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December 3, 2010 / Hal (GT)

The most important thing you may read today about gold


I saw the news yesterday and twittered about but I see that Jim Sinclair is covering it also, and he brings home the realization of how important this news is to gold.

Lots of fake gold shows up in Hong Kong

This is EXTREMELY SERIOUS for reasons that most gold observers haven’t a clue about.

At this moment it appears as if some smartass scientist has found the Holy Grail of counterfeiting.

Gold and silver both exploded this morning and right now the app ExactPrice shows it sitting at $1,406.20. Silver is $29.20.

Other news items worth looking at today as gold is up (in no particular order):

SpendingPulse: Retail Sales Led by Apparel, Consumer Electronics and Appliances Down – Apparel is driving and that should tell you something about the needs and desires of Americans.

Meet The 35 Foreign Banks That Got Bailed Out By The Fed (And This Is Just The CPFF Banks) – think people will be outraged? Me either.

Silver to average $30, Gold $1,400 in 2011 – GFMS – That doesn’t shock me.

US dollar’s status under threat as China expands trade settlements in yuan – that doesn’t shock me either.

Lear Capital: China Chases More Gold – speaking about China and gold… good read.

Indian gold traders in search of better bargains – Translation = demand up.

Until next time.

Keep your eyes on gold, silver, and platinum too.

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