Bob Moriarty of 321Gold says that since the crash of 2008, the financial system has become a zombie, and he urges investors to pay attention to when they take some money off the table.
The world’s financial system died in mid-September of 2008. Since then it has become something out of Night of the Living Dead, in other words, a zombie. Central banks around the world came up with an interesting new concept that you could somehow borrow and spend your way to prosperity. Great concept but it seems to have failed utterly.
We have a zombie financial system now and the world owes more than at any point in history. Most governments are functionally bankrupt yet they want to borrow and spend more in the hopes that if it didn’t work before, maybe it will somehow work if they do more of it. Our grandchildren and their children are going to be paying for this monumental stupidity.
In my opinion we began a correction in gold and silver last week. As Tom McClellan has observed a number of times, full moons tend to mark either reversals in the metals or acceleration in the direction they were moving before the full moon. On the 18th of August we had a full moon and I think silver and gold have turned down. I’d love to see a full-blown correction. The boat is getting way too crowded with everyone on the same side of the boat. Gold shares, silver and gold are leading the correction lower. The XAU (Philadelphia Gold and Silver Index), the HUI (NYSE Arca Gold BUGS Index), silver and gold all set at least a short-term high in the first week of August.
I’ve sold a couple of thousand copies of my book. Many readers feel that the chapter on …read more