the
"professional traders" (sharks) and brokerage houses are
distributing stock to the suckers. When the market drops by
large amounts (crashes) the sharks accumulate stock.
Before this bull trap ends, prices should be near or in
resistance areas SP500 955-971, and Dow 8935-9080. Only a
decline beneath key short-term support of 916 in the S&P and
8636 in the Dow (both the highs of November 18) would indicate
that a top has been recorded and the next leg of the bear
market is underway. Spread the word."
"The dollar will crash back to pre-bubble levels of around 80,
and possibly will undershoot even lower. The world will then be
on a de-facto Euro standard, as faith in the U.S. dollar and
U.S. assets will have been lost. This drop is a decline of
over 26% from current levels and corresponds to a gold price
of around $430.
"At the moment, the dollar uptrend is still intact, so the
Fed's dangerous game still continues. Until the 104 dollar
is breached, stocks and bonds can continue to rally. When it
is breached they will fall simultaenously. It will be a
double whammy for these assets, because not only will their
prices fall in dollar terms -- as foreigners exit -- the
dollar itself will be falling. In short, dollars and dollar
denominated assets are overowned by the rest of the world.
Once the reversal comes there will be no stopping its
downward momentum in my opinion."
-RICH SPOHR, Swiss America broker, 11/27/02 |
