Gold Price Close Today : 948.00
Gold Price Close Yesterday: 963.10
Change: -15.10 or -1.6%
Silver Price Close Today : 17.945
Silver Price Close Yesterday : 18.360
Change: 41.7 cents or -2.3%
US Dollar Index Today: 72.49
US Dollar Index Yesterday: 72.18
Change: -0.67 or 0.9%
Let us talk of banks & bankers -- Whene'er I do, my sick soul hankers to cuss, or decorate a lamppost.
We got the full mushroom treatment today, we stupid taxpayers. Our rulers have sent out Hank Paulson, ex-head of Goldman Sachs, the lead vampire feeding on the country & economy, to blast away with the blarney cannon. Whoops -- bad news, taxpayers, but it may cost $25 billion to bail out Freddie Mac & Fannie Mae, the two economic cancers the government created decades ago to feed vampires like Goldman Sachs (yeah, I know I'm mixing metaphors, but they all apply to these swine.) As Patrick Henry said, "I have but one lamp by which my feet are guided, & that is the lamp of experience. I know of no way of judging of the future but by the past."
I remember when the S&L Crisis blew up, & the banking cronies assured us it was only a $10 billion problem, then a $25 billion, then $100, until at last it was rolled off onto the taxpayers' backs, when it metastasized into $500 billion. Wherefore we can safely predict that this problem is fifty times $25 billion, or $1.25 trillion or more. Further, if Our Rulers (perhaps I should call them "Our Bankers") have called Paulson out of his closet & gone to all the trouble of making him sound like he is alive so that he can fire the blarney cannon, things really must be bad. Talked today to a friend of mine in a position to know, & he said it wouldn't surprise him if Wachovia were eaten up by 6:00 p.m. tonight. The hyenas are already circling.
In the face of all this the dollar rises 70 basis points. To borrow Queen Victoria's phrase, "We are not impressed." This is a silly comic opera playing out. These are not serious people in charge. They are beyond feeling compassion, beyond morality, & the nation lies prone & defenseless beneath this greedy vampire.
If y'all haven't taken steps to protect yourself against banking failures & closures, do it now, today. If you have more than $100,000 in any one account, move it around, get it out, do something with it.
The stock market rose today, continuing the cardboard rally I've been warning you about. How long will people keep on allowing Wall Street to skin them? The answer is easy: until they run out of skin. Sell stocks & put proceeds into physical gold & silver you hold yourself.
SILVER and GOLD PRICES took a beating today. The silver price dropped 41.7 cents to close at $17.945 while the gold price dropped $15.10 to US$948. August gold made a low at US$942.10 and September silver at 1789.5. The day started out with higher openings but by 10:00 a.m. silver and gold prices were reeling.
Today's action typifies a corrective wave, when one day (like yesterday) the market is strong as a garlic milkshake, and swooning the next like a 14-year old at an Elvis concert.
Let us calm ourselves by re-examining the fundamentals, as I did in opening. Wall Street & its accomplice, Washington, are blowing smoke because they are in big trouble. This is not the time to panic out of silver & gold and into dollars, I promise. Rather, every time silver & gold drop a penny, y'all ought to stick in your arms to the elbows & buy all you can.
Argentum et aurum comparenda sunt -- -- Gold and silver must be bought.
- Franklin Sanders, The Moneychanger
"Buy Silver and Gold Coins at the Best Prices"
The-MoneyChanger.com
To avoid confusion, please remember that the comments above have a very short time horizon. Always invest with the primary trend. Gold's primary trend is up, targeting at least $3,130.00; silver's primary is up targeting 16:1 gold/silver ratio or $195.66; stocks' primary trend is down, targeting Dow under 2,900 and worth only one ounce of gold; US$ or US$-denominated assets, primary trend down; real estate in a bubble, primary trend way down.
