Saturday 17th November 2007: 11.14pm
Well, gold is down $47 for the week. One thing that Jim Sinclair warned off long ago was volatility and it has come into the market at these levels. Other notable events: The Feds have raided the Liberty Dollar issuing company and taken all their Ron Paul Dollars, all their platinum, gold, silver and copper coins, together with all paperwork, computers and accounts records, according to articles on the Internet. This looks like a blatant 'Establishment' attack on the Republican presidential nomination campaign of Ron Paul, who has been getting too popular for their liking of late. After all, everything he says about the depreciation of the dollar and the twisted US financial system seems to be coming true before the eyes of the World. I really do fear a bit for that guy's safety. In many ways of coruse, this stupid, heavy-handed action will show that the US Government has (a) no respect for the US Constitution 'rule of law' that enshrines gold and silver as money, (b) no respect for the property rights of individuals and (c) an arrogance unworthy of any civilised country, all of which might makes the USA, to borrow the term from businessmen Peter Jones on the BBC TV programme 'The Dragon's Den' that he loves to use on unworthy contestants, 'uninvestable' - talk about shooting themselves in the foot.
It's a shame, because there is so much talent in the USA, but that country is likely to get a great deal worse before it gets any better and those people will find that their talents could be wasted there.
The day when Chinese, Indian and Arab citizens have more property rights than US citizens is not far off. Maybe it has arrived in one way at least - the right to own gold and silver, which as Alan Greenspan told us back in 1966 is a major key to economic freedom.