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Silver Wheaton Corp. Message Board

  • rebeccaha1974 rebeccaha1974 Apr 2, 2009 11:49 PM Flag

    Piratical Trickery

    The US Stock market rose not on news alone from the Gang of 20's announcement they are going to waste another $1 trillion through the IMF ("Enslaver of Nations"), but because the accounting standards board announced they would relax the mark to market rules on the banks, which will allow them to claim their trashy, worthless mortgage-backed securities really are assets. Who does this benefit? Not the banking "system", but the really big rotten banks which are already dead men walking. But then again, they entire bailout was for their benefit, nothing more than a raid on the Treasury to line their pockets.

    What's the bottom line? Any excuse will work for a market that wants to rise, & stocks were already in a rally. In truth, stock bear market bottom is nowhere near yet (based on time and valuations), and economy still has multitudes and magnitudes of bad debt and bad investments to be wrung out. Don't break out the champagne just yet.

    The Gang of 20's communiqué helped send up stocks but trashed gold. Terrible, on the face of it, but only for the careless and naïve, for the consumption of whom the whole trick was pulled. The GOLD PRICE dropped 18.760 to close on Comex at US$907.40, but get this: the SILVER PRICE actually rose. Silver's Comex close was up 5 cents at $13.015.

    Today's lows were US$894.70 and $12.56. Now think about those levels. They are basically the same levels (ca. US$890 and 12.50) that have held rock solid throughout this correction. But more than that, silver and gold didn't merely sink down there and stick, but rather bounced up strongly, so strongly that silver in fact closed above 13.00.

    Folks, do NOT get caught shorting silver. And if you're planning to buy, you'd better get after it, and "johnny quick smart" as my Australian sister-in-law says.

    The currency market read the G-20's announcement as poison for the dollar, which tanked a huge 121 basis points. Ya'll say good-bye to the US dollar. It won't live long.

    On this bright day in 1792 the US Congress passed the Coinage Act, which forever set the immutable monetary standard of the United States at 371.25 grains of fine silver, with gold coins to be adjusted in weight periodically as the market ratio changed. They even did that in 1837 without cheating a single soul.

    On this black day in 1917 President Woodrow Wilson asked congress to declare war against Germany so that we could "make the world safe for democracy." The US has been meddling in other people's business ever since.

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