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Held captive by the low volume holiday week, gold sector investors look as if they will get dunked again upon the US market open today. There are a few different potential scenarios in play with regard to the gold stocks, but gold itself has been pretty clear since the momentum-fueled 'channel buster up' last summer.
Edit 10/23/11 @ 6:09 AM: The very first feedback I received on this post was from an intelligent and thoughtful reader who notes that "I don't see you talking at all" in response to my "what the eff are we talking about here?" at the end. The mailer writes that it is all about conversing, asking questions and challenging the status quo and asks a question of his own about what I was hoping to find, the promised land? He saw me pointing a finger and poking fun.
So here is my answer: I wanted to find some of history. I wanted to find something different. I wanted to find someone talking about money printing and inflationary disenfranchisement. That is what the whole Fed shtick was about in the video (I admit the helicopters that flew over the Fed had me thinking about making tin foil hat jokes and got me unfocused). I did not want to find Kumbaya and bongos. I suppose I wanted to find something more focused on a message of the '99%' being so many of us stuck in the middle of a triad of the Democrat machinery, the Republican machinery and the Corporate machinery. With a side of Federal Reserve thrown in for good measure.
The public now hates the fact that it bought into this gold scam. "Damn, if only I could have held out and not gotten so emotional, I would have remained calm and let our dear leaders find a solution instead of buying into this bubble" says the public.
Real gold players know that the above is a necessary ingredient to preparing the ancient relic for the next leg in its bull market. But a key question remains as to gold's technical status. As we have noted all along (since the upside panic last summer) in NFTRH and on occasion here on the blog, gold has needed continued correction as measured in Euros, Loonies and to a lesser degree, Aussie Dollars.
Chris Hedges has stirred up a mini epiphany in the blogosphere, especially considering the endless war-making that is employed in the name of corporate gain. I am always against war, whether it is apparently 'justified' or not. I hate war. I supposed that sometimes it is necessary, but only to a tiny fraction of the scale to which it is systematically carried out.
A couple more articles for your consideration can be found here http://www.biiwii.com/analysis.htm. The first, 'Going Apeshit' by James Howard Kunstler, shows the situation in cartoon-like fashion (a huge compliment, btw) as only Kunstler can. He also shines a light on President Obama's superficial attempt to align himself with OWS for political gain.
