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My dear friends:

Let no weakness in gold disturb you at this time.
I speak directly to the biggest and the best in the metals market
world wide.
These are not talking heads and in fact are never interviewed.
They speak to me because they feel I have a contribution to offer.
After 52 (1958 to present) years, I should have learned something
about the Noble Metal.
The Middle East, in general, this time they have been late to the
market.
France was big at the start of the 1968 to 1980 bull market.
The Saudis came in later and were responsible, IMO, for taking gold
from $400 on the second break through all the way.
As the violence only increases in currencies, energy money is baffled
on how to maintain the value of this paper developed from crude oil
and its products.
Go back to the missive "Gold $5000," written by Martin Armstrong and
revisit his best case scenario which was a decline in April followed
by one dickens of a rally thereafter.
Thanks to the GS revelation the entire derivative market looks like
the Wild West and the 40 thieves.
Greece is not the only sovereign that has used the OTC derivatives
weapons of mass destruction to cheat.
By the time this is over, certain States of the USA are going to get
caught in the OTC web.
No regulation means a damn thing now because regulations are simply
from now looking forward.
Nothing whatsoever can erase these trillions of dollars of toxic
fraudulent BS paper out there.
Even the BIS changed their measure of notional value of OTC
derivatives by going to a computer model that is called, "Value to
Maturity" which reduced the number from $ One Trillion, one hundred
and forty four billion of this crap outstanding to a hair over $ six
hundred billions creating a sad cartoon.
Stay the course.
We are a few days from the take off for the stratosphere in the price
of gold.

RY,
Jim