EurAnalysis

Yes,am tired with the current Job,To many intervention from the head...lolz
am live in the small island around southeast asia
Btw,Price action delicious is it

Eurusd lazy kid but G/U is nom nom today, broke the demand in 3rd try and then tested it as a supply and had a great fall from there.

Dukascopy Fundamental Analysis

EUR
European economy declined in the 4th quarter of 2011 as investment fell most since 2009 amid dropping consumer spending and exports. GDP both in Euro Zone and EU 27 area fell 0.3% compared to 3rd quarter said EU statistics office on Tuesday. Exports contracted 0.4% compared to a 1.4% gain in the 3rd quarter. Investment faded 0.7% and household spending diminished 0.4%.


Dukascopy Technical Analysis

EUR/USD
Daily maximum: 1.3225
Daily minimum: 1.3113
The euro slightly advanced today versus the greenback as Greece moved one step closer to receive the second bailout. Daily Resistance: 1.3252; 1.3567; 1.3947. Daily Support: 1.3171; 1.3083; 1.2725. Daily Bias: Strongly bearish.

EUR/JPY
Daily maximum: 107.86
Daily minimum: 106.13
The Japan's yen strengthened today against the shared European currency as annual average cash earnings in Japan exceeded analysts' estimates (0.0% act./-0.3% est.). Daily Resistance: 108.23; 109.17; 112.29. Daily Support: 107.12; 106.62; 101.58. Daily Bias: Bullish.

GU Just horny @ NY

annoyed euro swiss getting hot and looking spicy

When comparing to other pairs; GBP/USD, USD/JPY and EUR/JPY who have all had significant drops in the last two hours, EUR/USD has been relatively stable.

Seems to me like it's artificially being kept in that range.

Toughts?

That's the bad boy right there, institutional demand. I hoped to see break from it so we could get nice sell signal tomorrow but it seems it wount give this pleasure to us yet:

Yep. That damn demand zone. Looks like it did a pretty good job chewing through it though. Now we just need another pop down to trigger all the stops.

Agreed
Nice to see you back and also your deadly accurate charts

PT I think it will break before NY close...

I'm not sure about that Harpe.

If anything we should get a slight pop upwards just before NY close on short coverings. Alternatively we'll go flat into the close.

The interesting part will be the Asian session. Big unknown there. Not sure if they will be reacting to the Chinese econ data, or perhaps go the other way by dumping some USDs while they are at a good price.

Regardless, it's still strongly bearish in the short, medium and long term. The little swings we get on an intraday basis are just noise in the big scheme of things.

ADD: A pop up to the 1.3150 area might make for a nice short opportunity. Hard to say right now. I'l have to make that judgement if/when price gets there.

>> 1) EUR/USD - Weekly View - 06-09th of March - 4 Hours Chart in analogy with the 35 Pips Range Bars Chart.

Bearish Probability - We can clearly see an important Key Area between 1.317-1.320 (Key confluence between 200 SMA, Uptrend Line, and 61.8% Fibonacci Retracement Bearish).

If the price will break and confirm that breakout from that area, we could see a downside move to reach 1.308 (Weekly S1 Pivot), further a retracement back to 1.317, and a bearish continuation to 1.304(Monthly S1 Pivot) and even further to 1.298(Important Key Support level, confluence between Weekly S2 Pivot, Main support, and 261.8% Fibonacci from Pitchfork on the higher time frames).

Bullish Probability - If the price will find support at 1.317-1.320 area (Key confluence between 200SMA, Uptrend Line and 61.8% Fibonacci Retracement), the Uptrend Could continue further a little more to reach first 1.326 (Key confluence between 100 SMA and the Monthly Main Pivot line) and 1.328(Key confluence between 38.2% Fibonacci Retracement bearish and Weekly Main Pivot).

This Resistence area is very important for the uptrend continuation futher to reach 1.336-1.338 area (23.6% Fibonacci Retracement and Weekly R1 Pivot). From this Level price could retrace back to 1.326-1.328 area (Weekly Pivot, Monthly Pivot, 38.2% Fibonacci and Uptrend Line Dynamic Support).

To Your success,
Doctortyby - Tiberiu

Sell: 1.3123 ..... Closed for 10 pips

Yep.. just as I suspected we were flat into the close. Now we see what Asia does. Well, I won't see what it did until London open. I need a break. Good night

I like your charts.
Thanks for your repeated contributions

http://www.jsmineset.com/wp-content/...ch0612USDX.pdf

ADP at 8:15 AM EST Wednesday

From WWW.JSMINESET.COM

Jim Sinclair’s Commentary
In the spirit of embarrassing transparency…

Determinations Committee Decision
Date: March 1, 2012
Determinations Committee: EMEA
Meeting Date: March 1, 2012
Issue Number: 2012022401 Has a Restructuring Credit Event occurred with respect to Hellenic Republic?

Question 1. for vote: Has a Restructuring Credit Event occurred with respect to Hellenic Republic?

Vote result: No
Votes: 15 “NO” votes – Bank of America Merrill Lynch
Barclays
Credit Suisse
Deutsche Bank AG
Goldman Sachs
JPMorgan Chase Bank, N.A.
Morgan Stanley
UBS
BNP Paribas
Societe Generale
Citadel Investment Group LLC
D.E. Shaw Group
BlueMountain Capital
Elliott Management Corporation
PIMCO


Kno's Comments:

Will The Sun Come Up On Thursday ?

Answer As Above "NO"

http://www.financialsense.com/contri...rn-to-normalcy

Cause, Effect & the Fallacy of a Return to Normalcy


HIGHLIGHTS:

I hear the term de-leveraging relentlessly from the mainstream media. The storyline that the American consumer has been denying themselves and paying down debt is completely 100% false. The proliferation of this Big Lie has been spread by Wall Street and their mouthpieces in the corporate media. The purpose is to convince the ignorant masses they have deprived themselves long enough and deserve to start spending again. The propaganda being spouted by those who depend on Americans to go further into debt is relentless. The “fantastic” automaker recovery is being driven by 0% financing for seven years peddled to subprime (aka deadbeats) borrowers for mammoth SUVs and pickup trucks that get 15 mpg as gas prices surge past $4.00 a gallon. What could possibly go wrong in that scenario? Furniture merchants are offering no interest, no payment deals for four years on their product lines. Of course, the interest rate from your friends at GE Capital reverts retroactively to 29.99% at the end of four years after the average dolt forgot to save enough to pay off the balance. I’m again receiving two to three offers per day in the mail. According to the Wall Street vampire squids that continue to suck the life blood from what’s left of the American economy, this is a return to normalcy.

The Age of Illusion

“Illusions commend themselves to us because they save us pain and allow us to enjoy pleasure instead. We must therefore accept it without complaint when they sometimes collide with a bit of reality against which they are dashed to pieces.” - Sigmund Freud

http://imagesize.financialsense.com/...-1951-2005.jpg

Your friendly Wall Street banker stepped into the breach and did their part to aid a vast swath of Americans to enslave themselves in debt. As the chart above reveals, the slave owners on Wall Street have been the chief beneficiary of the decades long debt deluge. It seems that charging 18% interest on hundreds of billions in credit card debt can be extremely profitable for the shyster charging the interest. Decades of mailing millions of credit card offers, inundating financially ignorant Americans with propaganda media messages convincing them they needed a bigger house, fancier car, or latest technological gadget and creating complex derivatives that permitted banks to market debt to people guaranteed not to pay them back but not care since they sold the packages of these toxic AAA rated loans to pension funds and little old ladies, has done wonders for earnings per share, stock option awards, executive salaries and bonus pools. It hasn’t done wonders for the net worth of the average American who has been entrapped in the chains of debt, forged link by link over decades of purposeful deception and willful delusion.

A CNBC bubble headed arrogant bimbo might sarcastically ask, “If the American consumer isn’t deleveraging, than how did revolving credit card debt drop by $182 billion over three years?” Rather than do the minimal research needed to find the answer, they would rather parrot the company/government line. The chart below, compiled from Federal Reserve data, provides the answer. The Wall Street banks have written off $193.3 billion of bad debt since 2008. Now for some basic math, that will probably be over the head of most Wall Street analysts and CNBC parrots. If you start with $972 billion of credit card debt and you write-off $200 billion (assuming another $7 billion in the 4th Quarter of 2011) and your ending balance is $801 billion, how much debt did the American consumer pay down? It’s a trick question. The American consumer ADDED $29 billion of credit card debt since 2008 to go along with the $90 billion of auto and student loan debt ADDED onto their aching backs. So much for the deleveraging storyline. It’s comforting to convince ourselves we’ve changed, but we haven’t. And the powers that be need you to keep believing, so they can continue to keep you enslaved and under their thumbs.

Loving Our Servitude
<B>

“There will be, in the next generation or so, a pharmacological method of making people love their servitude, and producing dictatorship without tears, so to speak, producing a kind of painless concentration camp for entire societies, so that people will in fact have their liberties taken away from them, but will rather enjoy it, because they will be distracted from any desire to rebel by propaganda or brainwashing, or brainwashing enhanced by pharmacological methods. And this seems to be the final revolution.” Aldous Huxley

The American people have come to love their servitude through a combination of self- delusion, corporate mass media propaganda, and an irrational desire to appear successful without making the necessary sacrifices required to become successful. The drug of choice used to corral the masses into their painless concentration camp of debt has been Wall Street peddled financing. Can you think of a better business model than being a Wall Street bank? You hand out 500 million credit cards to 118 million households, even though 60 million of the households make less than $50,000. You then create derivatives where you package billions of subprime credit card debt and convince clueless dupes to buy this toxic debt as if it was AAA credit. When the entire Ponzi scheme implodes, you write-off $200 billion of bad debt and have the American taxpayer pick up the tab by having your Ben puppet at the Federal Reserve seize $450 billion of interest income from senior citizens and re-gift it to you through his zero interest rate policy. You then borrow from the Federal Reserve at 0% and charge an average interest rate of 15% on the $800 billion of credit card debt outstanding, generating $120 billion of interest and charging an additional $22 billion of late fees. Much was made of the closing of credit card accounts after the 2008 financial implosion, but most of the accounts closed were old unused credit lines. Now that the American taxpayer has picked up the tab for the 2008 debacle, the Wall Street banks are again adding new credit card accounts.</B>

http://imagesize.financialsense.com/...-1949-2011.jpg

The irreversible descent in the percentage of our population in the 35 to 54 year old prime spending age bracket will have and is already having a devastating impact on retail sales. In addition, the young people moving into the 25 to 34 year old bracket are now saddled with $1 trillion of student loan debt and worthless degrees from the University of Phoenix and the other for-profit diploma mills, luring millions with their Federal government easy loan programs. The fact that 40% of all 20 to 24 year olds in the country are not employed and 26% of all 25 to 34 year olds in the country are not working may also play a role in holding back spending, as jobs are somewhat helpful in generating money to buy stuff. Even with Obama as President they will have a tough time getting onto the unemployment rolls without ever having a job. The 55 and over crowd, who have lived above their means for three decades, will be lucky if they have the resources to put Alpo on the table in the coming years. The unholy alliance of debt, demographics and delusion will result in a retail debacle of epic proportions, unseen by retail head honchoes and the linear thinkers in the media and government.

We’re Not in Kansas Anymore Toto
<B>

“We tell ourselves we’re in an economic recovery, meaning we expect to return to a prior economic state, namely, a turbo-charged “consumer” economy fueled by easy credit and cheap energy. Fuggeddabowdit.

</B>

That part of our history is over. We’ve entered a contraction that will seem permanent until we reach an economic re-set point that comports with what the planet can actually provide for us. That re-set point is lower than we would like to imagine. Our reality-based assignment is the intelligent management of contraction. We don’t want this assignment.

We’d prefer to think that things are still going in the other direction, the direction of more, more, more. But they’re not. Whether we like it or not, they’re going in the direction of less, less, less. Granted, this is not an easy thing to contend with, but it is the hand that circumstance has dealt us. Nobody else is to blame for it.” – Jim Kunstler

Retail CEOs have failed to grasp that it wasn’t their brilliance that led to the sales growth, but it was the men behind the curtain at the Federal Reserve. The historic spending spree of the last two decades was simply the result of easy to access debt peddled by Wall Street and propagated by the easy money policies of Alan Greenspan and Ben Bernanke. The chickens came home to roost in 2008, but the Wizard of Debt – Bernanke – has attempted to keep the flying monkeys at bay with his QE1, QE2, Operation Twist, and ZIRP. As the economy goes down for the count again in 2012, he will be revealed as a doddering old fool behind the curtain.

CONCLUSIONS:

There will be crescendo of consequences as these stores are closed down. The rotting hulks of thousands of Sears and Kmarts will slowly decay; blighting the suburban landscape and beckoning criminals and the homeless. Retailers will be forced to lay-off hundreds of thousands of workers. Property taxes paid to local governments will dry up, resulting in worsening budget deficits. Sales taxes paid to state governments will plummet, forcing more government cutbacks and higher taxes. Mall owners and real estate developers will see their rental income dissipate. They will then proceed to default on their loans. Bankers will be stuck with billions in loan losses, at least until they are able to shift them to the American taxpayer – again.

<B>No politician, media pundit, Federal Reserve banker, retail CEO, or willfully ignorant mindless consumer wants to admit the truth that the last three decades of debt delusion are coming to a tragic bitter end. The smarmy acolytes of Edward Bernays on Wall Street and in corporate America have successfully used propaganda and misinformation to lure generations of weak minded people into debt servitude. But, at the end of the day, you need cash to service the debt. Mind control doesn’t pay the bills. We will eventually return to normal, just not the normal many had in mind.

“If we understand the mechanism and motives of the group mind, it is now possible to control and regiment the masses according to our will without them knowing it.” – Edward Bernays

</B>

Kno's Comments: I edited out much of the article and reading only what I posted gives a pretty sad picture of what has happened to America with the help of everyone. The party is coming to a end.

First Greece, Then Europe and Then the USA and I take no joy in saying it. I am only an observer of history unfolding in my time and ours.

http://wealthcycles.com/features/und...stem?page=show

Highlights:

The reason the global monetary system survives is largely thanks to the public’s blissful ignorance of exactly how it works. To paraphrase one familiar analogy, if you knew how sausage was made, would you still eat it? It’s probably safe to say that the vast majority of the world’s citizens have no clue that the integrity of the currency they work for, save and use as a medium of exchange every day rests on nothing more tangible than their respective governments’ authority to and solemn promise to tax them in the future.

“It is well that the people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.”

--Ford Motor Co. Founder Henry Ford

The first thing you need to understand about our modern global monetary system is that all currencies in the world today are fiat currencies, and all fiat currencies are designed to lose value.

Before Our All-Fiat Currency System

Once upon a time, the U.S. dollar and many of the other currencies now in existence derived their value from the gold stored in national treasuries. In effect, each unit of currency was a sort of IOU to the holder signifying it was backed by a like amount of gold.

As described in Michael Maloney’s book, “Guide to Investing in Gold and Silver,” before the Federal Reserve was created, each U.S. Treasury note (paper dollar) was fully backed by gold or silver. When the Federal Reserve Act was passed in 1913, the amount of gold backing each dollar was reduced to just 40% of the face value of existing currency. In effect, this allowed the U.S. government to increase the amount of currency it could create and spend by 60%, enabling deficit spending for World War I and the accompanying increase of the currency supply.

Then, in 1934, the U.S. government devalued the dollar by 41% by raising the price of gold from $20.67 per ounce, the price established in 1834, to $35 per ounce. This revaluation of the dollar raised the value of the gold held at the U.S. Treasury, so that it once again matched the total value of base money, or all the dollars then in circulation. In effect, the U.S. dollar was once again fully backed by gold. For many years, the governments of the world’s developed nations more or less cooperated under the Bretton Woods international monetary system—to keep the price of gold at $35 per ounce by selling gold into the open market.
Under the Bretton Woods system, the U.S. dollar was designated the world’s reserve currency. Most other nations pegged their currencies to the dollar, and the U.S. in return agreed to redeem U.S. dollars in gold at the rate of $35 per ounce. Under Bretton Woods, the world essentially was on the “Dollar Standard.”

French President Charles de Gaulle, who had a bone to pick with the United States, opposed the use of the dollar as the world’s reserve currency. France began buying up dollars and redeeming them in gold, seriously depleting the supply of gold in the U.S. Treasury.

As described by HistoryCentral.com:
“By the end of the 1960s, it was clear that the ills plaguing the international monetary system and the American dollar would have to be addressed at a basic level. The Kennedy and Johnson Administrations had applied solutions to the mounting balance of payments crisis that were at best patch-up jobs, postponements of the inevitable. The balance of payments was off-balance, the dollar was overvalued, inflation was picking up speed, and the United States could do little to restore economic order without compromising major aspects of domestic and foreign policy.”

In the end, the United States was not able to meet its commitment to the rest of the world under the Bretton Woods system to keep the U.S. dollar pegged to gold at the rate of $35 per ounce. The bottom line is that Bretton Woods did not allow the United States the “flexibility”—read the ability to create as much currency as it needed—to fund its foreign and domestic policy goals.

By 1971, the United States was essentially bankrupt; it did not have enough gold in the Treasury to redeem all the dollars in circulation.

That year, President Nixon severed the link between the U.S. dollar and gold. With his act, in effect, every currency in the world—thanks to the dollar’s status as the world’s reserve currency—became fiat currency.
Now, fiat currency is not backed by gold or any other tangible asset. The only thing backing fiat currency is the good faith of the people—faith that the value of the currency will be sustained by a government’s future taxing of its taxpayers. As Michael Maloney wrote in his book:

“A fiat is an arbitrary decree, order, or pronouncement given by a person, group, or body with the absolute authority to enforce it. A currency that derives its value from declaratory fiat or an authoritative order of the government is by definition a fiat currency. “

Shaky Foundation of Modern Monetary System
But in all likelihood, 99.9% of the world’s population doesn’t have a clue about the shaky ground on which the world’s monetary system, our fiat currency system, rests. Many people still believe that the U.S. dollar is backed up by gold sitting in a vault at Fort Knox. Most have no idea that the only thing that backs every currency in the world right now (including the U.S. dollar) is debt and the solemn promise of each government to tax its citizens in the future to pay that debt. In the United States, this promise is called a Treasury bond.

“Should government refrain from regulation (taxation), the worthlessness of the money becomes apparent and the fraud can no longer be concealed.”
--John Maynard Keynes in Consequences of Peace

However, the overwhelming ignorance and confusion about how our monetary system works is changing. The global Financial Crisis shook things up, got people’s attention, forced many people to take a closer look. In our information society, the public is becoming educated faster, and knowledge is spreading quicker, than at any time in history. And as the information gets out there, people’s faith in all currencies, especially the U.S. dollar, will be shaken to the core.

Today we are hearing a lot about currency wars, as nations such as China continually devalue their own currencies in order to keep them low in relation to the dollar. Every country wants a weaker currency because a weaker currency helps their exports and GDP figures. By weakening their currencies, governments are able to keep the prices of their goods low, making them more attractive to foreign buyers. The United States’ devaluation of the dollar via currency creation in effect forces other nations to devalue their currencies as well. It is political death to have a strengthening national currency in a world of fiat currency debasement.

There remains a serious looming threat of national currency protectionism, with possible showdowns between western and eastern blocs. It almost looks as though the first currency regime to establish gold again as its anchor may become the world's reserve currency, as the world will flock to the stability that only gold can provide—as has happened repeatedly throughout history.

In a November 2010 article, the Economistcites Belgian economist Robert Triffin in describing the growing international conflict over monetary policy:

“Consider, for instance, the tension between emerging economies’ demand for reserves and their fear that the main reserve currency, the dollar, may lose value—a dilemma first noted in 1947 by Robert Triffin, a Belgian economist. When the world relies on a single reserve currency, Triffin argued, that currency’s home country must issue lots of assets (usually government bonds) to lubricate global commerce and meet the demand for reserves. But the more bonds it issues, the less likely it will be to honour its debts. In the end, the world’s insatiable demand for the “risk-free” reserve asset will make that asset anything but risk-free. As an illustration of the modern thirst for dollars, the IMF reckons that at the current rate of accumulation global reserves would rise from 60% of American GDP today to 200% in 2020 and nearly 700% in 2035.”

The world economy is at the brink of a deflationary spiral. Governments and central banks are taking desperate measures, flooding the global economy with currency in the form of stimulus packages, bailouts, deficit spending and cheap credit, in an effort to ward off deflation.

If the future economy is bad, if growth remains stagnant or declines, as is likely, it will become increasingly, if not impossible, to pay off the debt that backs each unit of. If you look beneath the surface, the strength of the U.S. economy and the financial position of the U.S. taxpayer look shakier than at any time in history. The official U.S. national debt today is $127,000 per taxpayer, and when you add in consumer debt, mortgage debt, and credit card debt, it brings the total to more than $500,000 in debt for each taxpayer. If you throw in the United States’ unfunded liabilities, such as Social Security and Medicare, the total comes to more than $1 million in debt per taxpayer. None of these numbers is sustainable, especially when there are 26 million people in the U.S. who are unemployed or underemployed.

Kno's Comments:

Then The Final Chapter As History Just Repeats As It ALWAYS DOES !!!

Gold’s Firm Foundation

Although we have no empirical data before the establishment of the U.S. Federal Reserve, it appears that the free market has periodically revalued gold—increasing its value to account for the excess currency in circulation—time after time, for the past 2,400 years.

The lessons of history tell us that the free market will bid up the price of gold until the value of the gold held in government treasuries is once again in equilibrium with the value of circulating currency. With a world economy more interconnected than ever before in history, and with every currency in the world now fiat, we can expect the free market to push gold prices high enough to account for all the currency now circulating in the world. If this happens, it will be nothing unusual… It will just be history repeating itself. When you look at the relationship between gold and the circulating currency media over long periods of time, they don’t just appear to be interrelated, they appear to be conjoined. Two sides of the same coin, so to speak.

Gold and silver have been rising against all national currencies since 2005. Over the long-term, inflation is inevitable, as governments and central banks implement inflationary policies such as quantitative easing and lowering the cost of debt, in order to avoid deflation. The more currency that is floating around, the higher the prices of precious metals can be expected to rise. That’s because throughout history, every time a nation has debased and finally destroyed its currency, the free market has chosen gold and silver as the ideal money.

But the massive expansion of currency supplies around the world has created conditions ripe for a currency crisis of massive proportions. Ultimately, gold will not only benefit from the massive expansion of the currency supply, but it will also benefit from the global currency crisis that lies in wait.

During these crises, it is nearly certain that holders of precious metals will be the beneficiaries of the wealth transfer that will occur as the entire globe rushes into the safe-haven asset. The coming rush to gold and silver will be a completely different type of bull market, because not only will you get the buyers who are looking for opportunity, but you’ll also get people panicking to simply salvage some of their wealth. The monetary crisis will offer a once-in-a-lifetime opportunity that will benefit from both fear and greed at the same time. In fact, I believe will be the greatest opportunity in history.

Gold and silver rising in value against fiat currencies is inevitable. As Michael Maloney wrote in his book… “It is as certain as the sunrise.”

http://kingworldnews.com/kingworldne...ming_Rate.html

Highlights:

John Embry - Conditions are Deteriorating at an Alarming Rate





With gold down $35 and silver trading $1.25 lower, today John Embry told King World News that current economic conditions around the world are deteriorating rapidly. Embry, Chief Investment Strategist at Sprott Asset Management, also said that in the midst of these deteriorating conditions we are seeing aggressive manipulation. But first, Embry had this to say about what is happening in the gold market: “You are seeing gold take out some short-term technical support levels. I guess the next one of significance is at $1,650. If gold were to take $1,650 out, that would get more of the hedge funds But it’s all just paper. I can assure you that there is very little physical gold being sold at distressed levels here. Any transaction in physical is probably being motivated by the buyer who is taking advantage of these low prices.



I would also note that the open interest is coming down quite sharply in gold. It’s always uncomfortable in the short-run when the open interest is dramatically increasing because you know they are setting it up for another takedown.



In the end this action is totally meaningless....

I have said this before but every time this happens, and it’s been going on for 11+ years, buy the weakness. That’s all you do here and don’t worry about it because the fundamentals for gold have gotten better with each passing day.



As we are doing this interview, the Dow and gold are trading down exactly the same in terms of percentages. If the Dow is going to head lower, they will knock gold down initially. They will not let gold be seen as the alternative when the Dow runs into difficulty, at least initially. Eventually gold will come to the forefront, but in the early stages we are going to have to endure this.



What I’m most concerned about is the big picture for everything because I think conditions are deteriorating at an alarming rate. All of this is being obscured by bogus statistics, hype and mainstream promotion.



I don’t believe anything has gotten better and the fact is this will manifest itself in most markets, which will be hurt by the action, whereas gold and silver will be the ultimate beneficiaries. But in the short-term you have to go through a little pain and I think that’s exactly where we are.



There is no question that Eastern central banks are using opportunities like this to diversify away from US dollars. I think it’s amazing the dollar has been firming recently when you see what the Chinese have been doing. It’s not just that China is not buying US Treasuries, they are actually getting rid of some of their existing holdings. Longer-term that is going to be a huge development.



Jim Sinclair makes a great point when he noted people are beginning to not use the US dollar for various international transactions. That is an enormous negative for the US dollar. One of the reasons for the dollar’s strength has been that so many transactions around the world took place in US dollars. That’s changing.”



Here is what Embry had to say in closing: “Just to reiterate, we’ve gone through these corrections, which I call counterintuitive corrections. The very idea that a ‘risk off’ trade should knock gold and silver down is preposterous. The bottom line is gold and silver are being manipulated aggressively.



For those people that don’t have enough gold and silver, this is a wonderful opportunity to buy. Don’t worry about the short-term price, worry about how many ounces you own.”