Skip to content
October 11, 2011 / Hal (GT)

Precious Metals remain range bound.


Yet there appears to be a nice floor in play to my eyes. Over night saw some initial strength in gold and silver and then round 3:30 AM Easter time the proverbial, as some would claim, not-for-profit seller it the market in sending gold down nearly $30. Where it bounces around today. But that’s not to shabby actually. Silver on the other hand received the same treatment and yet is showing more strength of will today. Not fully recovered from over night but pretty dang good.

Looking at the widget on my desktop right now, gold is at $1,658.30 and silver is at $31.95. Platinum is interesting as it still remains way below gold at $1,522.10. That’s, I think, not a good sign for the industrial manufacturers.

All that said I think this report which I posted to twitter yesterday remains one that should be read:

Silver Bulls Encouraged by Latest COT Report

Rick Rule – Expect Higher Gold & A Wave of Mining Takeovers <- From King World News.

“I think with the gold price it inevitably goes higher, perhaps substantially higher, but we are going to experience a lot of volatility first.  What we have seen is volatility.  Upside volatility makes goldbugs feel good, they feel vindicated.”

Peter Schiff – Lots of Upside Left in the Gold Bull Market <- Also from King World News.

Ed Steer’s Gold and Silver Daily has a lot of good links and info today: Gold Rush in India Has Now Become a Sprint. Here’s how Mr. Steer ended his post:

In the very short term, I have no idea what silver and gold prices will do…but the longer term should not be in doubt in anyone’s mind. World-wide physical off-take is ferocious…and this situation can’t last without gold and silver prices being bid substantially higher. It’s only the timing that is the big unknown.

This is a great video interview with James G Rickards on the Max Keiser Report. Rickards part is around the 13 minute mark and it’s worth your time. His forth coming book Currency Wars looks to be a good read.

ECB gold reserves fall by 181m euros during week ending Oct 7th. <- trying to pay for some debt?

Ghana in talks with gold miners over additional taxes <- wanting their piece of the golden goose.

Gold slips as optimism about euro zone debt plan wanes <- I don’t get why this would hit gold frankly. But we know there are smarter minds out there than me. I think what we’re seeing is more likely the continued attempt to keep gold from racing to $2k.

New Bankruptcy Ripples may Emerge in Tough Economy

Marc Faber To America: “Listen You Lazy Bugger, You Need To Tighten Your Belts, You Need To Work More For Lower Salaries” <- Good read and a simple answer to getting out of this mess though it’s a pill I don’t think that anyone desires to swallow.

Check out this tweet from @MonetaAdvisors be sure to see the graph attached to the tweet here:

#gold driver depicted in the #FEDs own charts see attached

Okay. I think that’s all I’ve got for today. Until the next round.

 

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: