It’s Wednesday morning, and I may have to be carted out to the loony bin! Last night, at roughly 9:00 PM EST, it was reported Janet Yellen will in fact be nominated to be the next Federal Reserve Chairman. This was possibly the most widely expected – and nation-destroying – decision since Obama was given the Democratic nomination for re-election in 2012. However, the MSM acts as if it was a big surprise!
Amazingly, Kitco has the gall to spin this decision as good for the dollar; which happens to be up a whopping 0.4%, to 80.37 (how many times have I told you that no KEY ROUND NUMBER is defended more than 80 on the “dollar index?). And this, despite top MSM lackeys Yahoo! Finance and Bloomberg both posting stories (in the former case, its “top story” clearly calling out Yellen for the uber-dove she is – with quotes such as this…
As the Fed’s vice chairwoman since 2010, Ms. Yellen, 67 years old, has been at the forefront of pushing the Fed to use new and risky policies to nurse the crisis-damaged economy back to health. These policies include buying trillions of dollars of bonds to hold down long-term rates in hopes of lowering unemployment, a program known as quantitative easing, or QE.
–WSJ, October 8, 2013
As for me, I have written endlessly of how Yellen is infamous for suggesting the Fed temporarily abandon its “dual mandate” of controlling inflation and unemployment rate – in order to focus solely on the latter for as long as it takes. Yet, Kitco – the supposed PM advocate, has as its own “top story” the most foolish headline of all time; “Gold dips as Yellen lifts dollar; US shutdown underpins.”
Yes, gold “dipped” by nearly $11/oz. this morning – with no other market budging – but not until 5:00 AM EST – nine hours after the announcement – when it suddenly WATERFALL DECLINED in London PAPER trading for no reason; followed by another $6/oz. WATERFALL DECLINE at 6:00 AM EST, just before the COMEX open. Again, whilst no other market budged. And how about silver falling 1.5% in just two minutes – for the millionth time this month, pushing it below the Cartel’s current “line in the sand” at $22/oz. Oh yes, “free market trading” at its best, yet as easy to predict as rain in Seattle; given the HUI was inconspicuously hammered for 3% yesterday; whilst gold and silver were unchanged…
Apparently, government fear of Precious Metals has reached supernatural proportions; as just last month – when it was announced that supposed inflation “hawk” Larry Summers withdrew his Fed Chairmanship candidacy – gold was smashed as well; also just after the London PAPER opening, as the Cartel’s now six-week long “line in the sand” at $1,330/oz was about to be breached. To wit, such blatant attacks belie the fact that Janet Yellen’s nomination solidifies the Fed’s commitment to “QE to Infinity” – which, by the way, will likely be validated this afternoon when the September 18th FOMC minutes are released (remember, gold has been attacked on essentially EVERY FOMC minutes release date this year, despite the fact the Fed continues with QE4 in full force).
In choosing Yellen, the nation has indeed hammered the FINAL NAIL into the HYPERINFLATION COFFIN; as given her background as the ultimate banker lackey, there is literally NOTHING she won’t do to maintain the status quo of UNLIMITED MONEY PRINTING. Given such information – and historically low prices, well below the cost of production – how on Earth can one not act now to PROTECT THEMSELVES with the historically-proven track record of PHYSICAL Precious Metals?