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January 20, 2011 / Hal (GT)

Precious Metals and Commodities Slammed today.


Have you looked at gold today? Silver? Platinum? Yeah. ExactPrice right now is showing it at $1,347.70. That’s a fall of $22.09 in the last 24hours.

Silver is down by $1.28 at $27.48.

Bears are at work. Support came in at around $1,343 for gold this morning.

Going to be interesting. The question of course is will the fall continue? In my opinion I don’t believe it will go below $1,325. Could I be wrong? Yep.

But long term I continue to think that if our government continues to raise the debt ceiling because they can’t operate otherwise. That doesn’t bode well for our currency or our country.

Of all the things I saw today there are the few that I think are a must.

LONG SHADOWS CAST OVER US ECONOMY by Jim Willie is number one in the hit parade. Go Read. Now.

Philly Fed Misses Expectations, Comes At 19.3, Admits Broad Price Increases

Job numbers reported under stimulus spending are misleading: LA city controller

The More Americans That Go On Food Stamps The More Money JP Morgan Makes – via the great source Laura Gross on Twitter @lmgross

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2 Comments

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  1. Laura / Jan 21 2011 2:36 pm

    Great comments concerning yesterday’s price action. It’s important to re-assess our reasons for staying bullish when gold has a tough day. Significant price swings may be the norm until the CFTC’s final ruling on position limits in March.

    • goldtracker / Feb 1 2011 5:13 pm

      Thanks, Laura. I continue to really appreciate the info you always share on the subject. Spot on. 🙂

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