Gold was steady on Monday after briefly falling below $990 an ounce, as the euro trimmed some losses versus the dollar, but bullion looked vulnerable to a long liquidation after it failed to stay above $1,000 an ounce.

A plea to lawmakers…give liquidation a chance!

Except for a sharp dip that came just after New York opened and was quickly erased, gold stayed within a tight $7 range from the far East straight through to the end of trading, finishing near the high end at $856.70, up $4.30. For the week, gold shed 3.2%.

Friday action in gold didn’t start until the middle of the Hong Kong session once again. Like Thursday, both gold and silver rose from this point…and all through London…until the New York traders showed up on the Comex. Despite the lousy news and the lousy US$…down they both went.

Entering a dangerous and troublesome period in financial history…the battle between the forces of inflation and deflation wages on… The Liquidation War…the coming of the Greater Depression…Cattle is no longer such a hot commodity in Argentina…what will hobble agriculture in the future?…and more!