Are we having fun yet?
Summer is setting in and it really should be no surprise that the precious metals begin to flounder about. It’s cyclic. The big question that remains is how long will it last? Given economic data around the globe things continue to be pretty gloomy.
As I’m typing the sell off of gold and silver that we’ve seen pretty much since last Friday has abated and seems to have found a bottom. But I think there’s still likely some weakness in the market.
Right now the free widget on my desktop is showing gold at $1,524.00 and silver at $35.43. Platinum had slipped to below $1800 and is now at $1,801.60.
Ben Bernanke is about to wag his tongue about a responsible federal budget. No doubt he will be calling for raising the debt ceiling as debt is what this country considers currency now.
Okay here’s a few things to consider.
Is Gold in Fort Knox Real? Ron Paul Wants to Know <- He’s not the only one.
1.9 Million Fewer Americans Have Jobs Today Than When Obama Signed Stimulus <- That’s likely because so much “stimulus” went over seas.
Roubini Says “Perfect Storm” May Clobber Global Economy <- I saw that movie. I didn’t like it then either.
Lear Capital: Are Broken Tinker Toys Driving Stocks Lower and Gold to $1800 oz.? <- Tinker Toys infested with termites.
From Turd Ferguson on yesterday’s brutal action in the precious metals (had me nodding my head):
Just another reason to leave the day-to-day trading of these “markets” to us poor, addicted gambling fools and, instead, confine yourself to the regular, slow accumulation of physical metal.
US Could End Up Worse Than PIGS Combined <- That’s a sobering thought. But will our politicians have the moral fortitude to do anything to stop it?
With the insane financial heroin known as QE 2 ending shortly, the stock market has realized that their drug induced artificial high had done nothing to fix a horrific set of economic, political and social issues facing America.
Fed Policies Are Largely Responsible for Global Unrest <- A blog post from Laura Gross that I agree with.
Turk – Gold & Silver Have Bottomed, Summer Explosion Ahead <- from King World News. Time will tell. I’ll be watching.