Larry Edelson ponied up a weak apology – for keeping his readers OUT of the bull market since the end of December. He apologized for being wrong but said, don’t worry, you haven’t missed much and the big gains lie ahead. Yes, that is all true, but still NO excuse for keeping his readers on the sidelines while gold rose over $275 and silver by more than $10! Larry, you still haven’t figured out that “charts,” and much of what is called technical analysis simple doesn’t work worth a damn in these phony, manipulated markets. Sinclair says he rarely ever uses charts because TPTB know how to PAINT them. All of these short-term buy and sell signals tend to confuse you and obscure the BIG PICTURE.
And what is the BIG PICTURE? It’s that we are in the midst of the MOTHER of all bull markets and it hasn’t even gotten warmed up yet. Gold and silver (physicals) are NOT for trading. This is a fundamental bull market and you ride it out – or risk sitting on the sidelines when the metals take off. Larry will “officially” eat crow, by his own standards, when gold closes (weekly or monthly) above $1,808. It shouldn’t be long now.
Next, a very significant release from Zero Hedge. Another arrow in the heart of the dollar and another reason to go to war with Iran. Numerous articles have been written whose premise is that we went to war with Saddam, not over weapons of mass destruction but because he had the audacity to accept payment in other-than-the-dollar (Euro) for Iraq’s oil. Iran is making the same mistake. The US cannot tolerate any oil-exporting nation that accepts Euro or gold for oil. It is a huge threat to the US dollar and a dangerous tactic to take.
Iran Moves Further To End Petrodollar, Announces Will Accept Gold As Payment Instead Of Dollars – zerohedge.com
Submitted by Tyler Durden on 02/28/2012 13:22 -0500
This is a very important press release, especially for those of you (like Backwoods Jack) who still don’t believe that gold is a form of money and in fact, the premiere currency. Iran has made it perfectly clear, the debate is over. Gold is as good as the dollar, make that even better.
Next up, a really important release from Jim Sinclair, one that I don’t want you to miss, so I have hijacked it from Jim’s section and inserted it here, in mine to make sure you read it.
Gold Market Of The 70s Was A Dress Rehearsal – jsmineset.com
February 28, 2012, at 7:23 pm
by Jim Sinclair