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March 12, 2010 / Hal (GT)

Must Read: “It’s Going To Implode: Buy Physical Gold – NOW”

Zero Hedge has a post that is a must read.

It’s Going To Implode: Buy Physical Gold – NOW

Evidence seems to be mounting that we are headed towards some sort of implosion in the paper Gold market, and perhaps the currency/bond markets in general. Let’s take a look:

Jacksonville, FL based EverBank – a bank with approximately $8 billion in assets and 1800 employees according to the company website – recently sent this notice to customers (courtesy of Warren Bevan):

“Non-FDIC Insured Metals Select Changes” –

Section 6.3.7. General Terms: We have added language clarifying our right to close your account. We may close your Metals Select Account at anytime upon reasonable notice to you. If we believe that it is necessary to close your account immediately in order to limit losses by you or us [GG: We really don’t give a s**t about you; it’s us that we care about], we may close your account prior to providing notice to you. Notice from us to one of you is notice to all of you [GG: the nerve of these people!]. If we close your account, we reserve the right to convert your Precious Metals to U.S. dollars and tender the balance to you by mail [GG: I am willing to bet my entire Gold stash that when you receive these “converted” dollars, they will be nowhere near the market price of physical. What did you think that whole “limit losses” thing meant?] .

Make sure you read it. It’s eye opening.

There’s another post on zero hedge about today’s consumer numbers. It too is worth of a read and is short with a perty graph:

Debunking The Myth Of US Retail Sales Improvement

Earlier today the Census Bureau came out with its February retail sales announcement which was classified by CNBC’s Bob Pisani as “terrific” on the basis of a 0.3% increase over January. What few point out is the January revision, which changed the January retail sales estimate  from 355,777 to 354,339.

As of this post. ExactPrice has gold’s spot price at $1,110.20. It rose in foreign markets overnight but got hit this morning and has since traded in a narrow band.


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