Reading the apocalyptic tone in many of the comments today — the imminent demise of Japan, the imminent demise of France, the inevitable implosion of China, the Demolition Derby of Euro, Yen, Dollar and Swissie, and the collapse of gold — all viewed against the fiery background of a Middle East abandoned to war because we don't need its oil anymore, a Brazil, Australia, Latam & Africa whose commodities are now worthless, and an Asia and India whose cheap labor has become superfluous — I have been given the sense that we are now riding the Fifth Wave up the Limpopo with Yellow Jack.
Yellow Jack is another word for Yellow Fever, a horrible mosquito-delivered disease that had been known to wipe out entire crews of ships traveling along the Limpopo river in Africa. It's great imagery for the doomsday scenarios that are suddenly being painted by the MSM to panic the sheeple into making as many poor investing decisions as possible while the market undergoes a minor correction.
Indeed gold collapsed overnight – all the way to $1,222.90 and this morning we took our first long on the gold futures in ages (/YG) at the $1,230 line as this is just beyond ridiculous at this point and we already caught a nice $5 pop for a $166 per contract gain and that lets us take a quick profit and reload for the next test of $1,230 – we can play this game all day if they want!
As I noted to our Members, GS, DB, SC, SocGen and UBS have all come out with notes lowering their gold forecasts this week – which seems a bit much for coincidence but this is the kind of collusion that is routinely ignored by regulators so, rather than complain about it – we just bet along with the crooks and load up on gold while the sheeple are stampeding out of it.
Well, not so much gold as that may still fall to $1,100 or even $1,000 in a proper panic but gold MINERS are getting very cheap, like ABX (which we have in our Income Portfolio), which has fallen to $15.50, which is the lowest it's been since 2002 – when gold was $450 an ounce! ABX's market cap is now under $16Bn, which is interesting as they…
You must login to see all of Phil's posts. To read the rest of this article now, along with Phil's live intra-day comments, live trading ideas, Phil's market calls, additional member comments, and other members-only features - Subscribe to Phil's Stock World by clicking here.
To signup for a free trial membership, click here.
