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The markets (all of them) continue to defy logic. That is, if you assume that they're not being massively rigged.|
Watch out for a big, one-off revaluation of gold much higher. Crude oil fell from $147 to $30 in just six months after hitting its peak in Jul2008, only to rebound to $100. Oil prices are fundamental to the inflation that they want. Gradually rising prices attract buyers. A big, one-off revaluation would lock them out and would also explain why they're herding sheeple out of precious metals. The dual gold price mimics that of the 1960s when gold shot up higher. The dumping of ETFs could be necessary because they simply don't hold the gold they claim they have.
Some gold-bugs have been specualting about a one-off revaluation for some years, figuring that it's the only way to transition to the new monetary World order. In the meantime, nations are redistributing gold to their central banks. Germany's request for a mere 300 tonnes of gold from the NY FED will take 7 years, probably not due to an inability to deliver such a relatively small amount, but because they want to delay the new monetary World order.
Such a revaluation may come before the US has paid back all the gold they hold of other nations at the NY FED, because, as the pro-bankster Daily Telegraph has threatened, the mining companies could sell forward the gold at today's low prices as they did in the 1990s and even if it is below the cost of production. After all, in recent years, the outright criminality of the bankrupt and insolvent "biggest villain in our age" (Xinhua) has exceeded all expectations, not in how outrageous they've been, but in how flagrant their crimes have been. Zero interest rates first trialled by Geithner in Japan, can only be described as the Great Depression tragedy repeating as farce. Mind you, the native Americans would probably not be suprised. In fact, reducing gold production could be another scheme to delay the NMWO.
Analysts at Westhouse in London said goldminers’ average all-in cash costs would be about $1,100 per oz produced this year, “suggesting limited potential for a prolonged period of [price] weakness below US$1,200/oz”.
- Gold miners face writedown pressure