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July 15, 2011 / Hal (GT)

Precious metals blink at Bernanke’s poker face and then smile.

I’m a bit surprised that the profit taking in gold, once it reached it’s new nominal high, did not go deeper. In my opinion it’s typical to see a fall back in search of a floor after such events in gold’s life. But I’m surprised it wasn’t more violent. Over night ExactPrice showed that it descended to around $1,576 but once the morning got on it’s been an upward climb back toward the previous high and is right now at $,1593.50. So either we will see another sell off the like what I was expecting or gold has shaken itself loose and is heading higher.

Next week should prove interesting. Particularly given what happens in regard to the debt talks. Or rather, if they don’t go the way everyone expects, that being some compromise reached.

This a fascinating read on a European businessman that Mike Canesent me on Twitter: The Smartest Man in Europe Is Very Cautious

Return of the Gold Standard as world order unravels <- also sent my way by Mike. It’s a great piece from Ambrose Evans-Pritchard. Here’s a snippet:

“It is very scary: the flight to gold is accelerating at a faster and faster speed,” said Peter Hambro, chairman of Britain’s biggest pure gold listing Petropavlovsk.

Ben Davies – Gold to Break Above $2,000 in the Next 4 Months <- Given this week’s action that’s not that unbelievable, is it?

Jim Sinclair – Gold Milestone at $1,764 Paves Way to $12,000 <- Sinclair is the grand-daddy that we all need to sit and listen to. Also, Dan Norcini is quoted saying:

What makes the move higher so significant is the summer time frame of the breakout, particularly as you have all-time highs in three currencies, euros, pounds and US dollars.

Lear Capital: 101 Reasons Not to Own Gold . . . <- Something to think about.

I found this quote form Anna Coulling interesting in her post: What The Experts Are Saying About the Gold Price

 In other words, allowing for inflation it should be registering about $2,400 per ounce & second the prime driver for gold is not the fear of inflation which will, no doubt, come later, but the utter chaos that has been created by the greed and incompetence of the banks and politicians as they try to control the after effects of the financial crisis.


The Despicable D.C. Looters: <- good read from Casey Research Daily Dispatch with a good question:

The debt limit was reached on May 15. So how come the defaults didn’t begin immediately? Who’s been paying the bills in the meantime?

TF Metals Report has some good analysis and info on gold and silver in today’s post: Turd Back.

China Urges U.S. to Act Responsibly on Debt Ceiling <- Just the headline made me laugh.

Bernanke trying to walk back expectations for QE3 <- I guess Dan Norcini felt the same way as I did about Ben.

Silver ‘biscuits’ taking off in India <- India’s citizens want precious metals for storage of wealth I bet you.

Gold rallies after Asian fall. as “Eurozone Titanic” steered by debt crisis

Debt Talks Stall, Gold Continues to Rise


Discrepancy in Wealth Signals Collapse Imminent



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