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June 30, 2011 / Hal (GT)

Holiday coming up. Will there be fireworks?


Of course I’m thinking of fireworks in the precious metals markets, not the kind that zip through the sky like flaming stars which die in a frightful blaze of delight.

What I’m wondering is if things will continue to fizzle or explode. Sure we had a nice move back into the area we’ve been range bound in for some time now, but the question remains how long will we stick here? When will the show really get started?

I don’t know the answer to that question, but I do remain on the edge of my desk chair watching the action unfold with ExactPrice.

Of course the big happening today is that QE2 is coming to an end. Here’s a tweet from JWnFL on this action:

And…It’s Gone: QE2 Ends As Dealers Flip Just Auctioned Off 7 Year Back To Fed After Holding It For Under 22 Hourshttp://t.co/t0LSETe

Here’s some headlines from today:

Jobs Picture Remains Ugly as Weekly Claims Still High <- get used to it. This is the path for a while.

The Screaming Fundamentals For Owning Gold And Silver <- saw this on twitter via Laura Gross.

This info from Ed Steer is pretty cool to me:

Total ounces of gold eagles sold so far in the first six months of 2011 is 572,000 ounces, along with 78,000 one-ounce gold buffaloes…and a whopping 22,275,500 silver eagles.  Using all these numbers, one comes out with a silver/gold sales ratio of exactly 35 to 1.  For every ounce of gold the U.S. Mint is selling, it’s selling 35 silver eagles.  And that, dear reader, is phenomenal.

No $2,000 Gold Without QE3, BofA-Merrill Says <- It’s always good to read through opposite opinions. Of course, as Ed Steer pointed out (from whom I stole this link) gold has been rising since before the QE operations rather well on it’s own.

Sprott Latest (MUST READ!) and a Turdite Video

IMF urges US lawmakers to raise $14.3B debt limit <- Do you need more evidence for this being a bad idea?

Whalen – $200 Billion in Claims Against JP Morgan & Banks <- Is that all? Surely their Uncle Sam can cut a check for that.

Inflation Does Not Look Transitory to Us <- Yeah. I don’t think so either.

Italy’s Cabinet Approves Austerity Plan <- It most be in vogue now. 🙂

Gold-Silver Ratio reflects trader views towards “risk” <- Read and Learn.

Treasury covered up China’s excessive buying of U.S. debt <- Put’s a whole new spin on the question, “Who’s your daddy?”

The US Non-Recovery <- This graph will scare you.

That’s it for today.

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