Monday, November 1, 2010

Very Clever

American Scofflaw

This is very clever on Iran's part. By putting out this news, Iran hopes to trigger a rush to gold. This will draw liquidity from the already stressed banks and stock market. No amount of central bank metal-dumping or propaganda will stem the tide.

The only thing that will halt the rush to gold is if Obama passes a Roosevelt-esque ban on privately owned gold, which will only make it more apparent that the US Government will not and cannot fix the economy and is in totally defensive reaction mode.

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