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May 25, 2010 / Hal (GT)

Dow opens down Gold the day’s winner.


Look, I am not someone who typically gets frustrated by watching gold day to day. I know there are some who start to panic when gold starts selling off and get jubilant when it climbs. Well, okay, I too, get jubilant when it climbs, but I don’t let that daily action give me ulcers because I know in the big picture right now is that fiat currencies really look to me like they are zombies looking to suck the life out of investors.

That all said I do think it was very telling in a big picture way to see today’s action in the markets and watch with ExactPrice how the spot price of gold was affected. Panic obviously hit the markets and gold rose early and stayed steady all day in spite of the markets not so steady day. And here at the end of the day where investors, and I dare say government interaction came in to push the DOW almost into positive territory (-.23%).

Right now gold’s spot is $1,200.80. Silver and Platinum followed the market down, which is interesting but they are heavy in manufacturing as well. I won’t be surprised if silver joins gold shortly in positive territory.

I’ve a bunch of items for you today that are worth considering, So I’m going to just list the links for you with maybe a few commentary’s if the mood strikes.

Private pay shrinks to historic lows as gov’t payouts rise – This has societal fail written all over it. Just look at Greece.

Greeks give new meaning to ‘sovereign’ wealth – Speaking of Greece and gold….

Is Gold the Next Bubble? – you have to get it extremely hot before you can blow bubbles with it.

Interview with Nick Leeson on Gordon Brown, GATA and Gold

Reg Howe: Gold derivatives — GLD and ass backwardation

Interviewed by BNN, Eric Sprott cites silver market manipulation – via GATA, good interview worth watching.

Richard Russell – Wealthy Getting Out of Fiat Money – If they are getting out where do you think they are going?

Who Says Gold is Down? – Indeed, I was so nodding my head at this:

Frankly, I think we would be better off if fresh fruits and produce did not rise another 50% this year or 33% for eggs.  I think gas at $2 per gallon might be kind of nice too and if dairy could go down 10% instead of rise another 10%, we all might be better off.  But if that can’t happen, that’s why we buy gold.

We Have Nothing Left to Fear… – This is a must read, folks.

Trader Dan Comments On Greece’s Woes – Also a must read.

Let me first say that I am no fan of the money changers ( I view them in the same light as Thomas Jefferson and most of the Founding Fathers did); however, the constant haranguing of the banks and politicians fails to address the root cause of Greece’s problems or for that matter, much of Europe’s, which has now exploded into a full blown sovereign debt crisis.

Derivative Manufacturers More Powerful Than Central Banks

Okay, that’s all I got for you today.

Stay wise out there and do your due diligence in researching everything. Above all, if you are not out of debt, get out ASAP.

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