Ben Bernanke must feel like Bruce Willis standing on the financial tarmac of the world as he pathetically waves his flags screaming “keep circling” to the thousands of banks and financial institutions currently circling the sky in a holding pattern and all running low on fuel.
Before long it will be car manufactures and computer companies and your nana also joining the flying high club all waiting on approval to come and land on the “free dollar runway” as they all hold their hands out for a bailout!
The movie script depicts a control tower out of action and our hero saving the day.
With some 117 banks on the FDIC (Federal Deposit Insurance Corporation) and growing every day the current situation can be likened to the movie character praying an orderly crash on his endless digital dollar runway as opposed to all landing at once.
The estimates bandied around go to as many as 700 in terms of potential plane wrecks although that number seems to climb every week depending on who you source and Lord knows how the head of the FDIC who has spent an estimated 20 billion of tax payers money out of its 50 billion holding just on “Indymac” already.
History shows the Stock market crash of 1873 and 1929 (incidentally the muck hit the fan in Aug / Sept in those years as well) that the ensuing banking disaster brought down thousands of business’s and banks alike so what’s with gold and silver getting trashed of late?
As I type this we have just witnessed the greatest single day jump in gold ever and yet many ask how in the world did it ever drop so fast and so quick which I will address in a separate piece suffice to say it seems only yesterday that Bears Stern went under and Monday morning saw my trading screen looking more like a vertical space shuttle launch in gold /silver back in March.
My phone rang hot as people sought to open gold bullion accounts with Anglo far East, and price seemed little object as genuine greed / panic gripped precious metal investors while we watched “Die Hard Bruce Bernanke” wave his tarmac torches in a attempt to stave off a financial plane crash of historic proportions, and then we watch gold and silver quickly retreat thereafter.
As I sign off, think about this:
One bank goes down, and hardly a major one when lined up with recent events, and gold and silver go ballistic.
In the last month Freddie Mac and Fannie Mac /Lehman/ AIG/ Indymac and others whose names you have never heard of go down in as many days and you have to wonder:
“Were the fed completely oblivious to this and it was pure coincidence that gold and silver made there most spectacular crash just prior to these banking disasters” and have no suspicion of intervention.
Who’s the idiot?
Clearly NOT the largest ever buying blitz ever to hit the physical markets happening around the world in Johannesburg/ Mumbai/ Dubai/ America / London and so on!
Well history shows governments working in tandem in the 60’s in what was known as the London Gold pool attempting to crush gold. It failed then and it will fail now! By the time all was said and done, gold had gone from $35.00 to $850 and silver $50 cents to $50.00.
You be the judge and when you do consider you live in an age of the most leveraged debt ever in recorded history!
About Duncan Cameron
Disclosure ; Duncan Cameron is an affiliate of “Anglo Far East” and endorses bullion holdings on your person mixed with international diversification via this company that has rigorous 3rd party auditing procedures to verify clients holdings. Whilst I trade, make no mistake, trading is a pastime that can never replace core bullion holdings.
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