I’ll start off by noting that looking at the free real time widget, the big three precious metals are posting gains today. Gold right now is at $1,233.40 showing a gain of $13.30. Silver is at $18.62 with a 33 cent gain. And platinum is up $14.60 at $1,578.70.
If you missed the post right before this, you need to go see it. Pretty important, I believe.
In other news this video is worth a watch: Nouriel Roubini: Eurozone Double Dip?
It’s starting to look like the next European country to fall is going to be Spain: 9 Reasons Why Spain Is A Dead Economy Walking
If you missed it, it was announced that Afghanistan’s problems were solved because they had $1 Trillion in untapped mining. I had wondered just how long this had been known and frankly was not all that impressed with the idea that there was this much metal in their ground. Casey Research has a worthwhile take on this news: The $1 Trillion Metals Discovery in Afghanistan.
You need to check out Dan Norcini’s post on today’s gold trading. It’s insightful: Hourly Action In Gold From Trader Dan
There has once again been another “flip” in the psychology of the gold pit. Over the years we have seen gold trading inversely to the US Dollar, get jettisoned along with a host of other commodities during the Yen carry trade unwind of late 2008, be considered a “risky” asset and get sold off when investors were nervous about the global economy, swing back to being a “risk averse”, safe haven asset during the sovereign debt crisis that began with Greece, and today we are now back to gold trading as the “anti-Dollar” instead of the “anti-Euro”. In other words, we have come full circle with gold now moving higher as the Dollar moves lower.
Oh, I almost forgot this bit of news which forecasts more bailouts in the Eurozone topping $1 Trillion: EU chief says eurozone bailout could be increased.
I thought this was pretty insightful as well: Why Governments Hate Gold
Time and again it has been proven that the Keynesian system of big government and fiat paper money are abject failures in the long run. However, the nature of government is to ignore reality when there is an avenue that allows growth in power and control. Thus, most politicians and economists will ignore the long-term damage of Keynesianism in the early stage of a bubble when there is the illusion of prosperity, suggesting that the basic laws of economics had been repealed. In fact, one way to tell if a bubble is about to burst is if economists start talking about how the government and the Central Bank have repealed the business cycle.
Well, gold is moving up. The spot price is now $1,237.20 on this up market day where the S&P500 is at:
1,115.23 | +25.60 | (2.35%)
Don’t forget to point you mobile web enabled devices at http://www.learcapital.com/mobile for real time pricing on the spots for gold, silver, and platinum.
Until next time.