Gold a Bit Higher - Financial Showing More Trouble
From Casey's Daily Resource Plus (www.caseyresearch.com) "I'm watching in morbid fascination as the world's financial system implodes. UBS took a $10 billion hit on sub-prime today, Societe Generale SA, France's second largest bank put $4.3 billion of SIV assets on its books, Bank of America is winding up its $12 billion "Enhanced Cash" "money" market fund....and then there's the Washington Mutual story that was released after the market closed yesterday. Let's see how 'da boyz' spin the futures market overnight. I forgot one!!! MBIA found a sucker to the tune of $1.0 billion!!!"
Washington Mutual, the nation's largest S & L took a big loss and is closing offices and laying off some 3,000 workers. Yet, the government spokesmen continue to say that the sub-prime and financial woes are over. Bet you are a bit skeptical as am I.
Meanwhile, gold is moving toward the top of its recent trading range and is at $802.40 as this is written. Silver is likewise at $14.51. At some time the cartel ('da boyz') will lose control and then we will see the precious metals jump like a compressed coil spring suddenly released. When? Anybody's guess!
All of the paper currencies are temporary. Though they hang around and operate for even centuries, historically, none last forever. They are backed by nothing except faith and trust in the issuing authority. When that wanes, as is now the plight of the dollar, there is no support and they drop in value. The demise is slow and painful at first, then accelerates with increased pain, and finally, precipitously drops with significant pain as unsuspecting folks realize losses.
Now is when one must have precious metals, mining stocks, and stronger currencies. We must always keep in mind that there are no backed paper currencies. They are simply used as a poor substitute for real money: silver and gold. Thus, we must move into real money for security of whatever wealth we possess. This is the rational high priority for such times.
For some colorful writing on the financial fiasco we are facing try the Mogambo Guru at
http://www.dailyreckoning.com/Writers/MogamboGuru.html. You will find it entertaining and and accurate in economics. For reading on "inflationomics" (Name coined by Sennholz) check out http://inflationomics.com/. It is wise to read to stay ahead of things economic.
We must always remember that the Lord Jesus Christ is in absolute control and moving all things according to His will for the eventual good of His people. Be one of His. Seek wisdom from His word as recorded under the power of the Holy Spirit in the Bible. It speaks to all subjects and points toward our Lord and Savior, King Jesus.
Best to each, Doug
Washington Mutual, the nation's largest S & L took a big loss and is closing offices and laying off some 3,000 workers. Yet, the government spokesmen continue to say that the sub-prime and financial woes are over. Bet you are a bit skeptical as am I.
Meanwhile, gold is moving toward the top of its recent trading range and is at $802.40 as this is written. Silver is likewise at $14.51. At some time the cartel ('da boyz') will lose control and then we will see the precious metals jump like a compressed coil spring suddenly released. When? Anybody's guess!
All of the paper currencies are temporary. Though they hang around and operate for even centuries, historically, none last forever. They are backed by nothing except faith and trust in the issuing authority. When that wanes, as is now the plight of the dollar, there is no support and they drop in value. The demise is slow and painful at first, then accelerates with increased pain, and finally, precipitously drops with significant pain as unsuspecting folks realize losses.
Now is when one must have precious metals, mining stocks, and stronger currencies. We must always keep in mind that there are no backed paper currencies. They are simply used as a poor substitute for real money: silver and gold. Thus, we must move into real money for security of whatever wealth we possess. This is the rational high priority for such times.
For some colorful writing on the financial fiasco we are facing try the Mogambo Guru at
http://www.dailyreckoning.com/Writers/MogamboGuru.html. You will find it entertaining and and accurate in economics. For reading on "inflationomics" (Name coined by Sennholz) check out http://inflationomics.com/. It is wise to read to stay ahead of things economic.
We must always remember that the Lord Jesus Christ is in absolute control and moving all things according to His will for the eventual good of His people. Be one of His. Seek wisdom from His word as recorded under the power of the Holy Spirit in the Bible. It speaks to all subjects and points toward our Lord and Savior, King Jesus.
Best to each, Doug
posted by Doug @ 9:36 AM
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