In the same category

Gold Daily and Silver Weekly Charts - Gold Pops Back, Economy Falters

IMG Auteur
Published : July 10th, 2014
428 words - Reading time : 1 - 1 minutes
( 2 votes, 5/5 )
Print article
  Article Comments Comment this article Rating All Articles  
0
Send
0
comment
Our Newsletter...
Category : GoldWire

"True bravery is always an act of love, of family and friends, of truth, duty, and honor. To stand and face the unknown requires that we care for something more than ourselves. There is no greater act than to move forward with our heart while our mind tells us to flee."

Thanks to Bill Murphy for resurrecting that old quote of mine above from 9-11-07.

Much as I would like to serve up some legendary comments about the intense action in the precious metals markets today, the fact of the matter is that not much happened. Well, at least as far as the markets are concerned. I enjoyed working in the yard outside although the heat was a bit oppressive.

The claiming action in the Comex yesterday was minimal, and the warehouses were fairly quiet, although the ins and outs in the CNT silver warehouse still serve to impress a bit.

The metals popped higher led by gold which poked its nose over 1330 for a little while, seemingly off the FOMC minutes which really did not say much of anything new. The Fed will continue to taper until QE ends in October. And the unspoken 'unless' in that is 'unless something happens.'

They can keep rolling the bonds and interest over, and continue to expand their Balance Sheet. I suspect that they have bought so many Treasuries that they risk distorting the repos market, which is one reason why the taper is in place.

But the dollar dropped, and so gold popped.

Let's see how earnings continue to come in. We might see a little more action in mid-July as the BRICs gather, but as noted before, these big changes tend to happen very slowly, and then out of nowhere, all in a rush.

There are plenty of jobs, crap jobs at minimal wages. Political soft corruption prevails, and the lack of direction in the country towards big infrastructure projects is appalling. The US should be building major hubs of renewable power generation distributed by an upgraded and resilient power grid. New bridges and railways, harbor improvements and productivity enhancements spurring employment and demand would be a welcome development.

But this is not to be. The government is in the hands of the monied interests, and the printing being done by the Fed is directed into the unreformed private financial machine that strips assets, and builds little or nothing. Wall Street is truly a crooked casino, largely consumed with taxing the real economy with rigged speculation.

These are the dog days of Summer.

Have a pleasant evening.



<< Previous article
Rate : Average note :5 (2 votes)
>> Next article
Comments closed
Latest comment posted for this article
Be the first to comment
Add your comment
Top articles
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS
Take advantage of rising gold stocks
  • Subscribe to our weekly mining market briefing.
  • Receive our research reports on junior mining companies
    with the strongest potential
  • Free service, your email is safe
  • Limited offer, register now !
Go to website.