Pet Rock Revisited

31
Tue, Jul 11, 2017 - 10:57am

It was almost precisely two years ago that the WSJ published their infamous "gold is a pet rock" article. Just as that article and a few others marked the conclusion of the bear market, could a new article published ten days ago in the Washington Post be ringing the same bell?

Here's a link to the original article...though the WSJ now has it behind its paywall: https://blogs.wsj.com/moneybeat/2015/07/17/lets-be-honest-about-gold-its...

And of course, here's the wonderful cartoon that accompanied the piece:

Astute observers will also recall the "pet rock" article was published on Friday, July 17. Two days later, on Sunday July 19, CDG was raided and smashed for almost in a "flash crash" similar to what we've seen lately in both metals. Here's what we wrote at the time. Does this sound familiar given what we've seen over the past two weeks? https://www.tfmetalsreport.com/blog/7036/gold-raid-july-19

And so now here we are again today. Someone named James Ledbetter has written a book called "One Nation Under Gold", a title which, at first glance, seems to hold some promise. Instead, Mr. Ledbetter runs off to a Keynesian wonderland where gold is a shackle from which mankind must be freed. The reviewer of the book, Simon Johnson (the former chief economist of the IMF!), goes on to wax philosophic about the dangers of "the gold lobby" (did you know there was one?) and he fears that "quasi-goldbugs have a more complete grip on power than at any time since 1932". Seriously. I'm not making this up. You can read it for yourself here: https://www.washingtonpost.com/opinions/the-long--and-dangerous--america...

The only true logic and knowledge in the article is found in the comments section where both our friend John Butler and GoldMoney CEO Roy Sebag chime in with some reasoned and informative additions. Be sure to scroll to the bottom in order to read these insightful comments.

Of course, whether or not the price of gold is at another low remains to be seen. Perhaps this latest laughable attempt at fiat currency justification is nothing more than that...paper propaganda. However, as you can see on the chart below, the timing of the article and the most recent flash crashes is certainly an interesting coincidence. (Another interesting coincidence is the current Commitment of Traders structure. More on that later this week.)

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  31 Comments

Dirt_Reynolds
Jul 11, 2017 - 11:04am

Gold

Want none of it... all Ag baby.

Just painted a floor in the basement, gonna read this while it dries.

#keepstacking #networking

Jul 11, 2017 - 11:10am
goldcom
Jul 11, 2017 - 11:14am

No Potion for the Pain

My sentiments toward the Cartel these past weeks

The Charlie Daniels Band - No Potion For The Pain.wmv
tyberious
Jul 11, 2017 - 11:14am

50 Million Oz Dumped - Silver

50 Million Oz Dumped - Silver Market is Rigged! | Rob Kirby

50 Million Oz Dumped - Silver Market is Rigged! | Rob Kirby
ArtL
Jul 11, 2017 - 11:14am

One of these days, something will change!

The bankers are trying to keep the system going and pretend the dollar is strong by suppressing the price of Ag and Au. Is it possible to have a transition away from the USD to something new without completely crashing the system and causing an economic disaster?

silver10sguy
Jul 11, 2017 - 11:18am

Manipulation and Propaganda

The nonsense that is put out into the public forum is criminal but the fiat masters rule. We may eventually yet see "helicopter money."

imodelalot2
Jul 11, 2017 - 11:25am

Kids Games

This whole paper vs. physical reminds me of rock, paper, scissors as a kid.

Paper beats rock - Current situation with physical being covered by unlimited paper.

Scissors beat paper - Once the COMEX contracts are cut up.

Rock beats scissors - Once physical takes control of the ability for contracts to be torn up and cash settled.

They tried to warn us all along!

ArtL
Jul 11, 2017 - 11:32am

Someone stepped on USDJPY?

Did the Fed chair say something?

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canary
Jul 11, 2017 - 11:37am

OI (final)

Gold Future +4,372 (total 479,667)

Silver Future +6 (total 207,952)

Specs likely shorting (cartel covering)....Somebody (your Retirement Fund perhaps included) is lining up for an execution. And the Friday's COT report will show.

fluxplus
Jul 11, 2017 - 11:38am

PPT in action now

Drop in SPY and USD/JPY caused PPT to act.

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