Gold Closes Over $1600 on Cyprus Fiasco

By Tom Luongo in Gold and Oil News | March 18, 2013 21:34 | Tags: , , ,

The more I think about what the Troika and the Cypriot government have done in Cyprus the more I’m convinced that this is a watershed moment in this phase of monetary history.  Period.  People who should frankly know better should have seen what lay on the other side of what they were doing, namely hacking off one of the most powerful men in the world, Vladimir Putin.  Speaking through a press agent earlier today President Putin made it clear that stealing money from his friends will not stand.  To back up his words Putin sent a half dozen ships to the Mediterranean Sea to ‘protect Cyprus.’  They are now permanently stationed there by the way.

Anyone who tells me that this will be bearish for gold should literally either voluntarily give us his CFA certification if he has one or become a monk and never show his face in public again.  For those that can read a chart you’ll know that I’ve been banging on about a daily close in the price of gold above $1600 as the first hurdle that needed to be crossed.  After that a weekly close above $1620 with enough room to make it stick, say $1625, will send the uncommitted shorts heading to cover faster than you can say, “I didn’t mean it,” in Russian.

This truly is a fiasco in the grand sense of the word and proof positive that the little technocrat sociopaths that run the western banking institutions are so full of their own sense of invincibility that they thought they could commit the ultimate act of betrayal of trust and get away with it and expect Russian and Italian strongmen to just lay down like lambs.

About Tom Luongo
Tom is a professional chemist and self-taught economist who has been following and trading stocks for nearly 12 years. He has no formal ties to the financial industry and considers that an asset in his analysis of the interplay between monetary policy and capital markets.

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