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September 27, 2011 / Hal (GT)

Gold seeking recovery.


Today is the final day of options expiration this month and gold and silver are in recovery mode after the huge banks with massive short positions took advantage of the weakness in commodities this past week. At least that is my overall take on the situation.

I watched what I saw as the real manipulation take place yesterday from my mobile phone by refreshing http://www.learcapital.com/mobile every so often while I sat in one of our world class healthcare facilities pretty much all day. When I could see the DOW and S&P500 doing well and the precious metals still getting hammered I recognized the signs of some strong hands in effect.

Today, looking at the widget on my desktop (I’m so glad to be sitting in front of the personal workstation), I can see that those strong hands are taking a break from their shoving down.

Here’s a link that was sent to me from @ajmcafe while I was away yesterday. It’s worth a read.

John Embry – Why Central Banks Smashed Gold & Silver

I got this video from Peter Grandich‘s blog and I thought he was over the top in describing it on his blog until I actually watched it. I didn’t know whether to laugh or cry:

Lear Capital: Gold Rebound – Is it Underway? <- I’m thinking it is given how it’s recovering today. We’ll know a lot more come end of the week.

“From its lowest Sunday night depths, at $1535 an ounce, the gold price has now risen $130.”

Bye Bye Stocks – Bye Bye Gold – or – Buy Buy Precious Metals? <- Another good one from David Engstrom and it echoes my post from last Friday.

Health premiums now more than a new car <- Now, is that the sign of a good direction?

John Hathaway – Here is Why Gold & Silver Have Bottomed

Michael Pento – What You Must Know about Gold & Silver Selloff <- One more from KingWorldNews and it’s an interesting read.

Gold charts and some comments <- Dan Norcini’s comments on yesterday’s precious metals pain.

It’s Much Worse than 2008

“I keep hearing the so-called experts say how much better shape the banks are in now than in the last financial meltdown of 2008.  To that, I say horse hooey!  Any expert worth his salt knows that nothing has been fixed in the financial system.  The problems were papered over with fiat currency and the proverbial can kicked down the road—ting ting ting.  You will know things are truly getting better when the banks start valuing the assets on their books at what they can be sold for today, not for what they hope to get for them a couple of decades in the future.”

December Contract Gold Notes With Kenny <- On Jim Sinclair’s MineSet.

China launches its first gold vending machine: report <- They love their precious metals.

Lewis Lehrman to Present Plan For a Return to the Gold Standard <- Here’s a quote I found worth thinking about from Ed Steer:

“As I mentioned further up in this column, the physical off-take in both metals has been absolutely staggering, as the buy-the-dip purchasers have been invading every precious metal store on Planet Earth since last Friday…and the U.S. Mint sales on Friday and Monday were huge…and are going to get even larger the longer that prices for both gold and silver stay at these price levels.  I hope that you’re getting your share.”

SGE to raise gold, silver trade margins ahead of holiday <- Shanghai gets into the margin hike game.

Max Q <- good gold and silver analysis over at TF Metals Report.

U.S. on “Knife Edge” of Contraction: Fed Economist <- Sounds rather painful to be in such a position.

Gold’s Future Will Be Questioned

Izabella Kaminska: How central banks use ETFs to keep gold down

Gold Daily and Silver Weekly Charts – Happy Option Expiration Day – Gold Carry Trade

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