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September 24, 2010 / Hal (GT)

Gold breaks the $1,300 ceiling.


It was for just a little while in the early morning hours (eastern standard time) but hey, gold broke through. Last night I had a feeling it would. When I checked the real time tracking app before calling it a night, it was with in spitting distance and firming up for a run.

Right now the spot price is $1,296.70. So it didn’t lose much through out the day, the selling off was expected when it cracked the ceiling.

The real race horse today though looks to be silver gaining a 30 year high. Silver has been showing a lot of strength and is attempting a run at $21.50. At the moment it’s at $21.46.

Options Expiration next week should prove interesting, I think.

I don’t have a lot of links to share today, but what I have is worth your time.

Interesting interview on the economy from Lori Ann LaRocco with Jack Bogle: Jack Bogle — The Failure of Capitalism, Double Dip Is a Reality

Investors Are Deaf to the Screams of Gold, Cotton: Mark Gilbert: a must read.

Gold may be screaming more about a general mistrust of the securities markets than about the prospect of rising prices.

Casey’s Daily Dispatch is another must read today: Buying Gold at a Discount

Dan Norcini at Jim Sinclair’s MineSet is always a wealth of info and provides in today’s post: Hourly Action In Gold From Trader Dan

Silver ran past its peak from early 2008 notching a 30 year high in the process which is simply breathtaking for the speed of its ascent. Should it be able to post a strong close above $21.50, look for it to make a runs towards $23. It has light chart support near $21 and better support back near $20.50 on the charts.

That’s it for this week. See on the flip side.

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