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August 16, 2011 / Hal (GT)

Gold bull rises to plateau and admires the view and eats some grass.


The title of this post pretty much sums up my opinion (for whatever it’s worth) on what’s going on in with the gold spot price right now. The play the last couple of days since hitting the new high and selling off has been to stay near Jim Sinclair’s angel magnet of $1,764.00. That should be no surprise.

Right now the widget is reporting the price at $1,779.70.

Silver looks to be on the move this morning. If it can hold above $40 come COMEX close that’ll be a nice sign that higher moves are possible in the near term.

Peter Grandich had some good things to say about both metals in his update this morning.

Peter Schiff – Relentless Rise in Gold to Continue <- From KingWorldNews.

Gold – 4 Hour chart update and comments <- great analysis worth reading from Dan Norcini.

GOLD CHART – Inflation Adjusted Gold Price (1970-2011) <- This is a must view graph. TheNvsibleHand tweeted it.

S&P vs. Gold chart starting from last September. <- Scroll down for the chart. Pretty interesting. This is Ed Steer’s Gold and Silver Daily.

Lear Capital: Is Gold Set To Drop Like a Rock or Rise Like a Rocket? <-Here’s a snippet from David Engstrom:

“…let’s ad a little perspective to the issue of stocks versus gold.  Less than a month ago the S&P traded at 1345.  As it trades now it has fallen 11.5% from that level.  Gold on the other hand is up 8.7% in the same period.  That’s after the $73 drop from its recent new record high.”

Gold strengthens again- can big brother fix any economy any more? <- Seriously? When did “big brother” ever fix an economy?

Hedge fund SAC puts $628 million into gold ETF options <- GATA news flash.

King World News audio interview this James G Rickards <- worth a listen about Nixon “Closing the gold window.”

Goldbug Defined <- Great blog post from Laura Gross. Worthy read.

Technical Analysis Put to the Test <- Interesting read and graph. Going to have to keep eye on this.

Hmmm.. Just back from lunch and I’m disappointed to see silver didn’t close at the COMEX open trading above $40. As of 1:55pm it’s at $39.78. Gold is at $1,783.10 and has had a fairly strong time since early this morning. We’ll see if this continues.

I must remind you all that options expiration is coming up in nine days. Just thought I’d mention that so that it will be in the back of your mind. It’s been nagging me for some reason.

At Vacant Homes, Foraging for Fruit <- got this from Mike Cane on Twitter. This quite the amazing story to come out of foreclosed homes. Around here one of the problems I’ve heard about is coyotes taking up residence in them.

Commemorative Gold Coin Sales Suspended

Gold Stocks Now vs Dow: The No Brainer <- I found this to be a interesting read.

Top in Gold? <- When have I heard that before? Interesting analysis with some graphs.

Gold and the SNB <- That’s the Swiss National Bank. What is interesting is that the rumor is they are considering pegging themselves to the Euro in an attempt to devalue their currency.

Okay that will be it for today I believe. Until next time.

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