Good Morning!
What a nice day it is; the sun is out, the birds are chirping and the US financial system is crashing down around us. How pleasant.
Fannie and Freddie are inevitably zeros and wouldn't you know it- gold is going nuts. I believe I called that shit. Again.
Seriously, I've been talking about the likelihood of bloodbath for years and I can honestly say I've never seen the financial system so close to complete and utter collapse. Be afraid, be very afraid. And don't think we can't crash.
When the next big bailout comes I'm guessing gold goes nuts as the dollar craters and interest rates go higher. My question is this: once the government acts to bailout all those who have acted irresponsibly who is going to bail out the government? Hmmm. No one. This is truly too big to bail. Bernanke is just going to print money out of thin air and monetize all that bad debt. Which brings us back to why you must own gold.
Thus far I'm up about 3% on the day. I covered a few shorts this morning and bought more SLV at the open. You must own precious metals as a hedge against the crazy shit Bernanke is going to pull. Consider it an insurance policy. When your dollar no longer buys you so much as gumball you'll be able to trade your gold for a goat.
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