Bank & Market Shutdown on Sunday?! (Updated)

Just got an email from David Morgan, silver expert and hero, that talks about “rumors are flying and it is difficult to determine truth from fiction, especially in such a fast moving market.”

He says he’s hearing rumors today of “a world wide Stock Exchange and Banking “holiday” starting Sunday Oct 11, 2008.”

He says, “I would not rule this out, in fact at some point the authorities might have to “pull the plug” and regroup. I am not saying it will happen, but certainly it could happen. The real question would remain — would a closing of the markets stop the panic?”

Bush is meeting with the G7 this weekend and I’ve been hearing more about a total collapse of the dollar coming soon.

Now, remember Monday is a bank holiday anyway (Columbus Day) so, maybe there might be some logic in closing banks and the stock market for a shortened week so the Central Banks can regroup and try to figure a way out of this mess.

If they close all banks you can assume they’ll either close all ATMs or stop refilling the cash in them. Will they continue to let credit card transactions happen? I think they would as you can’t really withdraw funds with a credit card. Debit cards might be another story, though.

DO YOU HAVE ENOUGH CASH ON HAND TO LAST A FEW WEEKS?

Please get any excess cash you have in the banks OUT while you can. I have, and I’ve left just enough in the bank to cover auto-withdraws and outstanding checks.

Please pass this along to anyone you care about.

Update: I’ve found the sources of the rumor:
1) Italian Prime Minister (and G7 nation member) Berlusconi. Berlusconi Says Leaders May Close World’s Markets
2) Heart Attacks & Bank Holidays by Jim Willie CB.

Fear Index on a Tear

Panic & Fear are burning through the cubicles on Wall St.

◊◊◊◊ Now: Gold @ $890.60, Silver @ $11.39, USDX @ 82.07 ◊◊◊◊
◊◊◊◊ Now: DJIA 8,213.68

Gold Rocket on Launching Pad

The Gold rocket has been trundled out to the launching pad. The fueling process has just completed. The countdown has begun.

R U strapped n 4 the ride?

From Jim Sinclair (hero) this morning:

Dear Friends,

Gold is about to VAULT UP.

I am reliably informed that the paper versus bullion gold war is lost by paper gold at a $930 close.

Gold will vault to slightly under $1000 then get pushed back, but not much at all. Directly after that we are off to $1200.

A Bank Holiday is moving from possible to PROBABLE.

- Have you fully protected yourself?
- Have you distanced yourself as much as possible away from financial agents holding your assets?
- Have you gotten  paper certificates for your shares or became a direct registration book entry at the transfer agent?
- Have you protected your retirement accounts the same way as your shares above but in the name of the retirement account and the trust holding them?
- Have you closed your Money Market fund accounts regardless of what assurances your bankers offer?
- Have you withdrawn from your Credit Union?
- Have you exited your corporate retirement fund?
- Do you have significant gold and related shares investments?

It is getting UGLY out there as each day an attempt to postpone a bank holiday fails. Almost every other day lately financial leaders of the world have announced new plans that were “the final answer” to the super-glued credit market. All these plans have had no effect. The Dow fell like a rock off a cliff.

This says all efforts have failed.

◊◊◊◊ Now: Gold @ $892.80, Silver @ $11.60, USDX @ 81.97 ◊◊◊◊
◊◊◊◊ Now: DJIA 8,293.25