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International Forecaster January, 2004 (#4) - Precious Metals & More

By: Bob Chapman, The International Forecaster

-- Posted Friday, 23 January 2004 | Digg This ArticleDigg It!




JANUARY 2004 (#4) Vol. 8 No. 1-4

P. O. Box 510518, Punta Gorda, FL 33951

E-mail Addresses

(for correspondence) 

 (for information regarding your subscription or renewals)


The elitists want to implement a world currency and destroy gold and silver as a monetary metal forever. We have the Euro, next is to be the North American Currency Unit and then the Asian Currency Unit. Ultimately the World Currency Unit that will finally deprive us of our freedom and sovereignty. Then that will be followed by political and economic union and then world government, which will further eliminate borders and sovereignty. Once the world is unified, there is no escape. The power of the one-world government will be absolute – and because man remains sinful and corruptible, our new-world order will be tyrannical. Any world currency system means enslavement. That is why we ask you to help us expand our readership. You could save many people from financial destruction.


                                ** Receive an Introductory Copy of the IF -- See  Below ** 


SUBSCRIPTION and RENEWAL INFORMATION: 1-YEAR $99.95 U. S. Funds.  Make check payable to Robert Chapman (NOT International Forecaster), and mail to P.O. Box 510518, Punta Gorda, FL 33951. Please include name, address, telephone number and e-mail address. We accept Visa and MasterCard charges.  Provide us with your card number and expiration date.  We will charge your card $99.95 for a one-year subscription. Note:  We publish twice a month by surface mail or 3-4 times a month by E-mail. Correspondence to Bob Chapman, or for subscription information



Have I got a book for you! You think you know all about money? Well, so did I – until I started reading The Creature from Jekyll Island; A Second Look at the Federal Reserve, by G. Edward Griffin. Sure, I had a good working knowledge of how our banking system functions and how money is created out of nothing to make loans, but I was blown away by the magnitude of the scam as it has evolved over the years. What a wild ride through history this is as the author reveals where money comes from, where it goes, and who makes it. The money magicians' secrets are unveiled, and you will get a close look at their mirrors and smoke machines, their pulleys, cogs, and wheels that create the grand illusion called money. A dry and boring subject? Just wait! You'll be hooked in five minutes. Reads like a detective story — which it really is. But it's all true: the cause of wars, boom-bust cycles, inflation, depression, prosperity. Your worldview will definitely change. This book is available on the Internet from The Reality Zone. The link is


Special Offer: You may also order it by calling Midas Resources Inc. at 877-479-8178. Midas Resources will give you a silver dollar from the early 1900s (a $12 value) just for purchasing the book at its normal price of $19.95.



 I was a guest on the Stirling Faux Show on the Corus Radio Network in Canada - Saturday, December 6th. To listen to this interview go to then scroll down to the interview section.


             "I didn't say it would be easy.  I just said it would be the truth."




            The insurgency in Iraq continues to escalate. RPG’s, mortars and car bombs continue to demolish the infrastructure and the Iraqi citizens are certainly not happy about it. More Iraqis are being killed than foreign troops. Pipelines continue to be blown up, which deprives the US of the funds needed for reconstruction and further looting by Bush cronies. Worse, the media continues to be subservient and supplicant to the Bush suppression of real news. Whores are too kind a word for them. The media is every bit as culpable in the deaths of our boys and girls and grandsons and granddaughters as Bush and his neocons are. Now Mr. Rumsfeld is begging for re-enlistees and extending everyone, including pending retirees in a form of reverse draft. He is also preparing a new draft for our 18 to 25 year old youths so that they too can feel the sting of foreign steel ending their young lives in some far off battlefield in their perpetual war for perpetual peace charade. We are not winning in Iraq, we are losing. We probably could win with another 500,000 troops, but the cost would be prohibitive and the American people wouldn’t stand for it.


            “According to Harvard economist George Borjos, immigration costs American workers close to $200 billion annually through displacing them from jobs and depressing wages. Other economists estimate that as many as 15 million Americans are unemployed, discouraged, or involuntarily part-time workers.


            The Pension Guaranty Corp, a US agency, which provides a safety net for company pension plans, has a $10 million deficit, up from a $3.64 billion deficit in 2002. This bespeaks the depth of problems in company pension plans and at the agency.


            Former Enron CFO, Andrew Fastow pleaded guilty to two fraud counts and will serve 10 years in jail. He will pay a fine of $23 million and will be permanently barred from ever serving as an officer or director of a company. His wife, Lea will also plead guilty.


            In December, in Los Angeles County, the median home price hit $345,000 or 23.7% more than $279,000 a year earlier. That was higher than the previous record of an 18.2% on 1988-89, which was the top of the market. December sales were up 8.3% from a year ago.


            In Maricopa County, AZ. home prices were up 18% for the year. The median price for a used home reached $155,000 in 2003, up 7% from $144,900.


            Top housing experts say sales and prices will cool in 2004. Mortgages are expected to exceed $3.7 trillion in 2003, with refinancing making up $2.4 trillion of that.


            Prices of homes in Nassau County, NY gained 12% and Suffolk County was up 16%. In 2002, they were up 23 and 30% respectively. Nassau’s median home price was flat at $400,000 and Suffolk’s increased $3,000.


The MBA said mortgage loan demand for the week ended 1/09/04 was up 17.1% to 702.6 from 599.9 the previous week, after a fall in mortgage rates on the 30-year fixed to 5.56% from 5.81% the previous week.


President Bush reversed US policy and said Canada would be allowed to bid on some of the $18.6 billion in American-financed Iraqi reconstruction projects, bringing to an end a bitter dispute with a majorally.  Canada had pledged millions of dollars of Iraq aid; $225 million to be exact. As we noted in a previous article, Canada had 2,000 troops in Afghanistan.


            The so-called recovery has passed most of America by. By almost all measures it has treaded water since the 2001 recession in spite of a four-year injection of $7.5 trillion. The Dow may be up 25% in a bear market rally but 13% of eligible American workers are out of a job. The jobless are now legion. Then there are the workers with two and three jobs to make ends meet. Most that do finally get hired on, and then are fired, are out of work 20 weeks that is five months. This does not look like prosperity to us. Even if house prices and the stock market are up the majority of Americans are not participating.


            It looks like we may only have five banks left in a few years, at the rate banks are being bought out. This fits right in with the elitists’ desire for a one-world bank. JP Morgan Chase has merged with Bank One, a $60 billion deal.


            Our government is buying ammo overseas because our only remaining small arms ammunition plant at Lake City, MO. is running three shifts a day, six days a week and can’t keep up with the demand. Two supplemental contracts have been lent to Olin Winchester and Israeli Military Industries. It will take over a year for Lake City to catch up.


            The government is moving toward a computerized system containing background information on air travelers despite resistance from airlines and privacy advocates. Airlines and air travel booking companies will have to let government officials see passenger records. They will be scored with a number and color that ranks them as a perceived threat. The end of freedom draws nearer.


            At the Latin American summit in Monterrey, Mexico, President Bush took on aging dictator Fidel Castro. Thus, it was all politics as usual. George W. Bush is desperately seeking Hispanic voters for his attempt at reelection. This is no mean feat with Latin American nations opposing Washington on everything from trade to anti-terrorism. George is trying to buy an election. Brazil’s new President Luiz Inácio Lula da Silva is requiring that American citizens be fingerprinted and photographed.


            George W. Bush spent hours mending fences with Mexico and Canada and we are sure deals were cut. Other than that he left the leaders of other countries feeling simply shut out. The other countries, and that really includes Canada, and particularly Mexican citizens are very upset with Mr. Bush. The meeting of 34 Western Hemisphere nations was supposed to seek ways to help tens of millions of poor people in the region and it was nothing of the kind. It was a Bush propaganda show and these nations are not going to forget his insensitive arrogance. All he had to say was trade will solve everything.  Most of the attendees disagreed. They have had terrible experiences with free market economies and the criminals at the IMF and World Bank. Nations cannot live by trade alone. South and Central America may not be as bad off as Africa but there is a great divide between the rich and poor. Free trade pacts do nothing to resolve deep existing imbalances and will do nothing but deepen injustice and the breakdown of economies. The main problem in the Americas is the fight against hunger, poverty and social exclusion. In the end, the declaration of the friendship did not give the US what it wanted and that was a deadline of 2005 for the FTAA agreement. It does not ban corrupt governments from meetings, which Mr. Bush wanted, nor does it adopt Mr. Bush’s thinking that trade is the best, most certain path to prosperity. He over reached and got his fingers burned. There was no common ground and no common language. Mr. Bush came away with nothing except secret meetings with his elitist’s cronies from Mexico and Canada.


            The debt bubble is finally starting to concern professionals in the credit industry. Debt has become a huge problem and the banks and the FED continue to encourage even more debt. When interest rates rise, which they eventually will, families will come under enormous stress. Needless to say, it has already begun with 1.6 million bankruptcies in 2003. The FED just reported that consumer debt hit $2.004 trillion in November. That debt is $9 trillion in total if you include mortgages. That is a doubling of consumer debt in 10 years. It is said that credit cards have become yuppie food stamps, akin to a social-class entitlement rather than an earned privilege. The cost of borrowing on credit has tripled in real terms, since the early 1980’s. The card industry says consumer debt comes to $9,000, but it is actually $13,000 when the roughly 40% of households that pay their balances each month are taken out of the equation. The best clients are those who never pay off their loans. In 2002, the average finance charges and fees were $1,700.


            Gulf War Syndrome was probably caused by vaccines administered to soldiers before their departure to the region. The defense ministry has not denied a claim for disability by a British soldier who had the syndrome but went to Germany instead of to Iraq.


            Almost one-third of Afghanistan’s recent national army has deserted after completing training by instructors from the US, France and Britain. That is 3,300 of the 10,000-man army. Warlords have 100,000 fighters.


            The FBI and the Justice Department have asked the FCC to order companies offering voice over Internet Protocol (VOIP) service to rewire their networks to guarantee the police the ability to eavesdrop on subscribers’ conversations. Police intercepted nearly 2.2 million conversations with court approval, which cost taxpayers $69.5 million. Eighty percent of that was in drug investigations. There were also 2.1 million calls authorized by the Foreign Intelligence Surveillance Act. The FBI letter to the FCC claims the bureau is seeking to protect Americans’ privacy rights. If you believe that we have more fairy tales we would like to tell you.


            We believe the overriding goal of the invasion of Iraq is to create a permanent military presence in that country, from which to dominate the Middle East including neighboring Iran. This is the geopolitical aspect of the goal of PAX Americana. The removal of a dictator and theft and cronyism are secondary issues.  The Bush neocons want to assert the US as a full-fledged global empire, seizing sole responsibility and authority as planetary policemen and dictators. If you do not believe this, look at US presence in Germany and Japan 58 years after the end of World War II. This is not about containment, just as Rome did not stoop to containment; it conquered and so will the Bush neocons. Americans do not appreciate the true extent of their ambition. Americans understand little about anything. What is most disturbing in this process of world denomination is that these elitists are subjugating the American people. Again, war and terrorism are just covers to hide the impending financial and economic failure we face as a nation and as a world. The pre-emptive attack on perceived enemies under the cover of terrorism is a scam and much worse is the suppression of the American people who are too dumb to understand what these evil people are up too. The efforts speak in blunt terms of what it calls “American Internationalism”, which is ignoring international opinion if it suits US elitist interests to do so. They are always on the offensive. This is a program of permanent US military domination of every region on the globe, unfettered by international treaty or concern and applies equally to the American people. All of this is available via the Project for the New American Century for those who can read.  This has nothing to do with political conservatism and everything to do with global fascism. This, of course, includes a massive financial burden for the American people. The report calls for military spending of 3.8% of GDP and the $379 billion requested by the Bush neocons is almost that percentage. It urges development of small nuclear warheads required in targeting the very deep underground bunkers that have been built by potential adversaries or some errant small country that doesn’t agree with George W. Bush. All of today’s developments were laid out in the early 1990’s as part of the conspiracy’s plan for world denomination but very few were looking and listening. Only a handful of researchers including us saw and dispersed the message, but few were listening. This global mastery is going to cost America dearly in wealth and lives. The rest of the world will cower and withdraw except for the few that our government will attempt to annihilate. Yes, there will be no disruption in oil supplies and Iraq will be used as an object lesson to all other countries. This is the lure of empire and along the way our leader will commit some terrible crimes so be prepared for them. You ask what can we do? Our answer is we don’t know exactly, but we know the changes have to come from within from the American people either politically or otherwise.


More for subscribers....



            Camboir has slashed its hedging program.


            The present correction in gold and silver shares is calculated to drive the small investor out of these shares. The selling began when 80% of gold and silver oriented newsletter writers recommended that these issues be sold; that gave the gold cartel the opportunity to heavily short the shares compounding the losses. In issues that don’t hedge production, we saw few block sales and major anti-gold brokerages ran out the little guy. The shares would have never corrected to the extent they did, had not newsletter writers hammered them.


            The ratio of gold to the Dow has been five to one since 1900. It took five ounces of gold to buy 30 Dow stocks. Today it is 25 to one. From 1900 to 1980, the ratio of debt to GDP averaged 1.6 to 1. It is currently 3.3 to 1. Americans are over the top but just do not know it yet. Their salvation by devaluation promised by Sir Alan Greenspan is not going to materialize and their only salvation will be gold.


            Ben Bernanke, FED member, told gathering European bankers in Geneva a dollar crisis is extremely unlikely because it is in nobody’s interest. That is about as stupid as it gets. Because it is nobody’s interest means absolutely nothing. Ben must have been on Mars with George’s new space program to divert the masses. We are in a dollar crisis already. The dollar is off 30% and gold is over $400 an ounce.


            If Ben Bernanke believes gold does not have a role in the monetary system why does the Treasury’s Exchange Stabilization Fund, the Plunge Protection Team and the FED’s gold desk spend 24 hours a day suppressing its price?  Sir Alan has made a dog’s breakfast out of our monetary system and its effect on our economy and Bernanke simply is stupid.


            On Thursday, January 13, the gold cartel let us know they were still alive. Gold closed down $13.10 at $408.30 and silver fell twenty-one cents to $6.19. Open interest rose to over 300,000 and they struck. At one juncture gold was trading at $398 an ounce, but the physical market came strongly into play. The fundamentals are still there, nothing has changed. You just have another buying opportunity. There are big serious buyers in the market including the Chinese.


            Russian President Vladimir Putin says Russia’s gold reserves are among the highest in the world.


            Logic tells us trading out of gold and silver and gold and silver shares for fiat dollars is a big loser. The professionals and the public do not own gold so it is certainly not overpriced. There is still a consumption shortfall in both metals, big shorts and a derivative overhang. Sir Alan is still printing money hand over fist by proxy. The recovery is jobless and is headed south again. Unemployment rises daily and there is little investment in plant and equipment. That is why we stay long and do not trade. There is nowhere else to go.


            Bloomberg says, “Gold prices will probably reach $470 in the first quarter, 13% more than last years peak and a 16-year high, as the weakening US dollar makes the metal cheaper for buyers with other currencies.”


Mouthpiece for the gold cartel Gold Fields Minerals Services (GFMS) sees gold trading at $450 an ounce by mid-year. They estimated $10 billion flowed into the gold market in 2003 and they speculate that an equal amount in 2004 would put gold prices at $450. We can assure you if they thingk$450 is an attainable goal then we believe $512 will be easy. They said that jewelry demand fell 7.1% last year, which we question and they expect a 9% drop in 2004. If you remember four years ago when we told you to bail out of the stock market and buy gold and silver coins and shares, that any slide in jewelry sales will be more than offset by investment. That is exactly what has happened and will continue to happen. The short fall of gold production to consumption continues to widen and will continue to do so for the next several years. All the fundamentals are in place and if wars expand or terrorists let loose, gold could easily move $50 to $100 a day. It has done that before and it could do it again. Do not forget silver will be gold’s traveling companion and could easily outshine the only real money in the world. Just to show you how off base and out of the loop Dick Cheney is, he said the following: “Reagan proved deficits don’t matter.” Remarkably, sane people believe him.


            Silver continues to appear explosive as open interest continues to climb. This sort of action makes us believe that there are some big physical buyers in the market. We would not want to be short is what is becoming an almost illiquid market for the shorts, which means a squeeze could be developing.


More for subscribers....


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-- Posted Friday, 23 January 2004 | Digg This Article

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