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July 22, 2011 / Hal (GT)

Head ’em up! Move ’em out!

Get them doggies roll’in!

The gold bull continues and to some smart folk it doesn’t look like it’s ending anytime soon. Which is probably the case because the majority of people on Main Street still remain in the darkness of ignorance when it comes to this bull.

As I type this morning, the app is showing the spot price of gold at $1,607.20. Silver is at a healthy $40.23.

Options Expiration is Tuesday. So be on the lookout for a take down between now and then. And should the deal come in on the extension of the debt ceiling we will see another pullback in precious metals. Can you imagine how violent that pullback will be if it happens during options expiration? Hmmmm…….

Anyway here are some of the collected links I think worth noting as influential in this interesting time we find ourselves in for gold.

Oslo Explosion: Blast Result of Massive Vehicle Bomb, Sources Say <- The world remains a dangerous place.

Summertime, history tells us, is wobble time for gold. It weakens in value. Not so this summer. <- Monty Guild on Jim Sinclair’s MineSet. Worthy read.

“It’s A Cash-Flow Problem”: The Ever Broker US Consumer Increasingly Relying On Credit Cards For Daily Staples <- Hat tip to @fuTuRe_sHOcK on Twitter.

Rick Santelli – Gold’s Rise is Indictment of Central Bank Policies <- Rick is on of the main reasons I tune into CNBC in the morning. Here’s a snippet:

“Ron Paul last week asked Chairman Bernanke during the Humphrey Hawkins type hearings if he thought gold was money and he (Bernanke) said, ‘no.’  My answer would have been, it’s better than money.  Yes, $1,600 gold is insulting central bankers in the following fashion, it’s saying gold is going up because what you are doing to the fiat currencies of the world is not tolerable to smart investors.”

This tweet from Laura Gross is worth checking out:

#China has plans to raise it’s #goldreserves to 8000 tons…

Silver Dealers Gear Up for Increased Demand <- Also found via Laura.

Asian Investors Catch Gold Fever Amid Record Price <- Ed Steer’s Gold and Silver Daily is a good stop. Be sure to see the graph from the St. Louis Fed on the Adjusted Monetary Base. Ed had this to say toward the end of the post:

I must agree with Ted Butler that, considering the open interest changes in silver lately, something appears to be going on that JPMorgan is trying to hide from prying eyes.

States negotiating immunity for banks over foreclosures <- [Link I stole from Ed Steer] Screw the people, save the banks? No wonder we’re doomed.

Peru Mining Tax Increase Ahead? <- Governments are starting to realize. What do you think this will do the commodities, hmm?

Namibia plans to raise mining tax from 37.5% to 44%, diamonds exempt <- More coming I’m sure.

The Contrarian’s Time to Shine <- From Expected Returns in regard to real estate. This quote caught my attention:

It’s probably because I’m a bit of a nerd, but I get really excited sitting and thinking about what the next big trade will be. Regular readers of this blog know that I believe real estate is going to be perhaps the biggest contrarian play out there, especially because unemployment is going to rise. By this time next year, everyone will know the economy is slowing and bearishness will increase dramatically.

Smoke and mirrors: China’s new rare earths export quotas not all they seem


J.S. Kim: Gold and silver are the objectives of the new nuclear arms race

Ralph Benko: Left fails to grasp that gold equals jobs


The Federal Reserve: Our Policy Is To Steal From You

Gold Video of the Day: The Utah Coin Act – David Morgan



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