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October 19, 2010 / Hal (GT)

Gold gets thumped today.

Well, if you’ve been tracking gold with me today you have have noticed the precious metals got thumped pretty good.

What’s going on? Good question. In my opinion a number of things. One of course what China which made the dollar pop and the stocks to draw back. Also, gold has been pushing up quick, and as such is somewhat overbought, so a correction is a good thing because it will allow more buyers to enter into the market. But it will also strengthen the golden floor for a new up tick.

On that note, here are a few links to the items of worth that I’ve come across today.

Whistleblower Speaks On Fraudclosure – this is on the great site ZeroHedge and I found it via another great source on Twitter: @Future_Shock

The Height Of Nonsense

Lear Capital: Pending Foreclosures Drive Gold Prices Higher

Truly, in the context of today’s economy and markets, a long list could be compiled of definitions of crazy.  I would be curious to know your definition of crazy.  Here’s mine.

11 Million Foreclosures Coming?

Is that even possible?  Last month 102,134 foreclosures took place, the first time that number broke the 100,000 mark.  Could that number grow to a million per month?

Update 10:00AM EST – this is a must read market update from estimable Peter Grandich.

Central Banks Wake Up To Gold As A Currency

Jim’s Mailbox – Another great one from Jim Sinclair. Scroll down to the video on Fruadclosure in the middle of the page.

Pierre Lassonde – Strong Forces Propelling Gold – Best check this out.

“We’re dancing around at all all- time highs so I think you can expect some volatility.  As we reach these levels, some are taking profit while others are entering the gold market.”

“While traveling last week I was speaking with an individual from a top bullion bank from Europe.  He said his trading desk has seen their Chinese business go up to record levels in the last two weeks.  The most interesting aspect to me is the fact that the Chinese central bank is diversifying their reserves away from the dollar, and they are literally buying all of the local gold production inside China.”

There’s No Bubble in Gold, Peter Schiff Says: “We’re Still Relatively Early in the Game” – go listen.

Okay. Well, there is more pressure coming against the precious metals. Gold right now is at $1,332.40. Silver is $23.55.


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