All aboard…. Wooo Woooo.
Well, today gold and silver are being taken down. Why? Well, dollar looks strong right now but I think it has a lot more to do with the coming options expiration on Monday than anything. But that is of course my personal opinion. Right now ExactPrice is tracking the spot price of gold at $1,517.80. Which means it just broke the 1,520 resistance level. Time will tell if it breaks below $1,500.
Silver is being pushed below $35 and now is at $35.11 as I type.
Peter Grandich has his update on the Markets and says this about gold and is why I titled this post as I have:
Today’s action IMHO is the last buying opportunity we shall see before the summer doldrums dissipate and gold moves towards and beyond $1,600 as the leaves turn color.
Embry – Western Central Banks Don’t Have 30,000 Tons of Gold <- Good read from King World News.
Gold at Inflection Point <- Expected Returns is always a great stop.
Gold Daily and Silver Weekly Charts – Toothless Jawboning As the Deception Unravels <- short sweet analysis.
Study: $1400 Tax Hike Needed to Fund US Pensions <- The Tax-Man cometh.
Eurozone and U.S. debt signals still positive for gold despite short term weakness <- I maintain that Gold is greatly influenced by debt.
Surge in gold and silver ownership worldwide as doomsday nears <- I maintain that Gold is greatly influenced by debt. Yeah. I said it twice.
“Growing Your Way Out of Debt” Is a Fantasy <- Right on.
Economic trouble puzzles Fed chief, too <- That’s just so comforting.