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September 29, 2011 / Hal (GT)

Patience, golden grasshopper.

I don’t have a lot to say about the action today in gold and silver other than to say it’s been choppy. Right now the widget shows gold at $1,619.20 and silver at $30.66. The spot for platinum continues well below gold at $1,525.50. That continues to scratch at me and I can’t help but think how that speaks about the industrial manufacturing woes ahead of us.

Be on the watch tomorrow. It’ll be interesting to see how the markets want to go into the weekend.

Here is a bunch of items for you to check out. Their order is simply how I came across them today.

California and Bust <- HT to @MikeCane. Vanity Fair article worth a read dealing with local government woes.

Mainstream Media Spins Real Estate Recovery <- Another worthy read about he supposed housing recovery that MSM has been trumpeting.

 This report was spun to make a very bad market look like it was improving.  It is not improving!  It is an unfolding disaster, and that is a statistical fact straight from the report!!

The World is in a global synchronous recession <- HT to @Future_Shock.

In The News Today <- for those of you worried about what gold has been doing lately. Jim Sinclair is someone you want to listen too.

Doji Days <- I’ve been following Anna Coulling for a while now. She’s a Forex trader and I found this quote from her blog post telling about markets (emphasis added by me):

“Trading forex today has been very frustrating with most pairs oscillating in a relatively narrow range and creating a variety of doji candles on the daily charts.   “Doji days” can be extremely trying and are always a sign of market indecision and tend to emerge on days with little or no fundamental news as traders scratch around for reasons to buy or sell.

Peter Schiff – Economy Headed Over Cliff, Gold to Go Higher <- From King World News.

Investors Intelligence – Nearing Extreme Pessimism Readings <- also from King World News.

Fleckenstein – Gold & Silver Bottomed, Expect Money Printing <- Another from King World News. If you have to pick one to read, read this one:

Bill Fleckenstein continues:

“There was a fair amount of hot money in these things, which in hindsight is not surprising because gold, silver, platinum and copper, that group of commodities, were about the only thing that worked this year.  People were using leverage, that’s what the decline tells me.  So we have washed out a huge contingent of speculative operators.  Thus, the markets should be ‘clean.’

“It (gold) will probably take some time to repair itself.  There will be a lot of back and forth, that sort of thing, but I expect the lows that we hit won’t be violated and we should start working our way higher (from these levels).  The ECB is going to print a ton of money or the euro is going to fracture.  Either one of those resolutions will be bullish for gold.”

Gold rises 1 pct as physical buying supports <- HT to @Silver_Watchdog. Which made this come to my mind:

Doug Casey: Buying Physical Gold and Silver:

Doug: Well, I hate to recommend buying anything that’s gone up six or seven times in the last decade, but for all the reasons we’ve discussed in our recent conversations, as we exit the eye of the storm – first and foremost of which being the creation of trillions of new currency units – I am convinced gold is going much higher. So, yes, I do see the current correction as a buying opportunity.

U.S. jobless claims sink 37,000 to 391,000: Labor official suggests big drop stems from ‘technical’ issues <- the technical issue being lack of jobs, duh!

Ed Steer’s Gold and Silver Daily has some good tidbits today (par for the course). I found this particularly interesting:

I’m only speculating here, but if you check both the New York gold chart above…and compare it to the HUI in front of you…you’ll find some rather striking similarities.  It wouldn’t surprise me in the slightest if gold got hit so there was no safe exit for investors fleeing the equity markets yesterday.

I suggest scrolling down from that comment on Ed’s blog to the entry where he quotes Ted Butler on the SLV action.

Gold market has calmed down a bit <- From Dan Norcini.

A Replay of 2008? <- Some analysis on gold and the markets worth a read. Short. Sweet.

Our Many Layers of Entitlement <- Good read.



One Comment

Leave a Comment
  1. Stephen Patterson / Oct 4 2011 4:25 pm

    Excellent post. Some good points you mention in there.

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