Robert Prechter’s prediction for a massive decline in gold prices comes true

[FRED]

220KG gold ingot at Jinguashi Gold Ecological Park dollar price fell 90% in a day

Robert Prechter’s prediction for a massive decline in gold prices comes true

Gold prices fall 90% in one day

Reuters - April 1, 2013

Robert Prechter predicted in 2001, 2003, 2006, 2009, 2011, and most recently in January this year that gold could drop 50 percent from its peak value because of deflation and over-ownership. During that 12 year period, gold prices soared from $265 per ounce to a peak of $5,428 yesterday.

Prechter claimed that his long string of gold price forecasting failures was finally broken today when gold prices fell 90% from $5,428 to $542.80 when the Federal Reserve issued the New American Dollar and accepted previously issued US dollar currency at a ratio of ten to one.

Starting today, for each $1000 of old US currency turned in, a new $100 will be provided and all dollar accounts will reduced by 90%. Holders of old US currency have until April 15 this year to turn in all old currency, after which it will not be redeemable.

Asked if a revaluation of the dollar met his definition of deflation, Prechter stated, “Absolutely. When the price of anything declines 90% in one day, that is a severe deflation.”

Prechter is known for forecasting a big bull market in stocks in 1982 and for getting out before the 1987 stock market crash, and for not making any correct forecasts since then.

[c1ue]

Re: Robert Prechter’s prediction for a massive decline in gold prices comes true

Is this a 'Meow' post or the iTulip way of communicated that hyperinflation (via capital devaluation) is coming?

[Jay]

Re: Robert Prechter’s prediction for a massive decline in gold prices comes true

220KG gold ingot at Jinguashi Gold Ecological Park dollar price fell 90% in a day

Robert Prechter’s prediction for a massive decline in gold prices comes true

Gold prices fall 90% in one day

Reuters - April 1, 2013

Robert Prechter predicted in 2001, 2003, 2006, 2009, 2011, and most recently in January this year that gold could drop 50 percent from its peak value because of deflation and over-ownership. During that 12 year period, gold prices soared from $265 per ounce to a peak of $5,428 yesterday.

Prechter claimed that his long string of gold price forecasting failures was finally broken today when gold prices fell 90% from $5,428 to $542.80 when the Federal Reserve issued the New American Dollar and accepted previously issued US dollar currency at a ratio of ten to one.

Starting today, for each $1000 of old US currency turned in, a new $100 will be provided and all dollar accounts will reduced by 90%. Holders of old US currency have until April 15 this year to turn in all old currency, after which it will not be redeemable.

Asked if a revaluation of the dollar met his definition of deflation, Prechter stated, “Absolutely. When the price of anything declines 90% in one day, that is a severe deflation.”

Prechter is known for forecasting a big bull market in stocks in 1982 and for getting out before the 1987 stock market crash, and for not making any correct forecasts since then.

The article doesn't mention if mortgage debt was reworked or if the debtors came away in the cat bird seat...

[jk]

Re: Robert Prechter’s prediction for a massive decline in gold prices comes true

Is this a 'Meow' post or the iTulip way of communicated that hyperinflation (via capital devaluation) is coming?

it's the itulip way of communicating it's april 1.

[thriftyandboringinohio]

Re: Robert Prechter’s prediction for a massive decline in gold prices comes true

it's the itulip way of communicating it's april 1.

Ooo, burn!

[ocelotl]

Re: Robert Prechter’s prediction for a massive decline in gold prices comes true

Transition period from MXP to MXN was planned out to last 3 years. Banxico emitted lots of paper and metallic money on 1992 to cover for the transition first year and publicized extensively the move ahead of its implementation. Even during 1993 we still had prices denominated in "new" (MXN) and "old" (MXP) pesos. Coinage and bills were taken out of circulation gradually as the amount of circulating money emmited during 1993, 1994 and 1995 covered all the needs of mexican economy. Even as it was announced from the beginning that the "new" denomination will be dropped from MXN and that old pesos would be demonetized in January 1st. 1996, some people pointed out that the move was a plan to hide the 1994-5 crisis and to return to the 12.5 per USD rate. Banxico still maintains the policy to exchange demonetized bills and coins as they claim at their page: http://www.banxico.org.mx/billetes-y...e-centers.html. By the way, Which ISO code would be pertinent in case this thread had any possibility to become real?