Is Financial Crisis Over? Is Gold A Desirable Safe Haven
Anymore? Patrick Heller, Market
Update
The Dow Jones Industrial Average topped 13,000
last week. The Federal Reserve claims that the U.S. economy
grew in the first quarter 2008. The latest jobs report was
reported to be better than expected. Is everything fine and
the economy looking up from here?
To me, this "news" is manipulated
statistical hogwash, but my thoughts don't carry economic
clout. Alternatively, JPMorgan Chase & Co. is an institution
generally accepted as a major participant executing market
manipulations on orders of the US Treasury and Federal Reserve.
It bought Bear Stearns in March to stave off a derivatives
crisis. Pronouncements by its leadership move markets.
In the May 3 issue of Welt am Sonntag, a German
weekly, JPMorgan Chase chairman James Dimon said, "We
can only speculate on how deep and how long the recession
in the United States will really be and how than in turn will
impact banks. . . . But we are not done with the crisis for
a long time."
Dimon is one of the last people who would
admit that the US economy is in dire straits. So, when he
says there is a lot of economic pain coming, it is time to
redouble your holdings of safe-haven precious metals and reduce
your exposure to US dollar-valued investments.