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July 20, 2010 / Hal (GT)

Tracking gold this Tuesday.

Interesting action going on in the spot price of gold this morn. I was tracking it and saw it get down to $1,176.20 and the next thing it launched. Right now it’s at $1,191.60. Been a bit higher than that already this morn. We’ll see where it continues to go.

I’ve got several links worth checking out this morn:

Lear Capital Sees China Running for Dollar Exit:

In a report today from “The People’s Daily,” we read that, “China offloaded 32.5 billion U.S. dollars worth of U.S. Treasury bonds (T-bonds) holdings in May but remains the largest holder of U.S. debt, the U.S. Treasury Department reported last Friday.”

Now, get this.  “In the same month, China’s foreign exchange reserves fell by around 51 billion U.S. dollars despite a 19.5 billion U.S. dollars trade surplus and 8.1 billion U.S. dollars in foreign direct investment inflows.”

Wall Street Journal: States in the Red – This interactive map should scare you and give you insight for where to move for fiscally responsible states. We don’t have many options.

Visualizing President Obama’s budget cuts. – The Admin and Congress needs to do better.

Nepal Gold import doubles – It’s a popular thing now-a-days.

Eric Sprott – Gold, Silver, QE2, US Dollar & More:

Eric Sprott:  “One of the studies concluded that whereas we used to get something like 60 cents back on the dollar of government expenditures, today it’s negative 40 cents. So it’s pretty dismal when you think that everyone’s expectation is that this government’s going to bail us out, and as they are trying to bail us out, we’re actually losing ground because at the end of the year you still have the debt.”

Carpe Aurum (Seize the Gold) – Must read. Hat tip to Peter Grandich.

Consumer Sentiment Plummets in July – Another must read.

Until next time!


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