A look at where our economy is heading. SOB, how about a comment or are you waiting for the dollar to rise from the ashes?
Below is a brief email alert I sent to my small list of those interested in things financial last Friday morning, well before the markets closed. It occurs to me that it might be of general interest to the entire list for the reasons stated in my latest column, "Are We There Yet?" wherein I recounted the significance of the dollar falling through the .85 resistance level. Friday closed at about the levels reported on the Kitco page enclosed below with my earlier email alert.
It is Sunday evening, November 26, 7 pm PST, as I write this. The overseas markets once again are pounding the dollar, which now is yet another .003 lower, in action that foreshadows what could happen tomorrow in New York and Chicago. Doesn't mean that it will, however, as this truly is a major crisis for the dollar and we can expect the government to heave into its illegal market manipulation mode big time.
Do the government's illegal market manipulators still have the juice to snatch the dollar from the jaws of hyperinflation? Probably, but it is only a matter of time, as the rest of the world now has figured out.
So - massive inflation looms and is inevitable, due to the massive mismanagement and impending demise of the dollar. Stock market crash and eventual precious metals prices to the Moon, along with everything else that accompanies a financial Armageddon even worse than Depression I.
Picture the US dollar on life support and periodically flat-lining, requiring regular defibrillation just to keep it breathing shallowly. You can do that just so long - and the process itself adds to the damage already done. The prognosis, of course, is terminal.
What to do? Well, the historical remedy for a terminal economy always has been just one thing: World War. America doesn't have four aircraft carrier battle groups on station in and around the Persian Gulf right now for no reason, folks. It is particularly telling that at least one of them is well overdue for rotation back home.
Big things are in the offing, methinks. Is Bush really stupid enough to attack Iran? Of course, but it is his venal nature that really allows him to do all that he does.
Bush will require provocation sufficient to quell public dissent, which you can expect Israel to provide through one of its signature "false-flag" events. Too bad that it will require several thousand Americans to die, just to get enough other Americans who are too stupid to realize what really is going on to clamber aboard the war wagon.
I could be wrong, of course. I hope so, but probably am not. I haven't been wrong about these things very much lately.
Expect big things soon. Very soon...
-ed
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The following was sent to my small list at 10:30 am PST, Friday, November 24, 2006:
The dollar quite simply is getting NAILED today - down .0097 per chart below. Read my last, sent out two days ago, sounding the alarm. Guess that drop through .85 really was a significant resistance point followed by many. This is mostly overseas, though Chicago is open today. Let's see if it holds up through Monday. If so, this may well be the sound of at least one of the wheels falling off America's little party wagon.
I'd love to be able to see the look on the face of Goldman Sachs' man in charge of American monetary policy (Treasury Secretary Paulson) today. Must be akin to that on the face of a cave man looking up to see where all the rocks are coming from.
Notice that gold and silver are up, though nothing like they should be in the face of what is taking place right before our eyes. Monday's market opening should be very interesting.
Now, honestly ... aren't you glad you bought silver?
-ed
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US Dollar Canadian Dollar South African Rand Australian Dollar Euro Pound Sterling Swiss Francs Japanese Yen
XAU
141.07
+3.19
DJIA
12,288.02
NASDAQ
2,460.26
TSX Gold
319.41
RUSSELL
792.29
GOX
150.56
NYSE
8,933.75
TSX
12,653.98
USD
83.56
HUI
340.20
NIKKEI
15,734.60
JSE
2,954.67
Crude Oil Charts..
US/CAD
1.1347
US/AUD
1.2844
US/ZAR
7.1530
US/Euro
0.7641
US/SF
1.2100
US/BP
0.5176
US/Yen
115.90
US/Rub
26.41
US/Yuan
7.8503
US/Rupee
44.61
US/Mexican
11.02
Charts...
MARKET IS CLOSED
Metals
Date
Time
Bid
Ask
Change
Low
High
GOLD
11/22/2006
13:28
628.60
629.60
+0.50
+0.08%
626.30
635.20
SILVER
11/22/2006
13:25
13.01
13.08
-0.03
12.95
13.29
PLATINUM
11/22/2006
12:09
1145.00
1150.00
-77.00
-6.30%
1145.00
1173.00
PALLADIUM
11/22/2006
13:24
322.00
326.00
-5.00
-1.53%
321.00
330.00
RHODIUM
11/21/2006
19:41
4,790.00
4870.00
0.00 0.00% Invest in Rhodium
Click Here for Historical London Fix Prices LONDON FIX Gold
Silver
Platinum
Palladium
Nov 24, 2006
AM
PM
-
AM
PM
AM
PM
USD
636.00
639.50
13.3650
1180.00
1192.00
326.00
328.00
GBP
328.82
NA
691.2340
611.10
NA
168.80
NA
Euro
485.87
NA
10.2062
903.20
NA
249.50
NA
MARKET IS OPEN
GOLD SILVER PLATINUM
PALLADIUM
XAU and Gold Ratios
Nov 24, 2006 13:01 NY Time
XAU
141.07
Gold / XAU Ratio
4.52
Gold / Silver Ratio
47.60
-
Gold / Platinum Ratio
0.54
File created at 13:01:59 on Fri November 24 2006
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