The problems for Greece just seem to get worse and with an insurmountable burden of debt, repayments and austerity measures there seems to be no reasonable or predictable way out for Greece for decades if not longer.
So they feel backed into a corner with little or no choice and therefore nothing much left to lose.
The announcement of a Greek referendum announced out of the blue by the Prime Minister seemed to surprise all the European Heads of State yet they have been in direct dialogue with him and each other constantly – so why haven’t they talked about it before?

Hidden agenda

Papandréou is gettin ready for action and implementation using the referendum as a smoke-screen.
It is no surprise therefore to learn that in the past couple of days the Greeks have replaced all of their senior military commanders; The Army, the Airforce and the Navy have all seen their chiefs sacked and replaced with officials much closer to the Papandréou cause – FACT. They have also removed various other members of the military hierarchy just below the Chiefs to ensure a thorough clearout of all positions of importance and their replacements are all hand picked partisans.

Referendum ou coup d’état?

So what lies behind his surprise decision to conduct a referendum of the people over the bailout proposals from the EU? Is it simply a return to democratic values, has he lost the plot? He has no other viable options?
In short he is preparing for a military coup d’etat which will impose strict marshall law on the streets, force people to work and result in Greece absolving itself of all known debt (how convenient), leaving the euro and the European Union. It is also possibly the only chance left to Greece which will otherwise be burdened with debt, austerity and a miserable existence for at least fifty years.

Think of it as logical – no more debt, no more EU rules, no more French and German rescue plans – just back to zero (which is better than where they are now at minus a Trillion euros and mounting with interest!)
This whole crisis has been a joke and the politicians and bankers continue to flood the media with lies that everything will be alright.
The Greeks are bust several times over and will never repay this debt , the interest or the loans it has received since the EU first bailed out their fraudulent, corrupt, chaotic, dishonest and shrinking economy.

It’s like someone having spent the night in a casino gambling away their fortune for their own private personal greed and gain nut because they didn’t win, lost everything the Casino says it’s OK and let’s you off with all the losses you owe them. Of course casinos are not this accommodating and you’ll end up crippled or worse for your troubles if you don’t honour your debt.
There again Greece, honour and debt appear here for the first time in a sentence otherwise they have no place together.

So what happens next?

Sarkozy and Merkel will continue to lie to the world that they have “the plan” to save everyone, Europe, the Greeks, the banks etc etc.
In reality their G20 is a scam and the promises they made last week to raise €1000 Billion for European bailouts to come is flawed – talk is so cheap with Sarkozy and he has a history of making great TV promises with a view to getting his face on TV a little more but the promises never arrive until he reiterates the same thing a year later as a new promise (usually most of the TV watching “sheep” have forgotten what he said before and of course the media play along with him as they must).

A military Junta in Europe

Greece will find it tough to go it alone but what other realistic chance does it have or does it deserve? None.
The problem does not end there because what will be the effect from the Billons of written-off Greek debt?
French banks will collapse, maybe British and German too. European states will have even more debt from the money they gave to bailout the Greeks which they will obviously never see again but still have to create / print / pretend to have had in the first place.
Once again their credibility will be demonstrated as none existant but they will continue to lie to anyone that listens – everything is alright! Yes, we remember they said that in 2008.

What is extraordinary is that the masses (or sheep) continue to believe in their politicians and bankers like it were some ordained right they have to tell us what to do. Fact is both will do anything they can to benefit themselves and very little to really help any of us. Their power and money are an addiction that needs feeding and they are forever hungry.

Don’t be a fool forever- make your own decisions and don’t believe everything fed to you by the TV.

Remember that it is not in the interest of governments to tell you the whole truth – they cannot afford for you to know that!

When crisis hits

No banks, no cash, no petrol, no shopping, no wages, no credit cards, no invices paid – what then – anarchy, civil unrest, violence, robbery?
It will be survival of the fittest and the protected.
What insurance do you have against a world in crisis, civil unrest and without paper or plastic money?
The only way to survive will be to barter with what you have – this works if you have something valuable to trade like silver coins or even gold. If you don’t have something valuable start planting seeds to grow the food you will need to live – that is of course if you have a garden.

Source AFP

We are late July and it is time to look at the gold accounts for the first half of 2011! Hinde Capital Fund Management conducted a study in June 2011 entitled “A Golden Renaissance, Precious Metal Dynamics ” which confirms the upward trends in physical gold (but not in “paper gold”).
Another analysis conducted by Goldsphere Edmond from the Rothschild Fund also confirmed this rise in demand in countries with a strong geopolitical risk despite stagnant mining production.
We were expecting a correction in the Gold Trend this summer and yet just the opposite has happened.
The Eurozone and American debt crises have helped this push upwards which has not been this significant since the beginning of the century.
Gold has risen an average of 19% per year since 2001. It is now facing an unprecedented demand.
Since the United States imposed the dollar as the world’s reserve currency and then subsequently flooded the market with it to increase consumption, the dollar has been heavily devalued. Their ability to stifle the price of gold has waned and globally investors have sought to ditch large reserves of weakening dollars for something safer. These investors initially thought the Euro may be the path to take but they got it wrong again and are now flooding into the only sure refuge which is physical gold. It is incredible how so many of these high flying know-it alls seemed oblivious to the obvious risks in the Dollar and then the Euro. Do they really research their options or just deal over expensive meals and golf holidays. Could they not see the blatant crisi of Sovereign debt affecting the major economies of the world? One has to ask what they have been doing for the last ten years and how apparently well-informed intellects make such poor judgments? (Must be the constant intoxication of self-appreciation, greed, drugs and alcohol)

A steadily increasing demand since 2003

Particular strength can be found in emerging nations where the demand for gold is rising to the detriment of the Green-back: 12% for India and 21% for China. Also, Mexico has filled its coffers of 93 tons of gold in the 1st quarter of 2011. Asia accounts for 62% of the demand, some of it cultural such as in India, but also other countries now active in the market are seeking to catch up for lost time (private investment now allowed in China) but also because “Governments wish to increasingly diversify their foreign exchange reserves and to disinvest from the US dollar or other currencies in trouble” (Option Finance Agency, France).

Other sectors such as jewellery are also in high demand (+ 55%) despite the rise in the price of gold (+ 3.1%). For this first half of 2011, the demand increased overall by 25%.
The paradox is that the demand for investment is still low, which proves that the course gold has nothing to do with any speculative flows. Indeed, it is also estimated that there is a mass of net flows out of “paper gold” (such as ETFs) equivalent to 55 tonnes. Overall, investments in gold are less and less by speculators, which is positive for the gold price trend. The attraction of a safe haven and sure value during these difficult and uncertain times is populating the gold investment market with serious investors, both private and institutional. This is hardly surprising when one calculates the increasing risks attached to most other forms of investments (which are largely based on owning bits of paper and have proved catastrophic to large funds in recent years).

Physical gold, a healthy investment

This study also shows that despite a growing demand, mining production did not increase accordingly and in fact was virtually stagnant. Recent fears have also surfaced that South African mines will be closed by strike action.

Another surprising finding is that gold sold by individuals to be recycled is steadily declining. This shows that the masses wish to hold on to something of value and also that they are fed up with being ripped off by those crooks who run incessant TV ads.
Even in Greece and despite the crisis, gold plays its role as a life insurance and safe haven since it is often kept in the home. Despite the attractive gold prices Greeks will not sell that they already have and they are still likely to buy more as a protection for their future survival.
Finally, another unexpected discovery, physical gold investment is disconnected from gold shares (the gold shares represent only 1% of world market capitalization). This disconnection is partly explained by the increase in the costs of production for mining companies and the difficulties encountered by countries which are politically unstable (Burkina Faso, Côte d’Ivoire).

“Khrysos (Gold) is the child of Zeus, neither moth nor rust devoureth it; but man is devoured by this supreme possession” (Pindar, c. 522-422 BC).

Gold companies should eventually be seen as worthwhile value but for the moment it is physical gold that is benefiting from investment because it is a real, tangible asset that you own and not just a promise.

On Goldcoin.org we have always preferred physical gold to “paper gold” for many reasons, but if one were to cite a single reason it is that the providers/suppliers of  ETFs (Exchange Traded Fund) can fail themselves as a Company which means you lose everything as you do not own a specific piece or pieces of gold, they do. On the other hand, if all ETF holders asked to recover in physical form their investment in gold, it would be impossible because they have sold more ETFs than they have Gold– sound familiar? It is the equivalent of Fractional Reserve Banking but applied to gold because these providers work and think like banks – and we know where that type of mentality led us to!!
Unbelievable Shallow Arrogance
Finally, as we approach the eve of the US debt deadline it is worth paying note to the despicable behaviour of so called elected democratic representatives who would be chastised in primary school for the same childish squabbling. Worse still is listening to them speak as they grandstand before the world’s media playing out their silly games. They sound like caricatures from the Simpsons with their phony accents and voices and yet we are to believe these are the best the “greatest nation in the free world “has to offer – I pity regular Americans who are governed by such an inconsiderate bunch of self-interested marionettes. Here at Goldcoin.org we have previously discussed the true nature of these politocrats in “Conspiracy, Collusion and Con-men – Why don’t they want you to buy Gold?”

As they push ever closer to the deadline it seems that they actually want the US to default and let’s face it so should we all – it’s about time the Fed and the Financial giants got their come-uppance by losing everything so we could start again and hopefully with something better- honest would be a start. Their brinkmanship may just backfire as the markets decide to take them down anyway even if they agree!
We have previously referred to this in “Financial Meltdown and Black Swans – Myth or Reality?” .
Should the Dollar collapse, which is an increasing possibility even when they introduce QE3, Americans and the rest of us should prepare for hard times not yet witnessed by most of the generations alive.

To give you an insight we suggest  reading “The chaos of a currency collapse” and multiply the effects by millions!

The stage is set for the Chinese Yuan to take the place as the World’s Reserve currency and the American politicians are doing their best to make sure it happens!!

The strengthening demand for physical gold investment is no accident as more and more regular folk know they need to protect themselves before the chaos and crisis ahead.
Don’t miss the opportunity, buy some gold now as insurance against losing everything when the Wall St bell falls silent!

The worsening crisis in Greece has prompted savers to empty their bank accounts to exchange their Euros for Gold coins.
Concern is growing over the stability of the Greek banking system and of course the astronomic sovereign debt which is crushing Greece.
The Prime Minister George Papandreou may well have persuaded the parliamentarians to back further austerity measures and have won the vote from them but that will not change the resolve of the Greek people.
Greece would need 12% growth annually for at least 30 years to come anywhere near having the means to repay its debts.
How likely is that?
The Greek economy does not have the means to recover and the fact that they have secured the next gigantic loan from the EU and IMF changes little in real terms. This money will only payback the Banks’ debts and therefore not stay in Greece. Surely the only way to help the Greek economy is to inject some funding into it. The only winner in this situation is the Banks who’ll feed their greed for profits and the loan sharks of the IMF and EU who obviously take their cut of interest.
The losers are the Greek people who will still have an impossible sovereign debt blighting their future whilst falling below the poverty line from increased austerity.
On top of this the Government has agreed to prostitute the future of Greece to the lowest bidders who have the cash to buy whatever “good” state assets they have.

A decision that Greece will regret

Without a doubt this line of action will never save the Greek economy or start to rebuild some confidence for a decent future. Greece will stay in Debt for generations. The Greek people will never accept this and their strong protests are understandable. Headlines talk of a possible Greek default – Why? Greece has been bankrupt for over a year, since it first asked for a “bailout”.

The only route to recovery is to restructure the debts or simply declare the country bankrupt. This would be the best solution for the Greeks but of course they’re in a weak position and all recent decisions, including the political waffle and rhetoric, have been taken to secure the European banks that are hugely exposed to the Greek debt. Be under no illusion that the only reason for this action is to appease the power brokers that support the European Governments. The politicians including the Greek government don’t care one iota for the regular people of Greece and why would they because they are all sufficiently immune to the deepening crisis because their deep pockets are lined with personal wealth that removes them from harm’s way and any sense of reality or empathy with those suffering the effects.

The people’s retribution

The one way Greek people have of preserving and protecting their personal wealth is to opt out of the normal system and there is evidence that they have started to empty their bank accounts (maybe à la Cantona – see Eric Cantona’s French Revolution).
Firstly they are taking retribution on the Banks by weakening them and also showing their distrust for reckless, uncaring institutions.
Secondly they are storing their wealth in something tangible and much more reliable than invented currency which could devalue or collapse anytime – they are buying gold coins as they did during the Second World War because they know that this will maintain real value and purchasing power through the difficulties ahead.
Here is some evidence provided recently in the Financial Times by Kerin Hope

ATHENS — Greek citizens are emptying savings accounts and buying gold as they brace themselves for the possibility of a sovereign default and a run on the banks.

Pledges by socialist Prime Minister George Papandreou that his government would “save the country” have been widely discounted by the public. However, parliament gave him a vote of confidence late on Tuesday night. The socialists have a six-seat majority in the 300-member house.

Sales of gold coins have soared as savers seek a safer and fungible source of value.

“When the global financial crisis started, our sales of coins to investors overtook bullion for the first time,” said Harry Krinakis, at Sepheriades, a Greek precious metals trader. “Now the sales ratio has reached five to one.”

Tomas, a computer technician, has exchanged his euro savings for gold coins: “I keep them at home just like my grandmother did in the Second World War.”
Monthly bank withdrawals were running at E1.5 billion-E2 billion in the first quarter. Last year, depositors withdrew E30 billion, equivalent to 12.3 per cent of total savings, according to the central bank. Greek deposits worth an estimated E8 billion were transferred to banks in Cyprus in 2010. But the flow has dried up this year amid fears that Cypriot banks could suffer contagion.

Andreas, a supermarket manager, transferred the family savings to Munich earlier this year. “The Swiss banks aren’t interested unless you’ve got several hundred thousand euros,” he said.

“We can’t trust the politicians to get us out of this mess [and] have to protect our families,” said Sakis, a garage owner, at an anti-austerity protest in Athens’ Syntagma Square. “A bank collapse has got to be in the cards.” He added he had withdrawn his savings and placed them in a bank safe deposit box “for security. Who cares about interest right now?”

Others put their savings into land when prices fell after Greece’s first European Union-led rescue last year. Angelos, a software specialist, bought a neighbour’s olive grove. “I grabbed the opportunity,” he said.
“A year ago I wouldn’t have considered making such an old-fashioned investment.”

It is no accident that other European countries, particularly Germany and France, have experienced dramatically increased investment in gold coins during the last three months. In France investors own more gold than the Bank of France and transactions in coins have increased by 35% (source AuCoffre.com) since January. These countries have aan historical reference to gold coin investments and their benefits so it is no surprise to witness such an increase during periods of crisis. In fact one can determine the “temperature” of concern from this rising activity and people are seriously concerned about an impending crash on the horizon that will have global significance.

Countries like the UK are rather slow on the uptake and the gold investment market tends to be reserved for the extremely well-off and well-connected. What a shame so many people are misled by false information to detract them from participating or they are just ignorant of the facts.

Anyway their loss is someone else’s gain and come the day they will be left holding bits of paper good for burning while their European neighbours use their gold coins to pay for provisions and ultimately survival!

Remember that the signs of crisis were ignored by myopian political rhetoric pre-2008 leaving millions of ordinary folk open to its consequences. The signs of crisis have been with us ever since and still they pretend all will be well and their policies are “working”.

2008 was just the prelude and the worst is yet to arrive.
Be warned and be prepared or once again you will be hung out to dry!

An investment in gold is a survival kit for your future.

Last month Belarus witnessed the effects of a collapsed currency when the Government cut the rouble’s value against the US dollar by almost half. Previously 3155 roubles would buy a dollar but in the blink of an eye they decided 4930 would be needed. This was not even the reality because perception of the collapsing currency meant the situation was even worse as people scrambled for foreign exchange on the black market where you needed at least 6000 roubles to buy a dollar.

So what sparked this crisis?

President Lukashenko had promised to raise public sector wages by a third during his election campaign, which he duly carried out. This was sustainable only because of the support Belarus received from Moscow in terms of loans. However, as fears grew about the country’s finances, support from Russia waned and even near neighbours from the EU didn’t fancy the risk thus sparking a sharp drop in confidence in the currency.
To exacerbate the problem there was a shortage of foreign exchange currencies, dollars or euros, in the country.

The consequences of a collapse

Shelves quickly emptied of food and any "tangible asset" that would hold value better than their currency

Wide spread panic broke out as the economy effectively became paralyzed and people suddenly realised their currency was of diminishing worth. Shops were quickly emptied of everything that could be bought. Everyday food was snapped up at “luxury” style prices as people thought of survival but also they also bought electric goods like toasters, microwaves, canned goods and virtually anything that was for sale as they rushed to convert their currency into “any tangible assets” that were not losing value as quickly as their roubles.
The empty shelves throughout the towns seemed eerily reminiscent of the Soviet controlled days.
Shoppers knew that anything they could purchase could be more useful as a form of barter than the diminishing currency in their purses and wallets.

The human cost was quickly evident from the stories of employees sent on unpaid leave as companies also struggled to cope and comprehend the impact. Andrei, a computer company employee explained how he queued for a week in Minsk trying to buy dollars but didn’t even get one. “In just one month, I have been made bankrupt, the entire country is bankrupt” he said, adding that “even during the Soviet collapse we never suffered such a nightmare”.

There are many more stories of hardship, families without food or the means to buy any, shops without stock for them to buy even if they had the means.

Dmitry who is a 48 year old factory worker explained how he closed his bank account to get out 5 Million roubles in cash so he “could buy something before my money turns to dust”.

Tensions are growing as many people blame the President for mismanaging the economy.
Staple food supplies are now hoarded but people feel anxious that unrest is starting that could spill over into conflict at any time.
Revolution is always more likely when the population are starving.

Which country is next?

This may all seem so far away from wherever you are reading this but the causes of currency collapse may be closer to your doorstep than you think.

How many countries are in deep debt and reliant on support loans and bailouts right now?
Greece, Ireland, Portugal, Spain, Italy, Japan, USA, Belarus and virtually all of Eastern Europe and the Euro zone (only they never put it in the headlines!)

What happens when the support cannot be maintained?
Currency Collapse.

It could be the US Dollar, the Euro, the Yen who knows?
But even if it isn’t your currency that collapses what will be the knock on effects in every developed country if one of these currencies collapses?
The same as in Belarus.

Globalisation has been the buzz word for expanding Capitalism but it also means that economies are now inextricably linked and inter-twined to such an extent that when one sneezes they all catch a cold!

Remember the level of Sovereign Debt is spiralling out of control in the US, Greece, Ireland, Portugal and others are close behind such as Spain and the UK. Austerity measures in all countries are hurting normal folk badly – they are losing their jobs, suffering pay freezes, inflation and pension erosion. Social unrest and industrial action looms large across Europe and this will itself impact the recovery and debt repayment. This has already started in Greece, Portugal, Ireland and large scale protests in the UK are gathering momentum with the Autumn likely to be the boiling point of anger.

The discontent and despair of regular folk is understandable as they are bearing the brunt of all the hardship and it just isn’t fair.
Politicians spout their practiced rhetoric about how to fix things but the reality is they just don’t care that much as they are not the ones affected. They have means to isolate them from the hardships and many of them are actually responsible for producing the mess. How can they care about regular people or preach what we need to give up when they don’t – ever met a poor politician? Enough said!

There is now even talk of a “sub-prime” type problem in China because of over-indulgence in property speculation, leaving huge swathes of developments empty or under-occupied and therefore leaking money and ready to default.

We need more than lip service!

Mainstream news outlets are all controlled by self-interest groups (private and Governments) and they never provide the whole story about global economic frailty as there would be worldwide panic if they told the truth. The situation right now is on a knife edge and the next Belarus is not far away. Politicians won’t admit it but then again they won’t suffer like the rest of us as they’re all rich enough and well connected to see out any storm. They care too much for their own popularity to be honest.
Posh boys and rich kids rule the world and their assets are well protected in advance.

Remember what happened when panic struck in Belarus, people bought any tangible asset they could because it would maintain value better than their currency.
This phenomenon is happening daily – your bank account is the best place to keep currency if you want it to devalue!

Currency is not a means of preserving wealth because it has no inherent value especially when confidence is lost – then it is just a piece of paper.

The only real money available is a tangible asset that maintains its value whatever happens to printed bits of paper currency – and that is gold!

A lesson on Money and currency

We need to understand the difference between money and currency as one is real and the other a promise. Money can be defined as a medium of exchange and a store of value and until fairly recent times was in fact coins made out of precious metal with an intrinsic value or for ease of use, notes backed by precious metal.
Money, when considered as the fruit of many years’ industry, as the reward of labor, sweat and toil, as the widow’s dowry and children’s portion, and as the means of procuring the necessaries and alleviating the afflictions of life, and making old age a scene of rest, has something in it sacred that is not to be sported with, or trusted to the airy bubble of paper currency. Thomas Paine (1737 – 1809)
Currency is still a medium of exchange but is not a store of value as it only derives its value by government degree or “fiat”. It’s value is based on the issuing the authority’s guarantee to pay the stated (face) amount on demand, and not on any intrinsic worth or extrinsic backing. All national currencies in circulation, issued and managed by the respective central banks, are fiat currencies.

A days wages in Germany 1923

The problem is that fiat currency runs the risk of central bankers printing too much and causing large inflation or worse. The more that is printed the more the currency is debased just as the Fed is doing now with the dollar. This has been going on for decades with central banks indiscriminately creating money to cover expenditure and ever increasing debt. There are examples throughout history and in the 20th Century most of us are aware that in Germany in 1923 it would take a barrow load of Deutschmarks to buy a loaf of bread but an ounce of gold could buy a reasonable house and one dollar was worth 4 trillion marks.

This irresponsible printing of money has eaten away at the value of the world’s reserve currency the USD dollar and dollar based assets, to such an extent that they have lost 82% of value since 1971, the year the US cut links with the gold standard. The GBP has fared even worse that the USD losing around 85% of value since 1971. There are many illustrations of then and now and how owning gold with intrinsic value would have more purchasing pro rata than currency. E.g the latest model Cadillac Eldorado would have taken 180 ounces of gold at $42.02 to pay the showroom price of $7,546. This same 180 ounces is now worth over $200k and would buy two Cadillac convertibles with enough left over to fuel to first service. In the UK an average family car cost £1000 around 60 oz of gold and now the same would cost £17000 around 23 oz of gold. The 60 ounces would have bought the same family car for you a sports car for your wife and a hatchback for your son or daughter. Gold retains its purchasing power year after year.

Not long ago the gold standard imposed monetary discipline on countries as they had to hold enough gold to cover the money in circulation but this all changed with the Jamaica agreement in 1971 when the decision was taken by President Nixon on the 15th August 1971 to suspend the direct convertibility of dollars into gold, the keystone of the financial system created in July 1944 (the Bretton Woods Agreement). On the 1st October 1971 the general assembly of the IMF asked the board of trustees to study and propose a comprehensive reform. This would be adopted by member States during a meeting held in Kingston (Jamaica) on the 7th and 8th January 1976, and included a set of provisions which put an end to the reign of gold. The US money supply in 1971 was $776 billion and quickly became an upward curve which rose dramatically over the last decade where the US money supply doubled from below $7 trillion to $14.3 trillion indicating that spending is out of control.

The US National debt is now greater than this!

The US though still likes to play the rich kid on the block and bizarrely gives aid to those supporting its debt as a report in the Daily Mail of London illustrates:
The U.S. is providing hundreds of millions of dollars of foreign aid to some of the world’s richest countries – while at the same time borrowing billions back, according to report seen by Congress.

The Congressional Research Service released the report last month which shows that in 2010 the U.S. handed out a total of $1.4bn to 16 foreign countries that held at least $10bn in Treasury securities.

Four countries in the world’s top 10 richest received foreign aid last year with China receiving $27.2m, India $126.6m, Brazil $25m, and Russia $71.5m. Mexico also received $316.7m and Egypt $255.7m.

And yet despite the massive outgoings in foreign aid, the receiving countries hold trillions of dollars in U.S. Treasury bonds.

China is the largest holder with $1.1trillion as of March, according to the Treasury Department.

Brazil held $193.5bn, Russia $127.8bn, India $39.8bn, Mexico $28.1bn and Egypt had $15.3bn.
Maybe it’s just additional interest on the debt to keep them sweet!

Greece figures predominantly in the spotlight and unrest is growing – will the Government have to mortgage the Acropolis and Parthenon or even sell them off to pay their debts?
Clearly they can never work their way out of this debt because they would have to increase GDP by 12% a year for 30 years in order to grow their way out of debt.
The Sovereign Debt crisis is well and truly out of control and the only solution will be to default on the debts and devalue currencies.

As discussed in the example of Belarus, chaos ensues when currencies collapse and regular folk suffer badly as they don’t see it coming or refuse to believe it could happen to them.

Be warned: A currency collapse is coming near you.
Be prepared: don’t put faith in bits of paper which have no inherent value.
Protect yourself: Invest in tangible assets that hold real value at all times, especially during a crisis.
Remember: Real money has inherent value, it is worth something because of what it is not because of what is written on it.
Now you know why people buy gold to protect themselves from crisis – it always holds value and is the only real money.

In summary:
• Currency is not money and its value can be changed by monetary policy makers
• Currency can be created and printed at will with no substance to support it
• Currency depreciation in value is accelerating with subsequent loss of purchasing power
• National debt is increasing to disastrous levels with threat of sovereign debt default
• Confidence in the USD is waning and its use as a reserve currency is under threat
• Countries and investors are shedding their dollar assets
• Central Banks are diversifying into gold and out of dollar assets
• Smart investors are diversifying their portfolios with a proportion of gold
• The value of gold has been consistent in retaining its purchasing power
• Gold is insurance for your wealth
• Gold is the only real money

I rest my case!

Recently, a wave of panic swept the precious metals markets and there was talk about the end of the cycles of mega-rise in raw materials! And whereas some thought there was a bubble on gold, it was on silver that the bubble inflated, then burst: The Wall Street Journal talked about the sudden   fall in the grey metal which “ fell 12% in just 11 minutes when the fall was at its most severe. Spot silver saw its informal open at $47.863/oz before rising to a peak of $48.150/oz; it then sold off sharply to a base of $42.210 before stabilizing.

The move down is the first break in an extraordinary run for silver, which has more than doubled in price over the past six months as investors bet on rising prices from renewed industrial demand and as a cheap safe-haven alternative to gold.”.

A piece in the  Financial Times asked  “Did the Silver bubble just burst?”,  illustrating with a chart that “the grey precious metal has tumbled 20 per cent in a week”.

The feeling was that a rapid rebound would be unlikely as expressed by Phillip Klapwijk, executive chairman of the precious metals consultancy GFMS, who said of silver’s position, “I think it could be over on the upside for the next little while.”

The FT also explained the extent of the early May slump saying “Silver prices plunged for the fifth consecutive day on Friday(6th May) as the grey precious metal suffered its biggest correction since the billionaire Hunt brothers cornered the market in 1980.” As the week drew to an end they summarised “The reversal of fortunes for silver – which until this week’s 25 per cent drop had been up 56 per cent since January – has led a wider sell-off in commodities markets, which were heading towards one of their worst one-day falls on record.”

Market manipulation rumours were rife and silver faced additional challenges because of rule changes by the CME Group. “The volatility in silver has been exacerbated by a series of increases in margin – or the amount of cash that investors must set aside to trade each contract – by CME Group, which runs the silver futures exchange in New York.

CME has raised its margin requirements five times in the past 15 days. Investors must now set aside $14,000 per silver futures contract, worth about $180,000 at current prices. The rate will rise to $16,000 on Monday (9^th).”

The grey metal, with a predominantly industrial use, is traditionally much more volatile than gold.

So where does gold feature in all this?

According to the FT “gold has managed to remain relatively unscathed compared with its poorer cousin”

It remains on top, as always!

Silver has never been able to compete with gold

For a long time, these two precious metals have been linked by a ratio of 10 to 15.5. In the time of the Pharaohs, it was said that there was a ratio of 13.3 between gold and silver. In 440 BC, this ratio was of 13 during the Roman Empire it was set as 12.

In 1876, Henri Cernushi wrote in “The Bimetallic Currency” that “gold and silver are two natural and eternal currencies. Nobody can produce them artificially nor by decree and this is why they remain a trustworthy guarantee”. During this era most fiduciary systems fixed the parity between gold and silver at 15.5.
In 1840 Europe, the situation was tense because almost everyone felt that there was a tendency to believe that the ratio of 15.5 tended to overvalue silver.  Indeed the grey metal was abundant due specifically to heavy production in the United States.

These historical references are interesting because they are not too distant from geologist’s estimates that Silver is 17 times more abundant than Gold in the earth’s crust. This has given rise to some investors believing this ratio is the natural balance between the two metals and that one day we should somehow return to it.

Many traders, speculators, and investors focus on the gold/silver price ratio in determining which metal is under or overvalued. In recent weeks and months the ratio has collapsed from above 65:1. The ratio of gold to silver prices is at its lowest since 1980, and has plunged from 46 in January this year to 33

Throughout the twentieth century, the gold/silver price ratio went to nearly 100:1, occasionally dipped below 30:1, and only briefly hit a ratio of 17:1 in 1980.

Put against gold, silver does look distinctly volatile and vulnerable.

Simone Wapler (Editor of MoneyWeek France) writing in La Chronique Agora explains why this ratio dropped:

“The gold/silver ratio collapsed because gold, like silver, has been demonetarized. Silver even more than gold. The central banks still have some gold in their coffers, but not silver. Gold is always popular in the jewellery market, but aside from  monetary uses, the uses of silver are in decline (traditional  photography, silverware). For many silver is just a poor man’s gold. When one cannot afford gold, one buys silver.

However this argument although valid is not strictly true because of innovations that make gold investments even more accessible and in a way that is not restricted by individual budgets.

Investors no longer need to settle for second best when they can have the real thing.

It is now possible to start investing in gold by the gram including a savings account that encourages investment in physical gold (that you own outright) with a plan to start from as little as 1g of gold per month.”

Similarly this form of investment is finding increasing favour from businesses looking to protect their contingency funds against inflation and the risk of traditional portfolio investments that are vulnerable to sovereign and national debt issues. Holding physical gold as an owned asset has an increasing appeal   as an investment with security and profits.

But when the figures speak for themselves…

Simone Wapler also adds that “when gold goes up, so does silver, but to a lesser degree. When gold drops, so does silver, but to a greater degree”.   Furthermore, gold gains twice as much as silver during a rise yet silver loses twice as much as gold during a fall. Before the bubble on silver this rule was proved, clearly meaning that something was going on. The sharp current correction reminds us that there was an unfounded rush on silver- and today the rate should be around 25 euros. Above that it is overheating.

If you are not convinced, here is a brief outline of the evolution in the rates for silver and gold, in recent days and over the last 5 years.

In short, when gold sneezes, silver catches a cold, and when silver starts to take take-off, gold reaches towards its peak!

Gold remains a safe haven

According to the French daily Le Monde, one reads that in spite of the fall in rates, “gold should remain protected by its status as a safe haven when faced with inflationary threats, and a prolonged decline in oil prices does not appear very likely. Worldwide demand remains solid and supply remains under the shadow of tensions in the Arab world, with light crude from Libya still cruelly lacking.”

In MoneyWeek France we are told that “Falls are necessary and compulsory in a large bull market we are more than ever convinced that gold has a promising future ahead. Let’s give time for the new world order to be created, for the former rich countries to become aware that they are the new poor and that they live well above their means… in short, there is still quite a while to go”.

Arguments in favour of gold

Indeed, gold has recorded a slight fall recently, but if you need additional arguments to be convinced of its role as a tangible asset;

• gold is “reconverting into money”: it is clearly not the case for silver
• silver has lost its status as a safe haven contrary to gold
• silver is a rare industrial metal, very volatile just like other raw materials.   Let us take for example palladium: the market for palladium remains confidential and prices extremely volatile. The production of palladium is concentrated within Russia and in South Africa. This concentration of production confers a certain instability in the market with regards to price and reliability of supply. And uncertainties with regards to its provision have even caused the price of palladium to rise in October 2010, reaching its highest level since June at 605.13 dollars an ounce. Demand is increasing consistently, mining development is limited, a hold by the Russian State on reserves and lack of investors: such are the characteristics that have led to the palladium market finding itself in deficit.
• silver is not a product for protection against crisis. It is rather comparable to platinum which had fallen in 2008 because the automotive industry was at its lowest point (noteably platinum is used in catalytic converters)
• silver is increasingly rare and difficult to revalue. Silver is a non-renewable resource and experts agree that by 2021 -2023 the exhaustion of silver supplies will be final.  In any event, silver is a metal which cannot be synthesized and for which no substitute exists. And even if the exact date of a drain in the metal market still remains on hold, in 2010, with a production of 19,300 tons, and demand standing at 25,200 tons, reserves are clearly running low. Remember that principle industrial uses consume the silver
• silver takes up space in storage, and savers prefer gold which in value and in volume is better
• because of its scarcity, industrialists are trying to replace silver as soon as possible. This  linked article deals  with the uses of silver in particular in the manufacture of RFID Tags for stock control and identity cards. If we imagine that one day industrialists find another metal or synthetic to replace this need what leeway will remain for silver? This article is based on a completely biased study of silver. All industrialists say if one day they are able to do without silver, they will do so because it is expensive. The use of gold in industry itself remains limited compared to its use for investment purposes and jewellery.

This is exactly what one is looking for from gold, once again it becomes  a private currency, regardless of form.

Let us leave silver to those who want to get their fingers burnt with molten metal…

“A black swan is the illustration of a cognitive bias (error in decision-making or of behaviour adopted when faced with a given situation).

If one encounters or observes only white swans, one will quickly deduce in error that all swans are white and that is what Europeans believed, for a long time, before making the discovery of the existence of black swans in Australia, in the 17^th century.

In point of fact, only the observation of all existing swans may give us the confirmation or invalidation that these are indeed still white but taking the time and means to observe all swans on Earth before confirming that they are all white is just not possible.

It is thus preferable to make the hasty assumption that they are white, in the expectation of seeing the theory dropped by the observation of a swan of another colour.

Thus we create arguments by starting off with incomplete information, which leads us ending-up with false certainties.”

What is the relevance of this story to the economy and your investments?

Quite simple really. Read on and observe the trend emerging.

- The University of Texas uses gold for its cash-flow….
Important information that has gone unnoticed is that the University of Texas has just invested approximately 1 billion of its cash-flow in gold. You will find below the article by Bloomberg.

The Board members see gold “just as another money but one which cannot be devalued by an additional printing of notes”.

Interestingly, they asked to take delivery of their gold – 6,643 gold bars,  which is stored in a New York vault because of the fear of a Comex paper gold scam.

It should be noted that this university also trains economists.
So what should one think of such a strategy?  Only that more and more private individuals and institutions are starting to have increasing doubts on the continuity of the global economic system in its current make-up. It also suggests that those in the know prefer hard physical assets to “paper promises”.
Yet “experts” previously thought that this was unimaginable and impossible!

.

But that is not all. These last weeks have been exceptional in terms of alarm signals.

- Two year rates for Greece exceed 25% for the first time ever. It means that Greece is perhaps only a few days away from a re-scheduling of its debt over which inevitably world banks, starting with French banks, will ruffle a few feathers. For information purposes, it is the Crédit Agricole which is the most exposed to the Greek risk, with all banks being nevertheless concerned.
Yet “experts” previously thought that this was unimaginable and impossible!

- The monitoring of the US debt by the credit rating agency Standard and Poor’s,

For those who have not yet understood or who really do not wish to understand, the US economy remains the leading global economy. A US default in payment would lead the world into an economic chaos without precedent. Inveterate optimists tell us that they do not believe in it. The very same people who did not believe in a seism of a magnitude higher than 9, followed by a tsunami of more than 15 metres in height, coming to destroy 6 reactors of a nuclear plant… and which exposed a whole country to radiation if not making people tremble with fear over the prospect of the entire contamination of the Northern hemisphere.

Yet “experts” previously thought that this was unimaginable and impossible!

- So what else have we learnt? –  that the Morgan Stanley Bank has just made a voluntary default in payment of $3.3 billion on a 32 storey tower building which it owns in Tokyo. This repayment failure is significant because it was the largest of its kind in Japan and marked the latest fallout from a series of highly leveraged investments by Morgan Stanley, one of the most aggressive investors in worldwide property markets before the global financial crisis In short their loss seems of little importance to them because the value had plummeted and they just had to get rid of this building. What can be the motive of such a decision which is a historical first for this “venerable” institution?

Yet “experts” previously thought that this was unimaginable and impossible!

- To this we can add that CDSs (Credit Default Swaps) currently reflect an anticipation of cancellation of debt of some European countries able to reach 75% (CDSs act as “insurance” against the risk of bankruptcy).

Yet “experts” previously thought that this was unimaginable and impossible!

- And then there is China which wishes to diversify its foreign-exchange reserves and significantly reduce its holding in American dollars. Indeed, the depreciation of a currency is a means of refunding one’s debts only in devaluated monopoly currency. But it is done at the cost of the currency holder. Our Chinese friends no longer seem to want to be the guinea pigs and are looking to diversify into the Euro.

Yet “experts” previously thought that this was unimaginable and impossible!

- More dramatically, Mc Donald’s (the restaurant chain) launched a big campaign to recruit  50,000 jobs in a single day. Pathetic scenes showed to what extent the situation of many American families is disastrous. Almost 3 million people turned up to get work, some even camping the day before just to be sure of being interviewed. The situation simply turned to drama in Cleveland (click here to see video ) when a crazed driver ran over 4 people in the car park!.

Yet “experts” previously thought that this was unimaginable and impossible!

- And finally, on a lighter note, after the initiative by ex-footballer Eric Cantona even Mayors are having a go, at least the Mayor of the city of Ghent in Belgium for one, who has just taken  the decision to withdraw his funds from two banks, namely Dexia and KBC, in order to protest against the policies of these two institutions and has invited all cities to follow his example…

Yet “experts” previously thought that this was unimaginable and impossible!

It is now obvious that more than ever before how vital it is to adopt a particularly defensive investment strategy.

I invite all private investors to take their potential profits out of the share market and to quit the financial markets. Particular caution is advised with regards to all the securities of insurance companies and banks.
A share in gold of approximately 10% of the total financial assets is to be seriously considered in order to protect one’s financial assets.
It is also strongly advised to get out of bond investments, except from a speculative point of view, starting first with Euro funds in life insurance contracts. These Euro funds are overwhelmingly made-up (approximately 75%) of sovereign debt, i.e. government bonds. Imagine how vulnerable they are to default and complete collapse.

… and remember this is NOT impossible, unimaginable or unthinkable – it is highly likely to the point of being inevitable.

I do not know if you have noticed, but I find that lately we can see more and more black swans.

Yet, as everyone knows, swans are white…. until proved otherwise.

Translated and Adapted from an original article by Charles Sannat

Here at Goldcoin.org we have always been suspicious of the Politocrats, Bankers and Global fortunes that endlessly manipulate markets and misinform the masses through the mainstream media.

Let’s face it they all have one thing in common and one goal – looking after themselves by milking the masses to increase their own personal wealth.

Governments around the world tell their voters that they are “doing it for the country”, “thinking of the future, the families, the under-privileged etc. etc.”

They lie. The only interest a politician has is keeping the power, its privilege and saying whatever it takes to stay there.

In reality nothing ever changes even when the ruling party does because they’re all in it together. They talk of democracy yet if you are not born into privilege, educated with privilege and financed by the wealthiest (who you must subsequently appease with policies that suit them) you have no chance of ever approaching the dizzy heights of Government where you can begin to change things for the common good.

Even Obama, the charismatic President of Hope, had to bow to the rich lobby with backroom deals to ensure he got into the race for the top. Where does the money come from to organise the campaign needed? Unless you’re a multi-billionaire you have to play along. So where is the democracy? It’s always the same interests that pay the candidates bills therefore buying the White House and controlling policy.

Look at the British model – Cameron, Clegg, Osbourne etc. – all posh boys with a lifetimes supply of money, public school and Oxbridge education. Same before with Blair, Brown, Darling and the dark lord himself Mandlesson (the biggest hypocrite on the planet). What do any of these have in common with their voters apart from the same type of passport. How can they have the audacity to preach what is right for the country and “sharing the pain” of austerity when it will never affect their own privileged lives.

Have you ever met a poor politician?

Have you ever met a politician apart from Nelson Mandela who has experience of real life, who has known hardship and suffering?

The political class all over the world are the same – self-centred, greedy, hypocritical, power-hungry and serve themselves before thinking about their peoples or country.

Yet when they spout their prepared rhetoric they expect us to believe what they tell us, they even convince themselves that they know what they’re doing. They’re ready to take the credit at the hint of a success yet they remain completely unaccountable for all the failures and the misery they create. No such thing as performance related objectives and pay for them. How many failed politician end up as a well paid consultant, after dinner speaker or in the House of Lords like Prescott (Socialist in only the drivel from his mouth and very much Capitalist in his lifestyle, cars and bank account)!

The Rothchilds, Rockerfellers, Murdochs and other similarly rich and shady “families” control everything from Governments, Fiscal policy and of course the markets.

One particular example is the manipulation of the Gold markets. This has long been explored and proven by our friends at GATA and it is worth reading some of their factual proof at  http://www.gata.org/.

The Federal Reserve don’t want you to own Gold because they need you to borrow their printed bits of paper to make even more money for themselves. If they were a serious organisation would they have allowed a $14 Trillion + debt to run out of control? Would they be paying it off with bits of paper they keep printing (and therefore creating a devalued dollar by flooding the currency pool)?

In France, private investors hold more gold than the Bank of France and their affinity with the yellow precious metal goes back through history. The private investment in gold is continuing to increase as they arm themselves against this crisis. Eurozone sovereign debt issues are of great concern and people are taking no chances. The Greeks and Irish will default on their bailout packages and move to restructure. Portugal will follow.

The Euro will face a complete collapse or severe devaluation.

This is not a prediction but an eventuality. These three countries have no hope and no means to be able to cope with their debts and the austerity measures crippling their economies means growth is impossible. They face decades of misery, low standards of living and with inflation biting on daily necessities will soon be faced with civil unrest on an unprecedented scale.

However, a recent article by a prominent government adviser  in France shows the unscrupulous lengths they will go to. His name is Philippe Chalmin who is a Professor of Economics and sits on the Governments advisory committee. He gave a ridiculous outburst decrying and demeaning the value of Gold and called it “completely stupid”.

This from a country that survived WWII because of hidden gold.

This from a government puppet trying to put investors off the scent!

Similarly an article posted on the Marketwatch website by a Wall Street journalist, David Weidner, completely trivialises Gold. He should know better and his views are akin to a rabbit caught in the headlights!  You can see the detail via our friends at GATA here.

There is a stark contrast in the East where the Chinese are stocking up on gold. The Government, the Central Bank and private investors are actively being encouraged to buy. This shows intent to replace the weakening Dollar  by the Yuan as the world’s reserve currency and to back it in gold. The irony is that the biggest attack on the US Dollar is from The US Federal Reserve  by excessively printing bits of paper to buy off the US defecit.

The Establishment is petrified that people will ditch currency because Gold is a better protection against crisis and inflation – FACT.

The Establishment is petrified that people will stop investing in paper promises, stocks, shares, ETFs because they are all linked to debt and are vulnerable to collapse in a crisis – FACT.

The Establishment is petrified that they are losing control of the masses because we are not as stupid as they would wish and the real information flows freely and quickly via the net – FACT.

The Establishment is petrified that mere mortals like us are buying gold which leaves less for them and impinges on there “privileges” – FACT.

This is why don’t they want you to buy gold.

Greed, jealousy, protectionism, elitism.

Conspiracy and collusion by Con-men who seek to control everything.

So hit back and spit in their face

Buy what you want not what they tell you.

Beware of the mainstream media which is edited by those seeking to control.

Buying gold have never been so accessible and that scares them.

Buying gold protects your wealth against inflation and the effects of a crisis.

Central Banks, Governments and the Biggest fortunes in the world are all investing in huge quantities of Gold right now – do they know something you don’t?

Not now!

Here is a Goldcoin.org insight into the real problems facing Spain today provided by one of our esteemed colleagues at our Spanish blog linGORO.info.

The surreal panorama left over from the Spanish housing boom

In some parts of different cities in Spain, we are able to find landscapes which have a desolate and eerie feel. They leave us with a feeling of nostalgia for that time of bonanza which was enjoyed for many years but which will not return, at least not in the way it was.

In this section we will focus on the economy which fed on itself until there was nothing left. It originates from the property bubble which according to many was born in 1997 but which ended up by exploding in 2007, this being the year in which this country fell on hard times and it seems that we have still not reached bottom yet.

The problem, apart from having channelled all activities towards this sector, resides in activities which were neither ethical nor transparent and in which so many banks and local authorities became involved who were blinded by their desire to get rich out of this business and entered into a maelstrom of distressing activities such as: reclassifying non-building land, sudden spectacular increases in interest rates, excess credit, etc which dramatically accelerated the collapse of this wealth cycle.

We find urban areas with large plots of buildings which are half-built, forgotten by the bank responsible for their financing owing to a lack of liquidity alongside those which have been finished and are waiting for a buyer who, for the moment, is not coming.
And how will buyers come?, if there is fear in the air about what happened, not to mention high unemployment figures throughout the country and low purchasing power today, we cannot allow ourselves this type of investment, which apart from giving you a roof also gives you an increasing debt year after year to which you will be wedded for the rest of your life up to the age of 65.

The Minister of Finance, Elena Salgado, is guaranteeing that the same thing will not happen to Spain as happened to Portugal because it has done its duties, namely: raising taxes, increasing the age of retirement, freezing pensions, etc.

If this is doing things right then we must trust God to help us when they do things badly. For the moment we are waiting for alternative solutions to mitigate the damage caused by the property phenomenon. The generating of employment which is what will help the country move forward does not seem to be around the corner and, as a result, the queues of unemployed people going to the offices of the INEM to submit the necessary papers to receive assistance which barely helps them live, continue to grow. This is to say nothing of those who do not receive anything.

Speaking of this type of subject causes a lot of indignation because we see the future of many people who have great talent and potential being undermined by the erroneous actions of those who lead the country. Directly or indirectly the economic situation affects us all either because we are living it ourselves, or because we have friends, family or acquaintances who are going through it.

The best thing to do at this time as one door closes is to open another one ourselves. If we only focus on one thing (as did Spain with its exuberant construction programme) we shall be left waiting for a miracle to happen and unless you are a great believer, there are very few who have the opportunity to experience one and talk about it.

As a result we need to diversify talent, diversify professions and diversify safe investments (such is offered to us by gold at this time) which give us a little peace and tranquillity knowing that at any time they may help us to get over the hurdles that lie in our path. There is no doubt that this is the best plan B we can have at this time.

Translated from an original article by Lizette Paternina

Here’s a Goldcoin.org summary of events moving and shaking the markets supplied by our regular Gold Guru Bill.

In Wednesday nights website update initial resistance was listed at 1457-1465 and the high so far today is 1462.50  — support was listed at 1441-1447 and the low so far is 1450.50

London Gold Fix $1458.25 -$3.25

In yesterday’s update gold prices dropped right at the 9AM est timeframe and supported on the 1444 price support area.  Since that time, the gold market has rebounded into early Wednesday morning US trade but has yet to overcome the resistance area’s that it will need to in order to forge higher.

So far this morning, gold is tracking with equities, as the fear of slowing was at least part of the reason behind the aggressive selling in markets on Tuesday. The markets opened

The trade bounced higher on improved US retail sales release this morning, as investment demand for gold is likely to remain somewhat dependant on the prospect of inflation, which in turn can be dependant on the pace of the economy.  Business Inventories were up .5%
The key will be whether the stock market and gold will be able to hold those early gains as the day wears on.

The pressure for USA to work the budget deficit has President Obama addressing the nation this afternoon after the metals market close. Tax hikes and healthcare cuts are the speculation going into the speech –and as news trickles out  there is speculation of 100-150 billion dollar cuts in military spending proposed and entitlement spending.  Expectations are to suggest curbing domestic spending …. all the usual “talk” that one would expect.  This expectation might act to quell the upside on gold today going into the speech.

While the gold market saw evidence of rising gold production at Fresnillo in the first quarter, that news was offset by expectations of lower annual 2011 gold production from Kingsgate.

The gold market might also be garnering some lift from a survey released overnight that suggested many think central banks will be net buyers of gold in the near future. With the US Beige book, US retail sales up .04% , a Treasury auction and a Presidential speech/testimony today the gold market looks to have an active trade today.

The Dollar is near unchanged levels against most of the major currencies during overnight trading and is just sitting at the on the index.

The Spanish Prime Minister stated that China has reaffirmed their support for purchasing Spanish sovereign debt. Euro zone Industrial Production during February was up 0.4%, lower than projections. UK Unemployment during February was 7.8%, lower than forecasts. French CPI during March was up 2.2% year-on-year, higher than expectations. The second leg of the Treasury’s monthly refunding, the 10-Year Note auction, will have data announced at 1:00 PM EST

Going to the charts:

Yesterday low at 1444 was a retest of the breakout price we had been watching last week.  We can see on the chart that today’s price has moved back above that red trend line and price is hanging around that line as it tries to make it support.   So we could see a lot of price activity mostly in the 1453-1463 area today.

Support is the 1444-1450 area and resistance is the 1463-1468 zone.

In summary — markets may pullback from their early morning start and drift sideways as we approach the presidents speech on deficit reduction. As long as price is above the red trend line — its trying to forge support from yesterday’s pullback.   The lower PURPLE line is key to this price breakout and price needs to retain closes above the 1425-1430 area to keep the price  breakout move alive.

by Bill Downey

Don’t forget Exclusive Free trial to Goldcoin readers on Gold Trends.net
Login: demo-feb Password: spot2see

The most detailed info that GoldTrends.net publishes is available on the web site via paid subscription.