August Podcast Archive

8.31.11 -- Why Gold Prices Went Parabolic in August -- Listen

Gold prices ended August with a 12% gain - over $200/oz. - on safe haven buying demand worldwide. Gold closed the month at $1,824 an ounce, silver rose to $41.51 an ounce, up 6% in August.

30 Behind the record number of golden headlines this month lies a very scary truth. Americans, along with citizens worldwide, have never been more uncertain about the future of our currency, or economy.

A recent CNN poll found 87% have lost faith in government leaders, prompting them to withdraw about $2 trillion from the stock market last month.

Combined with the massive expansion of the money supply, no one should be surprised that the gold market went parabolic in August.

But according to NY Times, "If you watch cable television, it would certainly appear that gold is in a bubble."

The Washington Post advises investors should "Beware of Gold".

"Gold generates nothing and therefore cannot be valued in its own right," reports London Financial Times.

gold

Yet Motley Fool presents the above chart as "proof gold is not in a bubble," because not enough individual and institutional investors own it yet to quality as a market bubble.

Motley Fool says: "Precious metals only made up 2% of investment assets at the end of last year, after a decade-long bull market... there is still lots of room for growth, especially with inflation as the next major crisis."

Speaking of inflation... "Buy everything! Today the CRB Index triggered a major long term buy signal! The markets are signaling inflation! Gold and silver should strongly lead this run over the coming months and years," reports Jim Carrillo at GoldIRAs.com.

8.30.11 -- Gold, the purest form of money -- Listen

Gold prices rushed back to $1,835/oz. Tuesday on bargain hunting, safe haven buying and Fed stimulus chatter. Gold last traded at $1,835 an ounce, silver rose to $41.35 an ounce.

Gold rallies on call for more stimulus - MSN
Chicago Fed Bank President Charles Evans called for further monetary easing. Gold prices were catapulting after Evans said on CNBC that more quantitative easing is necessary.

Consumer expectations in virtual free fall -MW
Consumer confidence has plummeted in August as expectations have dived, with worsening views expressed on future business conditions, jobs and income, the nonprofit Conference Board reports.

Status Change: Gold Moves From Investment To Money -Forbes
The Erste Group declared on the front page of its gold report published last month, "The foundation of a return to ‘sound money’ has been laid." The Austria-based financial services provider surveys the new dynamics of gold and monetary policy and finds that not only is its price likely to continue to rise, but so will its acceptance by governments as money.

"The past months have shown a clear trend: gold has been more and more regarded as the purest form of money and increasingly less as a commodity," writes Erste analyst Ronald-Peter Stoferle.

Why the movement to gold per se? It is an emphasis on asset-based rather than debt-based money. As Stoferle puts it, "The possession of gold is tantamount to pure ownership without liabilities."

8.29.11 -- Gold's fair value vs. "true money supply" -- Listen

Gold prices dipped below $1,800/oz. Monday on profit-taking after rocketing to $1,900/oz. last week. Gold last traded at $1,788 an ounce, silver at $40.86 an ounce.

gold

Is Gold Still Fairly Priced? - Benzinga
According the Mises Institute's "True Money Supply", since 1971 (the year of the "Nixon shock"): According to the above chart, gold is just about on its long-term trend line.

Gold bubble? - Yahoo
Most bubbles start completely unnoticed, but pick up steam under what is known as the "greater fool" theory. While bubbles are often driven by emotion, the rise in gold may be tied to a rational assessment of the world economy. Growth has stalled, debts are rising, and many western nations have promised far more government services than they can now deliver. Without significant structural changes and spending cuts, the only way the U.S. can continue to provide those services is to borrow and print more money. That spells higher inflation, a weakening of the dollar and more attraction to hard assets.

Banker predicts $2,000/oz. gold -CNBC
Juerg Kiener of Swiss Asia Capital said, "We might see gold touching USD 2,000 per ounce by September. It signals to many people that getting your money back home or outside troubled Western Banks is key way to protect your wealth."

Online Bonus Stories of the Day...

Gloom Settles on Central Bankers -WSJ
At the Jackson Hole, WY annual central banker meeting the IMF's new managing director, Christine Lagarde said, "We risk seeing the fragile recovery derailed, aggravated by the public's sense that top policy makers aren't adequately addressing the problems. We are in a dangerous new phase," she said.

Yes, this "dangerous new phase" is reflected in gold price volatility in August. Get used to $100/oz. moves in the gold price until further notice.

Ben Bernanke realised printing yet more money would look desperate - Telegraph
"Fighting deflation" has, for the most part, been an intellectual conceit – a deception now made more difficult by the latest inflation numbers..

Obama announced he picked Princeton economist Alan Krueger ....
as the new chief of the Council of Economic Advisers. He said next week he would lay out a series of steps to put more money in the pockets of middle class families and construction crews to work. FLASHBACK: Krueger Pushed $500 billion a year VAT. More Market News

8.26.11 -- Gold rush enters volatile next stage -- Listen

Gold prices rebounded near $1,825/oz. Friday, down just 1.6% from last Friday, after a roller-coaster week. Gold last traded at $1,825 an ounce, silver at $41.24 an ounce

This most recent gold buying opportunity in 2011 came and went within the span of just 2 days, demonstrating the strong and growing U.S and global buying demand from bargain hunters during periodic price pull backs.

Marketwatch reports, "Gold gets good dose of much-needed volatility - $100 moves in gold may become the new norm, analysts say." (Dah ... we reported that last December)

Shocker: 1/3 of Americans Prefer Gold Over Stocks, R.E. -24/7 Wall St
Americans have turned their backs on equities in favor of gold. That is probably a good decision. According to a new Gallup poll, "Thirty-four percent of Americans say gold is the best long-term investment, more than say so about four other types of investments. Real estate (19%) and stocks (17%) are distant second choices."

Fedpeak Unclear on Stimulus Policy -MW
"The Fed has a range of tools that could be used to provide additional monetary stimulus...(details) after our meeting in September" Fed Chairman Ben Bernanke said Friday in Jackson Hole, WY.

Your Portfolio of Lies - LewRockewell.com
The governments of all Western nations have promised workers that they will be taken care of by the state in their old age. That promise cannot be fulfilled. You are sitting on a portfolio of government lies. I don't know if you really understand that there is going to be a great default by the government. By "really understand," I mean this: you are taking steps not to retire.

More stories at Gold Market News
Gold rebounds as economic fears resurface - BusinessWeek--8.25.11
$2,500 Gold to End the Year Wouldn’t Shock Me- King World News--8.24.11
Gold Does Not Have A Price, It Is The Price - Seeking Alpha--8.24.11
Gold price's record run continues as the global monetary system falters- Mineweb--8.23.11
The Neverending Story of a "Gold Bubble" - KITCO--8.22.11

8.25.11 -- "FRIENDS OF PAPER MONEY" DON'T GET GOLD -- Listen

Gold prices rebounded Thursday following a 7% profit-taking correction after rushing near $1,900/oz. on Monday. Gold last traded at $1,771 an ounce, silver rose to $41.12 an ounce.

Predictable Gold Bubble Talk - CNBC
Right on cue, a regular CNBC contributor, Dennis Hartman is calling gold a bursting bubble. "According to commodities expert Dennis Gartman the sell-off is not a buying opportunity at all, the buying opportunity is behind us...one of the great bubbles of our time."

Hartman, and CNBC's other "friends of paper money" were wrong calling a top when gold topped $500 and $1,000 and they will be wrong when gold tops $2,000 as well because they do not understand that gold is no longer just a commodity, it is the world's new monetary standard. Read more... Golden Opportunity #9 to buy the dip.

The Fed’s Bazooka - blog.newconstructs.com
That giant suck­ing sound we hear as the stock mar­ket tum­bles will con­tinue. That suck­ing sound is the deple­tion of the trust and social cap­i­tal crit­i­cal to the proper func­tion of our cap­i­tal markets.

Until investors trust they will not get robbed, con­fi­dence will be hard to come by. With­out con­fi­dence and trust in the finan­cial sys­tem, every­thing grinds to a halt.

Though the Fed­eral Reserve Chair­man has run out of ammu­ni­tion for stim­u­lat­ing the econ­omy, he can still take action to fix the economy.

It is within the Fed's power to break up the banks. In exchange for tak­ing bailout funds in 2008, all of the big banks had to sub­mit them­selves to the super­vi­sion of the Fed. Mr. Bernanke, the time to act is now.

8.24.11 -- GOLD RISES 44% AFTER LAST MAJOR DIP -- Listen

Gold prices extended a healthy correction Wednesday on profit taking after rushing above $1,900/oz. Monday. Gold last traded at $1,751 an ounce, silver at $39.69 an ounce.

Golden Opportunity #9 to buy the dip -News Update/Chart
After rushing near $1,900/oz. this month, gold prices have corrected back to $1,750/oz. -- an 8.4% decline. Gold prices have bolted up 44% since January 2011, which was the last major buying opportunity when gold hit a low of $1,315/oz.

According to Swiss America Chairman Craig R. Smith, "The pundits are all asking 'Will prices fall further during this correction?' The right answer is 'I hope so!' A healthy 10-15% correction back to $1,600/oz. should not surprise anyone paying close attention to market fundamentals."

And now a word from GOLD, speaking on behalf of itself...

Dear 1700,

Now don't get excited, now that I have returned.
Trust me, Bernanke & company have a plan. Run the printing presses 30 hours per day.
I hear Obama will declare a new 30-hour day very soon.
Leave it to them to make a perfectly good commodity like paper worthless.

Please have tea and crumpets ready as I will need to leave you soon thereafter, to the moon Alice!

Sincerely,
GOLD

8.23.11 -- Gold headlines pause to refresh -- Listen

Gold prices took a healthy breather Tuesday on profit taking after rushing above $1,900/oz. Monday. Gold last traded at $1,830 an ounce, silver at $41.88 an ounce.

gold "Gold is due for a correction," says Frank Holmes of US Global Investors. "It would be a non-event to see a 10 percent drop in gold. This would actually be a healthy development for markets by shaking out the short-term speculators while the long-term story remains on solid ground."

"At some point in the future gold prices will fall. However, don't expect it to happen soon. We believe the one-two punch of the Fear Trade and Love Trade will keep gold prices at elevated levels for another few years."

Meanwhile, "Just days ago Fed Chair Bernanke announced that the Fed will continue to provide essentially free money until mid-2013, beyond the November 2012 elections," says Craig R. Smith in "Re-Making Money", a new White Paper. “By this and other means, the Fed has said that QE3 (Quantitative Easing 3) is already underway."

8.22.11 -- Gold on fire, Fed has some 'splainin' to do -- Listen

Gold prices lurched near $1,900/oz. Monday on continued safe haven buying amid global volatility. Gold last traded up over $40 to $1,898 an ounce, silver rose $.82 to $43.72 an ounce.

Gold Off Charts as Prices Heading ’Parabolic’ - Bloomberg
Gold is now up 16 percent in August, set for the best monthly gain since 1999. Gold’s rally to a record near $1,900 an ounce pushed the metal to overbought levels according to technical analysis tools, as economist Dennis Gartman said prices will go “parabolic.”

Fed Secretly Loaned Gaddafi & Others $1.2 Trillion - PR
Recently released Federal Reserve documents reveal that since 2008 America's central bank secretly loaned $1.2 Trillion to banks. Nearly half these banks were foreign – including a bank partly owned by Libyan dictator Moammar Gaddafi.

“We've given the Fed the power to create paper money, secretly distribute it to political favorites, and thereby sway our stock market and elections,” says author and Swiss America Chairman Craig R. Smith.

“Fed Chairman Ben Bernanke has some explaining to do this coming Friday at the meeting of central bankers in Jackson Hole, Wyoming,” says Smith.

8.19.11 -- Gold: Creates vs. Depends on Confidence -- Listen

Gold prices streaked above $1,850/oz. Friday on safe haven buying, a weaker buck & stock market volatility. Gold last traded at $1,852 an ounce, silver at $42.90 an ounce.

Gold started the week under $1,750/oz. ... and ended the week over $1,850/o. Could this mark the parabolic stage of gold's decade long ascent? Just 30 days ago gold prices were still under $1,600/oz.!

Meanwhile, the stock market continues its steady decline. The DJIA is on a decent toward parity with the gold price, say some experts. It's down over 2,000 points in the last 30 days.

Latest CNN Poll asks:
"Have you lost confidence in the ability of world leaders to tackle economic problems?"
Yes: 87% (285,989 votes)
No: 13% (42,537 votes)

Confidence in world leaders is near historic lows, which explains why gold prices are at historic highs. Gold is the only form of universal money that creates confidence rather than depending upon confidence because it has no counter-party risk.

More headlines at Swissamerica.com ...
Nixon Nixed the Gold Standard, But Metal Still Precious - Fox Business
Chavez Plans on Nationalizing Gold Industry
Gold to Exceed $2,000/Ounce Next Year - Barclays Capital
The Case for $25,000 per Ounce Gold

8.18.11 -- Gold, world's safest haven, tops $1,800/oz -- Listen

Gold prices shot up 2% to $1,825/oz. Thursday on safe haven buying, stocks slide on global economic fears. Gold last traded at $1,825 an ounce, silver at $40.63 an ounce.

Is Gold the Only 'Safe-Haven' Investment Left? asks CNBC.
“Gold has a new class of investor,” said Steve Grasso, director of institutional sales trading at Stuart Frankel & Co. "The people buying gold this time around are buying it to hold it long term for their kids, for their retirement and not just a market timing trade."

"Coming out of the housing implosion and Eurozone stress, there is a real perception, right or wrong, that gold is the only investment that's not built on sand."

Yes, gold is the only investment not built on sand. Read more about it in a new White Paper "RE-MAKING MONEY: Ways to Restore America's Optimistic Golden Age"

8-17-11 -- $1,800 gold reflects "ghost of money" past -- Listen

Gold prices climbed closer to $1,800/oz. Wednesday on rising wholesale inflation data & dollar weakness. Gold last traded at $1,790 an ounce, silver rose to $40.32 an ounce.

The ghost of money haunting America - White Paper
"In 1788 Thomas Jefferson's warned “Paper is poverty... It is only the ghost of money, and not money itself.” Today's politically-manipulated paper U.S. Dollar is plummeting towards Zero – reflected in gold's price surging to $1,817 in August 2011. When the dollar crashes, so does America's future as a superpower," writes Craig R. Smith & Lowell Ponte in "RE-MAKING MONEY", a new White Paper, free to the public.

0% Interest Rates Lock in Inflation - USAWatchdog
The decision by the Fed, last week, to keep a key interest rate at near zero percent for 2 years will have profound negative effect on the U.S. dollar and its buying power.

Since Ben Bernanke announced his QE2 policy just one year ago in August 2010:
Gas & heating oil prices are up 45%, Corn up 71%, Soybeans up 26%, Pork up 31%, Beef up 25%, Coffee up 38%, Sugar up 48%, Gold up 42%, Silver up 115%.

Politicians say they want to create jobs, but they stand silent and let the banks and the Fed do just the opposite. As George Orwell famously said, "Truth is treason in the empire of lies." To that we would also add, “Gold is treason in the empire of debt."

8.16.11 -- Gold continues rising above politics -- Listen

Gold prices rushed back above $1,775/oz. Tuesday on safe haven buying amid European worries. Gold last traded at $1,786 an ounce, silver at $39.99 an ounce.

Bernanke in cross-hairs, Americans support?
Ben Bernanke had his name dragged into the presidential race by 2012 Republican presidential candidate and Texas Governor Rick Perry. He said of Mr. Bernanke ... "Printing more money to play politics at this particular time in American history is almost treasonous in my opinion."

In response the White House said, "it was not a good idea to threaten Fed Chairman Bernanke." Interestingly, in a Rasmussen Poll released today Perry support jumped to 29%, a double digit lead over both Romney at 18% and Bachmann at 13%. Could it be Americans want a shoot-from-the-hip candidate like Mr. Perry? We shall see.

Meanwhile, the world is rushing to the safety of gold, which always rises above politics. Swiss America leads the way in explaining the steps to restore a new Golden Age in America. details

8.15.11 -TODAY'S RECESSION TRIGGERED 40 YEARS AGO BY NIXON - Listen

Gold prices rebounded above $1,760/oz. Monday on bargain hunting and a weaker U.S. dollar. Gold last traded at $1,766 an ounce, silver rose to $39.93 an ounce.

"RE-MAKING MONEY: Ways to Restore America's Optimistic Golden Age" - New White Paper Released Today!

Forty years ago today, On August 15, 1971, President Richard Nixon shocked world leaders and central bankers by severing, without warning, the U.S. Dollar's convertibility to gold. Without this golden anchor, the dollar has been adrift ever since. Monetary experts and authors Craig R. Smith and Lowell Ponte today released a new White Paper – "Re-Making Money: Ways to Restore America's Optimistic Golden Age" free to the public offering practical solutions.

President Nixon's deconstruction of the dollar, and of the last vestige of the gold standard, unleashed destabilizing forces that today have created a monetary tipping point of no return that threatens to shake down and break down our world's economies, societies and values, including America's.

This new SATC White Paper – the second of 2011 – explains what prompted President Nixon's action. It reveals the surprising pattern of falling dominos Mr. Nixon set in motion that has triggered unintended consequences as diverse as today's inflation, Greek riots, Islamist terrorism, soaring debt and unemployment, and stagnant economic growth. This White Paper also shows ways we can reconstruct our currency and economy to restore the prosperity and optimism a once-mighty dollar made possible in America. more

8.12.11 -- Restoring a Golden Age of Confidence -- Listen

Gold prices dipped near $1,750/oz. Friday on profit taking, giving bargain hunters a buying op. Gold last traded at $1,746 an ounce, silver rose to $39.07 an ounce.

"CONSUMER CONFIDENCE CRASHES... Lowest since Jimmy Carter..." reports Drudgereport.com

In recent days the Dow Jones Industrial Average fell by more than two thousand points and put in peril trillions of dollars of value held by investors large and small.

gold The Earth-shaking tremors that caused this plunge began not with President Barack Obama –
but exactly 40 years ago this month with a Republican president, says Swiss America Chairman Craig R. Smith.

Forty years ago today, On August 15, 1971, President Richard Nixon shocked world leaders and central bankers by severing, without warning, the U.S. Dollar's convertibility to gold. Without this golden anchor, the dollar has been adrift ever since.

Monetary experts and authors Craig R. Smith and Lowell Ponte will release a new White Paper – "Re-Making Money: Ways to Restore America's Optimistic Golden Age" free to the public and media on Monday – offering a variety of positive solutions to fix Mr. Nixon's terrible mistake....and to regain American prosperity.

Request a free copy of "Re-Making Money"

8.11.11 -- Ignore the Gold-in-a-Bubble Theory -- Listen

Gold prices dipped near $1,750/oz. Thursday on speculative margin hikes and profit taking, then rebounds on bargain hunting. Gold last traded at $1,762 an ounce, silver at $38.74 an ounce.

Gold price rise halted - Marketwatch
Gold futures snapped a three-day winning streak that took the metal above $1,800 an ounce, after CME, the main metals exchange operator, increased the money needed to trade gold futures contracts. This is a healthy breather for bargain hunters to buy the dip.

gold Gold-in-a-bubble theory - Laugh of the Day
"How to profit from the next big bubble" says the cover of Smart Money magazine.

"Most see gold as a hedge against future bad economic news, especially rising inflation. Other investors, however, say the best way to deal with inflation is to skip gold entirely and move to a less volatile arena: the stock market."

"Many analysts believe gold's meteoric rise, from barely $250 an ounce in 1999 to around $1,750 today, is based mostly on an irrational sentiment - the belief that gold will retain its value if inflation soars and currencies plunge."

"Clients have been calling up asking how to invest" in the metal, says Bob Jergovic, chief investment officer of $7 billion money manager CLS Investments. "That's not a good sign."

Truth is, that clients are calling to ask about how to invest in gold is a VERY good sign that Americans are smarter than the media and investment "pros" think. Perhaps they have read our latest report, 21ST CENTURY GOLD RUSH IS NO BUBBLE!

8.10.11 -- $1,800 GOLD: Buy, Sell or Hold? -- Listen

Gold prices rocketed near $1,800/oz. Wednesday as stock markets globally took another swan dive. Gold last traded at $1,795 an ounce, silver rose to $39.28 an ounce.

Gold is the safest port in a storm of uncertainty. Investors are seeking hedges against the volatile stock and currency markets.

Gold prices have stepped over a series of milestones over the past two years. Just two years ago, before the financial crisis, gold traded at $900 an ounce.

Should investors buy, sell or hold?

Since then gold prices have begun to rise parabolically, serving as a reliable barometer of; rising debt, falling currencies and flawed economic stimulus programs.

Should investors buy in a panic? No. Should you buy gold at any price if you do not yet own it? Yes.

When Buying Gold Becomes a Life-or-Death Question - Casey Research

I think it's possible and perhaps even probable that at some point we'll all feel forced to buy gold, almost irrespective of price, due to a sudden and rapid depreciation of the U.S. dollar.

How do we get to that point? Simple: You go to buy something and realize you've just been priced out of the market, not because the item is too expensive, but because you suddenly realize the money in your hand no longer has purchasing power.

8.9.11 -- WANT SAFETY & GROWTH? BUY GOLD! -FED -- Listen

Gold prices shot above $1,750/oz. Tuesday amid stock market volatility after disappointing Fedspeak. Gold last traded at $1,744 an ounce, silver fell to $37.31 an ounce.

The Federal Reserve pledged for the first time to keep its benchmark interest rate at a record low at least through mid-2013 in a bid to revive the flagging recovery after a worldwide stock rout.

The Fed said it is “prepared to employ these tools as appropriate.” That action brought an unusual three dissenting votes.

DEAR FED/OBAMA: "SHUT-UP ALREADY!" -MARKETS
"In my opinion the Fed is saying what they can't say, but what we all know.... America is in a recession," said SATC Chairman Craig R. Smith.

"If you take out the prices increase in the GDP which represent higher prices for goods produced due to inflation pressures, you actually have negative growth in the first two quarters of 2011."

"Between the Fed and Obama the market is saying "SHUT-UP ALREADY!".
This economy is sick, and while corporate profits may be solid on Wall Street, the consumer is not solid. They have no cash, no available credit and zero confidence in the man in the White House."

FEDSPEAK TRANSLATION: BUY GOLD!
The Fed is telling investors to "BUY GOLD" because neither the government nor the banks are going to pay you a return on your money, in exchange for the "safety" of a T-bill.

"You would think a Fed statement in this environment would have been much more anti-gold," said Mr. Smith. "Instead, this statement is pro-gold, as reflected in higher gold prices after the Fed announcement at 2:15 ET. In essence the Fed said, if you want safety AND growth, buy gold!"

8.8.11 -- Gold tops $1,700, investors flee stocks -- Listen

Gold prices shot up to fresh highs over $1,700/oz. Monday on U.S. credit downgrade, stocks tank on global recession/debt fears. Gold last traded at $1,720 an ounce, silver at $39.38 an ounce

Dow plunges 635 points, sixth biggest drop in history, extending last week's smackdown, with Standard & Poor's downgrade of U.S. credit exacting a heavy toll on already troubled investor sentiment.

In the last thirty days gold sales worldwide surpassed the previous six months combined. Savvy investors understand gold is the ultimate currency and store of value in a world awash in debt, led by the U.S. government, Federal Reserve several EU countries.

Former Fed Chairman Alan Greenspan told CNBC Sunday, "there is no chance of a U.S. default" because the Fed can print unlimited amounts of money to prevent it - in essence, to attempt inflating the debt crisis away.

8.4.11 -- World's true reserve currency stands up -- Listen

Precious metal prices steadied after touching new highs Thursday as recession and debt fears drove stocks and commodities down 4-6%. Gold last traded at $1,648 an ounce, silver fell to $38.88 an ounce.

Gold is the True Reserve Currency - Gold Seek Investors are attracted to gold to protect themselves from currency debasement. This has become an increasing problem throughout the globe as many governments are finding themselves in a financial crisis, the United States being no exception.

Central Banks Continue Buying Gold To Diversify Portfolios - Forbes Blogs Central banks all over the world are continuing to buy gold in order to diversify their portfolios. Many banks so far this year have bought double the gold that they bought for the entire year of 2010.

US Treasury: Dollar Could Lose Reserve Status - Bloomberg The committee of bond dealers and investors that advises the U.S. Treasury said the dollar's status as the world's reserve currency "appears to be slipping...The idea of a reserve currency is that it is built on strength, not typically that it is 'best among poor choices."

8.3.11 -- Out-of-control debt and gold prices -- Listen

Gold prices shot above $1,665/oz. Wednesday on safe haven buying amid rising debt and economic uncertainty. Gold last traded at $1,661 an ounce, silver shot up to $41.73 an ounce.

"GOLD PRICES SPIKE AS RECESSION WORRIES SPREAD," says TheStreet.com.
Gold prices closed in on $1,700 an ounce, as worries that governments won't be able to grow their way out of debt caused a rush into the safe haven asset.

"GOLD GOING TO $2,400 AN OUNCE," SATC CHAIRMAN CRAIG R. SMITH told the Common Sense Coalition radio show today. "We are in a recession...common sense tells Americans they can't spend more than they earn or they go bankrupt. Governments can do it for a while, but eventually face the consequences of a hyperinflationary depresson."

"GOLD TO HIT $2,000 BEFORE YEAR END," reports London Telegraph.
Last week's events on Capitol Hill in the US were very damaging. After we abandoned the gold standard, the dollar is now the globe's reserve currency, and US politicians decided to play a game of chicken with the debt ceiling. There is also an uncanny correlation between the gold price and the US debt ceiling.

"GOLD TO HIT $3,000 IF US KEEPS SPENDING", concludes FOX Business.
Gold could hit $3,000 an ounce in the future, almost double its current per-ounce prices, if the U.S. doesn't cut spending and stop flooding its economy with cheap dollars."

8.2.11 -- Investors vote "no confidence" buy gold -- Listen

Gold prices shot above $1,650/oz. Tuesday on safe haven buying as economic uncertainty prompts stock sell-off. Gold last traded at $1,658 an ounce, silver shot to $40.80 an ounce.

OBAMA "SAVES" AMERICA, STOCKS FALL
"This was a huge investor vote of 'No Confidence' in President Obama's bipartisan deal that dooms America to even more debt," said Craig R. Smith. "Expect Bernanke to crank up the printing press and Obama to call for a new stimulus package ala Paul Krugman. Elections are coming up so Obama will look for direction from the editorial page of the New York Times instead of from businessmen who know how to create growth.”

GOLD RUSH 2011: ALL ABOUT SAFETY
The Aden Sisters write: "The flight to safety has been the primary market mover and this is unlikely to change in the weeks or months ahead. This will keep upward pressure on the metals, especially gold since it's the world's #1 safe haven. And with the debt battered world financial situation increasingly dangerous and vulnerable, this balancing act will keep investors on edge and quick to run for safety."

8.1.11 -- Debt Crisis: "a great thing to exploit!" -- Listen

Gold prices climbed to fresh nominal highs Monday on safe haven buying amid fears over U.S. credit rating, debt ceiling and weak data. Gold last traded at $1,618 an ounce, silver slipped to $39.23 an ounce.

"The economy is in trouble, the AAA rating is under suspicion and growth is non-existent. Therefore, I am thoroughly convinced we will see more FED pump priming, higher gold and a lower dollar," warns SATC Chairman Craig R. Smith, co-author of the widely-praised 2011 book The Inflation Deception.

"This is a 'crisis' created to help re-elect President Obama, whose motto is that 'A crisis is a terrible thing to waste, and a great thing to exploit."

"No default on U.S. debt will happen on August 2nd, even if Congress fails to pass its tentative agreement to raise the debt limit ceiling," says Mr. Smith.

"This debt deal will not necessarily save America's AAA Credit Rating. The rating agencies Standard & Poor's and Moody's said unless they see $4 Trillion in immediate real spending cuts, they will downgrade America's credit rating."

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