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June 3, 2010 / Hal (GT)

Is China the stealth flyer in the gold markets?


Good morning. Woke this morning to a sell off in the gold market. ExactPrice right now shows the yellow metal at $1,217.50 but I think the pressure is to take it below the $1,215. So far that attempt has met resistance this morning. My personal expectation is more of that throughout the day.

The last several weeks I’ve had this itch concerning China. One of those gut impressions that something is afoot and I think that others are sensing something as well.

That brings me to this interview with Jeff Nichols: China’s Gold Investment “Infrastructure”. It’s worth a read.

This second item is a blog post from David Engstrom at Lear Capital. Mr. Engstrom’s post is titled: Will China Gold Demand Quadruple Gold Price?

It’s a short read and I suggest you click over and read it. I couldn’t agree more with his statement:

They have also stepped up their own gold production and to insure none of the gold they produce themselves leaves the country, they passed laws prohibiting its export.  And finally, their investment into gold mines around the world has stepped up.  Why buy the milk when you own your own cow?

I hit this item yesterday and saved it for posting here today. It bears some thought and to me is just another example of government forgetting what “for the people” really means: US Mint Responds on Numismatic Gold Coin Pricing Policy.

Speaking of the Mint, Zero Hedge has a short item worth your look: US Mint Out Of Not Only Silver But Gold American Eagles As Well.

GATA has yet another example on how easily the markets are being manipulated: Look how easy it is to manipulate a London futures market.

Finally, I found the numbers in this article disturbing: Strategic Defaults: Is It Morally Right To Decide To Simply Stop Paying Your Mortgage?

I believe we are certainly no where close to being out of the woods yet. But maybe it’s just me.

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