Our Nation Has Turned Its Back on the God of our Fathers

With the general market continuing in a crash mode even though the DJI is up 40.31, it is only 6800 now. That is down over 50% from its high near 15000. Yesterday was a terrible day in the markets. Today is not starting much better. So much for the world bail out moves. Neither the economy nor the markets have responded positively.

Man's folly is just that: FOLLY. Our leaders believe they know more than our Creator God. Thus, we are being taken farther and farther down the road toward destruction, or at the very least, bankruptcy. None will call the nation to repentance and turning back to the God who blessed us in so many ways through His providence to our founders and early leaders.

We are in dire need of Godly statesmen who know the Lord Jesus and recognize that He has put them into power and demands that they follow His Law-Word. In stead we are treated with politicians of deceit who look forward to being reelected and could care less about the Constitution and the God of our fathers.

We must earnestly pray that God will have patience with us and raise succeeding generations of Godly children and grand children who will turn our nation back t0 the way of God.


VGZ is trading lower today. How low will it go? I don't know, but would surprised if it were to break below about 1.50. Depending upon your portfolio and risk acceptance, it is in a reasonable buying range at present. However, I am holding a number of shares and would wait for a lower price before adding thereto. The bid and ask are 6.01 and 6.03, respectively.
It is very volatile and moving very rapidly. Now 1.67-1.68.
Gold is under pressure from the obvious intervention and, I believe from pressure selling as the general market continues in crash mode. It is currently 914.50. Technical selling should come very soon and then the upward move should resume.
Silver has been under the most pressure, and has been slammed down to 12.63. The free markets are more easily predicted. Pray that God will grant us leaders who know the facts and will trust the free market.

From The Peninsula:

Countries eye gold reserves as dollar falls
Web posted at: 3/3/2009 9:16:5
Source ::: REUTERS

DUBAI: Major emerging economies are seeking to raise their central banks’ gold reserve holdings as fears of a sharp depreciation in the US dollar mount, senior industry officials said yesterday.

Investors have been piling into gold as a safe haven as the the world’s worst financial crisis since the 1930s depression sent global stock markets crashing.

“In this recession it is India and China which are going to grow at a slow rate, but they are growing,” said Aram Shishmanian, chief executive officer of the World Gold Council. Read it HERE.

From Jewellry Net Asia:

Dubai’s gold trade up 53% in 2008

03/03/2009

Dubai’s total gold trade reached a record US$29 billion in 2008, 53 percent more compared to US$19 billion transacted through the emirate in the previous year, according to figures from the Dubai World Statistics Department.

In 2008, gold exports from Dubai reached 371 tonnes, up 29 percent compared to 287 tonnes in the previous year. In terms of imports, a total of 674 tonnes of gold was imported into Dubai, an increase of 21 percent compared to 559 tonnes in 2007. Read it HERE.

From The Daily Pfennig:

"Speaking of Central Bank ownership of Treasuries... I read yesterday that China used to keep 100% of their dollar reserves in U.S. Treasuries. Today they keep only 70% of their reserves in Treasuries, with the difference in gold, euros, and other Asian currencies. Hmmm... What if they would decide to diversify more?"

More of this run from the US Dollar and Treasuries will be coming. This will be a big blow against the dollar.

From The Telegraph UK:

We need shock and awe policies to halt depression

2 March 2009

As ordinary citizens with no power over the levers of policy, we watch from the sidelines, and weep. The whole global economy has tipped into a downward spiral. Trade and output are contracting at rates that outstrip the leisurely depression of the 1930s. Debt deflation has simply washed over the drastic measures taken by governments everywhere.

Judging by the latest Merrill Lynch survey of fund managers, investors have a touching faith that China is going to rescue us all and re-ignite the commodity boom. How can this be? Taiwan's exports to China fell 55pc in January, Japan's fell 45pc. These exports are links in the supply chain for China's industry. Manufacturing output in the Shanghai region fell 12pc in January. Read it HERE.

From The Economist through GATA:

Being limited in supply, gold appeals to The Economist

Submitted by cpowell on Mon, 2009-03-02 06:45.

Burnished by Bad News, Gold Looks Like a Good Each-Way Bet

From The Economist, London
Thursday, February 26, 2009

It is 1979 and Harry "Rabbit" Angstrom, the hero of John Updike’s series of novels, is explaining to his wife why he has just spent more than $11,000 on 30 gold krugerrands. "The beauty of gold is, it loves bad news," he says. Three decades later, gold is once again thriving on despair. Before Christmas, a troy ounce could be bought for around $800. By the third week in February, gold was trading at close to $1,000 an ounce. Read it HERE.

From Financial Times Europe:

Ukraine risks unrest as ills worsen

By Stefan Wagstyl and Roman Olearchyk

Published: March 2 2009 19:16 | Last updated: March 2 2009 19:16

Olexander Pavlenko, a young computer programmer, is one of tens of thousands of Ukrainians who cannot get their money out of the bank.

He stood in line in Kiev at Nadra Bank and Ukrprombank, two big troubled banks, planning to withdraw more than $10,000 (€7,950, £7,125). But like many others, he was told the cash was not available.

“I stood in line a couple times with other bank clients who were protesting, crying and screaming. But the bank told me: ‘Sorry, we simply don’t have the money now and can’t help you.’” Read it HERE.

Folks,

It is a time for great caution. We must batten down our financial hatches. Get out of debt, start savings, and hold gold and mining stocks for the future demise of the dollar. I suggest selling non-mining stocks each time there is an upward move in the general market, as it remains in a crash mode. It does not appear that it has hit the bottom yet.

Best to each, Doug