*Updated at 9:31 am CT – Gold suffers its biggest daily fall since 2013. “Someone” dumped 1.37 billion in futures. As of last reporting Gold is at $1307.10 down $29.30 and silver is down 47 cents at $20.96. These massive dumps have traditionally taken place on Tuesdays but it appears any day is now fair game. Futures markets are highly unregulated and wide open to fraudulent activity.
Gold falls from a 3 month high. Gold last reported is $1317.40 down $19.00 and silver is still up 10% this year at $21.10.
Speculators are taking profits but they will be jumping back in this week to ride prices up as gold closes in on $1350 spot.
Tensions in the Ukraine and the Middle East are building while polite warnings about the possibility of war continue between Washington and China.
Germany our “paid” ally is still in an uproar over the spying scandal perpetrated by the U.S. during the past two weeks. Look for Russia to continue strengthening its relationship with Germany as the rest of the world moves to abandon the Petrodollar.
Will the dollar lose reserve currency status? It appears so. What will this mean for the average U.S. citizen? A decline in the standard of living and much higher prices on everything especially imports. There are more than 16 trillion liquid dollar assets held outside the U.S. This places all of us in a very dangerous economic position should foreigners begin dumping dollars.
We are in an era of stagflation that looks to be here for many more years. High unemployment coupled with falling wages is the new norm for American workers.
Wall Street is dancing again this morning riding high on Fed stimulus. Our central bank is scheduled to end QE in October, but in name only. The Fed has no other choice but to keep lending money through back doors and look for opportunities to start wars it thinks it can win.