Gold today finds pressure over night and into the morning.
Some days you just can’t go up. And you know what? That’s healthy. And keeps things from getting boring. Looking at the widget on my desktop I can see two points in the last twenty four hours where a big seller, or two, came in and sold for some profit taking.
The silver graph is even more interesting to me. The metal definitely came under more pressure and has a more difficult time recovering.
But should we be worried by this action? Well, I’m not. In my opinion the long term outlook is still bullish.
In part I have to admit to getting a kick out of watching all this action and all these moves to keep the lid on gold. And in part I think that is what today’s action is. There is a lot fear and uncertainty in the markets and in the world. Which brings me to the news of the day.
More job seekers give up, reducing unemployment <- You don’t count if you are out of work and not looking for a job.
Horror for US Economy as Data Falls off Cliff <- Don’t be a lemming, do you’re own research and OWN the decisions you make.
Worth seeing -> Illustrations Are Not Just Cartoons.
You can read Ed Steer’s Gold and Silver Daily for his thoughts on yesterday’s action and how JPM is behind some of the price drops.
Wall Street Baffled by Slowing Economy, Low Yields: Trader <- Doh! This makes me laugh.
Bionics Are Breathing Down Our Necks, Part 2 <- This is an interesting read.
Sean Boyd – Expect New Record Highs in Gold This Summer <- I’m hearing this sort of thing from a number of folk.
Turk – Metals Will Be Hot This Summer, Gold to Hit New Highs <- An interesting read.
Gold is the only place for new money in June <- commentary on MarketWatch.
Hourly Action In Gold From Trader Dan <- Always worth a read.
What Do You Know About Silver Trends in 2011? <- Great info on the silver market. Some info that might surprise you.
What I Think <- Some things to think about.
Gold Video of the Day: Is Gold a Currency or a Commodity? <- currency! currency! currency!