Thursday, Aug 27, 2009
This is massive news yet ignored by the majority of the MSM
American banking news: Federal Judge Orders Federal Reserve to Turn Over Agency Records to Bloomberg News
If you’re not familiar with the history of the Federal Reserve, it’s hard to understand what has happened with this ruling, but it’s huge. We will get the first look at these types of workings within the Fed from the first time it was launched in 1913. It will only be a glimpse of their recent actions, but that should open up a crack which hopefully will lead to a full-fledged audit of the Federal Reserve based on the HR 1207 bill introduced by Rep. Ron Paul, R-Texas, who has a large, bipartisan group of 250 lawmakers that have cosponsored the bill
Posted by sold 2 rent 1 @ 11:35 AM (841 views) Add Comment
13 Comments
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1. sold 2 rent 1 said...
I did a search in Google News on "fed judge order" and "fed judge bailout" and many major MSM players have missed this massive news item.
Found this today....
Federal Reserve Says Disclosing Emergency Loans Will Hurt Banks
http://www.bloomberg.com/apps/news?pid=20601087&sid=aAOhgVw78e3U
The Fed didn’t say when it would file its appeal.
My calculations are that their 5 days runs out on this Saturday, if they don't file an appeal today or tomorrow.
Friday or Monday could be a traumatic day for the markets
The triangulation pattern that gold has been forming since the 21 Feb high is nearing its "point" around $945. Chartists will tell you we are nearing a massive breakout or breakdown in the gold price.
2. sold 2 rent 1 said...
Once again we are seeing LAW (Freedom of Information Act) over come POWER as we near the end of the Sixth Day (Nov 2009) and enter the Sixth Night (12 months long).
If we are looking for a resonance for Ron Paul's H.R. 1207: Federal Reserve Transparency Act of 2009 to be passed into law (http://www.govtrack.us/congress/bill.xpd?bill=h111-1207) then the resonance with the Magna Carta in 1215 A.D. (an English legal charter) maps with the date 31 October 2009.
In summary a stocks low this October could well tie in with the Fed having to open its books and the markets realising the banking system needs 10s of trillions more dollars to stay afloat.
3. mountain goat said...
S2R1 - I think you are right about how important this is. I think anything dodgy will be covered up, but it limits what the Fed can do in the future.
I hope we avoid the angry gold discussions today but I also agree with your "The triangulation pattern that gold has been forming since the 21 Feb high is nearing its "point" around $945. Chartists will tell you we are nearing a massive breakout or breakdown in the gold price." In fact because it looks so obviously like a big juncture for gold I have sold up. If gold breaks $1033 I will buy back in. But fearing a revisit to $700 is what has made me step aside and let the market decide.
4. sold 2 rent 1 said...
Here is the triangulation pattern
5. quiet guy said...
Sold 2 Rent 1,
I agree that the Federal Court's ruling is very important. Let's hope bernanke and his pals on Wall Street are squirming in their seats. let's also not get distracted by gold too much like yesterday!?
6. sold 2 rent 1 said...
MG,
"In fact because it looks so obviously like a big juncture for gold I have sold up. If gold breaks $1033 I will buy back in. But fearing a revisit to $700 is what has made me step aside and let the market decide"
That is what most small investors will do - but remember the market always batters the small investors.
If you want to talk about gold price suppression then look no further to the period 1960-1970
I found these 2 articles...
The Losing Battle to Fix Gold at $35
http://mises.org/story/3325
The Losing Battle to Fix Gold at $35, Part II
http://mises.org/story/3402
In summary, the London Gold Pool (1960-1968) was a massive gold price suppression scheme that eventually failed as European Central banks took 60pc of the gold from the NY vaults.
After this came the South African gold boycott (March 1968 - Jan 1970) which initially failed and gold rose from $35 to $43.75 by March 1969, but then South Africa had to sell its gold to pay for its imports and gold fell to $34.75 by January 1970.
If resonance with the period 1968-1970 holds then we could see gold rise above $1000 in the next 2 weeks only to fall back to $700 by the end of September.
7. sold 2 rent 1 said...
Here are 2 gold charts plotting the gold price from 1954-1968 and 1968-1970
8. mountain goat said...
1968 - I was a small boy living in South Africa blissfully unaware of all this.
S2R1 - "That is what most small investors will do - but remember the market always batters the small investors."
Yes important to try avoid a battering. As Bernard Baruch said "Nobody ever lost money taking a profit"
9. techieman said...
S2R1 - can you put up a silver chart? We might have a bit of static here (silver) and perhaps a bit limited upside as the dollar (i hope) comes back a bit against the other fiats. After that the $ strengthens and the metals break the supports.
10. mountain goat said...
TM will this do?
11. sold 2 rent 1 said...
Techieman,
I downloaded a bunch of long term silver charts (1720-now) from sharelynx.com with a free trial late last year.
If you want the daily data for gold and silver LBMA have it for free
http://www.lbma.org.uk/stats/silvfixg
http://www.lbma.org.uk/stats/goldfixg
Silver peaked on 12-Jun-68 at $2.57 which resonates on the Calleman model to ...... tomorrow (28 Aug 2009)
It then fell to $1.27 by 02-Nov-71 (halving in price)
One other interesting observation is that the LBMA data only starts from 1968, where gold and silver peak shortly after, then crash.
The same is true of the BGMI (Barron’s Gold Mining Index) which was introduced in 1938; the index peaked in 1939 and then crashed 70pc.
12. techieman said...
S2R1 - thanks.
Although i was looking for a OHLC chart back to March 2008.
You will then see the High at 2130, and the October low at 842. Take 61.8% of that and look at the early June high. Also take 50% of that move - added to the low and see where that gets you. It resonates with 62% of the move from that June high to the recent July low of 1240. A break below 1350 and............
13. mountain goat said...
http://www.actionforex.com/resources/tools/fibonacci-calculator-200603205723/