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August 3, 2011 / Hal (GT)

Jim Sinclair’s $1764 magnet coming up fast for Gold.

Well, over night it would appear that the Asian markets had a hunger for the yellow metal and because of that silver has finally crossed $41.25 and is right now at $41.88 as I type.

Gold is looking strong at $1,670.90.  I expected a pull back at the COMEX open but one really didn’t materialize. I think we can say that the summer dull drums are done with.

What is interesting to me is that platinum is losing position against gold and this morning I am left wondering if gold at some point this year will top it.

First two news items were sent to me on twitter from Mike Cane:

Europe on Brink of ‘Major Financial Collapse’: Guggenheim CIO

Fear is driving a silent bank run in Greece – but some see the government’s austerity plans as a chance to transform

China Joins Russia in Blasting U.S. Borrowing After Debt Ceiling Agreement <- Seems to me that China was pushing us to raise that debt ceiling? What gives?

Sorry About That <- good gold and silver analysis from Ferguson.

Man Accused Of Breaking Bird Feeding Law Might Be Jailed <- more governmental craziness.

Is Gold A Bubble? 14 Charts, The Facts And The Data Suggest Not <- ht to JervisCapital.

Confidential Wal-Mart Memo Discloses Substantial Drop In Store Traffic Compared To Year Ago <- another ht to Jervis. And boy is this bad economic news if true.

Lear Capital: Debt Limit Got a Raise – So Did Gold <- thank you Washington DC.

Doug Casey – Inflation to Start Running 20% – 40% Per Year <- that ain’t a pleasant outlook.

Our Problem in Pictures <- This is a must see on our debt issues.

China loses trust in US economic stewardship Asian giant to say no to dollar dominance

Gold and silver breakout as even strong currencies falter <- that’s because there are no strong currencies other than gold.

World’s Private Sector Stumbles as Debt Crisis Bites <- I think enslaves is a better choice in place of “bites”.

Deficit Will Grow While Economy Shrinks <- Grim outlook.

You Want to Create Jobs? Here’s How <- interesting read.



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