I was exchanging emails with Eric King of King World News earlier this week and, in the context of the unprecedented degree of paper gold manipulation and anti-gold propaganda regurgitating from the financial media, I asked him if he thought what was happening signaled a bottom:
Yes I do think it’s the bottom, Dave. The anti-gold propaganda is off the charts. I have never seen it this bad. Every bullion bank and mainstream media station is bashing gold. – Eric King, King World News
I thought the “pet rock” article in the wall street journal was the height of the madness. But an article featured by Marketwatch which suggested that gold might hit $350 and that its fair value is $875 is perhaps the culmination of absurdity.
The irony in this is that, while the U.S. propagandists who are pulling the proverbial rug out from under the American public and extracting as much wealth from the public as they can before the country collapses, the Chinese are accumulating physical gold – aka real money – at a record rate.
Meanwhile gold and silver eagle sales from the US Mint have begun to accelerate this summers. My good friend and colleague of several years, “Jesse” of Jesse’s Cafe Americain posted commentary which succinctly encapsulates contrast between fact and fiction:
And as you may have seen in the posting from earlier today showing the sea change in leverage over even the past ten years there, it is seemingly getting a lot less physical all the time, even compared to just five or six years ago. Winning…Even the US Mint seems to be getting in on the act. The mint sold 202,000 ounces of gold in the form of coins for the month of July, one of its largest monthly sales totals in several years.
That’s a lot of pet rocks. Do the math. I wonder where the poor, deluded ignoramuses who obviously do not understand finance are getting all that money to spend on such worthless trifles. Does the US Mint take food stamps?
You can read the rest of his piece here: Jesse’s Cafe Americain
In contrast to Jesse, the Wall Street Journal’s Jason “Gold is a pet rock” Zweig is perhaps the most pathetic journalist of our era…