The conspiracy loonies are out on the plan for the IMF to sell gold. This plan for the IMF to sell gold will not halt gold’s move higher.
The DOW is currently down 182 at 7756, the NAS is down 22 at 1,507, the dollar is up, what a surprise, .72 (.93%) at 86.59 and gold is continuing it’s march, up $8.30 at $947.40. Gold has support at the old resistance level of $930 and resistance at $952. If gold breaches the $952 level, it should run to $982 which would then open the door for a shot at $1000.
It was just Tuesday evening that gold futures moved back above $900 before reacting strongly to the comments of the new Secretary of the Treasury, Timothy Geithner. “Follow me, I have the answer but I’ll give you the details later”, did not sit so well with the Dow and it fell close to 400 points while gold moved up and through $930. The House and the Senate quickly reconciled their bills under the mantra that it was so important that there wasn’t time to even read the reconciled bill before passing it. So what if two thirds of the tax cuts go to people who don’t pay taxes and don’t mention the complete nationalization of health care. Those people over 60 won’t mind dying to help keep costs under control, after all their 401Ks will be gone in the next year or so anyway, because our plan doesn’t fix the banking industry in the first place!
Enough ranting, no one is paying attention anyway. After the government has had control of the education system for some 60 plus years, it’s a wonder that anyone can read in this country. For those of you that still can, I came across this new version of the pledge of allegiance that is pretty apropos.
“I pledge allegiance to Goldman Sachs, and to the conspiracy for which it stands, one racket under Obama, Communist and indivisible, with slavery, debt, and poverty for all.“