gold chat, page-387

Hi Guss, Biggles and All,

That is a fishing technical term I am not suggesting I landed him and then held its mouth open whilst I used my forceps to remove a two bob fly, it was a case of me entertaining about thirty kids fascinated at my fly line singing through the air when I hooked what I thought was a floating log about 50-60 feet away, only when it rolled over and snapped my tapered leader did I realise what it was. As I had no other fishing action that day, being a natural fisher man with the normal traits I decided to count it as just another species that got away. By the way those same kids would swim in that river most days.

Plenty on here using porkies every day and mine was a small white one; however, I will consider myself admonished. I have also been to both Gove and Weipa my company ADE fitted out all the brake piping etc. on the water trucks and bauxite haulers for Comalco. Great people to work with.

I don’t have any-time for Mr Nadler but given that this was written on the 21/08/12 with gold at $1,617.50 (Kitco Commentary) and three days later it’s $1,670.70 I would agree we just witnessed an “Impulsive Advance.” So Kitco is not always wrong.

http://www.kitco.com/ind/Trendsman/20120821.html

The chart in this piece may upset Biggles but those consolidations points, (Green) would appear to me at least that in the near future we may see another impulsive advance of the gold and silver prices.

Anecdotal evidence yesterday in my local Tesco’s I have noticed prices creeping up for months but since it was on the BBC news yesterday all the ladies were talking about inflation around the fresh vegetable section I guess that’s how it starts.

Most here have clear understanding that eventually all this printing money out of fresh air business will have an inflationary effect, I guess in some places it just takes a little longer to feel it. As Marc Faber said in Dubai recently if you are wealthy you probably only spend a small percentage of your income on food and living costs; however, in some places people spend 50-60% of their incomes on food alone and these people will feel the effects of inflation long before we in the west will know what has hit us! I for one take his point and note the problems currently spreading around the Middle East more than likely have their origins in higher food prices.

Maybe we would do well to heed the thoughts of one of my favourite modern day economists:

Ludwig von Mises, From the old ("Austrian") school.

"There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved."

There will be no crocodiles in the river I intend to fish later today probably no Brown Trout either but the sun shines and life must go on.

Good luck to you all in your chosen method of insurance and preparations for what I feel is surely coming. I started buying a few extra cans of vegetables, in orderly fashion of course, it just wouldn’t do for one to be seen scrambling with the proletariat amongst the onions and cabbages would it, one has ones image to preserve.

Cheers and very best regards: Andy