Labor Day Market Bloodbath: Gold Tops $1,900
by Gerald Celente
by Gerald Celente: Collapse:
It's Coming! Are You Ready? (Part 2)
celebrate Labor Day (the worker's holiday for workers lucky enough
to have jobs), the financial news from across the pond is anything
but celebratory. Today, the equity market meltdown that saw
US stocks logging their worst August in 10 years hit Europe
even harder and sank major Asian indices to yearly lows.
sell-off, which began with the Asian markets falling some 2.5 percent
followed by a 5 percent drop in European markets, is setting off
frantic alarm signals. Just two of the 45 markets tracked by Standard
& Poor's Indices rose during August, and September
has begun on an ominous note.
collapse I predicted is underway, and there is much worse to come.
(See Trend Alert®, 13 June 2011, 'COLLAPSE:
IT'S COMING! ARE YOU READY?')
Trends Journal subscribers around the globe take note: The world
markets are in meltdown, and nothing, but NOTHING, that 'policy
makers' make up will reverse it.
who may well be tuned out of the news and in a holiday mode today,
could find if Europe is a harbinger of what to expect tomorrow
the day after tomorrow bringing panic to the Street.
Do you know
where your money is? And if you want it, will you be able to get
it? European, American, Chinese
it doesn't matter. The banks
are taking a battering. Just today, The Royal Bank of Scotland fell
12.3 percent, Deutsche Bank 8.9 percent, and Societe Generale 8.6
percent. In the last six months, major US and European banks have
lost about half of their value.
Fears are mounting
that some European banks would not be able to meet their debt obligations
if they were forced to recognize the existing losses in their balance
sheets. Despite years of promises to remedy the sovereign debt problems
by the European Central Bank and the International Monetary Fund,
it is becoming obvious they will not be able to do so.
Is that why,
as ECB data reveals, European banks have been withdrawing their
cash from the European banking system and transferring it to the
as indicated in data released by the US Federal Reserve
as appropriate. With gold closing today above $1,900 an ounce, my
forecast for 'Gold $2,000,' once roundly ridiculed, is now, for
all intents and purposes, realized.
is founder and director of The Trends Research Institute, author
2000 and Trend
Tracking (Warner Books), and publisher of The Trends
Journal. He has been forecasting trends since 1980, and recently
called The Collapse of ’09.
2011 Gerald Celente
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