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I think this is a VERY good read.

Doug spends some of his time here in NZ.

 

 

Doug Casey: What to Do in 'The Greater Depression'

http://seekingalpha.com/article/122573-dou...on?source=yahoo

 

The Gold Report: You’ve been discussing what you’re calling “crisis and opportunity,” and in fact have a summit by that same name coming up in Las Vegas next month. Could you give us a high-level overview of what you foresee?

 

Doug Casey: We’ve definitely entered what I describe as the Greater Depression. It’s not coming; it’s here. It’s going to get much, much worse as far as I’m concerned and unfortunately, it’s going to last a long time. It doesn’t have to last a long time, but the root cause is government intervention in the economy and everything they’re doing now is not just the wrong thing, it’s the opposite of what they should be doing. It’s almost perverse.

 

The distortions and misallocations of capital and the uneconomic patterns of production and consumption that have been going on for over a generation need to be liquidated and changed, but everything the government’s doing is trying to maintain these patterns. So it’s going to be horrible. In addition, the government is necessarily directing more power toward itself with all of its actions. If I were you, I’d rig for stormy running for a good long time......

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As I said yesterday..1000 is the line in the sand for the bankers. Could go sub 900 to shake out all the nervous nellies.

 

Bank stocks on a tear again.

 

Obama speech didn't do the trick, so they are hitting all markets at once, to try and please their Chinese masters who they are borrowing from.

 

It's a buying opportunity. Easier to gets more people into gold ETFs. Which keeps them in the system. How do coin dealers cope with volitility? Buying ahead will be difficult at these high levels.

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I WILL KEEP DOING my warning thing...

On DrB's Diary

 

Careful. If we get a major market turn in a week or so,

We may see a big run in other stocks (Tech, for example), at the expense of Gold & gold stocks.

Many here on GEI are not expecting this, and they may get hammered.

The inability of Gold to hold its gains yesterday, could be a warning of what's ahead

 

gold is on the start of the biggest bull run in history imo.

 

 

You need to apply gut instinct & worldly experience on this one Bubb, not just charting. ;)

 

 

ps - we will be due another 360 uturn from Dave surely, it's been at least 2 days since the last projection.

 

imo no-one should be day trading or shorting right now. Surely it's just a pure coin flipping exercise in these circumstances for the majority.

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As I said yesterday..1000 is the line in the sand for the bankers. Could go sub 900 to shake out all the nervous nellies.

 

Bank stocks on a tear again.

 

Obama speech didn't do the trick, so they are hitting all markets at once, to try and please their Chinese masters who they are borrowing from.

 

This could go to 800, because of nervous nellies

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This could go to 800, because of nervous nellies

 

Oh yes please!

 

I need more physical...Please let the sales go to 875. :lol:

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ps - we will be due another 360 uturn from Dave surely, it's been at least 2 days since the last projection.

 

<pedant>

Er, 360 degrees isn't a U-turn. A U-turn is 180 degrees... :D

</pedant>

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Oh yes please!

 

I need more physical...Please let the sales go to 875. :lol:

 

There you go! Thats the spirit. Dont know if physical prices will nessessarily follow though.

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<pedant>

Er, 360 degrees isn't a U-turn. A U-turn is 180 degrees... :D

</pedant>

 

ooopps, yes you're are right. :unsure:

 

 

 

 

 

 

Yes, but 2 U-turns = 360 degrees. :rolleyes:

 

thanks rh, but I had better own up. I actually meant 1 uturn as 360 degrees. :unsure:

 

 

I like to admit when I get something wrong you see, otherwise I would lose ALL credibility amongst my virtual posting peers. ;)

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When to buy.... when to buy....

 

As a diversion here is a little quiz question: from which 1980's pop song comes the following lyrics?

 

"I can't stand this indecision

married with a lack of vision" :)

 

Any punts?

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I think thats a reasonable target, i fear it may get overshot though.

 

Well if it goes to 740, I will be able to buy up a load more...just like last time! :lol:

 

 

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When to buy.... when to buy....

 

As a diversion here is a little quiz question: from which 1980's pop song comes the following lyrics?

 

"I can't stand this indecision

married with a lack of vision" :)

 

Any punts?

 

yes, I can think of at least one on here. ;)

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http://economictimes.indiatimes.com/Market...how/4194608.cms

 

 

MUMBAI: Gold buying slowed on Thursday as buyers preferred to remain on the sidelines awaiting further price declines overseas, traders said.

Gold

 

They also expect the influx of scrap metal into the market to ease.

"Prices are too high compared to Rs 11,500 a few months back," said Mayank Khemka, managing director with Khemka International in Delhi, adding "prices are high for even jewellers to stock up."

 

"Our customers would be interested in buying below Rs 14,000-level," said Khemka, adding "we might see huge buying below Rs 13,000."

 

There exists a price disparity of around Rs 200 between local gold and bank gold, Khemka added.

 

India's gold demand has slowed to a trickle in the wake of prohibitive prices and a weaker rupee, which has made the dollar-quoted yellow metal more expensive.

 

 

The benchmark gold April contract was 0.92 per cent lower at Rs 15,351 per 10 grams at 1:38 pm, after having struck Rs 16,040 last week.

 

"There is no need for jewellers to stock as there is hardly any demand and also a big inflow of scrap," Khemka added.

 

"There is a discount of Rs 375 in Kolkata," said Harshad Ajmera, proprietor of JJ Gold House.

 

"Physical buying has become zero and there are sellers from neighbouring countries," Ajmera added.

 

"In total, Kolkata must be receiving about 50 kgs of scrap daily," said Ajmera, adding scrap flow would ease if prices decline below $900 overseas.

 

Foreign gold, which guides the local market, eased a touch to trade at $954.30 as the dollar held onto gains against the yen on Thursday and investors took profit from an 11-month high hit last week.

 

 

 

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Gold down 1.5 pc as investors take profits

 

http://economictimes.indiatimes.com/Market...how/4194169.cms

 

"The most-awaited correction has set in as expected," said Devarsh Vakil, manager-research, Anagram Capital, adding "we are still cautious." Selling is recommended below 15,200, with a target of 14,900 and a stop loss of 15,420, Vakil added.

 

Analysts expect bouts of profit-taking to continue but concur that the overall intermediate trend is still up. Open interest in April gold on MCX was at 18,312 lots, down from 18,403 a day earlier.

 

 

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Ex-Treasury official confirms gold suppression scheme

Submitted by cpowell on Tue, 2009-02-24 22:13. Section: Daily Dispatches

5p ET Tuesday, February 24, 2009

http://www.gata.org/node/7197

 

Dear Friend of GATA and Gold:

 

In an essay published today at Counterpunch.org, former Assistant Treasury Secretary Paul Craig Roberts confirms that the U.S. government has been leasing gold to suppress its price and support the dollar. The admission is made in the last paragraph of the essay, which is appended.

 

CHRIS POWELL, Secretary/Treasurer

Gold Anti-Trust Action Committee Inc.

.

.

.

The other serious problem is the status of the US dollar as reserve currency. This status has allowed the US, now a country heavily dependent on imports just like a third world or lesser-developed country, to pay its international bills in its own currency. We are able to import $800 billion annually more than we produce, because the foreign countries from whom we import are willing to accept paper for their goods and services.

 

If the dollar loses its reserve currency role, foreigners will not accept dollars in exchange for real things. This event would be immensely disruptive to an economy dependent on imports for its energy, its clothes, its shoes, its manufactured products, and its advanced technology products.

 

If incompetence in Washington, the type of incompetence that produced the current economic crisis, destroys the dollar as reserve currency, the "unipower" will overnight become a third world country, unable to pay for its imports or to sustain its standard of living.

 

How long can the US government protect the dollar's value by leasing its gold to bullion dealers who sell it, thereby holding down the gold price? Given the incompetence in Washington and on Wall Street, our best hope is that the rest of the world is even less competent and even in deeper trouble. In this event, the US dollar might survive as the least valueless of the world's fiat currencies.

 

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My trigger finger is getting itchy!!!!

 

Come on PPT please get it down some more...I have a pile of sterling I need to swap for something valuable!

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