Me, But is This the Moon Shuttle Now Loading?
Market Update 8-9
by Edgar J. Steele
May 22, 2008
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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:
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.
Copyright ©2008, Edgar J. Steele
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