this is from jim willie's latest article, which warns against investing in etf's such as slv and gld:

Without proper warning, the US public is aligned to lose life savings. Home equity, pension funds, and savings accounts are all being decimated, as shock has resulted. The masses of people are vulnerable to deception, ruses, and false messages. They need to heed accurate siren warnings, to depart from paper based investments, to shed US$-based securities assets of all kinds, and to fully embrace gold & silver physical investments. Shun also the often fraud-ridden Exchange Traded Funds like GLD (for gold) and SLV (for silver) which are managed by the same gold cartel financial firms, laced with collusion, in violation of prospectuses, denied of disclosure, replete with naked shorting of precious metals, and probably funding gold & silver suppression projects. My full expectation is that at a future date, both GLD and SLV will shut down under tremendous controversy and probably be subjected to fraud charges. Both will be forced to liquidate funds, pay out artificially low flimsy paper prices, and admit they have far less gold & silver in their vaults than advertised, but far more paper certificates in their place. Perhaps such an explosive event will occur in late 2010, my best guess, or perhaps in 2011.

Dates on the calendar are far more difficult than event schedules. The discredit of GLD and SLV will come after the COMEX is smashed, defaulted, prosecuted, and shut down. If you believe that is impossible, then bear in mind that both the Germans and Persian Gulf states have demanded the return of all gold bullion held in the United States and London. Pressure is on the Commodity Exchanges in New York and Chicago (COMEX) and the London Metal Exchange (LME). They are fast losing their physical metal, and are loaded to the gills with illegal short contracts that grossly lack collateral. We have defaults in the making, surely overdue, but clearly slow in coming.

GOLD WILL REACH $3000 BEFORE THIS CHAPTER OF US HISTORY IS FULLY WRITTEN. SILVER WILL REACH $100 BEFORE THE LAST CHAPTER IS WRITTEN. These are easy targets.

http://news.goldseek.com/GoldenJacka...