[quote=Eugene]false rumor, encouraged and spread by some less than knowledgeable writers, of the oil nations turning away from the dollar was the catalyst for the stampede this past week into Gold. That rumor was later decisively quashed by Reuters. [/quote]
Hmmmm…so this is a false rumor because it’s been “decisively quashed” by Reuters? Wow, I’ll be sure to pay more attention next time when Reuters says that recovery and “green shoots” are in sight. LOL.
Of course the usual suspects are going to deny that the meeting took place, Eugene! Do you really expect them to admit, “Yeah, you got us. We were trying to dump the dollar and hoped to keep it under the table. Boy, you guys are good. Nicely done, Fisk!”
The good Mr. Nadler may have theories, as he sits in his little cubicle at Kitco. But Mr. Engendahl has actually spoken with the folks who matter:
“The secret plan was first reported by respected Middle East correspondent, Robert Fisk, in the British newspaper The Independent. [2] Fisk claims to have confirmed the existence of the plan from Arab as well as Hong Kong Chinese sources. I have confirmed from very senior and well-informed Gulf sources that the talks are real.”
Max Keiser is also hearing the same thing from his sources in Paris and the MidEast:
Eugene, I don’t know how old you are, but if you are over 40 you should absolutely know NOT to believe something – until it is officially denied. And in fact, a Chinese banker quoted in the Fisk article prepared the more aware among us for this outcome:
“These plans will change the face of international financial transactions,” one Chinese banker said. “America and Britain must be very worried. You will know how worried by the thunder of denials this news will generate.”
Sorry to break it to you, Eugene, but gold didn’t even shoot up like this when the market collapsed last Fall. That’s when the real “panic” occurred – when the world was visibly falling apart – and yet gold did not move to $1060. Strange, don’t you think, that it is moving determinedly higher now without a market collapse on the front page of newspapers? That’s because something different is happening now. It’s not panic; it’s the methodical, deliberate destruction of the dollar.
If you pay close attention, you’ll notice that gold is not moving swiftly like a bull in a china shop; rather, it is moving slowly and methodically in an upward trajectory, dropping back a bit, then holding, then inching upward again.
This isn’t “panic”. This move indicates heavy players who are attempting to accumulate large sums of the metal without sending the market into convulsions by driving up the price quickly. This is precisely what one would expect from players who are moving in secret, while simultaneously denying that they are making moves.
You can fight what’s coming all you want, but it won’t change the outcome. You can either get on this train or get mowed over by it, Eugene. Your choice. But denial is futile at this point.
