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The Emperor's New Clothes

Yesterday; was the pivotal event and turn for Precious Metals& As if on cue, the dislocations began in force. We are now on our way back to the 170 - 188 range for the HUI and 88 - 92 for the XAU. These remain only the first series of targets we hold open for this decline. There remains many lower Price Objectives, for now, these are key.

Dollar Price Objectives for April - May:

$82.32
$82.92
$83.51

$84.17
$85.34
$86.54
$87.98
$88.86
$89.02
$90.27
$92.12

Gold Price Objectives for April - May:

$433.05
$429.42
$428.73
$427.00

$424.40
$420.94
$419.10
$414.15
$412.45
$403.99
$400.77
$396.27
$393.04
$385.05
$375.88

$414.15 and $400.77 are our initial price targets for spot gold. We will use this opportunity to purchase additional metals. It will be a phenomenal gift granted by the price rigging Federal Reserve. Embrace it, this brand of desperate fraud will be bitterly contested throughout the April - May timeframe.

We nailed this downturn in Gold seven weeks ago and began issuing clear warnings that the Precious Metals Complex would be heading lower, with the potential for new lows coming fast and furious. Those who heeded last week's advanced warning stepped safely out of the way. Those who are holding and convinced this is another minor shakeout have a very serious surprise in store.

Many shares did hold somewhat firm, the volumes were frankly unconvincing, as was this entire recent move back up to the 222 pivot we suggested would not hold. There will be immense volatility ahead for the Precious Metals Complex. Trade it safely and securely, we will hold no positions overnight until we are entirely comfortable we have seen THE bottom. It will be a very trying and difficult assignment, but one that will certainly catch most unaware.

A number of the Junior Mining Equities have staunchly held their ground, but on poor volumes. The appearance of further consolidation should quickly give way to panic once the herd begins to realize they have been misled and this entire move was perfectly orchestrated to attempt break Precious Metals holders backs.

Ideally, we would like to observe the HUI and XAU holding firm at recent lows, we doubt this will be anything more than another smoke screen.

The Spot Metals Market closed at the pivots implied for yesterday, 427 & 6.92. These levels should give way quickly as the Dollar continues a relentless climb Steve Saville projected back in May of 2004.

This is an incredibly dangerous Market, one that is fraught with dislocations and disaster.

FNM, GM & AIG are merely several of the crises looming large on the minds of participants, with many more to come. The Bond Complex is in total dislocation. Please remember March is settlement for Financial Weapons of Mass Destruction.

In addition, Japan closes its year end books in March as well.

CONfidence will be challenged at every turn and with it the din of desperation will continue to increase within the confines of our Central Banks corridors.

These are distinctly difficult times.

Literally everything is in question, sans the result.

Protect yourself and stand aside; as we are going to witness a renewed and geometric level of manipulation in the weeks ahead.

Up is down, right is wrong. It is that simple.

We will issue a clear and concise point of entry in the weeks ahead for a return to the Precious Metals Equities.

For now, consider standing aside, there is much more pain to come.

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