Gold Over $1600 And Silver Over $40.30 on Risk of Systemic Financial Collapse And Fiat Currency Crisis!

• Gold and silver are both rising rapidly. Gold is signalling major crisis dead ahead. Gold is not an investment. It is money! People who understand monetary history and the fiat currency Confidence Job are fleeing to gold. If the American debt ceiling is not raised, there will be a default and global economic and financial system collapse. If it is raised, hyperinflation will kick in. Either scenario is positive for gold. Inflation or deflation gold will do very well !
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  Gold Over $1600 and Silver Over $40.30 on Risk of Systemic and Fiat Currency Crisis
  by GoldCore
   Gold is trading at $1,600.84/oz, €1,141.34/oz and £996.35/oz. Gold rose to new record nominal highs in debt laden U.S. dollars, euros and pounds today due to the growing risk of a systemic financial collapse and fiat currency crisis. Gold rose 0.5% in U.S. dollar terms to a new nominal record high at $1,602.05 per ounce. Euro falls saw the dollar rise 0.8% against the euro and gold rise 1.4% in euro terms to EUR 1,041 per ounce. Gold rose 0.9% in British pound terms to £996 per ounce. Gold rose 0.8% to CHF 1,309 per ounce in the ‘safe haven’ fiat currency the Swiss franc.
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  Gold clears $1600 in convincing fashion
  by http://traderdannorcini.blogspot.com/
  A further deterioration in the sovereign debt woes involving the Euro zone coupled with an increasing loss of confidence in the monetary authorities of the West led to a strong opening in Asian trade last evening as gold came in well bid from the get go.
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  The buying picked up steam as it moved into very early European trading and continued to be firm as the action shifted into New York. One could see the attempt to cap the rally at $1600 by the bullion banks who no doubt had recruited some of the pit locals to their side but shortly after the close of lunch hour there in New York a burst of buying came in that startled the shorts for its intensity and drove them back decisively from the $1600 level.
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  The market pushed as high as $1608 ($1607.90) to be exact and has stayed strong going into the afternoon hours. This is no mean feat as one would normally expect a sizeable amount of profit taking from longs to come in at a round number like $1600, particularly after a rally of over $120 in the last two weeks time. I think the shorts were expecting that to occur also based on the attempt they were making to hold it below $1600. The idea is that they could induce a bout of long liquidation beginning with the short term oriented day traders who would be inclined to sell seeing the market stall at $1600. Instead of that occuring, some powerful long or group of longs came in and snatched up the offers to sell on the dip back below $1600 and then never let it go the rest of the session. If that group sticks around and pulls a repeat of today’s showing, this thing will go to $1650 faster than some of us are already imagining.
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  One thing I have also noticed about this chart is that while it shows the powerful uptrend that gold has been in since early 2009, the angle of ascent, even after the past two weeks strong showing, is still not all that steep. In other words, gold has not yet gone parabolic but is rising in a strong, yet relatively tempered fashion. For all the buying that has been and is presently occuring, there is not yet evidence of any PANIC. What there is evidence of is increasing fear and concern but not PANIC. It is that emotion which produces nearly vertical moves up.

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