According to Kitco's prices, the February 2007 closing high was $669.35. Chartists are taking note of that.
http://www.sprott.com/pdf/investorsdigest/investors_digest_mar_30_2007.pdf
A monthly closing gold chart:
(click chart to enlarge)
Something is up!
“a government can get away with the illusion that paper is wealth, but in the end, too much paper is always created, and with that action the illusion falls apart.” - the venerable Richard Russell.
Weird that gold and silver have been in 6 year long screaming bull markets, not to mention commodities in general, with plenty of years left to go, yet the US financial media will not mention it, the fact that these bull markets are in place. Strange. If you had spread equal "money" on each of the stocks that make up the Amex's Gold Bug Index, the HUI, you would be up about 600% over 6 years. 100% a year. Not bad. Yet most in the Anglo Saxen world are clueless as to what's going on with the gold price and the silver price. Wait till they wake up and start piling into gold and silver and the stocks when these bulls make there last phase of their markets.
Even the BBC is writing about the continuing decline of the US dollar:
"The downward pressure on the greenback looks set to continue"
http://news.bbc.co.uk/2/hi/business/6195198.stm
"March 27 (Bloomberg) -- Federal Reserve Bank of Cleveland President Sandra Pianalto said today that an increasing number of countries are diversifying their currency reserves from U.S. dollars to euros."
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a3WlkYtEaNLk
"China shifts to euros for Iran oil
Chen Aizhu – Reuters March 27, 2007
China's state-run Zhuhai Zhenrong Corp, the biggest buyer of Iranian crude worldwide, began paying for its oil in euros late last year as Tehran moves to diversify its foreign reserves away from U.S. dollars."
http://business.scotsman.com/latest.cfm?id=474362007
Oh, and Iran has made it illegal for US dollars to be used inside Iran.
Of course it's not just the US that is devaluing their fiat tokens, most all other countries are too. It's just that the US dollar looks to have the ability to be devalued far more than the rest, the US as a whole is in such bad financial/economic shape. In many ways it is in worse shape than it was prior to it's last great depression during all of the '30s and the first half of the '40s.
The US's Fed (cental bank) is between a rock and a hard place. If it holds or increases interest rates, it will crash the economy. If it decreases interest rates, it will crash the US dollar which will ultimately crash the US economy anyways. There are no US markets left that the US Treasury/Fed can inflate into one more bubble attempting to delay the day of ultimate settlement.
War games are heating up in the Gulf.
No wonder both the gold price and the silver price are still holding their second more upwardly sloping primary trend lines. The channel has steepened.
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Dow:Gold
NASDAQ:Gold
Oil:Gold
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