Swiss and Chinese. The two Gorillas in the room.
What a way to start the week. I hope you all had a great Labor Day holiday. Mine was spent between dozing, sipping NyQuil, and chewing on cold pills. I know that sounds like it would taste bad, but with a nose and as plugged as mine I couldn’t taste a thing.
I hate summer colds.
But I love news that affects the spot price of gold and silver and today is loaded. It may seem odd on first plush that the precious metals are down, but I have a feeling there is a lot of short covering going on so people are having to sell some pretty assets in order to cover assets not looking so pretty.
At the moment the spot price for gold is at $1,878.90 with silver at $42.21. That’s after a morning launch that sent gold near $1,907.00 looking at the graph on widget ExactPrice.
The first two articles that you need to read are:
Gold Declines From a Record as Swiss National Bank Imposes Franc Ceiling <- when my buddy told me that the Swiss had been begged (hehe oops, I mean pegged) to the Euro via text this morning my brain wasn’t quite functioning (as I said, summer cold) but the reality of it began to sink in.
Andrew Maguire – LBMA Shorts Will be Forced to Take Losses <- be sure to digest the whole thing as China gets ready to enter with the Pan Asia Exchange, it’s IMPORTANT.
And now for the rest:
More Beijing embassy cables show China sees gold as central in currency war <- That’s been my feel for a long while now. What’s interesting is that apparently the US gov sees this as a concern.
Italy Announces Austerity Plan 2.0 As Local Protests Spread, Turn Violent <- I guess they don’t want to let China and Switzerland be the only folks making news.
South Indian Bank launches sale of gold coins and gold bars <- Not really a surprise as it’s India and they get it. HT to JervisCapital.
Liquidity Pyramid <- Worth a look on Jim Sinclair’s MineSet.
Postal Service Is Nearing Default as Losses Mount <- Fear tactics. Don’t worry. The President of the USA and Congress won’t let it fail. They’re too beholding to the union.
Gold Price Set to Rally, Say Analysts <- more on the Swiss Franc.
Analysis: Pegging Swiss Franc to Euro May Lift Gold to $2,000 <- And I will be tracking that.
How much is China looking to add to its gold reserves? <- Umm… I’d say as much as they can get their hands on.
The Gold Price Parabola And Silver Rocket Update <- Worth a look.
Gold Long Term Targets – 150 Analysts Making Bold Thro To Stratospheric Price Predictions <- be sure to watch the video.
Spending in the Tax Code <- the more things change, the more they remain the same.