John RayThe "dollar" is toast, act accordingly.Tue Apr 25, 2006 13:45
-------- Original Message --------
Subject: Fw: The "dollar" is toast, act accordingly.
Date: Tue, 25 Apr 2006 10:42:53 -0700
From: John Ray firstname.lastname@example.org
THANKS TO MY FRIEND SILVERSTREAKER FOR THIS GREAT POST BY DAN NORCINI. THE COMMENTS BELOW ARE HIS. I HAPPEN TO AGREE TOTALLY WITH HIS OPINION...................PROTECT YOURSELF..
Subject: The "dollar" is toast, act accordingly.
Whether you like it or not, you are the perpetual victims of the Fed Reserve "dollar" Ponzi scheme if you are still using "dollars". This fiat, legal tender currency is about to experience a major depreciation. i.e another major loss in your purchasing power. The following excerpted commentary of Mr. Norcini, savvy in his perceptions of markets, provides an interesting observation of the paroxysms shaking the worldwide economy.
Should you wish to protect yourself from the depredation of your personal property, I recommend silver, the "poor man's gold," and not to delay your initial entry into ownership of this precious metal, have you not done so already. Silver reached nearly $15 per ounce recently, and at the current sub-$12 price, it is a great value. Imo, silver will resume its upward trajectory, muddle around the $15 level, and then will eventually blast through that price level and vault into the $20s. The exact timing is purely a matter of speculation.
This is my last unsolicited email regarding silver and economic matters. All further commentary on this subject will be restricted to my responses to personal inquires via email.
Thanks for listening,
Dan Norcini’s Market Commentary
Gold was knocked down today . . . nearly $12.00, closing at $623.50 on the CBOT. The downdraft in the neighboring silver market was just too much for it to ignore.. . . After roaring back Friday from the beating it took Thursday. . . it closed at $11.77/oz falling through the psychological $12.00 support level (As I write this short commentary it is already back over $12.00, up some 24 cents). . .
I am expecting silver to continue this wide range as it attempts to consolidate its recent gains and takes a breather from its torrid rate of ascent. No market can head up almost vertically without eventually taking a pause of some sort. . . .Buy the dips . . .
The excuse du jour given for the weakness in gold was supposedly “dovish” statements made by the Iranian President and the subsequent weakness in the crude oil market.
I have to laugh at these witless comments we are forced to suffer through each day. The poor dupes at the wire services that have to write these commentaries for a living have to come up with something to at least give the appearance they are earning their salaries. Anyone who thinks happy talk is going to defuse the Iranian situation is a prime candidate for some ocean front property in Arizona. That is the way of these slaphappy markets nowadays as the proverbial “bull in a china shop” hedge funds do their thing.
The really big news today was in the Forex [i.e. foreign exchange or international currency] markets where the dollar was crunched as a result of what came out of the G7 meeting over the past weekend. The gist of that meeting was that the dollar is overvalued and is contributing to global imbalances which are getting out of hand (read that as the humongous US trade deficit).
There was also a clear call for the Chinese to once again allow the Yuan to float upward. To make matters worse for the beleaguered greenback, Russia’s Prime Minister Fradkov questioned the suitability of the dollar as the world’s “absolute” reserve currency due to its instability. That is an amazing statement and to me was perhaps the most shocking of any developments coming out of the G7. The final straw breaking the back of the dollar was the announcement by the Central Bank of natural gas rich Qatar that they had been buying Euros to shift their reserves away from the dollar. Their goal was to reach a point where 40% of their reserves would be in Euro denominated paper. All of this was clearly dollar negative and the markets wasted no time reacting appropriately.
Look for more and more Central Banks going forward to do the exact same thing. This is a trend and it is only going to gather steam and it will not be reversed. The risks to the dollar are growing to unacceptable levels for more and more Central Banks.
Under normal circumstances this dollar weakness would have been friendly to gold but the cross currents from silver and the energy markets were a bit too much. No doubt the perennial top callers in gold will be crowing again and singing ballads to their greatness. Yep, these are the same guys who had clients sitting on the sidelines from $550 telling them that a big correction was coming and to wait for a better entry point. They are still waiting!
SEE: WHAT IS MONEY...
Dollar vs EURO -- Weapons of Mass Destruction. There were weapons of mass destruction in Iraq, in the form of EURO currency. The petrodollar depends upon ...
Main Page -
Message Board by American Patriot Friends Network [APFN]
APFN MESSAGEBOARD ARCHIVES