Sunday, 6 January 2008

Bears Take Control - by aholebroke

aholbroke is an excellent chartist who produces thoughtful posts on Gold Eagle Forum. This post is one of his best. My view is that we are at a tipping point where things could go into a recession or a deeper depression than has ever been experienced.

Bears take control
Jan 05, 01:41

What could possibily save this market now? I think it has entered the bear phase in earnest. I suspect it could last years. Gold should make it over 1000 this year. GDX to 70, HUI to 619 and XAU to 262. Man it really looks bad for the market though. This reminds me of 2000.
An entire generation has past since the great depression. The present generation knows nothing about it at all. From their standpoint it is ancient history - something that could never happen again. Yet it is right at their doorstep and they don't even know it. It will not be well received. There will be much weeping and wailing. The sun is going down. The night is upon us. The good life is over.
What are all the highly educated going to do? There are no jobs for them. Forget the vacations. No more four cars for every household. Teenagers will be lucky to have bicycles, let alone their own cars. Hand-me-downs will be back in fashion. The shoe repair shops will reopen again 'cause a new set of soles and heals will be a lot cheaper than new shoes. Young wives will have to learn to sew up the holes in socks since buying new ones will not be an option.
Ah, the poor trees - people will be sneaking into local parks and cutting them down for firewood. Boiled rain water is coming back in fashion - set the barrels out in the yard to catch it.
The poor will simply stand in awe as the middle class is wiped out. They won't understand what all the weeping and wailing is about. Hard times are nothing new to them. They are the lucky ones.

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I teach Film, Media and English Lit.