Gold has the wind at its back today and has nicely pushed above the $1010 level which James Turk points out as significant. At the same time, Benjamin Fulford sites Dr. Michael Van de Meer's prediction that the tipping point of the collapse of the US monetary system will commence Sept. 30th, the end of the fiscal year...with fallout on Oct. 7th, 27th and going into Nov. He also noted 10 months ago, that today, Sept. 16th would be an indicator of things to come. He also states: "Bernanke and Geithner are desperately calling the people who own the gold and asking for some but they have been told they will not get even one ounce."

I am still of the opinion that money will start to flow into the JPMs and we will see volume increase dramatically very soon. We are already seeing that today in many PM stocks. By absolutely brilliant reasoning of deduction it follows that JPMs will go nuts to the upside if they even have a sniff of gold or silver exploration promise, never mind resource in the ground and near term production. I noted the naysayers really pressing in one stock I hold and this has usually meant that they are spinning for all their worth to discourage investment and encourage selling in order that the shorts can cover. This of course is aided and abetted by the fraudulent, computerized trading, dark pool suppression of such stocks (all Canadian JPMs) by the monstor's head, the Fed... through the likes of major US banks through to Cdn. Banks and brokers. The have all been raking in billonswith this fraud for years now. Do not forget that a new primary dealer for the US Fed. (for treasury purchases) is RBC. Do not forget that JPM had offices one floor above Barrick...a major gold suppressor via hedging. Do not foget that the massive concentrated short gold position is with JP Morgan, the very same JP Morgan that is the custodian of the GLD ETF gold.

Well, the private US Fed (owned by major banks and the Rothschilds) is now desperate as their owners are being forced to put all their derivatives junk on the books by Sept. 30th. If this happens they will exposed as bankrupt. What then will be their ability or purpose to continue the gold price suppression scheme that they have had in effect since $250 gold? They have unlawfully sold the crown jewels that belonged to the citizens of the United States, Britain, most western central banks, ETFs .... and Bernanke and Geithner can not buy any of the thousands of tons sold, double sold, leased, paper leveraged one hundred fold, derivitized and much more.

From James Turk's Free Gold Money Report, September 15, 2009 :

Gold closed today in New York at $1005.00, a new record high. Any new record is always a noteworthy event, but particularly so when the technical position and chart are so bullish.

I would like to make the following points:

1) Gold’s trading action over the past week or so has been as good as I could have hoped. Note how well bid gold was in the $990s. My sense of it is that a lot of people were on vacation or just not watching when gold and silver took off in August. Therefore, a lot of people were left standing at the station. These latecomers were waiting to buy any dips back below $1000. Given how briefly gold traded below $1000, I think these buyers are still waiting, which is important. Big moves often begin this way with a lot of people watching, on the hope of buying the dip. They may be disappointed. Gold has the potential to keep climbing higher from here.

2) The $1030 level is not a barrier. Gold traded there for only minutes back in March 2008, and as I recall, during early Asian hours. Therefore, hardly anybody could have bought there, so no one will be looking to sell there (except perhaps the gold cartel). The important barrier is right here, $1000-$1010, so today’s action is very positive. Gold is grinding upward through this barrier.

3) The gold cartel is ‘circling the wagons’ at this level, no doubt thinking they can keep gold in check. Look how open interest on the Comex has been exploding, and then ask yourself, who would sell and stand in front of this freight train other than the gold cartel? Much has been made of this huge build-up on the short side by commercials. See for example, the following Bloomberg report.
http://www.bloomberg.com/apps/news?pid=20601012&sid=aMO5xd28YIBw

4) I have always expected that the gold cartel will be blown out of the water on record open interest. After all, they are defending fiat currencies and the status quo, so they will throw the kitchen sink at gold if they have to - but their actions will not in the end stop the tidal wave of people exiting the dollar and other national currencies. So while I remain worried about this surge in Comex open interest, it is not a show-stopper. In fact, I like all the attention the CFTC's report is presently getting, that is to say, I like it from a contrary opinion point of view. It keeps people out of the market (they are letting emotions cloud their judgement), when instead they should be looking at things like gold’s clear uptrend (which is objective and factual).

There are risks here of course. For example, if we do not clear the $1000-$1010 barrier and start climbing higher by the end of October (or possibly sooner), some stale longs may begin selling. When combined with more shorting by the gold cartel, gold could be driven back below $1000. The probability of this event rises the longer gold cannot break through and then keep climbing above $1010.

That is the downside risk, but here is the upside potential. Imagine what a short covering rally there will be if gold keeps climbing and the gold cartel and other shorts start running for cover. If that happens, we could see $1400-$1500 by the end of the year, particularly if the dollar keeps sliding lower. We don't need a lower dollar for gold to take off, but it generally helps.