An update on Gold and the disaster that awaits…Debt
by It’s A Mystery, Gold Seek Below is a six month chart of gold. This is a classic cup and handle formation. Gold should break out of this formation in the next few days. You can pick a reason as to why gold will rally. This the 30 year Bond for the last twenty years. I am showing this for two reasons. 1) The trend has been unstoppable for twenty years, so anyone that says gold needed a break because that is how things trade, certainly has never seen this chart, right? 2) The 30 year is up against resistance in price. If the trend capping rises fails and the price breaks out to the upside, then the long bond will ultimately plunge in price. All parabolic moves end badly and we are sure looking that way now. A word on Greece is in order as it has a chance at greatness not seen in a couple thousand years for the beautiful land by the Sea. Sovereign debt is a complete scam. It has always been that way. Greece is so bankrupt it is hopeless, yet the Troika refuses to acknowledge it. That should tell you what the mindset will be in the US when its time comes. What Greece needs to do is default. The Troika will eventually go bankrupt if it does because others will follow (all of Europe). That is what we have at stake. However, what I wish the Greeks would do is scrap the entire debt based sovereign model. Please Greece, issue cash to pay your bills. Tie the issuance to any metric you want. Put simply, Greece could set the model for the world. I pray they do it.