Gold record means the time is nigh

SHOOT: An economic implosion based on reality infusing back into hype driven stock markets is very imminent. I say this based on the 'get-out-of-dollars- activity starting with India, and the continuing collapse in large banks. Any time gold prices are high like this, it means an ill wind is afoot in global finance. You've been warned.

clipped from www.ft.com Gold prices on Tuesday surged to an all-time high after India’s central bank bought 200 tonnes of the precious metal, swapping dollars for bullion as the country’s finance minister warned the economies of the US and Europe had “collapsed”. India’s decision to exchange $6.7bn for gold equivalent to 8 per cent of world annual mine production sent the strongest signal yet that Asian countries were moving away from the US currency. He contrasted India’s strength with weakness elsewhere: “Europe collapsed and North America collapsed.” Traders and mining executives tipped China, Saudi Arabia and Middle Eastern sovereign wealth funds as candidates to snap up the rest of the gold the IMF plans to sell. “This is a landmark trade,” said Jonathan Spall a director at Barclays Capital and a gold ­specialist. “Central banks are conservative institutions and India’s move is a sign for other central banks and sovereign wealth funds that were contemplating buying gold.”