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July 12, 2011 / Hal (GT)

Gold continues to shine as men flounder around.

The economies of the globe are in confusion and disarray. At least that’s my opinion as I try to step back and look at the big picture. Greece is either a bottomless pit which will never fill up with all that money being dumped into it or if the pit does eventually prove not to be bottomless, the weight of all that money/debt will suffocate the country with a slave collar. And now there’s news of Spain’s and Italy’s woes. Which if the CNBC “experts” are to be believed is totally different then problems faced by Greece. I’m not convinced. Because it seems to me the big picture remains one of debt, entitlements, and production unified under a Euro. But I’m not an expert, just the guy sitting with a cup of joe watching the world spin miraculously along in the solar trade winds.

So far this week gold has bounced off it’s lows of last week and even set new highs in the Euro and Sterling. So the bull market for gold continues. And it’s been trying to pull silver with it as best it can, even though silver has been proving an unwilling fellow metal. It could be that a nice floor is setting up for silver to bounce off of.

Which ever way they go I’ll be watching the action unfold on the desktop Adobe Air widget ExactPrice. Right now gold is down at $1,549.70. Silver down at $35.29.

As I sip my French Pressed French Espresso I clicked over to the insightful Peter Grandich’s site and his post, Things. Check it out, there’s some quick analysis of the markets overall and this quote about what he knowingly refers to as “the Mother of all Bull Markets”:

Look for new, nominal high before the leaves turn color.

China’s Gold Intentions <- Alena Mikhan’s thoughts on China.

Wonder why things continue to get worse economically and socially for America? It’s very likely because the base is sick with blight as this twitter from Laura Gross shares:

Town council in AZ declares state of emergency to remove mayor who uncovered undocumented payments to unknown persons –

Ed Steer’s Gold and Silver Daily is a real good read for analysis today and this section on the US Mint caught my eye:

As of yesterday’s sales report from the mint, silver eagles are outselling gold eagles and buffaloes 65 ounces to 1.  That’s a monstrous number.  If you convert this ratio into dollars of each metal, for every $1,450 worth of gold being sold, there is $2,470 worth of silver being sold.  This is unprecedented.

The next two headlines highlight to me that news is biased. They both came across my feed at the same time and prove that you must do your own research and own your decisions.

Gold drifts lower, stock markets nosedive as “crisis path” Italy shows Eurozone woes “systemic”

Gold prices to soar as debt contagion spreads through the Eurozone

German ‘Nein’ leaves Italy and Spain in turmoil <- Speaking of the Eurozone.

Gold now poised for a technical breakout to the upside <- be sure to check out Dan Norcini’s analysis.

Money gone rogue <- Interesting read and obvious reference to Sarah Palin in the title. At least that’s was my first thought at the title.

Sprotts on precious metals – Gold good, silver better! <- Interview format with Sprott.

Wising Up? <- Turd Ferguson makes some valid observations about the action in the gold market yesterday with that run up and then that very bearish raid in the morning hours. He also had this comment on silver:

“…silver will eventually trade much higher. However, don’t get ahead of yourself and act in haste.”

Ladies And Gentlemen, We Have A Totally New Scariest Jobs Chart Ever <- Found via great blog Fiat’s Fire.

Gold as I close this post is at $1,553.50 and silver is at $35.51.


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