As the title says, what a big week for Gold & Silver.
Two new highs in a week for Gold culminating at $1282.89 briefly on Fri 17th, and closing out the week at just under $1275.
Silver is simultaneously also at new Dollar and GBP Sterling highs closing out the week at $20.76 having touched $21.06 in trading and finishing the week at 13.28 GBP having traded briefly at 13.42 during the day.
…”NO! You’re Lying!” “Enough of your Bullshit!”
They are dual handedly scaling the wall of worry like angry commandos on a grudge mission, as though carrying a message from reality to interrupt this ridiculous collective dream the authorities are trying to impose on us.
Silver is surging higher now seemingly impervious to JPM’s manipulation attempts, and has actually become more stable recently, in a definitely upwards direction funnily enough since JPM are under close scrutiny after GATA pointed out their blatent manipulation schemes to the world.
Still, the mainstream media still treat Gold’s continuing ascendancy as some kind of wierd curiosity, to be mocked, not understanding that soon instead they will be thoroughly mocked for their collective blindness to reason, for refusing to see or accept Gold’s clear message from history..
All Is Not Well!!
This week we heard two different people say that “Gold is the Canary in the Coalmine” (and in our opinion it’s currently swaying around on it’s perch looking a little ropey) the first more predictably, Peter Schiff in his video blog this week..
And the second, we almost choked on hearing, Alan Greenspan!! – The sly old bugger.. He’s basically just come right out with the truth as though he’s always known all along, the remarks came as part of a broader discussion where he more or less admitted the stimulus hasn’t worked and we might as well just get on with it because we all know it’s coming, one way or another.
Greenspan said that gold, which has seen surging prices again , still represents the “ultimate means of payment.” What is happening in that market “is a signal there is a problem with respect to currency markets.”
He reckons the problem is not a large one, but the jump in gold prices could be “the canary in the coal mine to keep an eye on..” [You don't say.. ]
- Finally someone just admitting defeat, and telling the truth
Up until now we have just casually assumed Greenspan was senile, but have just now seen the naughty schoolboy grin in his eye, like he knows the game’s finally up, it’s time to just come clean with it now, the pretense that “its all going to be ok” is pointless anymore.
So far from Senile Keynesian Dementia , the sly old dog knew exactly what he was doing all along, now he knows the games up, they’ve gone and broken it, not just like normal recession style damaged a bit, but truly fubar, broken.
So we might as well stop trying to pretend Gold’s rise isn’t important because it is.
In fact he also said this too:
Greenspan said that the U.S. needs to do something now to deal with budget deficits and it must do something very soon. He explained his anxiety is so high that “I’m coming out in the first time in my memory” in support of higher taxes in addition to reduced spending, including allowing the so-called Bush tax cuts to expire.
“Our choice is not between good and bad; it’s between terrible and worse,” Greenspan said. The nation has “a level of commitment … which I don’t think we can psychically meet,” absent huge changes in how the government finances itself.
With only the difference of whether taxes should go up or down between him & Peter Schiff at this point this is clearly a case of now he no longer works there and is “doing the job” he can clearly once again tell the truth, not the official lies to be pulled over the public’s eyes constantly.
And here we are, once he”s allowed to tell the truth, he’s back to his most famous of quoted statements about gold, from 1967 – which as we’re telling the truth once more, bears repeating.
In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value. If there were, the government would have to make its holding illegal, as was done in the case of gold. If everyone decided, for example, to convert all his bank deposits to silver or copper or any other good, and thereafter declined to accept checks as payment for goods, bank deposits would lose their purchasing power and government-created bank credit would be worthless as a claim on goods. The financial policy of the welfare state requires that there be no way for the owners of wealth to protect themselves.
This is the shabby secret of the welfare statists’ tirades against gold. Deficit spending is simply a scheme for the confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists’ antagonism toward the gold standard.
The real irony is that now hes finally coming out with it, the establishment will treat him like he’s senile, like it’s him not them that are suffering Keynesian Dementia.
It’s not just the inevitable inflation or hyperinflation it’s protecting it’s owners from, it’s the imminent threat to the whole paper ponzi system rearing it’s head once more, because as Gary North pointed out in a stunning must read article on the 16th, – The European Bank &Sovereign Debt Crisis is back – Greeks admitting default is inevitable over there now too.
And the ECB is the only thing between Spain & Dubai-style collapse – and hence European Banks and Sovereigns in a big ring of interconnected ridiculous paper Ponzi inter- indebtedness. Or, Er Counter-Party Risk, as its otherwise known..
Physical Gold & Silver don’t have that either.
When George Bernard Shaw once said:
‘You have to choose between trusting the natural stability of gold or the natural stability and intelligence of members of the government. And with due respect to these gentlemen, I advise you, as long as the capitalist system lasts, to vote for gold.’
It was times just like these he was talking about, if you choose to ignore Gold’s Canary song, you have only yourself to blame when you are overcome by the silent killer inflation and /or the total collapse of the FIAT money system, for you cannot say you were not warned, by those who caused the problems, and by your potential saviors, Gold & Silver.
Of course both can and will continue to fluctuate, but anyone in any doubt about the roles of the precious metals now hasn’t been paying attention and needs to start now, as they will likely both double again from here in very short order.