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July 18, 2011 / Hal (GT)

It certainly appears the summer doldrums were short lived for gold.



It’s been a very interesting day to me. Looking at the graph is ExactPrice I can see we hit $1,600 early this morning. What I find very surprising is that we’ve not seen profit taking at this psychological level. That is pretty telling on the sentiment of investors I think. We’ll see how tomorrow goes, if things continue to heat up, well… it’s going to get really interesting I think. More so than I would normally expect.

My caution is to remember the options expiration is the 26th of this month. So in just over a week. That is something to be mindful of.

Right now gold is at $1,604.50. Silver has remained up there at $40.60.

Yeah. It’s going to be interesting.

Here’s the links I collected today.

Russell – Gold Market is Saying Bernanke to Print Money <- Yep. And Bernanke pretty much telegraphed that last week himself.

London Trader – Potential for Major Short Covering in Gold

A Thousand Pictures is worth one word <- They all fail.

‘Days of World Production to Cover Short Positions’ <- Check out this graph on the commodities, particularly gold and silver.

Another Winner! <- Turd Ferguson’s morning analysis for the silver and gold action. Worth checking out. I’m with him at the surprise that we didn’t see some greater profit taking after breaching $1,600 this morn. That is extremely interesting to me.

Get Ready for a 70% Marginal Tax Rate <- I honestly can’t see how this would be good for the economy. But that’s just me and well, a number of other people.

Gold closes the week on a strong note <- Trader Dan’s post from last Friday is worth a read as he notes the “increasing INTENSITY” in the gold market.

Gold leaps above $1600 as US and Eurozone no closer to solving debt problems <- I have maintained that gold’s run has primarily been so strong because of debt. Debt = slavery. It seems to me that one of the functions of fiat currency is to create and manage debts.

U.S. Debt Ceiling Dilemma: Moody’s Says Do Away With It <- Are you kidding me? Then the sky would be the limit. Of course it would also likely mean that the whole Ponzi scheme would come crashing down that much faster. I’m in favor for lowering the debt ceiling.

Why My Pessimism is Growing <- this is an excellent post from Expected Returns.

Mexican Central Bank Added Almost 100 Tons of Gold in H1 2011

What Are These Global Markets Trying To Tell Us?:

“…physical Gold held outside the banking system will do just fine (and probably a whole lot better than fine).”

WHAT $1600 GOLD IS TRYING TO TELL US!! <- Interesting thoughts

Bernanke out of bullets? Heck no! <- Be afraid, be very afraid.

Gold Options: Cranking Up The Fear

The Size of Debt, Not Process, Creates Uncertainty  <- This is one reason, why I say debt and gold are linked.

$1764 Is The Magnet To Watch <- Question isn’t when, just how soon?



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