Everyone’s wondering why gold sold down.
Give the stats I’m seeing here on the blog everyone is wondering why gold and silver were down yesterday. Well, truth is the precious metals were not the only commodity to get stomped yesterday. The rug came out of practically all commodities yesterday. Looking at the free real time app, gold right now is at $1,378.70 after coming near the support of $1,365.00.
And frankly I have to say this good for gold and silver and not unexpected when both have set great highs. This consolidation will shake out those who are uncertain allow the determined bulls to enter the market and a great price, in my opinion.
Thinking about all this I have a host news items that relate to gold either directly or via how the economy is headed. So let’s get started.
Rep. Maxine Waters asks if BofA deal with Fannie and Freddie was ‘backdoor bailout’ [Updated] – if she’s questioning my antenna is definitely up.
The US Economic Recovery In One Picture – Will scare you.
Legislation proposes Utah adopt a gold-based system – Slap me silly.
Fed’s Hoenig Says Gold Standard “Legitimate” System – Slap me silly again!!
Municipal Debt Threatens US Economy – Oh, this is why they are talking gold standard again.
Hourly Action In Gold From Trader Dan – Definitely a good read.
Lear Capital: What Explodes First? Debt Bomb or Gold Price – The graph here will scare you if the one from Jesse’s Cafe didn’t.
Oh and here’s something to encourage you: Golden-Voiced Homeless Man Scores Job Offers After Video Goes Viral