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On the rumor front, I have two for your amusement.  First, I heard from a reputable source that JP Morgan  will close out their silver short positions in the next few weeks.  Second, I heard from another reputable source that a well respected large law firm on the East Coast is ready to slap a class action law suit on JP Morgan and their short silver positions.  It’s worth watching, and if the rumors prove to be true, there will be silver fireworks.

It looks like a perfect financial storm is forming.  The euro is under siege, Greece is bankrupt, Portugal, Spain, Ireland, Great Britain, Hungary and France are in serious trouble too.  The response by the European Union is to spend their way out of the problem with the creation of up to one trillion Euros, so far.  Here in the US, the Fed is following the same path.  Lots and lots of money will be pumped into the economy, in time to try and buy the upcoming election.  No one knows how severe the damage to our economy and ecology will be from the BP oil disaster in the Gulf.  It will be very costly!

Iran and Turkey are pushing their luck by forcing a show-down with Israel over the blockade, implemented to keep arms from reaching Hamas controlled Gaza.  This is dangerous!   Be sure and check out Rick Ackerman’s article on this topic in today’s daily.

Everywhere we turn, there is another major problem popping up.  Now really is the time to get conservative, pay down debt and increase gold and silver holdings.  Lighten up on your stocks.  There is nothing wrong with being “out of the market” when there are so many uncertainties in play.  If we are correct, and the stock market falls hard this fall, following our lead you will have avoided what could be a significant loss of your capital.  If you move into cash and gold, the downside is that you may miss a small rebound in the stock market.  But there is a very good chance that gold will keep moving up, as the ECB and the Fed inflate to keep their economies from collapsing.  The odds favor the safety of cash and gold now. Avoiding “the big hit” is most important thing you can do.  If you are out of the market, you are out of harms way.

Next Monday, I will write about an off-shore storage program for gold, platinum and palladium in Switzerland.  We will offer it to our clients who see the wisdom in holding a portion of their gold outside the US.  After considerable research, we concluded that this is the “gold standard” of the storage programs.  We have worked closely with the principles for more than 20 years and Andy and I will both use this service.  That is our highest form of endorsement!