My Post-holiday Epiphany: Why The Price
Of Gold Has Suddenly Dropped
29 December 2012
By Jane Stillwater
This December, about two weeks before Christmas (or
Hanukkah or the Islamic New Year or Buddha's
enlightenment or whatever), the price of gold suddenly
started to drop, suddenly catapulting downward over
one hundred dollars an ounce http://www.kitco.com/
charts/popup/au0030lnb_.html.
"But why?" you might ask. "I thought gold prices had
hung steady for years -- or else had gone up."
Here's why. There has been a sudden glut on the gold
market -- and, after that happened, this sudden
gold-rush-in-reverse was on. Everyone was suddenly
trying to get rid of their gold.
"But why?" you might ask again. "I thought that people
were buying gold as a good investment."
Here's one reason why. 2012 has been the saddest
holiday season ever in America -- or at least since
1929 -- in terms of economic buying power for the 99%.
Millions of jobs have been outsourced overseas, and
Wall Street and War Street have swallowed up America's
treasury whole. And, by this last December, it was
looking like there'd be only coal in most American
children's stockings this year.
But then all those prudent Americans who had purchased
a few gold coins here and there over the years
suddenly remembered all that wealth they had stashed
away in some sock drawer, went out and cashed in their
coins -- and Christmas (etc.) was saved! Disaster
averted! At least for one more year.
And that's where the sudden glut of gold on the market
has come from.
But what about next year's holiday season? When the
mean-spirited Grinches of Wall Street and War Street
come to steal Christmas yet again?
With your gold coins all gone by 2013, you'll be lucky
to even have milk and cookies to lay out for Santa.
And if you live in the path of a hurricane or a
bankster or on a flood plain or a rust belt, you'll be
luckier still if you even have a chimney for Santa to
come down in.
What to do? How to start work on saving next year's
Christmas? Here are some great stocking-stuffing
ideas: End the wars. Levy a $1 transaction tax on
every stock and bond bought and sold on Wall Street --
like we do on those other casinos in Atlantic City and
Las Vegas. Tax the rich and get our money back from
them. Put a cap on election-spending corruption. And,
like Alan Grayson suggests, end "legislative
constipation" in Congress by demanding simple
up-or-down votes on stuff like saving Social Security
and ending pork-barrel spending on wars-for-oil
http://www.huffingtonpost.com/rep-alan-grayson/
fiscal-cliff-taxes_b_2367621.html. And, most important
of all, let's throw all those law-breaking Grinches on
Wall Street and War Street in jail.
PS: Another factor causing the downturn on gold prices
has to do with out-and-out theft. No, not the kind
with safe-crackers or masked riders or John Dillinger
involved. Hey, that was old skool. In these modern
times, only our banks are stealing our gold.
Apparently, several national central banks are now
leasing (not selling) their gold supplies to something
called "bullion banks," and then these bullion banks
in turn sell (not lease) it to various markets several
times over. That is, gold is being used as collateral
that is then being slipped into the markets more than
once, and thus the price of gold has been artificially
suppressed because there now seems to be a glut. But
there's not. http://www.washingtonsblog.com/2012/12/
banks-pledge-same-gold-to-numerous-people.html
And so all of those sweet little old ladies and
hard-working salt-of-the-earth types in America who
have carefully hoarded a few gold coins over the years
in order to have security in their old age or at least
have happy Christmases (etc.) for their grandchildren
are now being happily screwed over by the banksters.
Again. http://vimeo.com/55940623
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