Gold Aimed at $6,500/oz, Silver... $600/oz

Hi mates,
just something i want to share with you all fron wealthwire, if its true then its great news =)

Get ready. We are now entering the final stages in the collapse of the U.S. dollar...
And it's not going to be pretty.
The massive increases in money supplies will tank the value of the dollar and erode the very fabric of America's economic security.
As a result, gold and silver prices are will no doubt skyrocket, despite the short-term major volatility we've recently seen.
Many investors have been rushing to me asking if it's too late to buy precious metals with gold in the $1,500/oz range and recently spiking to nearly $50/oz. I keep telling them the same thing...
Despite whatever the price of gold or silver is today, both metals will be worth more than twice as much within 12 months.
That means $3,000 gold this time next year! After that, I think gold could break $6,500 an ounce.
And as you know, silver's gains will be much greater. When the bull market is all said and done, there's no doubt we could be looking at silver prices exceeding $600 an ounce.
And we can all thank the crooks in D.C. for it...
In his first ever press conference after a policy meeting two weeks ago, Bernanke told us all the ways he has saved our economy.
What a crock!
The Federal Reserve can't prevent the coming financial meltdown.
So far this year, the U.S. Treasury has raised $293 billion in net cash by selling debt securities. And so far this year, the Federal Reserve has purchased a net $330 billion of Treasury notes and bonds.
This translates to the Fed providing 100% of the net new cash the Treasury has raised this year plus another $37 billion needed to mop up even more mess!
But who will buy Treasuries when the Fed doesn't? China? Germany? Japan? You? Me?
Going to Hell in a Hand Basket
We are now getting very close and even accelerating toward the end game for the U.S. dollar and the American Empire as we know it. Have your life boats ready.
It won't be much longer before people really start buying both gold and silver to protect themselves from this enviable collapse.
The only way out of our dilemma, absent very large entitlement cuts, is to default in one (or a combination) of four ways:
1. Outright via contractual abrogation (surely unthinkable)
2. Surreptitiously via accelerating and unexpectedly higher inflation (likely, but not significant in its impact)
3. Deceptively via a declining dollar (currently taking place in front of our very eyes)
4. Stealthily via policy rates and Treasury yields far below historical levels (paying savers less on their money and hoping they won't complain)
I would bet on a combination of deception, betrayal, and trickery.
Following the Smart Money
This past month, the University of Texas bought a billion dollars' worth of gold and is having it stored in a private depository. This is huge news.
More and more, the intelligent group of our population is starting to figure things out. Unfortunately, however, the unsuspecting masses are being led perfectly by the well-oiled government/media propaganda machine like sheep to the slaughter.
This is going to be a terrible reality for so many unfortunate Americans who have no idea as to what is coming shortly down the road.
And you can rest assured the politicos in Washington will do what all politicians do when they are trapped in such a manner: lie, cheat, steal, spin the facts, cover their asses at all costs, abuse their power, and misinform on a massive scale.
But even with the help of the government-controlled media, the time of consequences can no longer be held at bay.
Free market forces will win; governments, banksters, and their power structures will come tumbling down just as we have been seeing elsewhere around the world these past six months.
The spoils will go to those who were prepared and understood the debacle years before it hit.
The precious metals and the junior mining shares will reward those who understood, and punish those who didn't.
Yes, the precious metals market will be extremely volatile in both directions at times, but buy the dips as gold and silver will keep heading to higher and higher ground.
As long as the Fed and U.S. government follow the course of "Quantitative Easing" or anything like it, you can rest assured that gold and silver prices will soar!
If you leave your money in U.S. banks in dollars, you will lose most of the purchasing power of your money.
Use the downside volatility to buy any dips you see in the metals. Whether you bought gold at $600, $1,000, or $1,500 an ounce, it really won't matter much when gold is trading at $6,500 an ounce or more.
The same thing can be said for silver. Don't worry so much whether you bought at $25 or $50; silver will be priced in the hundreds of dollars an ounce, possibly $600 or more as the silver to gold ratio descends to 15 to 1, and possibly even 10 to 1.
Time is of the essence.
The lies of the Fed and the U.S. gov't are becoming bigger and more complex, their noses growing longer and longer as the fiat currency-economic-insanity comes to a head.

Greg McCoach
SOURSE: http://www.wealthwire.com/news/metals/1158

 

I read the above article twice.

lets see,...

 

but its different here in Australia ........

 

Cant be good for so many Americans etc, but i sure do like the sound of 600/oz silver. Its reports like these that are keeping me awake at night dreaming of stacking silver. Waiting for the next dip to grow the humble stack.

 

well from what I can gather 1 ounce of silver would cost 600 US dollars, but a US Dollar will be worth nothing so My Australian dollars could buy a ton of US Dollars or the same amount of silver as they can now.

Fortunately the Oz Dollar will not go that way because China will save us.

I only need silver to get to AUD$164 a troy ounce, at that price I can buy my boat!

At AUD$190 / troy oz I can buy my boat and recover my initial outlay.

 

Funny thing is all these massive $ silver is denominated in USD and is dependent on it hyperinflating. The BIG problem with that is exchange rates, who here cares if silver is $10000/oz if the exhange rate is 1AUD/10000USD. Also if the USD crashes and the american economic collapses it is quite possible we are going to need all the silver we have just to afford the standard of living we enjoy now. I for one hope silver gets up to $120 without the help of a destroyed world economy. Be carefull what you wish for it might just come true

 

$600 would be nice! And think its a high possibility in the near future.

The future is very patcy though, when Europe/US fall it means China wont be able to sell many of its goods. Which equates to less demand for our natural resources and fewer jobs here in Aus. Our main area of employment is retail and i expect that will topple before our mining sector does (As families cut wasteful spending)

I think ALL the currencys at that time will be devaluing themselves in order to increase much needed exports for single economies. Which means the silver price in AUD will be increasing potentially.

Interesting times ahead, but keep on stacking.

 

doh..

 

But Australia's diffrent! Yeah right.

 

http://money.cnn.com/2011/02/08/markets/US_CDS/index.htm

As my friend says: "scum rises to the top"

Another in a long, long list of reasons to stay in PMs

 

and if you really want an inside view to the drop in silver, gold, oil etc
http://in.news.yahoo.com/analysis-commodities-collapse-signals-reprieve-u-dollar-021237482.html

Can anyone define a 'sucker's rally'?

 

When Silver is $600 ozt a fresh tank of fuel for the car will be $1200 !

 

The price could go to the moon

It's the ratio's and te associated buying power that really counts.

 

Oil will be more like $1000 for the tank ( both will explode, but silver more so ) - but i agree with what you mean fully

 

Crazy. Then our wages will be increase too

 

I believe that competitive currency devaluation will be more commonplace than most would expect.

 

Exactly

Competitive selling will FORCE governments to devalue their currency in order to gain the best market interest in tough times.

When this occurs silver will be up and down like a rollarcoaster. When the AUD devalues to a nice number and the ratio's work out well, ill be jumping ship.

This stage may be the last scenes of the paper and plastic currency chapter

 

It's funny that you say that Matrix, I have only spent around $50 in actual 'fiat paper' money in the last 2 months.

Every time I eat out I pay via credit card, every purchase online I use PayPal or CC, all the insurance and bills I use BPay/CC.

All 1s and 0s now

 

I would be curious to know how many here plan on reducing their level of savings held in banks once the deposit guarantee expires in Australia?

 

I don't have enough level of savings to reduce anymore

I basically chuck everything spare into Silver or Gold or move it into some temporary investments.

Pretty much don't have more than 10k at any one time in fiat in the bank.

I also have around 5 banks where I do my 'business' with, hopefully this will help me mitigate against any crashes.

HSBC, NAB, CBA, GE, Citibank, Commsec, UBank (last 2 are CBA/NAB owned subsidiaries).

I also have some 'offshore accounts' in Hong Kong if it really ends up badly here but I highly doubt Australia will crash that hard...