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 Market Update 7-9
by Edgar J. Steele

July 11, 2007  

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My name is Edgar J. Steele.

A list member wrote yesterday and asked, "Will we have to wait for a nuclear war for silver to go up?" 

Here is the response I sent him: 

No...just wait for what is happening right now to play out.  Today is a great example.  Dollar is down .49 and headed for sub-80 territory.  Gold and silver should have jumped like skyrockets.  They are bailing with both hands, yet gold and silver both still made modest gains today.  Imagine what silver will look like when they stop bailing.
 
Of course, as the dollar really starts to die, they will have to start WWIII in earnest to mask the reason.  That's when silver's price appreciation becomes meaningless and its function as a preserver of wealth takes over.
 
Repeat after me:  silver is not an investment, per se - it is a survival strategy.  Will you make money with it?  Certainly, eventually silver will make your wealth increase.  More importantly, it will keep you from losing buying power during the upcoming unpleasantries.

Many have asked for a financial update, in light of the dollar's recent plunge.

Well, here's my update on silver:  Buy it.  Buy it now.  Don't ask why.  Don't wait until tomorrow.  Just freeking buy it, dammit!

Two weeks ago, I predicted that the dollar soon would drop below .80.  Some laughed.  As is almost always the case, today they are not laughing.  At this very moment, the dollar trades at 80.55.  Will it recover?  Some, but we know where it has to end up - dead.  Where will silver be when that day comes?  On the Moon, Alice...on the Moon.

The following chart is from the venerable James Turk's commentary posted today at www.GoldMoney.com :

 

Note that this chart spans the entire Bush Presidency.  Quite a report card, isn't it?  Talk about "Dead Country Walking."

The Herculean market manipulation effort by our government over the past couple of years is more than apparent.  Clearly, they are near the end of their string, as well.

To the Technical Analysts among you, this chart literally screams that the dollar is about to plunge beneath 70.  Once that happens, the game very likely is over and they will nuke either Tehran or Des Moines, depending upon which they believe will get them the most mileage.  Regardless, things then will spiral out of control and the world as we know it will be over.

 

 

 

If you bridle at what I have to say in today's Nickel Rant, Dead Country Walking, please consider the following from CounterPunch's Jerry Kroth, from whom comes "Whatever AIPAC Wants, AIPAC Gets," in which he states:

"Curiously, all of the traitor democrats were huge career recipients of funds from the Israeli lobby. If we took ten Democratic apostates and compared them to ten Democrats who stood by the voters, pro-Israeli PAC contributions were "ten times" greater for the turncoats than those who stayed with their constituencies ($322,000 versus $34,000 on average).

"To be specific: Carl Levin, outspoken critic of the war and, we thought, a loyal supporter of the new regime to end it, defected and blithely turned his back on his Michigan support base. Despite his strident anti-war rhetoric, theGrand Rapids Independent reports Levin has supported Bush all the way "consistently funding the war and not introducing any meaningful legislation to bring it closer to an end." Practically unknown to his constituents, Levin is one of the largest beneficiaries of Pro-Israeli PAC funds collecting $600,000 in career contributions according to theWashington Report on Mideast Affairs.

"Barbara Boxer, Denis Kucinich, and Earl Blaumenauer, all opponents of the war, collectively got $73,000,
but turncoat-democrats, Dan Durbin, Max Baucus, and Frank Lautenberg scooped up in excess of a million plus untold benefits like travel funds.

"What comes out in the wash
is the best PAC money can buy: Three months before we invaded Iraq, a New York Times poll showed only 30 percent of the American people favored an all-out invasion, but the Israeli lobby (AIPAC) did, and it prevailed. Hardly a sprinkling of Americans favored the "surge," a meager fourteen percent, but AIPAC did, and the surge is surging as we speak. Fewer than thirty percent of Democrats supported that no-strings-budget, but AIPAC did, and the conclusion plays out another hackneyed chorus of "Whatever AIPAC wants, AIPAC gets."

 

-ed

Copyright 2007, Edgar J. Steele

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