Thoughts On BP And Some Great Quotes On Gold:

BP originally stated that the blown well was releasing 5,000 barrels per day into the Gulf.  Not once did I ever hear them revise that number.  Now all of a sudden they are "capturing" over 10,000 barrels per day?  What's the truth?  I have no idea but I do know that several scientists have published estimates that range anywhere from 20,000/day to 100,000/day. What I also know is that BOTH BP and the Obama Admistration are hiding the truth from us.  Can it get any more Orwellian...?

Here's some great quotes on our favorite topic. The first one is from the highly esteemed, erudite and veteran market analyst Harry Schultz:

Bullion’s capacity to shrug off the shackles of intervention at this crucial chart point suggests that demand for physical metal is overwhelming the anti gold cartel’s capacity to cap & manipulate the gold price, and invites a near term re-test of the May 2010 high -- with a possible overshoot towards the $1345.00 measured target of bullion’s March 2008–Oct 2009 reverse Head and Shoulder… and $1425.00 theoretical upside target. On the downside, a sustained break below bullion’s March uptrend line (now $1178.50) would be necessary to destabilize what appears to be the energetic resumption of gold’s primary uptrend.

There were many great comments to my post from yesterday, on both sides the of the fence.  Here are two samplings: 

Opposition to precious metals, particularly recalcitrance against owning physical gold and silver, is nothing more or less than an example of the triumph of a certain sort of monetary propaganda that has tributaries leading back to pretty much every economic doctrine that has been in vogue in the west for generations.

The only things that are keeping prices from rising nowadays are bankster shenanigans (like the Fed 'holding' over a trillion banksterbucks (2 trillion in excess reserves) and paying interest on it, reducing the velocity of money, etc) and demand destruction (folks who lose their jobs aren't buying discretionary items, just necessities). I see inflation in the things I need, deflation in the things I want...

Great debate yesterday over my post.  I will say that the sentiment toward gold, silver and the mining shares, even in the amateur gold investing community, is probably as negative as I can ever recall seeing it, even after the Governmental mafia hit in July 2008.  This can only mean that we are on the cusp of a really big, exciting move higher. But of course this is a double-edged sword, because it also means that the financial, economic and political conditions in this country are deteriorating beyond the ability of the policy implementers to contain them.  Perhaps the BP disaster is a the perfect metaphor for the much larger economic disaster facing the United States...