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International Forecaster MidWeek Reading - Gold, Silver, Economy + More

By: Bob Chapman, The International Forecaster



-- Posted Wednesday, 27 September 2006

The following are some snippets from the most recent issue of the International Forecaster.  For the full 20 page MidWeek Reading, please see subscription information below.

 

 

            WEDNESDAY, SEPTEMBER 27, 2006

THE INTERNATIONAL FORECASTER

MIDWEEK READING

P. O. Box 510518, Punta Gorda, FL 33951-0518

An international financial, economic, political and social commentary.

Published and Edited by: Bob Chapman

E-mail Address

International_forecaster@yahoo.com

 

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Make check payable to Robert Chapman (NOT International Forecaster), and mail to P.O. Box 510518, Punta Gorda, FL 33951-0518. 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 US$129.95 for a one-year subscription.

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Note:  We publish twice a month by surface mail or twice a week by E-mail. international_forecaster@yahoo.com

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US MARKETS

 

About half of Americans are willing to give up their freedom and rights under the Constitution for perceived safety. They do not realize it but Americans are the victims of psychological warfare.  They are being scared into submitting. They are forced to live in fear. Since 9/11 there has been a major mind assault on Americans by their government and those who control those in government. The idea is to remove from the mind any reference to freedom and rights and replace those precepts with government-sponsored security. There are no longer any self-evident truths – only the truths created by our masters in Washington.

 

Fortunately at least half of Americans know something wrong is going on. Those who understand have one last chance to save their country from tyranny on November 7th, by clearing Congress of almost all incumbents. If we can do that and if we can cause the Republicans to lose control of the House, we have a chance to return to Constitutional government and to stop tyranny. This election is about limited versus unlimited government. If we do not remove these people from office, we will have a police state. Our Republic and our democracy will only be a distant memory. The power snatched by those in Congress and in the White House has to be stopped, power has to be divided and within Constitutional limits. The political establishment, which controls both parties, has to be neutralized and the way to do that is to limit most people in Congress to one-term. If we do that the ability of the insiders to control our elected representatives is limited. This will curb the power of government. The idea is to destroy the concept of the professional politician. The next 5-1/2 weeks could be the most important in American history. The White House, republicans, and Incumbents, will do anything to be reelected and to keep their power base. From here on out the contests will proceed with no holds barred. It will get uglier and more brutal than you can imagine. The House of Representatives is where the major battle will take place, because that is where impeachment proceedings begin. Our president has broken the law by directing the NSA to spy on us and for interring, torturing and murdering often innocent people. The efforts to pass ex-post facto laws are in vain because they violate the Constitution. Our president and Congress know this, but they will pass them anyway to protect themselves. A change in control of the House changes committee assignments, and control of those committees, which can issue subpoenas. Impeachment is simple because Mr. Bush has already admitted a score of times that he has broken the law...

 

Our trade deficit is headed for $820 billion, or 7% of GDP with no end in sight. Our budget deficit is $629 billion. Long-term debt is close to $70 trillion and American consumers are in debt more than $30 trillion.

 

The biggest risk now is for a falling dollar. Now that interest rates are not rising anymore, and money and credit are still expanding at least 9%, there will be continual downward pressure on the dollar. Foreign central banks continue to cut back on purchases of Treasury and agency securities and the Fed and the Treasury prop up the dollar. If the Fed attempts to lower interest rates the dollar could quickly fall 35%. The powers behind government are trying to keep the economy afloat by affecting a soft landing for real estate, which is not possible. A 35% fall in the dollar would wipe out $4.2 trillion in the wealth of international dollar asset holders. This would create a panic and a run on the entire world financial system. This possible scenario is common knowledge worldwide, but not in America or Canada because all the news is managed.

 

Finally, the propaganda relating to the fifth anniversary of 9/11 is mostly passed. The phony appeals to patriotism are beginning to fall on more deaf ears. More people are realizing that the war on terrorism only lives in the diseased minds of those in Washington.

 

More important is that wages have increased only 1.5% in five years. Consumer indebtedness is up 70% and real disposable income is up 12%. That means Americans are borrowing lots of money. Since May, spending has slowed and we expect as house prices fall, it will slow even more. We have moved from one mirage to another –all engineered by the increase of money and credit by the Fed.

 

About 30% of all loans for real estate in the last almost four years were exotic ARMS and we believe that by next spring 40% of them will be in negative equity. In 2008, 60% of these loans could be in default. These are loans to people who should have never had loans in the first place, and worse yet, our President has taken constraints off Fannie Mae and Freddie Mac and is allowing them to buy this sub-prime paper again. As we have said many times before that the real estate collapse will trigger a depression far worse than the 1930s.

 

The game is held together with more and more money, credit, phony statistics and the management (manipulation) of all our markets by corporatist fascists. Ninety percent of NYSE trading is black box program trading by brokerage firms for the benefit of our government and to keep the markets from falling. Low interest rates do not encourage savings so people are moving into gold and silver related assets in the face of ever-higher inflation. There is no doubt that the elitists who run the system want all of the public broke so that they can more easily control them. Prosperity in America and throughout the world for that matter is a façade with nothing behind it. Those who survive will have gold and silver assets and who have stored food, water, gasoline and assault weapons.

 

One says where is there solace and we say little if anywhere. The slowing of the world economy will certainly slow energy consumption next year, but you have Russia nationalizing energy, you have the perpetual threat of war in the Middle East as well as Africa, and you have Venezuela weaning itself off of US consumption. As you saw in the speech at the UN General Assembly by Venezuela’s President Hugo Chavez Frias, the world is sick and tired of US elitist hegemony and if the rest of the unaligned world has its way the reign of American Imperialism is in its final days. Even though energy consumption will fall there are all sorts of problems worldwide. Nigeria has a civil war and the Sudan is a power keg, etc., etc...

 

GOLD, SILVER, PLATINUM, PALLADIUM AND DIAMONDS

 

            Demand for gold in India will rise by at least 25% in the coming festival season as banks offer gold in various denominations ranging from 5 grams to 100 grams. The current gold correction has everyone rushing to buy. The sale of gold coins, bars have shot up from 450 kilos a week to 1 to 1.5 tons a week over the past two weeks, which is unbelievable. These massive gold purchases should last deep into December. The Indian housewife is going to financially break the backs of the gold cartel.

 

            The Eurosystem’s reserves of gold and gold receivables decreased 172 million euros to 174.246 billion in the week ended 9/22. Net foreign currency decreased 700 million euros to 151.3 billion, cash in circulation fell 2 billion euros to 585.9 billion and liabilities rose 12.3 billion euros to 63 billion euros.

 

            Russia reduced gold production 0.4% y-o-y, January to August to 101.692 tons.

 

            Mine output fell 1.3% y-o-y to 90.853 tons, with incidental production rising 13.7% to 7.942 tons and secondary production dropping by 5.5% to 2.808 tons.

 

            The number of Indian women falling into gold’s core target group has increased to 32 million in 2005 from 22 million in 2002. They will contribute to rising gold purchases. Between 2002-2005, Indian demand rose to 750 tons from 571 tons despite higher gold prices as many people became richer.

 

            Mining companies will invest some $13.1 billion in copper and gold projects in Chile through 2010. Copper production will increase to 6.2 million tons, up from 5.3 million in 2005...


-- Posted Wednesday, 27 September 2006



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