The Impact Will Be Biblical!

Here’s the “Handwriting on the Wall”:


Iran announced last month that its foreign currency reserves would henceforth be held in euros rather than dollars. Bankers remember what happened to the last Middle East oil producer to sell its oil in euros rather than dollars: shortly after Saddam Hussein announced his decision, the US and Britain invaded Iraq.


In the most profound financial change in recent Middle East history, Arab Gulf states are planning – along with China, Russia, Japan and France – to stop paying for oil with US dollars, moving instead to a basket of currencies and gold. Brazil and India have shown interest in non-dollar oil payments as well. The US cannot be happy about this development, which includes some of its allies. According to China, the transitional currency in the move away from dollars may be gold.


There are only two paths forward: either foreigners continue to finance the US deficits, or the Fed will resort to even more money printing to cover the shortfall.


Precious metals are the truest barometers for economic conditions, particularly inflation. Precious metals investors must cultivate patience – no easy task in a world hooked on instant gratification. But reckless money creation and rock-bottom interest rates mean inflation is inevitable. The real beginning of the big move for precious metals still lies ahead, because government policies make the long-term fundamentals for this sector even more bullish. Keep in mind that even if precious metals trade sideways or pull back, that makes the long-term picture even more bullish. Rediscover patience; don’t listen to experts who no longer have confidence in their own expertise. Buy and hold precious metals, and sleep well at night.


Reckless money creation and rock-bottom interest rates mean inflation is inevitable. The real beginning of the big move for precious metals still lies ahead…


Gold is holding at $1,000 and consolidating. [And silver is showing similar strength.] It has steadily built a base and is moving to what Phillips calls a Point of Resolution, where it will either drop or soar. The US dollar is also at a Point of Resolution, from where it is likely to descend to the lowest level ever seen against the euro. The gold price is waiting for action on this front; if the dollar falls, gold [and silver] will skyrocket.

Recommended Reading: The above quotes are from where you will find more on this crucial topic.

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3 Responses to “The Impact Will Be Biblical!”

  1. 1 survivalist October 13, 2009 at 4:48 pm

    “Russia Drops the Dollar?

    “Much has been made of the fact that the major oil-producing countries have been engaged in discussions about dropping the dollar as the official trading currency for global oil markets.

    “The Russians were one of the participants in this discussion. As they well should be, last month they took the lead as the world’s largest oil producer, producing almost 25% more oil than #2 Saudi Arabia…

    “If you think things are geopolitically tenuous now, with our reliance on the Middle East for our oil, just wait until the Russians begin throwing around their weight in world energy markets. If the power politics they’ve played with Europe over natural gas are any indication, times will be a-changing.”

    The above is quoted from Casey’s Daily Dispatch, Oct. 9, 2009:

  2. 2 survivalist October 22, 2009 at 9:57 am

    Bolivia summit adopts new currency

    “Leaders from Latin America and the Caribbean have agreed during a summit in Bolivia on creation of a regional currency aimed at reducing the use of the US dollar.

    “The decision came shortly after members of the Bolivarian Alternative for the Americas (Alba) gathered in the central city of Cochabamba for the start of the two-day summit, the AFP news agency reported.

    “Top on the agenda for the left-leaning regional trade group, which includes Venezuela, Ecuador and Nicaragua, were talks to implement the new currency, known as the sucre, for use among Alba nations.

    “The document is approved,” Evo Morales, Bolivia’s president and summit host, said on Friday.

    Earlier, Hugo Chavez, the Venezuelan president, described the new currency as a “revolution of paradigms”.

    “The sucre is born in the Alba,” Chavez said ahead of the meeting. “The sucre – an autonomous and sovereign monetary system that will be agreed upon today so that it can be implemented in 2010.”

    Complete article can be found at:

  1. 1 Unsustainable Trends Eventually End: The Problem with Our Economy « The New Survivalist Trackback on October 16, 2009 at 2:02 pm

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