For over a year we have maintained here at SD that as the gov’t debt crisis accelerates and reaches the end game, the PIIGS will become F UK US PIIGS as France, the UK, and finally the US reach a solvency/ debt crisis on the same stage currently experienced by the southern European nations such as Greece.

Today’s Chart of the Day vividly drives this point home, as US per person debt is now an astonishing $53,378- a full 35% higher than that of Greece.

In his latest update, Greg Mannarino discusses the potential for an imminent major crash in the markets, and the opportunity to profit by shorting the market.
Mannarino states he would not be looking at getting long ANYWHERE in the equity markets currently, other than holding physical precious metals which are still grossly undervalued.

Mannarino recommends the average trader wait on the sidelines until the coming crash materializes, at which point it will be time to enter the markets.

Full update below:

By Stewart Thomson

Gold is range trading between about $1550 and $1800.  There have been 3 touches of the $1550 area, and 3 of the $1800 area.   I believe the situation will be resolved with a strong penetration of resistance at $1800.  That should usher in a trending move that could take gold to $2100.

Silver functions a lot like gold’s “little brother”.   There is a nice uptrend in play, and silver is displaying the same hesitation shown by gold at current minor trend HSR.  Obviously, we all want to see silver over $40.  I believe all silver investors will be pleasantly surprised, when gold surges over $1800.  Force yourself to grind through the waiting period.

In the final analysis, it won’t be the action of gold or silver on the price grid, but your intestinal fortitude, that carries the day.

Bloomberg has released a MUST WATCH interview with our good friend Eric Sprott of Sprott Asset Management discussing his thoughts on gold.  While unable to specifically discuss silver due to the current PSLV follow-on, Sprott simply destroyed the MSM pundits’ anti-gold arguments, stating that gold has beat the Dickens out of every other asset class over the last 12 years, and questioned whether the Western Central Banks have any physical gold left in the vaults, as the gold listed on their balance sheets includes gold receivables, which has been leased out and is gone for good.

The legendary Eric Sprott’s full MUST WATCH interview below:

*Update: Well, that didn’t take long for the expected short covering rally, as silver has now jumped .80 from its lows to $32.80

The cartel continues to cap $32.50 and $1730, as silver and gold were both just treated to waterfall declines on the COMEX open.

Silver was smashed vertically from $32.70 to $32.04, and gold from $1730 to $1717.
Expect the shorts to cover and close out many of these new positions by the end of the session in order to hide their tracks for the weekly COT cutoff.

The Telegraph has an interesting article on silver which suggests that it might rise by over five times in the next few years.
Emma Wall interviews fund manager Ian Williams who says that “silver is about to enter a sustained bull market that will take the price from the current level of $32 an ounce to $165 an ounce and we expect this price to be hit at the end of October 2015.”

This forecast is based entirely using technical & cyclical analysis and is in keeping with the mathematical form displayed so far in the bull run that has taken silver from $8/oz in 2008 to its current price of $32 an ounce – having hit $50 an ounce in 2011.”

AA Photo

Speaking at the Bali Democracy international summit over the weekend, Turkish PM Recep Tayyip Erdoğan blasted the IMF’s role in the global debt crisis, stating that  “It is thought-provoking that the IMF is not using gold as a global currency’‘ and that “One would wish that the IMF would help the countries in trouble, but this is not the case.

Not content to stop there, Erdoğan likely placed a target on his/Turkey’s back when he stated that the world should flee the petro-dollar for gold: The world should consider switching to a monetary unit such as gold, which is at the very least an international constant and indicator which has maintained its honor throughout history. This is something to think about.

In this interview with the Ellis Martin Report, Silver guru David Morgan discusses what investors can expect to see in silver during the parabolic blow-off top mania phase coming in the final leg of the secular bull when the general public finally board the silver train.

Full interview below:

The MSM would like you to believe that the FBI discovered CIA director Petraeus’ affair after investigating a complaint regarding harassing e-mails from Paula Broadwell sent to another woman.   Those who have the slightest understanding of the FBI’s operations will see this as a complete farce, as it is nearly impossible to get the FBI to investigate anything unless your case involves drugs/drug money, or a theft with a minimum of 8 figures.   Clearly someone from above prompted the FBI investigation of Petraeus less than a week before his scheduled Congressional testimony over the Benghazi incident.

The F.B.I. investigation that led to the sudden resignation of David H. Petraeus as C.I.A. director on Friday began with a complaint several months ago about “harassing” e-mails sent by Paula Broadwell, Mr. Petraeus’s biographer, to another woman who knows both of them, two government officials briefed on the case said Saturday.

Gold & Silver are the REAL stakes in the World Series of Poker. In this video, JS Kim of SmartKnowledgeU discusses issues of paper gold & silver vs physical gold & silver:

Power grabs of other country’s gold by leading Western and EU nations through war and debt enslavement. Duplicitous fantasy holdings of gold by Western nations that keep “leased” gold that is NOT in their vaults as an asset on their balance sheet. China & the Middle East’s secret, stealth underreported accumulation of gold reserves. Germany’s concern about gold that is “held” in other nation’s vaults that is likely gone forever. Currency wars are at hand and the Western nation’s bluffs are being called in the World Series of Poker. When Financial Armageddon hits, will you understand the World Series of Poker well enough to ensure you are positioned on the winning side?

By SRSrocco:

After receiving a great deal of emails and replies on my declining ore grade work in the top gold and silver miners, I thought I would write this post to clarify a few misunderstandings.

The industry practice of mining and processing lower grade ore from a section of the mine is a short term practice that will not impact the DECLINING OF ORE GRADES BY THE AGING OF THE MINE all that much.

Last week’s news that the Bank of England had stopped Quantitative Easing early because it was not needed was a load of rubbish.  The truth is that it was stopped early because MORE COUNTERFEITING WAS NEEDED, and the BOE figured out a way to directly monetize the debt, while out of public scrutiny. 
QE will continue TO INFINITY….AND BEYOND!!!  on both sides of the pond.
The MSM story actually compares the practice to Weimar Germany.

As the Telegraph reports:

So now we know why the Bank of England’s Monetary Policy Committee called a halt to more Quantitative Easing this week – it’s because the Chancellor and the Governor of the Bank of England have concocted a backdoor way of doing the same thing.