The Golden Calf Idol – parable, fable or history?

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ONE VIEW OF 2016’S DEVELOPMENT OF BULL GOLD FUTURES

 Then the Lord said to Moses, “Go down, because your people, whom you brought up out of Egypt, have become corrupt. They have been quick to turn away from what I commanded them and have made themselves an idol cast in the shape of a calf. They have bowed down to it and sacrificed to it and have said, ‘These are your gods, Israel, who brought you up out of Egypt.’ – Exodus 32:7

 Top money changers worldwide are poised to usher in a wild west gold rush led by the Chinese government, trending off a change in Islamic law.

A securities analyst with a proven track record for predicting bull gold markets in 1971 and 1980, Doug Casey is propagating a trifecta he says will lead to a “perfect storm” in gold futures.

The curtain goes up on December 31, according to his associate, E.B. Tucker.

That’s the day when a new Islamic law will take effect, something arranged by the World Gold Council and the Accounting and Auditing Organization for Islamic Financial Institutions. They are the people who set the standards for Islamic financial law – a law that law precludes “immoral trades” in commodities such as alcohol and tobacco – including the trade in gold by weight and volume – and has for the past 42 years.

To give the western mind an idea of the potency of what that Islamic law means, consider the investment by mideastern speculators in 256 tons of gold jewelry during the previous year.

Some 1.6 billion investors will be street legal for trade in gold futures the first of the year, with a potential of $3 trillion total liquidity pouring into a market Casey and many others guarantee will appreciate by thousands of percent. Casey is the analyst who predicted the rise in gold prices in 1971 following Nixon’s establishment of diplomatic relations with the Chines, a trent that resulted in a rise in price of the currency suddenly turned commodity of 2,382 percent.

They predict a per-ounce price of $5,000 will serve as the tipping point that will drive the new values and establish a currency standard in the stratosphere.

Secondly, China has become the top “importer, producer and transporter” of gold, its government encouraging individuals to invest in the precious metal, which shot up 35 percent in value during the first half of 2016.

The Chinese have set up Yuan “clearing banks” throughout the Arab world, beginning in Dubai, following the establishment of its Shanghai Gold Exchange. Tucker writes that it’s a “shot across the bow” to the world, a signal they are hoping to dominate the global gold market through aggressive marketing and customer service.

According to the Casey Research newsletter, “…China’s gold reserves are almost double that of every other major country combined.”

But there’s a big difference in their strategy from that of the western world. China wants to base the price of gold on actual physical gold, not futures contracts.

That’s a radical departure from the game as played over the past 40 years. The LIBOR (London Interbank Offered Rate) and COMEX exchanges base the price of the commodity on the worth of futures contracts.

That brings up the third leg of the stool. “Right now, there are 252 ounces of gold claims per ounce of deliverable gold,” Tucker wrote.

But the major analysts such as Black Rock Money Management and the world’s mining engineers say the numbers prove that gold supplies peaked in 2015. Peak gold came and went in a bear market in which gold prices were artificially suppressed by government credit policies, billionaire speculators and sharp traders like George Soros and his partner Stanley Drunkenmiller. That’s the duo who shorted the British pound sterling by a billion dollars and cleaned up on the deal before John Bull knew what hit him.

This time, they’re not alone. The list of names is long and impressive.

From each year forward, the production of gold will decrease by 20 percent each year.

It beats watching paint dry or betting on which raindrop will reach the sill first. Unlike a horse race, a roll of the bones, or a hand of blackjack, you get something to take home with you, and it looks good when cast as baubles, bangles, bright, shiny things.

One thought on “The Golden Calf Idol – parable, fable or history?”

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