In a televised ministerial meeting, Chavez also announced that $11 billion of Venezuelan gold reserves held in U.S. and European banks will be returned to Venezuela. The first shipment is expected within the next several weeks.
Every analyst they have ever brought on has called a top out on gold, and it was way way overbought, it happened at $800, 900, 1000, 1100, 1200, 1300, etc etc. Everyone that is involved with gold knows why its pulling right now. Its just too bad CNBC only covers half a story.
You see, anything that doesn't help the DOW is something that gets in the way of their program. Thats why they had really nothing to say in 2008 during the collapse.
I watch the channel because I like to hear how the misinformation is spread, when it comes to how the USA is doing.
When other countries are being downgraded, well thats fine. Just don't touch us. S&P downgrades us! We'll we will just get the boss fired and make sure everyone knows we are going after S&P for their roll in the Sub prime fiasco. Notice no mention of Moody's or Finch in that release? Just S&P.
Over the last 10 days or so, there has been ample information on Venezuela demanding there many tonnes of Gold back, from Europe and the US. In fact so much gold that they will be sending it over in 40 ships supposedly. Not one person in NYSE/CNBC says to themselves, gee! I wonder if thats going to cause havoc in delivery? Perhaps their may not be enough gold in Europe for the bank to immediately repay? Loans would have to be called, leases terminated, man that would cause Havoc! Now, were not saying gold was not due for a pullback, absolutely it was, but you have to know why it was and why this was setup, and yet not a word out of any of the exchanges?
Do you know why? Well the plan is simple, run gold up a couple of hundred bucks, on low volume, then smack it on high volume, all the speculators get out and the real gold holders sell into the flush so they have something to deliver. Ha Ha!
I am not a believer in gold as the ultimate weapon, I own some, but I am not a die hard Gold bug. However, I can smell a con a mile away and this is a great con. We will see where gold is after the the many tonnes are delivered to Chavez. My bet? It will be at all time highs. In the meantime, CNBC keeps rattling away on how Gold is not a safe haven, as if the US dollar is , what a load of crap.