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Wow, could Obama look worse than he does right now?  Apparently so, as his approval rating is within two percentage points of the ALL-TIME LOW set last summer.  Why last summer, you ask?  Why, of course; because, “it’s the economy stupid.”  In other words, no matter how much the government lies via fraudulent statistics, and manipulates stocks and PAPER PMs with algorithms, it can’t change the fact that REAL unemployment, inflation, and GDP are at recessionary levels at best; on the verge of collapsing due to the recent surge in interest rates and oil prices.  Yesterday’s NFIB Small Business Optimism Index is a perfect case in point; as while CNBC will hype it whenever it rises a point (yesterday, it declined), the fact remains it is delving its lowest levels of the past four decades.  Meanwhile, I see Time Warner joined IBM in cancelling retiree health benefits due to OBAMACARE – a trend that will only accelerate before its full implementation next year.  And now that Mr. Nobel Peace Prize may have to delay his war because he was outsmarted by the Russians, it’s hard to believe even hard core “patriots” will continue to support him as in the past – no matter how many entitlements (paid for with PRINTED MONEY) he promises him.  Don’t worry, the next President – Democrat or Republican – will promise them, too.

And the more the government PRINTS, the more PHYSICAL PMs will be drained from the COMEX – and any other place they are still available for delivery; as yet again, Chinese import data has validated.  Another 116 tonnes were imported via Hong Kong in July, taking the total to a whopping 634 tonnes in just seven months.  At that pace, the Chinese will import nearly 1,100 tonnes in 2013, or double the 2012 level of 572 tonnes (does this put an exclamation point on how manipulated the PAPER market has been this year, or what?).  And this is just the buying they publish; as when considering the Chinese government purchases ALL gold produced within its borders (403 tonnes in 2012), they will likely buy at least 1,500 tonnes in 2013, or roughly 55% of TOTAL WORLDWIDE PRODUCTION.  Just think how much they’ll buy when the dollar really starts to weaken – as worldwide production plunges; and consider that just 1,200 tonnes or so remain for the world’s other 6.5 BILLION people.

And speaking of the rest of the world, consider this fantastic chart by the always amazing Steve St. Angelo.  I think the caption inside it tells it all; and again, consider what prices will do when demand really takes off – and production dramatically declines.

As for ongoing government efforts to convince the masses that manufactured PAPER assets are more valuable than real, PHYSICAL money, read this SPOT-ON quote from Keith Barron regarding the Indian mindset – as the Rupee hovers around ALL-TIME LOW levels:

They don’t look at gold as a means of investment or retirement.  Instead, gold buying is literally ingrained in their culture.  There are a seemingly infinite amount of Indian families who would part with every other asset they own before they would touch their accumulated gold.  This is why Western central planners will be overrun, and the Western paper scheme will collapse on itself.