Gold did nothing in the Far East during yesterday’s trading, but did develop a slightly positive bias as the London session advanced. The Comex open saw gold up about 1% immediately, only to have not-so-gentle hands hammer it (and any subsequent nascent rally) flat. The absolute bottom was during lunch hour in New York…and from there, a rally (short covering?) began.
As per usual these last few days, gold did nothing in Far East or European trading. However, about an hour before the Comex opened in New York, the gold price headed lower in a very similar pattern to what happened on Monday. See the graph. This decline lasted until 9:15 Eastern time when a rally commenced. But it was all for naught once the London p.m. fix was in. The bids disappeared, and the price dropped $12 in just a few minutes…and that was it for the day…as the tiny rally that followed was negated by the end of Comex trading. The boyz just aren’t letting the gold price show any signs of life when the Dow is under this…
Recently I took my girlfriend’s son to buy a large screen, flat panel TV so he could play his computer games with life size characters. The deal was if he saved half of the cost his mother and I would make up the other half. If you’re new to this computer game thing, it’s visual crack for these kids.
Off we went to the store where he had scouted out the best price on the unit he wanted. Wow, these things are expensive. As he stared in wonder at this digital behemoth, the sales person dutifully came up to close the deal.
As is always the case, numbers started flying back and forth between the sales person and myself; cables, warranties, delivery…
The money-printing hand writing is on the wall, says Justice Litle. A severe inflation threat is on the horizon. But the bond market is still pricing in a bout of deflation. And that makes Treasury Inflation Protected Securities (TIPS) an amazing deal right now.
Obama’s ever-growing stimulus package isn’t giving the markets a boost. Matthew Collins says the Fed’s zero-rate interest policy has created a liquidity trap, in which businesses and consumers prefer to hoard cash than make risky investments. That makes stimulating the economy very difficult, and dampens hopes of an ‘Obama rally’ in the near future.
The Kitco gold chart for the last three days is a sight to behold. I’ve never seen such price activity. Silver too.
James Dale Davidson provides some essential tips for your investment strategy during this credit crisis. The government had admitted that we face trillion-dollar deficits for years to come. And who knows how much bigger the budget hole could grow with companies like GM lapping up Uncle Sam’s bailouts. But there are always way to protect your wealth… and even make a profit.
Chances are, your portfolio suffered heavy losses last year. But incoming President Obama’s ‘mega fix’ for the US economy could end up costing you even more, says James Dale Davidson. It’s time to consider your options…
Just like Friday morning, gold blasted out of the starting gate as soon as Globex trading began in the Far East on Monday morning. And just like Friday morning, this price spike ran into a wall of selling that went on for about four hours. Then there was a respite until 3:00 a.m. New York time when another wave of selling commenced that lasted right through London…and until the Comex open. Then the dealers (mostly JPMorgan, I would think) pulled their bids for the third and last time…and the price of gold cratered another $10…for the third and last time. Silver really got it in the neck on the Comex open. There was nothing free market about this…this was the…
After receiving hundreds of billions of dollars in taxpayer-funded federal bailout money, the biggest U.S. banks say they can’t track how that money is being spent. Some of the banks are outright refusing to discuss the matter, a new study has found.
