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March 24, 2010 / Hal (GT)

The Sinking West. The Sideways Gold.


Gold and silver have been moving sideways and down it would seem. Right now looking at the free real time widget, they are priced at $1,092.00 and $16.69. I will pleasantly surprised if the CRIMEX closes above $1,100 today. With the CFTC’s meeting tomorrow one can’t help but wonder if that isn’t coming to bear in the markets with buyers holding their breath and waiting to see what takes place.

Speaking of the meeting GATA has this post on how you can listen in on the proceedings.

Continuing with that subject, you must read Ed Steer’s post today: GATA Goes to Washington

First of all, when GATA started out, it took us a couple of years for us to figure out that it wasn’t just a few bullion banks like JPMorgan and Goldman Sachs out to make a few bucks… but that it was a conspiracy on a far grander scale which involved the U.S. Treasury Department and the Federal Reserve… plus other central banks.  It was the cornerstone of Secretary Treasurer Robert Rubin’s “strong dollar policy” which we still hear talk of every once in a while.

With that policy now in the trash bin of history, the price management scheme is still going on… with the two U.S. bullion banks [at least the ones we can see]… JPMorgan and HSBC USA… doing the heavy lifting for the Fed and the Treasury Department.  These are two of the big bullion banks in the Commercial ‘4 or less’ traders category of the Commitment of Traders report.  Now they are stuck with these huge short positions which cannot be covered without driving the prices of both metals to the outer edges of the know universe.

Stop by for an interesting read on Jim Sinclair’s MineSet.

Twelve hours after departing JFK you arrive at one of the best airports in the world. A layover in Dubai is an experience and a pleasure. This is one of the busiest airports when it comes to gold bullion purchases. Already at 9 AM the counters are busy. This major point of Middle Eastern travel clearly respects gold as money and does not seem to be bothered by the madness of the currency markets now under control of the algorithm driven hedge funds and the financial anarchists that have sown the seeds of disaster amongst all the Western world economies.

In non-Gold or at least tangential precious metals news I found this interesting about the health care bill:

This post by Casey Research is worth looking over once, and twice: The True US Deficit

Don’t miss this little bit from ZeroHedge.com: Bank Of America To Start Offering Principal Reduction Forgiveness On Delinquent Mortgages

And finally, The new Capitalist Anarchy and the Lobbyist Bubble | 261,000 lobbyists signal death of ‘invisible hand,’ America’s moral compass.

(MarketWatch) — Anarchy? Yes, America is descending into anarchy. No leadership in anarchy, just endless battles, warring fiefdoms competing for power — shifting power.

That’s our new America. Democracy’s dead. Texans rebranded us a “constitutional republic” for their textbooks. But either way, voting’s irrelevant.

The pharmaceutical industry stands to gain with the passage of the health bill, while the insurance industry has mixed results, Stefanie Ilgenfritz reports on the News Hub.

So what are we? What label fits? Some historians call America an oligarchy or plutocracy, a nation ruled by a small elite whose power comes from wealth, family or the military. Some call us a cryptocracy, where politicians merely front for a shadow government. The recent Supreme Court decision giving corporations the same rights as real humans certainly reinforces that idea of shadow government.

I’m at the end of my posting and gold and silver are pretty much unchanged since I began. $1,092.00 and $16.70.

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