I was glad to see that gold touched $940 per ounce yesterday morning. The fact that it did so, just one day after announcement of a 403 ton IMF gold sale was quite encouraging. At this point, I don’t think the central banks will be able to stop the precious metals bull market without doing something drastic. The banksters will start to get nervous once gold passes $1,200 USD per ounce. And at $1,580 (which roughly equals €1,000 Euros per ounce), they will get truly desperate. At that point, both the Dollar and the Euro will be recognized as the toilet paper that they truly are. If gold gets that high, look for some desperate measures. These could include: more gold sales and leasing (the central banks hold nearly 40,000 tons!), increases in margin requirements on the COMEX, restrictions on taking physical delivery of futures contracts by all but industrial users, changes in tax laws that would tax gold while it is held (rather than just when it is sold), and perhaps even FDR-style restrictions on private ownership of gold bullion. There could be some sharp declines, but look at those dips as buying opportunities, since we are still in a primary bull market cycle, and it will likely continue for at least five more years.
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RBS found us this: California real estate–nowhere near the bottom yet.
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Celebrate April 19th with Appleseed! The Appleseed Project is celebrating the 233rd anniversary of “the shot heard round the world” by sponsoring 14 weekend marksmanship classes simultaneously, all across this great nation, from Florida to California
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Despite their massive vote-rigging, Zimbabwe’s ruling ZANU-PF won only 97 seats in the House of Assembly, versus 110 for the opposition. “Former Communist” dictator Robert Mugabe is dragging his feet about leaving power. Hopefully the hyperinflation-ravaged country will be spared an inter-tribal civil war. (Mugabe and his supporters are from the majority Mashona tribe, while the opposition was organized by the minority Ndebele tribe, with a stronghold in Matabeleland.) The economy is a total shambles. Clearly, Comrade Mugabe and his henchmen are doomed to lose power. It is not “if”, but “when.”