It’s the dollar and silver today.
This week is off to an interesting start. I am not sure exactly what the deal is in the PM’s so far this week. Other than to say I think Ed Steer has the best take I’ve come across.
The price action in gold on Monday was very muted…and the same can be said for the volume as well. This made it easy for anyone [whether buyer or seller] to push the price around at their leisure…and I get the feeling that was the case yesterday.
That said, it’s interesting to me to see that silver has essentially broken again from gold today. In fact at the moment it’s the only precious metal out of the big three that is positive at $36.38. ExactPrice shows gold at a still healthy $1,426.90 and platinum at $1,745.30 as I type.
But silver is I think where some of the action is right now. Why do I say that? Just the pattern I see at the moment of tracking the metals for a while now. A gut feeling if you will. But guts can be wrong as so many pagan priests have found through times past.
So that said, let me provide you with some links I came across today. By far the weight to me has been focused in the news on the dollar and its weakness, which in part explains gold continue strength. The other part that explains gold’s continued strength is the debt that is choking nations.
“I can’t eat an iPad.” <- short read that speaks volumes.
The “Terminally Ill” U.S. Dollar is teetering and very close to a major breakdown. <- Peter Grandich continues to be a voice tracking dollar’s zombie state.
Thanks to twitter follower LuminousROC for sending me the following video:
Portugal braces for govt collapse over debt vote <- Didn’t the EU fix them?
UK households face biggest income fall since 1970s as inflation bites <- It’s coming with a vengeance I fear.
Perils of holding cash – gold and silver seen as far superior <- Definitely a worthy read.
Something To Chew On <- dealing with silver. I found the analysis interesting.
When Gadhafi falls, does Libya’s gold get leased at 1% per year? <- fascinating development.
Well, that’s it for today. Keep your eye on the action and do your research out there.