Close X Cookies are necessary for the proper functioning of 24hGold.com. By continuing your navigation on our website, you are accepting the use of cookies.
To learn more about cookies ...
EnglishFrench
Gold & Silver Prices in

Gold and silver off to the races?

IMG Auteur
 
Published : August 27th, 2012
388 words - Reading time : 0 - 1 minutes
( 0 vote, 0/5 )
Print article
  Article Comments Comment this article Rating All Articles  
0
Send
0
comment
Our Newsletter...

 

 

 

 

Gold and silver prices posted very strong finishes to the end of last week, and look like they could at long last be at the start of a significant trending move higher. Gold gained 3.46% over the week, with silver recording an impressive 8.98% weekly gain. The white metal has broken above an important resistance level at $30, and judging from the price action this morning looks like it could launch a quick assault on $32.50 – a level that marked stubborn resistance for much of the first half of this year.

Over at KingWorldNews, commodity guru Dan Norcini notes the rash of short covering that took place in the silver market last week. He points to $35-$35.50 as the last “line in the sand” for these speculative shorts, and thinks that we could see a huge new influx of money on the long side of the market if this price level is bested. $40 will then be in play again.

The story is similar in gold. If the yellow metal rises above $1,700, we can expect to see speculators dashing to cover their short positions. Aside from the increasing likelihood that the Federal Reserve is getting ready to launch another money printing scheme within the next few weeks, gold bugs have also been encouraged by chatter about the Republican National Convention (due to meet in Tampa this week, barring problems with hurricanes) including a plank in the convention platform calling for a “gold commission” to study the feasibility of relinking the US dollar to gold.

Of course, a similar congressional commission was convened in the early 1980s, and to nobody’s great surprise endorsed the (non gold standard) status quo. Given the restraints that a genuine gold-dollar link would impose on federal spending, it is in fact almost inconceivable to imagine Washington voluntarily agreeing to return to a gold standard. But even accounting for these caveats and the fact that this latest idea probably owes more to Romney-Ryan trying to secure votes from Ron Paul supporters (many of whom will be tempted to stay at home on election day), it is at least encouraging to see gold once again becoming a mainstream discussion point.

Less encouraging are the continuing misconceptions fostered by lazy and/or ignorant journalists about gold’s use as money. But that’s a discussion for another article.

 

 

Companies Mentionned : Gold |
<< Previous article
Rate : Average note :0 (0 vote)
>> Next article
Comments closed
Latest comment posted for this article
Be the first to comment
Add your comment
Top articles
Latest Comments
Sernova, Diabetes and Haemophilia
29 JulS W.
Cannot agree with your 'globalists poisoning agenda" claim re Diabetes. Diabetes occurs because people eat and drink too much Sugar for th...
Hyperinflation Defined, Explaine...
28 Julsam_site
From you money supply graph it's easy to see how the globalist-created Vietnam War, Civil Rights Movement and War on Poverty accelerated Big G...
The Jeffersonian Secessionist Tr...
28 Julsam_site0
Your article supports the notion that the south had every justification to leave the union because of the unfair tariff war triggered by the N...
The American Religion of Violence
28 Julfoleymanor12
very interesting. what a nasty bunch the northerners were
Japan's Lemming Syndrome
27 Julrjs2248
Let's all follow the leader (The FED). Once the first domino starts tipping the rest of the global Ponzi scheme will crash. The best outcome is to ...
The Odious Versus the Tedious
27 Juldennyc1
I don't know. Trump may seem incompetent; but the blue ribbon for incompetence must go to and remain with George Bunnypants Bush and his response t...
How a New Vision Rose From the C...
27 Julsam_site
Video is the usual globalist propaganda pushing diversity, immigration and the balkanization of white, mostly southern and Protestant America ...
Sernova, Diabetes and Haemophilia
27 Julsam_site
Because the internet is finally getting out the word that diabetes, like most diseases can be cured through complete 90-element nutrition, exp...
Most commented articlesFavoritesMore...
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS