Gold and What Moves it.
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Manufactured Market Drama « Jim Sinclair's Mineset

From Jim Sinclair:

 

My Dear Friends,

 

1. The entire reason that I launched into the explanation of spread trading was to demonstrate how it is used to manipulate markets.

 

2. Recognizing the multiple blocks at $1775 and $1800, it was obvious a line was being drawn in the sand.

 

3. In that market situation a reaction was reasonable to anticipate.

 

4. I wanted to drive home to you the fact that all the market drama as seen today is manufactured by the gold banks.

 

5. QE cannot stop or the economic implosion would blow up your computer screen.

 

6. If some nitwit Chairman tried to stop QE you would have a few days of dollar strength followed by a collapse of the currency based on the economic implications.

 

7. Then gold’s highest possible estimates would come into focus as the downward spiral already in place in the Western world did in fact present itself as a black hole.

 

8. The event horizon to a total collapse is QE to infinity, as was anticipated.

 

[click through for the remaining ten points.]

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Currency Wars Continue To Rage & This Is Positive For Gold

Currency Wars Continue To Rage & This Is Positive For Gold | Gold and What Moves it. | Scoop.it

Today 25-year veteran Caesar Bryan told King World News that “Currencies wars are continuing to rage, and the reality is this is a very positive environment for the gold price.” Bryan, from Gabelli & Company, also said, “...the bullish case for gold has never been stronger.”

 

Here is what Caesar had to say: “When we last spoke, Eric, I outlined the fundamental bullish case for gold. I believe the gold price is going to go significantly higher over the next six months. The gold market had reached a point of being overbought when it was up at the $1,800 level.”

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Legacy Retirement Advisors: WEEKLY MARKET COMMENTARY

Legacy Retirement Advisors: WEEKLY MARKET COMMENTARY | Gold and What Moves it. | Scoop.it

by Legacy Retirement Advisors:

 

"... At the last Fed meeting in mid-September, the Fed communicated its intention to maintain a stimulative policy through mid-2015. The Fed is unlikely to announce any change to its stance this week. Considering that it will likely take coordination by the world's central banks when the time is right to begin to rein in stimulus, lest it result in a soaring currency that may imperil the recovery, it may be a very long time before the Fed feels it is able to begin to reverse the actions taken in recent years.

 

"With the world's central banks locked in a currency war, the winner may be the precious metals asset class. Precious metals have the tendency to maintain their value relative to depreciating currencies. For example, the price of gold has roughly doubled since mid-2008, as central banks escalated their battle. The latest and unlimited round of QE by the Fed may be matched by other central banks. After all, the ECB stands ready to enact its unlimited OMT, Outright Monetary Transactions, created in September just ahead of the latest Fed announcement, and the yen fell last week as markets speculated the Bank of Japan would soon boost stimulus. We believe this will likely result in a favorable environment for precious metals for an extended time frame."

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Sprott's Charles Oliver Sees Momentum Building for Gold and Silver - The Gold Report

Sprott's Charles Oliver Sees Momentum Building for Gold and Silver - The Gold Report | Gold and What Moves it. | Scoop.it

JT Long writes:

 

Sprott's Charles Oliver says it's a great time to be heading up a precious metals fund. Gold and silver companies are trading at spectacular valuations, quantitative easings by the governments of the world are poised to strengthen the metals' prices even further, and more bargains could be had soon if investors dump stocks to avoid taxes. In this interview with The Gold Report, Oliver, manager of the Sprott Gold and Precious Minerals Fund, talks about the momentum building for gold and silver and shares the names of undervalued opportunities.

 

"The Gold Report: Charles, at the beginning of the summer, you forecast that gold and silver prices would go up based on quantitative easing (QE) in the U.S. and Europe. Since then gold did take a leg up and has stayed above $1,700+/ounce (oz) and silver has stayed over $30/oz. QE3 was recently announced in the U.S., but some say pumping liquidity into the system is having diminishing returns. Have precious metals reached a ceiling or is there still room to go up?

 

"Charles Oliver: I expect precious metals prices to rise significantly over the next decade. A large part of it as a result of QE and other money printing programs. The U.S. did announce QE3 recently. Having said that, it hasn't started running up the printing press. A good rise in precious metals is yet to come.

 

"TGR: Will the November election impact that?

 

"CO: I definitely believe the election is impacting it. The election could delay the implementation of QE3 because the Federal Reserve doesn't want to do any tampering that would be seen as influencing the election. I believe that QE3 will take place after the election this fall or early next year—and I expect to see significant programs embarked upon. ..."

 

click through for the rest of the interview.

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Eurozone debt hit 90% of its economy — RT

Eurozone debt hit 90% of its economy — RT | Gold and What Moves it. | Scoop.it

"The total debt of the 17 eurozone member countries reached 90% of the value of the union's economy at the end of the second quarter of 2012, according to the data provided by Eurostat.

 

"Europe’s public debt rose from 88.2% in the previous quarter to the highest level since the euro was launched in 1999, as reported by the EU's statistics office. In the EU-27, government debts rose to 84.9% of combined GDP (against 83.5% in March).


"Greece's debt remains the highest accounting for150.3% of the country’s GDP, while Italy holds the second-largest debt of 126.1% of GDP. While the public debt of Germany, Europe’s strongest economy nowadays, amounts 81% of GDP.


"Greek debt grew to 150.3% of GDP in the Q2 from 136.9% in Q1 though the country’s debt ..."

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oftwominds-Charles Hugh Smith: The Three-and-a-Half Class Society

oftwominds-Charles Hugh Smith: The Three-and-a-Half Class Society | Gold and What Moves it. | Scoop.it

Charles Hugh Smith writes:

 

"The top 20% are supporting the entire Status Quo. This is an unstable arrangement.

 

"The U.S. has a three-and-a-half class society. According to demographer Joel Kotkin, California has become a two-and-a-half-class society, with a thin slice of "entrenched incumbents" on top (the "half class"), a dwindling middle class of public employees and private-sector professionals/technocrats, and an expanding permanent welfare class: about 40% of Californians don't pay any income tax and a quarter are on the Federal Medicaid program.

 

"I would break it down somewhat differently, into a three-and-a-half class society: the "entrenched incumbents" on top (the "half class"), the high-earners who pay most of the taxes (the first class), the working poor who pay Social Security payroll taxes and sales taxes (the second class), and State dependents who pay nothing (the third class).

 

"This class structure has political ramifications. In effect, those paying most of the tax are in a pressure cooker: the lid is sealed by the "entrenched incumbents" on top, and the fire beneath is the Central State's insatiable need for more tax revenues to support the entrenched incumbents and its growing army of dependents. ..."

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Hands Down, the Best Way to Trade Today’s Stock Market Volatility Successfully: Cash Out & Buy Physical Gold & Physical Silver

JS Kim writes:

 

"Hands down, the best way to trade stock market volatility day today is simply not to do it, cash out, and purchase hard assets, in particular, precious metals. Attempt to trade stock market volatility given how rigged every market in the world is today, and you will eventually get burned, and likely burned badly. Of course it is very possible to trade market volatility and also make loads of money but in order to do this, one has to wait until near-perfect set ups exist and as every trader knows, the enemy of most traders is patience and most enter in and out of markets way too frequently. Thus, the opportunities still exist to trade volatility but since markets today are way less “free” than they were even just five years ago, the dangers of doing so are more marked and more leveraged against the retail trader and more in favor of the behind-the-scenes manipulator. For example, sometimes the trades will go in the direction many believe as in the huge declince of Facebook since its overpriced IPO, but at other times, stocks such as Chipotle Mexican Grill (NYSE:CMG) can be hyped and overvalued for months on end as long as hedge fund managers and trading algorithms decide to pump and support the stock. Thus, stocks whose shareprices are artificially pumped and supported by algorithms will not decline gently but instead, come crashing down when the decline finally begins (CMG’s shareprice has lost about 45% in just the past four months). However, most retail traders simply are not willing or are simply too trigger-happy to wait weeks, and sometimes even months for that near-perfect setup. Get sucked into these volatile markets, the bulk of volatility which is artificially created by computerized algorithms and has nothing to do with supply and demand dynamics and economic strength and weakness, and you will lose. Today, the weakest companies can rise for months on end and the strongest companies can fall for months on end because trading algorithms have seized control over stock markets and made honest and integrity and economic soundness moot principles in the short term.

 

"As anybody that has been investing in global commodities or stock markets can tell you, today’s market, thanks to the massive deceit and fraud of global investment firms enabled by technological advances such as high frequency trading (HFT) algorithms, it is easier than ever for industry insiders to rig stock markets and commodity markets to trade in whichever direction they desire in the short-term, especially given the misguided faith of retail investors that they are playing on a level field and in a free market instead of an acutely and massively rigged one. Though markets have been rigged for over a century, the rigging has become ..."

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Chris Powell: Gold and silver are crucial to the liberation of all markets | Gold Anti-Trust Action Committee

Chris Powell: Gold and silver are crucial to the liberation of all markets | Gold Anti-Trust Action Committee | Gold and What Moves it. | Scoop.it

Chris Powell writes:

 

"The first thing to understand when you're investing in the resource sector is that all major markets are now manipulated, mostly surreptitiously, by governments. There are a few reasons for this explosion of manipulation but the big ones are that the world economy has grown terribly unstable in recent years (in large part because of smaller manipulations by governments) and because an international currency war has broken out.

 

"The gold and silver markets are the most manipulated of all because they involve currencies that compete with government currencies and because gold is a primary determinant not just of the value of currencies but also of interest rates and the value of government bonds. The gold market particularly is the key to all other markets.

 

"This market rigging isn't farfetched or wild conspiracy theory stuff. For starters, in the United States it's the law. In 1934 the United States enacted the Gold Reserve Act specifically to create the Exchange Stabilization Fund within the Treasury Department and authorize it to trade in gold and related financial instruments. As it has been amended, the Gold Reserve Act now allows the ESF to trade not just in gold but in any financial instruments and to do so entirely in secret, exempt from answering to Congress or ..."

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John Williams: Fed Money Printing will Trigger a Sell-Off Providing Start to Hyperinflation

http://usawatchdog.com/dollar-sell-off-and-hyperinflation-by-2014-john-williams/ -

 

John Williams of Shadowstats.com contends there is 12 trillion in liquid dollar assets held outside the U.S. Williams says it is only a matter of time before all the Fed money printing will "trigger a sell-off . . . and that will provide the early start of the hyperinflation." You think the U.S. is better off today than it was in the last meltdown? Not according to Williams, he thinks, ". . . things have gotten a lot worse." Join Greg Hunter of USAWatchdog.com as he goes One-on-One with economist John Williams.

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Ed Steer on the action in #Gold & #Silver

Ed Steer on the action in #Gold & #Silver | Gold and What Moves it. | Scoop.it

Ed Steer writes in his daily:

 

"... But as I mentioned in this space yesterday...and in my commentary on gold and silver at the top of this page...the volumes have not been very high, despite the fact that the 50-day moving averages have been taken out with a vengeance in both metals. According to Ted Butler...and I'm not going to disagree with him...that means there is still a long way to go before the final bottom is in...and we need to see major capitulation by the speculative longs. This hasn't happened as of yet.

 

"In order for that to happen, the 200-day moving averages would have to fall...and as I mentioned on Saturday, the rate "da boyz" are going, the clean out could be done by the end of this week. ..."

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Richard Russell - The Bear Is Angry & Bernanke Wants Out

Richard Russell - The Bear Is Angry & Bernanke Wants Out | Gold and What Moves it. | Scoop.it

Richard Russell writes on King World News:

 

"... As I write this, I believe that the bear market is resuming. The ‘breather’ convinced many experts and name analysts that a new bull market had arrived. I disagreed. The Bernanke Fed came in with their QE4 to infinity, and that further convinced many analysts that the worst was behind us and that the Fed had the situation well in hand.

 

"I said that we were seeing a contest between the Federal Reserve along with their manipulative efforts versus the great primary trend of the market. The more powerful of the two would be the winner. Of course, the Fed was fighting one of the most flagrant series of non-confirmations in the D-J Averages that I have ever seen.

 

"The Dow plowed higher until it appeared that a new high in the Dow was almost guaranteed. Then, at the last minute, the market turned down, which is where we are now. As I write the Dow is down 208 points. Over recent days, the Dow has lost almost 500 points. Thus, I believe the bear is angry and is re-establishing himself.

 

"The period between now and election time will be beyond ordinary analysis. Whether the Federal Reserve will intervene is open to question. Now something new has been added. Friends of Fed chief Ben Bernanke say that Bernanke may not want a second term as Fed head.

 

"The Russell opinion is that Bernanke realizes that he is losing his war against the primary trend, and that he has had enough. He is ready to bow out gracefully. Thus, the Bernanke Fed may be content to step aside and allow the stock market to have its way. ..."

 

That'll be quite interesting if Ben bows out. Russell may be write and he's definitly a better forecaster of the markets than most as he's seen a lot more than most.

 

If Ben does get out of and the market starts moving under its own power, which way will it go? I have a feeling it will punish the manipulators and reveal the lies. And that will likely be painful.

 

click over for the full piece and charts.

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Twitter / goldseek: FOMC announcement=yawn. ...

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When It Comes To Gold And The Crimenex (Comex) by Peter Grandich

Peter Grandich has this to say about today's down day in the precious metals:

 

"After a decades worth of “Paper Raids” on the Crimenex (Comex), you would think yet another blip down in the “mother” of all bull markets would be child’s play. But once again the public-at-large and many in the financial community still cry out whenever gold goes through a pause that refreshes. We just went through this earlier this year around the low $1,500s and now after $1,800 proving to be formidable resistance, we’re living through another one.

 

"Do what Jim Sinclair says and turn off your computer and avoid at all costs falling prey to TOUT-TV. ..."

 

He goes on to state that he believes that gold will be over $2k no later than the first quarter of next year.

 

I of course and hoping it's sooner than that but he may be right given that this is an election year.

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popular myth gone viral in the community is that gold banks have infinite liquidity to depress the price of gold « Jim Sinclair's Mineset

popular myth gone viral in the community is that gold banks have infinite liquidity to depress the price of gold « Jim Sinclair's Mineset | Gold and What Moves it. | Scoop.it

from Jim Sinclair:

 

"Yesterday’s popular myth gone viral in the community is that gold banks have infinite liquidity to depress the price of gold. That assumes that gold is the trading center of the entire market universe, which I am sorry to tell you, it is not. It might be my and your universe, but the gold banks compared to other markets is small. You have to assume with that rumor that all the major investment banks do is eat, sleep and think gold. That is also untrue.

 

"I have to inform you that gold banks do not have unlimited liquidity for the gold market. That rumor is busted! ..."

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China knows that gold is rigged

China knows that gold is rigged | Gold and What Moves it. | Scoop.it
By Martin W. Hennecke


"It is an open secret among precious metals analysts and traders that the gold and silver markets are being heavily manipulated, mostly to the downside; i.e. their prices are being suppressed by various Western financial entities in what should be a scandal much bigger than the Libor rigging scheme.

 

"Not only did a senior commissioner at the Commodity Futures Trading Commission (CFTC), Bart Chilton, reiterate recently his original statements from 26th October 2010 that "there have been fraudulent efforts to persuade and deviously control the price of silver" adding this time that " there have also been silver and gold market anomalies outside of the [current] silver investigation" , but we have also heard similar comments from former Assistant Secretary of the Treasury Paul Craig Roberts: "I suspect that the Federal Reserve is manipulating the gold and silver markets in order to prevent its low interest rate policy from undermining the value of the US dollar. It is easy to offset rising prices of bullion due to physical demand by selling shorts in the paper market. ...”

 

hat tip to www.grandich.com

 

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Russia increasingly worried about US ‘shale revolution’ — RT

Russia increasingly worried about US ‘shale revolution’ — RT | Gold and What Moves it. | Scoop.it

"... The US is a serious rival to Russia in a gas market,” as the country’s reserves of shale gas stand at 24trln cubic metres, compared to 30trln cubic metres of traditional gas reserves in Russia. Given that shale commodities are really booming, especially in the north of the US, the country can outpace Russia in the world energy market in another decade, Valery Nesterov, energy analyst at Sberbank Investment Research, told Business RT.


"For the US economy itself the shale oil and gas industry is a real locomotive, providing an additional 3.5mln jobs, according to Sberbank Investment Research expert.


"Should “a shale revolution” really take place, it’ll seriously reshape the world energy market, where traditional energy sources could be replaced by cheaper shale commodities. This will hit Russia’s budget hard, as oil and gas revenues provide for about 80% of the entire Russian budget. “That’s why it’s very important for Russia now to have official information and up – to – date data about extraction of shale gas in the US, which can be done by getting a report from the US Department of Energy,” RBC daily quotes its sources close to Russia’s Accounts Chamber as saying. ..."

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Sales by US Mint of silver outpace gold over fifty-fold | MINING.com

Sales by US Mint of silver outpace gold over fifty-fold | MINING.com | Gold and What Moves it. | Scoop.it

by Marc Howe:

 

"Figures released by the US Mint on Friday indicate that sales of silver in year-to-date exceed those of gold more than fifty-fold in terms of weight.

 

"According to the latest data released on Monday the US Mint sold 2,449,000 ounces of silver in the month of October, bringing the total sales volume this year to 28,244,000 ounces. Total gold sales by the US Mint this year are 525,000 ounces, for a silver-to-gold sales ratio in terms of weight of 53.8/1. ..."

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QE-Infinity … And Gold’s Standstill | Uncommon Wisdom Daily

"Since Fed Chairman Ben Bernanke announced QE III last month, gold bulls around the world have been on the edge of their seats … waiting for the yellow metal to begin its massive run-up.

 

"After all, the Fed’s promise to create as much as $40 billion in new money every month for buying mortgage-backed securities … and to fill its holdings with toxic assets … seemed like a death knell for the dollar.

 

"And initially, gold DID shoot up to $1,790 per troy ounce.

 

"Since then, however, it has lost $70 and is currently sitting at $1,720 as we write this.

 

"This whole thing surely has you — and thousands of other gold buyers — scratching your head.

 

"If the Fed’s promise to print money into infinity won’t send gold up … then what will?

 

"In this article, we’re going to explain why gold hasn’t made its big move … what will send it soaring … and how you can be one of the few who rides gold’s next move to an absolute fortune.

 

"So, why is gold down … and the dollar up … right now?

 

"Because …

 

"The Fed Is Telling Banks to Hoard Their Cash!


"This means that, instead of creating liquidity and spurring lending, the banks are putting the cash in a big vault for a rainy day. ..."

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So just ask them: Western central banks have enormous secrets about gold | Gold Anti-Trust Action Committee

So just ask them: Western central banks have enormous secrets about gold | Gold Anti-Trust Action Committee | Gold and What Moves it. | Scoop.it

By Lars Schall

 

"It's strange what you encounter when you try to take a serious look at the gold policy of central banks and their agents, the bullion banks.

 

"Some observers, including the Gold Anti-Trust Action Committee (GATA), estimate that Western central banks have on hand nowhere near as much gold as they claim. These observers suspect that much Western central bank gold has been sold or leased largely surreptitiously to restrain the gold price over the last two decades.

 

"Here is the explanation provided to me in an interview by the Canadian financial analyst and fund manager Marshall Auerback when I asked: Do you think that the Western central banks and the International Monetary Fund really have in their vaults the gold they say they have?

 

"Marshall Auerback: "In a strict accounting sense they might, but it might be irrelevant. I suspect that the central banks have not been selling much gold over the past few years since the inception of the Washington Agreement on Gold, but I think they have still been leasing considerable amounts into the gold market. From a flow standpoint, it's irrelevant whether the gold is sold or lent, as it still appears as supply in the market. ..."

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oftwominds-Charles Hugh Smith: Generational Wealth and Upward Mobility

oftwominds-Charles Hugh Smith: Generational Wealth and Upward Mobility | Gold and What Moves it. | Scoop.it

Charles Hugh Smith writes:

 

"Advanced democracies have lost upward mobility.

 

"Both capitalism and democracy promise the opportunity for upward mobility. Capitalism offers upward mobility to anyone with a profitable idea or productive skillset and work ethic. Democracy implicitly promises a "level playing field" of meritocracy, where talent, drive and hard work open opportunities for advancement.

 

"Crony capitalism offers wealth to the class that already possesses it. Feudalism bestows "rights" to wealth to a favored few. In a way, upward mobility is a real-world test of a nation's economic and social order: if upward mobility exits in name only, then that nation is neither capitalist nor democratic. Stripped of propaganda and misleading labels, it is a feudal society or a crony-capitalist economy masquerading as a capitalist democracy. ..."

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Fed Maintains QE3 Policy, Vows To Keep Rates Near Zero Until Mid-2015

Fed Maintains QE3 Policy, Vows To Keep Rates Near Zero Until Mid-2015 | Gold and What Moves it. | Scoop.it

(Reuters) - "The Federal Reserve on Wednesday stuck to its plan to keep stimulating the U.S. economy until the job market improves and repeated its vow to keep rates near zero until mid-2015.

 

"In a policy statement after a two-day meeting, the central bank acknowledged hints of strength in the U.S. housing market, but reiterated a pledge to continue supporting growth even as the recovery picks up.

 

"It said it would continue purchasing $40 billion in mortgage-backed debt per month to push interest rates lower. ..."

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Household Name From Top Hedge Fund Caught Manipulating

Household Name From Top Hedge Fund Caught Manipulating | Gold and What Moves it. | Scoop.it

Stephen Leeb tells King World News:

 

“... I’ve never seen a situation like this. It really does suggest somebody out there is trying to keep gold from blowing the cover off the fact that currencies are being trashed, and are becoming more and more worthless by the day. They are pretty brilliant at it (the manipulation of gold). That’s how hedge funds and anyone that’s doing this operates. ...”

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Dow:Gold ratio makes $12,400-an-ounce gold look a realistic target « ArabianMoney

Dow:Gold ratio makes $12,400-an-ounce gold look a realistic target « ArabianMoney | Gold and What Moves it. | Scoop.it

"It was fascinating to read the comments of ‘Mr Gold’ Jim Sinclair this week about gold heading for $3,500 to $12,400-an-ounce as a result of a shift in spread management by the bullion banks (click here). He used to run one so knows exactly when and why these banks are likely to slash their short positions and go fully long in the precious metal.

 

"However, a consideration of the famous Dow:Gold ratio is also relevant here as a confirmation of where this price swing will go. Historically the ratio of the Dow Jones Index to the price of gold has in extremis swung to parity with one ounce of gold equal in value to the dollar-value of this index (see graph below, it is an unmistakeable trend).

 

"1980 Dow:Gold ratio

 

"In 1980, for example, $850 an ounce gold approximately matched 850 on the Dow Jones Index. With the Dow around 13,000 today it would require a gold price of $13,000 to deliver the same Dow:Gold ratio of one.

 

"Of course if the USA moved into a deep recession in 2013-14 then..."

 

click through for the rest.

 

Hat tip to www.jsmineset.com

 

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"The Market Isn't as Bad as You Think" - Rick Rule

To order the complete audio set from the Navigating the Politicized Economy Summit, available in CD and MP3 format, http://bit.ly/2012FallSummit Shortly afte...

 

A legendary investor reveals why he's hoping the bear market in junior resource companies continues.

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Nigel Farage - We Are Headed To A ‘One World Government’

Nigel Farage - We Are Headed To A ‘One World Government’ | Gold and What Moves it. | Scoop.it

From King World News:

 

In an incredibly powerful interview, today MEP (Member European Parliament) Nigel Farage told King World News, “They even want to get eurozone countries to change their constitutions, to write in their constitutions that they will obey all orders from Brussels.” Farage also warned “So it is very, very difficult to ignore those voices who have been telling me for 20 years that behind all of this there are a group of people that want to create a one world government ... it’s beginning to stare us in the face.”

 

Farage also discussed gold, but first, here is what he had to say about the ongoing crisis: “We’ve reached a point in this where, despite the massive economic the massive economic, political, and social problems that exist within the eurozone, and indeed an argument that the North and the South of Europe are diverging by the day, despite all of that, the political class have got so much the upper hand in Brussels, that, actually, they are moving to more and more extreme tactics. ...

 

[click over for the rest. I alway read or listen to anything Nigel has to say]

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