Gold spikes on possible Euro fumble.
I wasn’t around on the Net yesterday, but I was periodically checking the spot price of gold and silver by pointing my Smart Phone at http://www.learcapital.com/mobile. Not much had changed since the end of last week though it was positive. But today, as I sat down at the desk and the ExactPrice widget popped up I could see something had changed. A very nice spike has occurred this morning for both gold and silver.
And so far the spike has held. It’s not a massive moon shot as I saw one person note on twitter, and I say it’s not because it has remained with in the range it’s fought in over the last couple of weeks now. There is an attempt to keep gold below $1,685 I believe and right now we are sitting $4.80 over that spot so we will know more as the day comes to an end. I think that we will need to see is some consecutive closes at this level to set up a move higher.
The reason for the spike today appears to me to be fears and disappointments associated with the Euro mess and perhaps consumer confidence and housing prices. Which may mean we’re looking at a safe haven play.
Here are the items I’ve gathered or have been shared with me today:
Gold Gets Legs to the Upside as Stocks Slump on Euro Fears <- And stocks are indeed continuing to slump. We’ll see what the close looks like in about four hours.
Stephen Leeb – China Will Send Gold & Silver to the Moon <- I might add that Russia, India, and Middle East.
John Roque – What to Expect in Gold & Stocks Going Forward <- some interesting thoughts on gold and silver via King World News’ website.
James Turk Report – Why Gold Will Go Above $11,000 <- If that’s so, than it’s got a long way to go.
Jim Rickards – Extremely High Risk of US Dollar Collapse <- I’ve got a great deal of respect for Mr. Rickards and think listening is of value.
Who All Is Watching You? <- This is disturbing to me.
Global systemic crisis – First half of 2012: Decimation of the Western banks <- Hat tip to Jim Sinclair and is a must read.
Inflation Up Globally <- Not a good thing if you’re hungry. Fascinating quote to begin things off on the Euro mess.
Let’s Play “Guess a Chart” <- A must read from Dan Norcini.
Is Gold resuming its Safe Haven Status? <- More from Dan Norcini.
Pessimism is growing about the ability of German and French leaders to either agree on how best to increase the continent’s bailout fund and otherwise stop sovereign debt defaults and the collapse of banks that hold the increasingly cheap bonds from Greece, Italy, Portugal and Spain.
Exclusive: IMF considering participation in EU bailout fund <- Where do you suppose they will get their money to help with this? Ummm?
The Calm Before the Debt Crisis Storm <- You can feel the air sizzle.
Guess Who’s Even More Leveraged Than the European Banks? <- this does not bode well in my opinion.
It’s The Central Banks, You Dumb Kids <- I love when a writer can make me laugh.
Well, that’s it for today. Gold now is at $1,708.00 and silver at a healthy $33.38. What do you suppose tomorrow will bring? Profit taking leading to a retest of today’s high? Whatever happens I’ll be tracking it.