Larry Edelson told us that he will have a historic announcement on this coming Tuesday, the fourth of June. This will be his most important announcement in 37 years he says. Leading to the most profit, he said. Don't try to anticipate he says.
OK. There are two possibilities: 1. he has given up on gold and joined the numerous pundits calling for the end of the Gold Bull market or 2. announce the end of the correction in gold price.
Besides certain pundits trying to persuade investors that gold will soon be worth a lot less, we had seen a forceful takedown of the gold price by the gold raid at the end of April. Some pundits called it an 8 sigma event (that spontaneously occurs once in a million years), others called it a 7 sigma event (once in 4,500 years). Even if it were a six sigma event (that occurs every 13 years), it is now clear that it was orchestrated.
Did it achieve its aim of scaring people out of gold? NO!!! On the contrary. Sale of physical gold has skyrocketed. US Mint sales are up 1000%, Canadian Mint sales up by 128%, Chinese purchase are up 300% and Indian purchases are up 100%.
The fundamentals of the fiat currencies are horrible. The FED is now buying 75% of the new Treasuries. World debt totals 250T and if a third of it is bad, that is more than the GDP of the whole world. World debts can not be repaid so Central Banks will continue to print untill fiat currencies lose even more value.
Will Larry agree with the Dunces who proclaim the demise of gold? I hardly think so.
Sunday, June 2, 2013
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