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XMFSinchiruna (26.50)

This is the biggest 1-day dollar gain for gold in modern history!! Up >$80!!!



September 17, 2008 – Comments (5)

1. SEC chose today to begin enforcing the rules regarding naked short selling, which immediately tore apart the investment banks' ability to manipulate the mining shares downward and forced them to begin to unwind their enormous short positions.

2. I can't wait to see how many short positions on gold were unwound with the next Commitment of Traders report from the COMEX, and especially on the TOCOM where we can see what Goldman Sachs' positions did.

3. The Treasury admitted that fresh money was being printed in response to these crises, which in light of the $380+ billion price tag so far this week has likely generated some dollar-selling overseas.

4. CNBC reporting that $65 TRILLION in credit default swaps are likely to go into default!!! The mass exodus of investors the world over from these paper assets will continue to drive gold up through $1,200 much sooner than many would have imagined. You watch... that long-term target of $1,650 with the possibility of values much highers still will come to pass. The writing is very much written on the wall as of today!

5. I am not celebrating... this is a very sad day for America, its economy, and indeed the world at large. But I am excited that all the nonsense spin about gold being an antiquated vehicle for a safe haven... all the lies about how contained the financial crisis was going to be... the incredible fact that high-level government leaders had the gaul to stand up on TV with a straight face and pledge to their citizens that the worst was behind us when they knew perfectly well it was not... all that is over now. It's a new paradigm. Truth about the enormity of this situation is beginning to trickle down through the spin... at least figures in the trillions are finally being thrown around. All told, the de-leveraging that must take place will be in the many many many trillions of dollars... the total value of these worthless paper assets that include CDOs, derivatives, etc. etc. will be brought down towards zero at a breakneck pace. More fresh USD will be printed to keep markets from collapsing completely under the weight of the de-leveraging, and that, Fools, is how I know gold will continue to march higher.



5 Comments – Post Your Own

#1) On September 17, 2008 at 2:24 PM, Gingerbreadman55 (26.62) wrote:

I'm right there with you Sinch, its playing out now. The true color of the U.S. economy is showing.

Today is my biggest up day as an investor (college student). I wish I could say let the good times roll.

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#2) On September 17, 2008 at 3:40 PM, jesusfreakinco (28.19) wrote:

Amen brother!  It has been a hard few weeks, but it seems that Gold has regained its shine :)

It is a scary, scary world out there, though.  I hope the crisis can be contained, but I fear that it might not.


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#3) On September 17, 2008 at 3:55 PM, Jro81 (< 20) wrote:

Agreed ... 100% with what you said ... You are paying the govt to own treasuries ... Rediculous ...


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#4) On September 17, 2008 at 3:55 PM, dinodelaurentis (83.61) wrote:

yes, my highest ranking ever in one day also!

i've been waiting for this in CAPS and in real life for a while. like the positions i took during Gustav. i was confused over my emotions about betting on disaster, but went thru all the stages of grief and came to the healthy conclusion that it was just a trade. when the barn is burning down, my little profits will help the recovery, like contributions to galveston and houston. (nawlins dodged a bullet!)

the market is not supressed anymore and the chips will fall as they may.

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#5) On September 17, 2008 at 4:19 PM, goldminingXpert (28.66) wrote:

slope of hope... they give you an amazing day or two to keep reeling you in. The Nasdaq bounced hard and fast all throughout 2000. In a real market crash, everything goes down all at the same time... gold, silver, bonds, stocks, everything. You ain't seen liquidation yet.

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