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Excuse
Me, But is This the Moon Shuttle Now Loading?
Market Update 8-9
by Edgar J. Steele
May 22,
2008
My name is Edgar J. Steele.
The technicians are in a
feeding frenzy over gold right now (with silver close on its heels
in their estimation) - this likely WILL create its own
self-fulfilling prophecy, despite today's modest pullback:
http://www.jsmineset.com/cwsimages/Miscfiles/6200_Charts_for_5-21-2008.pdf
Stand by for anything but a
traditionally "sideways" summer... I'm guessing $1200 gold and $23
silver before very much longer. Both have jumped up about 10% in the
past few days, crossing over all the technical support levels and
causing the chartists to slaver in their haste to call the shift.
All that holds precious metals back is the manipulation by an
international consortium desperately levitating the dollar to keep
the worldwide economy cooking, but that also holds open the
floodgates now funneling American inflation to other nations. At
some point, they will drop their support out of pure self defense.
World War always is resorted to at about this point, to deflect
attention and blame. Do you think it merely coincidental that Iran
now has dropped the dollar for oil sales and that we have a record
number of aircraft carrier groups either on station in the Middle
East or steaming there right now?
Year end? Who knows, but $1500 - $2000 gold and $25 -$30 silver seem
within reach, even WITHOUT a widening of the Middle-Eastern
invasion. Before you reject that as grotesquely out of line, just
recall that oil has more than doubled in the last 12 months and the
pressure to drop ethanol is mounting as our changing climate further
inhibits crops this year. Price inflation now is raging at almost
the level of monetary inflation (20% plus), which it inexorably must
follow. You tell me what could possibly bring inflation under
control at this point?
Bomb Iran and count on true liftoff occurring. Late Fall is shaping
up to be, in my mind, a "perfect storm" for precious metals, what
with the election, Iran, traditional Fall increases, WWIII, food
shortages, fuel increases and yet another colder winter imminent.
-ed
Copyright ©2008, Edgar J.
Steele
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