Happy Anniversary

263
Mon, Aug 15, 2011 - 10:31am

In case you missed it, today is the 40th anniversary of the decision by the great republocrat criminal, R. Milhous Nixon, to remove the U.S. from the "gold standard". The Turd was only five when it happened so I cannot be held responsible for my inaction.

Nixon Ends Bretton Woods International Monetary System

I wrote about this some time ago. For your enjoyment, here's a link:

https://tfmetalsreport.blogspot.com/2010/12/preparing-accordingly.html

OK, enough of that. All of the commodities are up this morning but gold is down. That is about to change so let's get started. We have a few things to cover.

First up, gold. In January, near the bottom of a nasty correction and with gold near 1340, I gave you "1600 by 6/10/10". When the call came up either $22 short or six weeks early, depending on how you look at it, I took a rash of sh*t from people who, apparently, expect perfection. Several weeks ago, when gold broke through 1600, I gave you "1800 by Halloween". That seemed to work out pretty well. Hmmmm. Lots of crickets out there. Now, I'm on the line with "$44 silver by Labor Day". Lord help me if silver only makes it to 43.92. Anyway, back to gold. As you can see on the chart below, it is clearly forming a short-term bottom. It has twice tested and held key support between 1725 and 1730 and has since gone flat. This won't last long. Your first clue that gold is heading back to 1800 will be a breach of 1750. Watch that level closely.

Silver faces a moment of truth later today. It is getting ever-so-tightly wedged into a pennant. All signs point to silver breaking UP and out of the pennant. The fundos are extraordinarily strong and on a short-term basis, all of the other "commodities" are up today. Watch the 39.50 level for clues.

Lastly, I found this earlier today on ZeroHedge. As you know, I have a penchant for historical trends and patterns. As Shakespeare said, "what is past is prologue". In the case, the author has found some startling similarities between the current day U.S. and the late stages of the French monarchy. Before getting started, I suggest a stout cup of coffee or some other mental stimulant. Though the information is well-researched, I found the manner in which it is presented to be somewhat challenging. But, what do I know? I'm just a turd.

https://www.zerohedge.com/news/sun-chairman-whats-future-prologue-and-why-second-french-revolution-coming-america

At any rate, here's the paragraph the bast relates to what we do here. If you're still living in some dream world where you follow the "stock market" in the hopes of growing your "retirement account", the passage below should help raise you from your slumber:

"Painted in oscillating shades of red and green on our dealing screens, we can also see the full, epileptic frenzy of our broken financial markets, no longer evidence of the rational allocation of hard-spared capital to the enriching process of patient and diligent entrepreneurship, but a wild, computer-driven video arena where countless billions swarm into and out of the sea of tickers from one micro-second to the next, with each successive ebb and flow of this leveraged flood further reducing the informational content of the associated prices and so defeating the very purpose of the capital market itself."

I have lasts of 1745 and 39.51. It's going to be a very interesting day. More later. TF

About the Author

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  263 Comments

Frontal Labottleme
Aug 15, 2011 - 11:29am

Re Nixon's time vs today

One thing I find amazing about that vid is how back then 'government' was able to taking bold decisive action (whether or not you agree with it). Compare that with today... Washington is paralyzed - you can't do stuff like that today, there are just too many competing interests, regulations, and laws to get anything substantial done. I mean imagine coming out today and saying "oh and by the way... we're going to impose a 10% tariff on all imports"! Fat chance. The entire system of government is like a deer in the headlights of history. Sad but true.

¤
Aug 15, 2011 - 11:32am

gold and oil inverse at the moment

As soon as oil slowed and went into reverse gold turned around.

Not sure why but it did. I think the USD may have slowed it's descent a bit and with london just closing I'm sure it's all twisted together somehow.

Black Isle
Aug 15, 2011 - 11:33am

Scott J

ive always found it' s easier to be benevolent with my success than rely on someone elses

ewc58
Aug 15, 2011 - 11:45am

Breaking The Silver Manipulation Barrier

link to w/s of the author of the piece I just saw on ZH. "alt-market" piqued my interest...

https://www.alt-market.com/articles/226-breaking-the-silver-manipulation-barrier

crissilver foil hat
Aug 15, 2011 - 11:54am

CNBC says big banks will stop shorting silver and gold...

I saw this referred to in the prvious thread.

And i agree that such an announcement makes the latest cryptic Wynter Benton message much less cryptic.

Anyone have a link to the CNBC segment??? Seems to me this would be very big news.

vivekmert5
Aug 15, 2011 - 11:59am

SILVER HERE IT GOES!!

SILVER TO BREAK HIGHER ONLY ASTROLOGY ALSO SUPPORTS.

SEE BELOW THE CHARTS.

ewc58
Aug 15, 2011 - 12:02pm

Turd, what did Clif give as the timeline for

the death of the euro and dollar? Great question by you, I thought Clif would be reluctant to talk dates. So far, Webbotforum only has parts 1, 11, 12, and 13 uploaded to their YT channel.

What's the skinny Partner?

AugmentedFourth
Aug 15, 2011 - 12:09pm

Mainstream Acknowledgement

Believe it or not an article on the front page of MarketWatch today about the arguments to return to the gold standard. Not too much substance but not completely lopsided either:

https://www.marketwatch.com/story/gold-standard-debate-back-40-years-after-nixon-2011-08-15

deadcatbounce
Aug 15, 2011 - 12:10pm

happy birthday fiat...

The plague of “fiat” currency has held the world under its thumb for forty years today, happy birthday.

“Keep in mind that for the past 2,400 years a pattern has continually repeated in which governments debase and dilute their money supply until a point where the common psyche of the populace and the collective mind of a country begin to feel that something isn’t right. You probably feel that way right now.

As the debasement progresses, the population senses the loss of their purchasing power. Then something miraculous happens. Through the free market system, the will of the public causes gold and silver to automatically revalue. In doing so, it accounts for all of the currency that was created since the last revaluation.”

Michael Maloney, 2008

Since Nixon’s decision to close the Gold Window on August 15, 1971, the dollar has fallen from 1/35 oz. to 1/1750 oz. gold, and this party is just getting started. I see the cracks in our financial system getting larger and I smell the fear of central bankers. We can hear the distant sound of the fat lady singing, and the music grows ever louder, ever closer… I wish I could just set here as patiently as my metals do.

lostinspace
Aug 15, 2011 - 12:11pm

@ Monedas

Doesn't have to close above $50, just break it during intraday trading.

9/5, got it.

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