Monday 11th February 2008 9:55 p.m.
Gold is up again today. It's in the $924 region as I write (923.70/924.50 bid/ask in the Spot market). The range has been $915.30 to $928.10 today. The IMF gold sales announcement really spooked the market then, hee hee! The market could not care less! This shows how irrelevant the Fed and the IMF have become to the rest of the world in the last 5 years. They've nearly shot all their ammo, except for dictatorship and another world war to be pulled out of the hat sometime soon.
Silver makes it over $17, currently at $17.48/17.53 bid/ask and Platinum is at $1933!
I had a sneaking interest in Palladium a few years ago. It never did much, except rise gradually from its low of about $170 in to the 200s then eventually into the 300s, but I saw 1 minute ago to my surprise that it is $441 right now! Maybe it is following platinum if demand rises for palladium as an alternative for catalytic converters, as platinum supply becomes tight and the Pt price skyrockets to $2000+.
Palladium is now roughly at the price that platinum was at the bottom of the metals markets in 2000-2001.
Rhodium is at, errrr, the less modest $8,490, looks set to zoom to $10,000. Is this inflation or what? Doesn't this make ridiculous mincemeat of Government statistics, that seem to get manipulated by politicians and their cronies for their own ends against the interests of the people? For credible answers to these questions, take a look over at Walter 'John' Williams' super website www.shadowstats.com.
And while our economy disintegrates into hyperinflation in costs and deflation in assets, our politicians and people get all hot under the collar about what? Answer: gays in the military.
Still, the gold standard / honest money / Constitutional Republican 'minority' 'left-field' candidate Ron Paul beat Giuliani in Iowa. Not saying much but still not bad. RP spent some campaign money but got no coverage in the media as usual, except on the Internet. Americans are going to be treated to Obama or Hillary in '08. ENJOY!
My prediction for 2008 ... As we British and you Americans see our respective economies slide seemingly ever deeper into depression with one asset writedown and financial mini-disaster after another, and the Europeans see their economy slow into stagnation as the French hold on for grim death to their delusion of a life of 35 hour working weeks while Chinese and Filipinos are 'content' to work 60+ hours to earn 'hard currency' and send it home to their families, everyone in the G7 will be watching their housing values and pension schemes drop through the floor, opening their bank statements and seeing less and less remaining after their huge mortgage payments are taken out, unable to re-mortgage anymore to keep the credit wolf from the door. They will go to work and be told that they are lucky to get a 1.5-2.0% pay increase. On the way home they will visit the shops and see bread up 30%, milk up 20%. Back at home the mail is on the doormat; the gas bill up 24% the electricty up 19%. Then they will turn on the Television and see in wide screen, 50" glory: ... CHINA CHINA CHINA CHINA CHINA BEIJING OLYMPICS!!! A 50 inch screen crammed full of drop-dead gorgeous Asian beauties with surgically rounded eyes, bathed in designer jewellery, all kinds of Asian guys strutting around in their Armani suits looking at their Rolex, Gucci or Omega watches, magnificent stadiums, brand new buildings everywhere. It's going to be a SHOCK to the system!
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