Question: Are you aboard the silver and Gold Rocket that is getting set to go to the moon?

Gold Targets $1600 Per Ounce - New Nominal Record, Silver Surges 9% in 24 Hours as Dollars Falls
Gold has risen to new record nominal highs at $1,594.45 per ounce and silver has surged another 3% to over $39 per ounce after yesterday’s 6% rise. Today’s London AM Fix gold fix was $1,592.50 £987.54 and €1,119.04 – all of which are new record nominal highs.


European stock markets are lower after Asian equity markets were mixed overnight with the Nikkei falling 0.27%.

European debt markets are under pressure this morning with Spanish and Italian bond yields rising towards 6% again.

Ireland’s 10 year and 2 year yields spiked to new record highs at 14.13% and 20.9% prior to sharp falls which had the hallmarks of sovereign intervention - possibly the ECB or China.

The U.S. had its Aaa bond rating placed on review for possible downgrade by Moody’s which cited the “rising possibility” that the debt limit won’t be raised on a timely basis.

U.S. treasuries have also been sold this morning. Concerns that QE3 and the printing and electronic creation of hundreds of billions of dollars and Obama’s walkout from debt ceiling negotiations is not helping dollar and bond market jitters and has led to the record dollar gold price.



Ron Paul and Ben Bernanke: Is Gold Money?
Gold’s new record highsmay also have been contributed to by the debate between Federal Reserve Chairman, Ben Bernanke and Presidential candidate Ron Paul at the U.S. House Banking Committee (see video here).

Dr. Paul asked about the collapse in the value of the dollar by almost 50% in the past three years to less than a 1,580th of an ounce of gold.

“When you wake up in the morning, do you care about the price of gold?” he asked Mr. Bernanke.
“Well,” Bernanke replied. “I pay attention to the price of gold. But I think it reflects a lot of things. It reflects global uncertainties. I think the reason people hold gold is as protection against of what we call tail risks, really, really bad outcomes. And to the extent that the last few years have made people more worried about the potential of a major crisis then they have gold as a protection.”
Paul: "Do you think gold is money?"
Bernanke: "No. It's a precious metal."
Paul: "Even if it's been money for 6,000 years? Somebody reversed that and eliminated that economic law?"
Bernanke: "Well, you know, it's an asset. Would you say treasury bills are money? I don't think they're money either, but they're a financial asset."
Paul: "Why do central banks hold it if it's not money?"
Bernanke: "Well, it's a form of reserves."
Paul: "Why don't they hold diamonds?"
Bernanke: "Well, it's tradition. Long-term tradition."
Paul: "Some people still think it's money."

The Federal Reserve Chairman’s admission that gold is “protection” against “tail risks” and “really, really bad outcomes” is important and marks another step towards gold’s movement from being a fringe asset to being a core part of a properly diversified portfolio.

Gold is increasingly being seen as an important safe haven asset and indeed currency (despite Bernanke’s feeble denial of this) and this interview may be seen as another landmark in gold’s move from fringe “barbaric relic” to mainstream investment and savings vehicle.
Thanks to zerohedge for this article

A good read from Turd Ferguson

to quote
"To that end, I read several comments overnight from people who are selling their silver and gold to lock in some fiat-conversion profits. If you are one of them or if you are considering the same, let me state this as clearly as possible:YOU ARE ONE OF THE DUMBEST PEOPLE ON THE FACE OF THE PLANET. You knew what was coming so you prepared. You bought PMs some time ago as protection and insurance. Now, because of a manufactured correction in fiat price, you sell? Again, if you are now converting your metal back into fiat YOU ARE ONE OF THE DUMBEST PEOPLE ON THE FACE OF THE PLANET. If you are truly concerned about your fiat-conversion, call Lind-Waldock for pete's sake and buy some puts but DONT, FOR ANY REASON, SELL YOUR METAL"


read more at Turds excellent blog here

the real story of the hunt brothers

The Real Story On Hunt Brothers “Cornering” The Silver Market.

Larry LaBorde

Back in the 1980’s some of you may remember that a Texas oil dynasty tried to buy a little silver in between their oil deals. The tale of H.L. Hunt and his family (at one time possibly the richest family in the US) is the stuff of legends in the South. While this is the story of the silver deals of the sons of the 1st family a little family background makes for a better story.

Mr. H.L. Hunt was born in Illinois where his father moved after the Civil War (or War of Northern Aggression as we like to call it) to escape the hardships of reconstruction. H.L.’s father was becoming quite prosperous in Illinois but H.L. hit the road and traveled out West at about age 16. He worked as a dishwasher, a mule team driver, a logger, a farm worker, tried out for semi-pro baseball, poured concrete on a construction crew but most of all gambled at cards. H.L.’s father died when he was 22 years old. He went home, collected his inheritance and shortly thereafter moved to Southeast Arkansas to try his luck with cotton farming.

The Lake Village, Arkansas days turned from farming to land speculation and more gambling. He met and married his first wife there, Lyda Bunker. Shortly afterwards news of the Smackover Oilfield in nearby El Dorado, Arkansas reached Lake Village and H.L. promptly took advantage of the boom times. As soon as he got off the train and looked around he told his companions, “All I need is a deck of cards and some poker chips”. H.L. made money gambling at cards and eventually started drilling for oil. His first well was successful. He eventually moved his wife Lyda and small family to El Dorado and began building up his “poor boy” drilling company. 

More here

http://dont-tread-on.me/the-silver-bullet-and-the-silver-shield/

one of the best posts ever: MUST READ

goes hand in hand with with my infinte growth in a finite world post
http://thetruth-jules.blogspot.com/2011/04/infinite-growth-in-finite-world.html
exert

Over Population, Unfunded Liabilities, Global Warming and Peak Oil have gotten a lot of attention over the last couple of years. They are Elitist scary campfire stories used to scare the masses into larger global governance. One key flaw in all of these theories is that they all rely on our current monetary order remaining in place. Since  the time of the Tower of Babel, man has built systems that work against the natural laws of our world. This has accomplished great feats, but like most man-made systems they are built with the idea of pushing to extremes and not focusing on balance. Inevitably things that go up must come down, and our monetary system is no different. With the collapse of the monetary order, all of these theories/problems will cease to be issues because they will be self corrected by the end of the one thing that makes them possible: exponential growth of money/debt.

read more here
http://dont-tread-on.me/the-silver-bullet-and-the-silver-shield/

The parabolic rise in silver

I have  watched in awe as silver went on parabolic rise to nearly 50 dollars an ounce and then was predictably knocked down by the banksters. All parabolic rises collapse, I know but this time silvers' rise was because of the Bernanks parabolic money printing and the loss of confidence that that inspired in paper money.
A parabolic loss of confidence if you like
|I always tell people the only thing I buy now are tangible assets such as gold and silver
and they always ask me if i make money on them. Indeed people asked if I had sold when silver was near to 50 dollars. I did not sell and never will. The point being that people are missing the point with gold and silver.
I am not buying them to  make more worthless money I am buying them because they ARE MONEY.
There will come a time (not too long IMHO) when an ounce of gold will be worth an ounce of gold and an ounce of silver will be worth an ounce of silver. I do not want more paper money that is being trashed daily
by a zionist central banker. I want Freedom from that and protection and thats why I buy PM's.
Not only that but if buying silver helps bankrupt the banksters then what more reason do you need?
People often say to me "what use is gold, you cannot eat it'.
Well my response is "can you eat a dollar?"
The only use a dollar will have in the future is to decorate your walls or wipe your ass with. Gold started off
money with bullion dealers issuing gold certificates to store your gold and thus i will always see gold as money.
That is until the issuance of currency is backed up by integrity and the rule of law of  having a transparent
 agency owned by the people in  control its quantity, rather than a zionist maniac with genocidal tendencies.

BUY SILVER CRASH JPMORGAN

QE explained for dummies

This has to be watched by everyone on the planet right now to understand what is going on.
I know for some people they believe everything they read in the MSM and are told QE is ok
but the TRUTH is something far different. QE is money printing. Nothing more or less

hyperinflation or Deflation?

This is the key question right now.
This is the biggest credit bubble ever blown in the history of the world and thus it will be the biggest bust
ever known. Forget what the Keynesians clowns like Krugman tell you about deficit spending etc
the truth is that once a bubble has burst there is really nothing you can do other than blow a knew one.
The truth is that bubbles should not be blown in the first place. The bubbles are the problem , the depression/recessions are the solution to correct for excesses and malinvestments. But oh now we cannot allow the market to act in the way  it should. Let the debtors and those loaning out  money that
cannot be reapaid to take their medicine. Oh no that would mean people like Jamie Dimon and Lloyd Blankfein would be doing a real life trading places. We can't have that can we, after all they are doing gods work and besides they promised their wives  a knew pad in the Hamptons. So to prevent the correction they print money and give it to these banks at near zero cost to keep stocks afloat and the banksters bonuses intact.
Thats right these banks have now produced record profits not from lending money but from being given free money to trade with on the open markets with their high frequency trading computers, and thus inflate assets and then sell off to some unsuspecting dupe who believes in the recovery story. Nice work if you can get away with it and they do. We all have to work for a living but the TBTF banks get given money for free
to gamble and do "gods work" with. What a sick joke but unfortunately the jokes on us as the citizens of the US are about to find out as their dollar becomes worthless. Thats right ! If QE continues then the dollar is toast and we will have a hyper inflationary depression.IF QE stops then market forces take over and stocks and assets crash leaving the dollar strong. Thats the choice as I see it. I think the latter one is better for all of us. Stoneleigh at Automatic earth and Bob Prechter still  believe in a debt based system that the latter will prevail anyway and I hope they are right. As long as you have an income and savings then in a deflationary depression people will be ok. Indeed that the only morally correct thing to happen as then people learn  not to take on too much debt, the savers get rewarded and buy up the assets of the imprudent. Thats how things are meant to work in a capitalist system but we live in a system that has been hijacked by the big banks and corporations who have also hijacked the economics profession to say we need Keynesian stimulus with shills like Krugman. Thus as long as the privately owned FED is in charge the n they will continue to print money IMHO, thus expect hyperinflation.
What can you do about this?
Buy Gold and silver as they have always been a store of value and given all currencies look debauched at this moment, Gold and silver provide the only safe haven. Indeed if you follow Max Keiser you will know that JP Morgan hold vast amounts of naked shorts in Silver. This was exposed by Andrew Maguire http://news.silverseek.com/SilverSeek/1288625817.php so we can get our revenge by buying PHYSICAL SILVER. This will crush the naked short holders.
Or failing that REMOVE the FED FROM POWER.
The people of the US need to wake up to this fact