Getting ready to.................from Rico

To paraphrase William Faulkner, this week looked very much like paper was 'getting ready to stay dead for a long time.' - The Dollar, and paper Gold, can be created in limitless quantities. And while talk is cheap, and paper even cheaper, this will turn out to be a very EXPENSIVE lesson for the West once 'promises' to repay debt are no longer accepted. Watching the relentless "beating" of Gold (and Silver) prices on the COMEX again this week, many have 'missed' the point that (a) the same banks involved in the CRIMEX are also involved with the LBMA, and (b) as the registered vaults at GLD see huge amounts of physical Gold bullion heading to Asia (China) all that is being left behind for shareholders are paper Gold obligations. Here is how the week looked at GLD's vaults in London: - 18 Nov <1.2 tons> - 19 Nov <1.5 tons> - 20 Nov <2.7 tons> - 21 Nov <3.6 tons> - 22 Nov <4.5 tons> As the paper 'spot' price was battered daily on the COMEX, a LOT of physical Gold was leaving London daily for the sunny climes of China. - Have no doubt that China intends the Yuan to replace the Dollar as the world's global reserve currency eventually (at a time of their choosing), and having the physical Gold to back up their effort....well, remember the old saying "He who has the Gold, makes the rules?" This will carry much more weight that the West's Wimpy-esque promise to 'gladly pay you Tuesday, for a hamburger today' (while HOPING that Tuesday never comes).