September 23, 2010
Gold has continued its astronomical ascent, reaching a new record-breaking high of $1,300 an ounce today. This is the fourth day of record high gold prices.
Earlier in the week, the precious metal surged after Federal Reserve boss Bernanke said the banksters will provide extra “monetary stimulus” to boost the collapsing economy.
The Fed announced it will manipulate the money supply — i.e., it will crank up the printing machines, known in polite circles as quantitative easing — in a concerted effort to create inflation. The Fed says it is artifically creating inflation in response an unemployment rate that is beginning to rival that of the Great Depression.
Skyrocketing gold prices are “happening for a reason,” writes James Turk, co-author of The Collapse of the Dollar and publisher of the Free Gold Money Report. “The precious metals are sensitive to changes in inflation, both actual as well as future expectations.”
Investors have moved into gold as an alternative to fiat currencies as the global economy continues its engineered collapse. In the second quarter of 2010, all economic indicators were down and gold demand was up 36%.
As Bob Chapman of the International Forecaster notes, over the last 18 months there has been an exodus of funds from the stock market to bonds, gold and silver and commodities. “Why do you think since 1988 our government and those who control our government have suppressed gold and silver prices? Gold is the barometer of fear, the only real currency that owes no one anything. Gold and silver are the antithesis of fiat money. They are the only way to restore order out of chaos,” he writes.
Silver has also reached a new 30-year high. It traded at $21.40 US an ounce, the highest level since the Hunt Brothers attempted to corner the market in the 1980s. Silver has surged 20 per cent in the past month. “Silver has advanced 27 percent this year, outperforming gold, global equities, Treasuries and most industrial metals,” reports Bloomberg.
David Levenstein, a leading expert on investing in precious metals, predicts silver will hit stellar levels over the next year.
“The long awaited break above the former key resistance level of $18.50 gave an extremely positive sign to silver bulls. It gave a clear signal that the price of silver was set to go higher. However, the momentum of the move we have seen in the last few weeks has been more than what I anticipated. The price blew through $19.50 and then $20. It now challenges the $21 level, last seen some 30 months ago. A break through this level would be extremely bullish and I believe we could see prices move towards $30 by the end of 2011,” Levenstein wrote yesterday, before silver reached $21.40 an ounce.
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Kurt Nimmo edits Infowars.com. He is the author of Another Day in the Empire: Life In Neoconservative America.