How does everyone like reading about Nancy Pelosi taking her vacation at a $10,000/night place in Hawaii? She purports to defend the well-being of the poor and needy, but in reality she is a reverse Robin Hood: she uses her power to take from the Taxpayers and give to her family and wealthy supporters. I can't wait until she finally drops dead.
I have a feeling the fears people have about the Mayan calendar prophecies will be unfounded. HOWEVER, everyone should have a lot of fear over what is coming our way economically and politically. The MF Global disaster and all of the fraud, corruption and Government enablement connected with that event should have people scrambling for physical gold and silver and making sure their weapons are well-oiled and easily accessible.
I want to say that gold and silver are setting up for a big move higher in 2012. Again, the reasons underlying this move are the kinds of things that we can actually touch, feel and see - as opposed to the voo doo of the Mayan warnings. One of the big drivers of gold going forward will be the accelerating accumulation by China - it's Central Bank and the population. In fact, just today a senior official of the PBOC (China's Central Bank) made a statement urging the Government to increase its gold holdings on price declines:
The Chinese government should not only be cautious of the imported risk caused by rising global inflation, but also further optimize its foreign-exchange portfolio and purchase gold assets when the gold price shows a favorable fluctuation LINKThere are several other factors that lead me to conclude that the metals are getting ready to move a lot higher. Not the least of which is the fact that the net short position in Comex silver futures of the bullion banks in silver is at a low level not seen since 2001. As those of you who follow the COT report on a weekly basis know, when the big banks cover their shorts and increase their net long positions, it always leads to a big move higher: