And Then There’s This… Thursday July 10, 2008
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Gold and silver didn’t do much of anything in Far East and early London trading on Wednesday morning…despite the news of Iran’s missile test. However, at the usual time, shortly before the Comex opened for business in New York, both silver and gold began to rally strongly.
But once the London p.m. fix was in, both metals were capped for the rest of the NY trading session…and into the after hours market. Trading volume on the Comex was light…and all the HUI’s lovely opening gains disappeared as the day wore on.
Tuesday’s open interest changes were as follows…gold down 2,958 contracts…and silver o.i. was reduced by the magnificent sum of 8 (eight) contracts. With both gold and silver prices still well above their respective 20- and 50-day moving averages, there has been no reason for the tech funds to sell. But, as Ted Butler said in his commentary on Tuesday…”If silver and gold sell off sharply, there will be no explanation other than engineering by the Commercials.” Can they do it? Sure…the phone calls go out…and it’s done in a New York minute. We’ve all see it before. On the day that they do it, it’s just a matter of how pretty a waterfall decline they paint on the Kitco charts at the beginning of trading on the Comex in New York.
In gold news yesterday, I see that an analyst at UBS has stated that the bull market for gold could be over…and that the current price ($930/troy ounce) “was likely to be unsustainable”. One wonders how badly their gold short position is under water, as they are one of the LBMA ‘market making’ bullion banks in the ‘8 or less’ traders category. The news item is linked here.
The first story today is from CNNmoney.com. It’s timely…all about Fannie (FNM) and Freddie (FRE). After this week’s blood bath, the real questions (finally!) are starting to be asked by the main-stream media. This article is entitled “The Fannie and Freddie Doomsday Scenario”…and that’s exactly what it is. The story is linked here.
The second story…and it’s timely too…is a GATA dispatch about USAGold’s annual investment survey which will surely warm the cockles of your heart. The article is entitled “Gold up 43% — outshines Wall Street, Main St.”. The link is here.
If you want to do an extra service for our God and Country, investigate thoroughly and prove who is knifing America in the back in Washington…and why. - General Douglas MacArthur
I see that discount retailer Steve & Barry’s went Chapter 11…and strip mall vacancy rates soared to 8.2% in the 2nd quarter. The Dow got creamed and the financials were crushed…again. Can the boyz save us today? We’ll find out soon enough.
See you tomorrow.
Source:And Then There’s This… Thursday July 10, 2008
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