Ding Dong, the Witch is Dead!
Market Update 8-3
by Edgar J. Steele
February 26, 2008
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My name is Edgar J. Steele.
That also is an increase of over $5 per ounce since Jan 1 of this year when everybody else said PMs sharply would correct downward and many jumped ship, saying I was nuts not to warn my list to sell out immediately. Recall that I said, instead, that I thought a major spike upward was in the making.
What I haven’t shared until now is that, every time silver dipped markedly in the past year (once as low as $11.50 per ounce), I loaded up as much as I could, even going deeply into hock to do so. I never recommend that others incur debt to support investments, not even margin debt, but, then, I’ve never listened much to the voice of reason, myself.
Silver, of course, is up $11 per ounce since I called for moving from gold to silver a little over two years ago, which itself evoked gales of laughter all around for a month or so, until the last sharp upward spike in silver then promptly took place in the winter of ’05/’06.
And that completely ignores the $14 per ounce increase silver has experienced since I first called for buying gold and silver five years ago, when everybody called me a complete loon.
I love the sound of laughter.
The dollar plunged beneath 75.00 finally today and, I think, for good this time, after about the period I saw it being defended, just as I said it would. All around the world, the dollar is turning into a punching bag. Witness the total lack of effect that the phony announcement of a massive IMF gold sale had upon the market. Ding dong, the witch is dead – the wicked witch is dead.
What should concern people is not that I have been right about every, single thing I’ve been preaching since I started preaching. What should concern people is that all that I have forecast for America has not yet taken place (see Defensive Racism‘s chapters on economics and world war) – not by a long shot. In fact, things are just starting to warm up. Also consider that what occurs economically merely is a reflection of fundamental shifts in the fabric of society.
I don’t buy into the explanation offered a few months ago for silver’s inaction in the face of gold’s ascent: that silver lags gold and its ascent presages gold’s decline. I think gold is just getting started, too.
Truly, things now are quickening, both here and abroad. 2008 should prove to be a most interesting year. Just think: we have ringside seats for some serious history being made. Fasten your seat belts, if you have them.
-ed Copyright ©2008, Edgar J. Steele
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