Dollar Whacked, Gold Gapped
November 4th, 2008Via: MarketWatch:
Gold and other metals futures rallied Tuesday boosted by sharp weakness in the U.S. dollar and broad strength in commodities, with copper prices soaring 8% and silver gaining 7%.
Gold for December delivery surged $30.60, or 4%, to $757.40 an ounce in electronic trading on Globex. The contract earlier hit an intraday high of $765.
On the Comex division on the New York Mercantile Exchange, December gold was up $29 at $755.80 an ounce.
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I can’t remember ever seeing huge moves going into an election day. What’s playing out, though, is that it’s clearly a given that Obama is going to win, and with his win comes the chance for America to redeem itself in the eyes of the world. Out go the evil-mongers, in comes the first non-white man for “change”, and the U.S. is off on it’s way to repairing the bridges it’s burned, winning friends and once again influencing people.
Whether that’s actually what will happen or not is beside the point (the path to big money is to ride the “trend that is false”). Right now the story is that Capitalism & Globalism may have gotten a new lease on life. I suspect this rally will have legs, albeit rather short ones.
Of course, if McCain wins it’s likely that traders will be jumping out of buildings before the end of the week…
Funny about the gold today. I love it.
@lavavulin I don’t understand why traders will be jumping out of buildings if McCain wins?
As for what else you wrote I thought this article provided a very cogent analysis of America “redeeming itself” should Obama win. I was crying by the end of it.
http://www.timesonline.co.uk/tol/news/world/us_and_americas/us_elections/article5061437.ece
Jim Willie’s “Upcoming Gold Default” is an interesting read, plus it has the added bonus of referring to some Deep Underground Doodoo re US Treasuries:
“A topic raging lately between us has been the failures to deliver USTreasurys. This extraordinary phenomenon highlights the extreme mountain of toxic bond (in)securities spewed worldwide by the corrupted US financial sector, but it also highlights the questionable legitimacy of USTreasury Bonds. One should remember that over $2000 billion in counterfeit USTreasury Bonds was probably buried under the World Trade Tower rubble one dark September day in 2001. The traded volume of USTBonds was recorded to be over $2 trillion above official issuance in USTBonds. So maybe we are seeing a redux of counterfeit issuance of USTBonds in order to satisfy unprecedented demand. By the way, USTreasury management is done, and accounting is done, almost like a money laundering operation, handled by JPMorgan. The rise, burial, and revival of supply are all conducted under the convenient accounting rules permitted by national security agencies.”
http://www.financialsense.com/fsu/editorials/willie/2008/1030.html
@pookie – I am glad you posted this. I was wondering earlier whilst watching the video’s Kevin posted re WTC collapses whether anyone else noted that at the end of “Loose Change” there was brief mention of all of the physical gold that left the building. This was at the very end of a version of Loose Change I watched years ago. Seems like yesterday.
This is a hoot: By the way, USTreasury management is done, and accounting is done, almost like a money laundering operation, handled by JPMorgan. The rise, burial, and revival of supply are all conducted under the convenient accounting rules permitted by national security agencies.
WHAT?
Well, since JPMorgan presided over the last Great Depression, and are now presiding over whatever is happening now, well sheesh, I guess we don’t have to wonder anymore where the Illumanti are.
Hellbent on disaster for sure. Like they have always been.
I hear the mice in the walls scurrying for places to hide as I write this.