Ding Dong, the Witch is Dead!
Market Update 8-3
by Edgar J. Steele

February 26, 2008  

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My name is Edgar J. Steele.

Silver is up .40 per ounce in the overseas markets tonight at 8:30 PT. That's $1.10 on the day, as of this moment.

This is the way silver works. Its volatility is kind of like flying jets or trying lawsuits:  long periods of boring inaction, interspersed with brief spurts of euphoria and stark terror.

That also is an increase of over $5 per ounce since Jan 1 of this year when everybody else said PMs sharply would correct downward and many jumped ship, saying I was nuts not to warn my list to sell out immediately.  Recall that I said, instead, that I thought a major spike upward was in the making.

What I haven't shared until now is that, every time silver dipped markedly in the past year (once as low as $11.50 per ounce), I loaded up as much as I could, even going deeply into hock to do so.  I never recommend that others incur debt to support investments, not even margin debt, but, then, I've never listened much to the voice of reason, myself.

Silver, of course, is up $11 per ounce since I called for moving from gold to silver a little over two years ago, which itself evoked gales of laughter all around for a month or so, until the last sharp upward spike in silver then promptly took place in the winter of '05/'06.

And that completely ignores the $14 per ounce increase silver has experienced since I first called for buying gold and silver five years ago, when everybody called me a complete loon.

I love the sound of laughter.

The dollar plunged beneath 75.00 finally today and, I think, for good this time, after about the period I saw it being defended, just as I said it would.  All around the world, the dollar is turning into a punching bag.  Witness the total lack of effect that the phony announcement of a massive IMF gold sale had upon the market.  Ding dong, the witch is dead - the wicked witch is dead.

What should concern people is not that I have been right about every, single thing I've been preaching since I started preaching. What should concern people is that all that I have forecast for America has not yet taken place (see Defensive Racism's chapters on economics and world war) - not by a long shot.  In fact, things are just starting to warm up.  Also consider that what occurs economically merely is a reflection of fundamental shifts in the fabric of society.

I don't buy into the explanation offered a few months ago for silver's inaction in the face of gold's ascent:  that silver lags gold and its ascent presages gold's decline.  I think gold is just getting started, too.

Truly, things now are quickening, both here and abroad.  2008 should prove to be a most interesting year.  Just think:  we have ringside seats for some serious history being made.  Fasten your seat belts, if you have them.


Copyright 2008, Edgar J. Steele

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