goldI'm sure most of us were hoping this wouldn't happen but I think many of us expected it. Looks like a concerted effort by banks to scare the crap out of gold investors in order to get fiet flowing back into the system. wouldn't it be sweet right now if the Chinese decided to convert some of their trillions into gold while the US$ was strong. I'm in for the long term and have "0" debt and expect the wild swings to get even crazier. Nothings changed but it is becoming obvious that the crooks in the US financial markets also tought the crooks in other nations markets a few things. According to recent data 2/3 rds of the US economic activity is based on consumer spending and the way these crooks have imploded the consumers wealth there is no place to go but further down. The big bucks and big bonus packages they gave their execs sure isn't going to find its way into Wal-Mart, Costco or on to eBay. It looks like the UK and Europe are just as bad off. Since Japan and the Asian markets had just gone through their own mess they may be the best prepared for the up coming crash. I believe we haven't experienced the crash yet and what has happened in the past few weeks may be looked at as a correction by the new year. Expect the DOW at 5000 before this is finished playing out over the next 6 months. It is worse than most think because we are 3 weeks away from an election and they are unable to sanatize the mess to help the Repulicans. It will hurt our gold and gold stocks but they will be the first to recover when they realize some form of the gold standard is the only way to fix and prevent future disasters. As long as central banks can create any amount of fiet they want without something to back it up this mess cannot be resolved.
Hunker down and hang on to your gold shares, its not over yet!