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June 29, 2010 / Hal (GT)

Tracking gold today.


Gold’s spot price right now as I type is $1,240.90. Up some from the pressure that took it down with the markets at first today.

The big story you need to see is from Jim Sinclair regarding some Russian spies arrested by our US Government: Here’s the link.

I think that story is very telling for the global gold market place and that the outlook is.

Next is also a must read from Eric Harding. It’s short and has major implications for the global gold market as well: Can’t get enough there & now buying it here!

So. the largest gold mining country in the world cannot get enough physical gold from their own domestic production and is now contracting to buy it here.

Going back to the action on Monday on gold, check out what Jim Sinclair had to say: Debt Crisis Cannot Be Manipulated Away

If the market for gold had not done its runaway/runaway common to overleveraged long morons, it would have broken out of the neat cup and handle formation going on to $1650. It will definitely break out of that formation.

The short term bullies that manipulated today’s market cannot manipulate the reality of the debt crisis away.

This is worth a read:

Consumer Confidence Dives; Treasury Yields Plunge to April 2009 Levels; An Economic Depression is Here – Congress, the Fed to Blame

Expected Returns has a good entry and video: Gartman: Gold Can Go Parabolic

That’s all I have for you today. Keep an eye on gold. In my opinion it feels like things are on the bubble economically-wise so there’s no telling when that bubble will burst and things will take off.

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