Gold is about to VAULT UP.
I am reliably informed that the paper versus bullion gold war is lost by paper gold at a $930 close.
Gold will vault to slightly under $1000 then get pushed back, but not much at all. Directly after that we are off to $1200.
A Bank Holiday is moving from possible to PROBABLE.
- Have you fully protected yourself?
- Have you distanced yourself as much as possible away from financial agents holding your assets?
- Have you gotten paper certificates for your shares or became a direct registration book entry at the transfer agent?
- Have you protected your retirement accounts the same way as your shares above but in the name of the retirement account and the trust holding them?
- Have you closed your Money Market fund accounts regardless of what assurances your bankers offer?
- Have you withdrawn from your Credit Union?
- Have you exited your corporate retirement fund?
- Do you have significant gold and related shares investments?
It is getting UGLY out there as each day an attempt to postpone a bank holiday fails. Almost every other day lately financial leaders of the world have announced new plans that were “the final answer” to the super-glued credit market. All these plans have had no effect. The Dow fell like a rock off a cliff.
This says all efforts have failed.
Libor Holds Central Banks Hostage as Credit Freezes (Update2)
By Gavin Finch and Ben Sills
Oct. 9 (Bloomberg) — Danilo Coronacion oversees 15 percent of global coconut oil production at CIIF Oil Mills Group in the Philippines. These days, he spends a lot of time worrying about events half a world away in London. The name of his pain? Libor.
CIIF has more than $60 million of debt, or 70 percent of its working capital, linked to London interbank offered rates that have soared since Lehman Brothers Holdings Inc. collapsed on Sept. 15. The cost of borrowing in dollars for three-months in London jumped 23 basis points today to 4.75 percent, the highest level since December.
Central Banks Fail to Alleviate `Logjam’ in Libor: Chart of Day
By Mark Gilbert and Gavin Finch
Oct. 9 (Bloomberg) — Central-bank efforts to drive down money-market borrowing costs with coordinated interest-rate cuts are failing, according to Nick Stamenkovic, a fixed-income strategist at RIA Capital Markets in Edinburgh.
“Central banks have pulled out all the stops and there’s no sign whatsoever that money-market strains are easing,” Stamenkovic said. “The logjam is going to remain in place for some time to come. Three-month rates and beyond are actually deteriorating.”
U.S. Stocks Tumble, Sending Dow Below 9,000; GM, Insurers Slide
By Lynn Thomasson
Oct. 9 (Bloomberg) — U.S. stocks slid and the Dow Jones Industrial Average fell below 9,000 for the first time since 2003 as higher borrowing costs and slower consumer spending spurred concern carmakers, insurers and energy companies will be the next victims of the credit crisis.