What's going on here???
by Jonas Parker
(Deep East Texas)
This morning, the talking heads on Fox Business Channel commented briefly on a story that is also at the top of Matt Drudge's Report this morning - gold hit a new high of $1271.10/ozt on the COMEX Exchange. Silver, as I type this, is $20.42/ozt.
Three things puzzle me here. One curious aspect of this story, as "non-reported" on Fox Business this morning was the "ho-hum" manner which the news of the rise in gold prices was greeted and the 15 seconds of lackadaisical comments that ensued. The Drudge Report, quoting "The Street" attributes the rise in prices to "inflation fears in Europe", not exactly "in-depth reporting".
Slightly more puzzling is the total silence on the rise of silver prices, and the huge difference between the historic gold/silver price ratio of approximately 7/1 and the current price ratio of 62/1.
The most puzzling question of all still remains, however, and no one in the mainstream media seems to want to address it, or even to touch it with a ten-foot pole. Why are the prices in precious metals, after holding so steady for so long, now beginning to move with a vengeance? Has the much rumored price manipulation of gold and silver, as GATA has alleged for years, finally ceased? Have the financial movers and shakers over at Goldman Sachs and J.P. Morgan-Chase finally lost their iron-fisted control of the markets that they have been so long-rumored to exercise? Are the alleged financially-omnipotent powers of "Turbo-Tax" Tim Geithner at the Department of the Treasury and "Helicopter" Ben Bernanke at the Federal Reserve Bank finally been shown to be financially-impotent instead?
Maybe the two most probable explanations are also the simplest ones:
1. The dollar is being inflated (or hyper-inflated), and the first and most obvious place that this shows is in gold and silver prices.
2. The American people are finally waking up to the financial shenanigans with the U.S. dollar that have been going on for so long and are now diligently moving their accumulated savings to safety!
The first explanation would be reasonable. The second would be both reasonable and greatly encouraging.