The seriousness of the past four month’s steady decline in non-US purchases of US financial assets cannot be overstated. This is a US dollar disaster of major significance because the system of US consumerism has come to depend entirely on endless purchases by non US entities of US Treasury instruments. Yes, it was predicted here to happen but deep down I wanted to be wrong.
It doesn't matter if gold is up today and down the next. That is small potatoes compared to the game of protecting your assets in these calamitous times. May God protect us from our international financial leaders. The Piper is demanding payment for the madness of the past century and all paper currency represents is a politician's promise and we all know how much that is worth.
Gold is the only answer so own it and do not release it for paper until I give the all clear signal if in fact I ever do. I am 62 and working more hours and harder than ever for my family and those of you in the Gold Community.
The Yen, Euro and gold recently traded at new highs before the Bank of Japan intervened. Intervention against a prevailing monetary trend that is supported by the reality of the marketplace and technical fundamentals is a world-class waste of money and has never reversed a market direction in all of history. Intervention can run some weak shorts but for how long? The short covering this morning is already moderating as it only provides a new opportunity for additional sales of US dollars and purchases of Euros and Yen. Central Banks that intervene in markets should spend more time considering why the problem occurred in the first place. But that would be the rarest of all central bank activities - the correct action.
The most bearish Head & Shoulders formation I have ever seen has completed on the dollar. An attempt to pull back to the neckline occurred and failed. There is no question in any market professional's mind concerning the direction now and for years to come of the US dollar.
I have fought many market wars in my lifetime but never have I witnessed such a serious technical and fundamental deterioration of a long term nature in a currency. This is truly Armageddon for the dollar and therefore most sadly for the position and power of the country of my birth.
Comentário do Jim Sinclair sobre a intervenção do BoJ
Paciente
48
19-11-2003 07:22
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