Gold on Hold Until After the Election?
This is an election year. As we all know, everything possible is being done to aid those in office to hold their positions of power. After all, is that not the reason they ran and continue to cling to office? Power does corrupt!
The price of gold seems to be "on hold" until after the election. As we consider the loss of purchasing power of the dollar, it is apparent that gold should be somewhere around $800-$900 per ounce. Why isn't it up there now? Perhaps, the following from GATA will give some insight.
ROB-TV sponsors 'The Great Gold Debate'
"For an hour Tuesday Canada's Report on Business Television sponsored "The Great Gold Debate" between our hero, John Embry, chief investment strategist for Sprott Asset Management in Toronto; Paul van Eeden, the well-known gold market analyst and president of Cranberry Capital; and Stephen Hochberg, chief market analyst for Elliot Wave International.
The most telling parts of the program may have been when Embry read one of the several official confessions of the gold price suppression scheme, the speech of William R. White of the Bank for International Settlements, delivered to a BIS conference in June 2005, wherein White identified suppressing the price of gold as one of the five primary purposes of international central bank cooperation:
http://www.gata.org/node/4279
Whereupon van Eeden and Hochberg insisted again that there is no evidence of central bank intervention against gold. . . . Anyway, you can watch "The Great Gold Debate" for a week at the ROB-TV archive here:"
http://www.robtv.com/shows/past_archive.tv
I suggest you check out the web sites and see for yourself. Now let's look at gold over the last 24 hours. The high of $583 was reached yesterday morning at 10:07 and the low of $571.60 later yesterday at 5:39. It is now at $581.40. Silver over the same period hits its high of $11.11 at 10:16 yesterday and the low of $10.67 early this morning at 6:41. It is now at $11.08. A year ago today, gold was at about $470 and silver was at about $7.50. Even with the recent set back, that is not too shabby an increase.
My two favorite silver stocks are Silver Standard (SSRI) and Pan American Silver (PAAS). I prefer SSRI, but have December Call options on PAAS. Current prices on mining stocks are as follows: BGO 4.63, CBJ 3.66, CDY 1.34, CEF (bullion) 8.06, DROOY 1.29 (Remember, I bought more of this the other day at 1.30 and I have a buy in now at 1.28), EGO 4.13, GSS 2.69, HMY 12.11, IAG 8.88, KRY 2.91, MRB 2.97, NEM 43.96, NTO 3.77, PAAS 18.59, QEE 0.30, RNO 2.10, SSRI 21.40, XVE 8.90.
My plan is to hold all for the long term. After all, the long term trend for the precious metals is upward. Nothing has changed about the shaky fundamentals against the dollar. Thus, the dollar remains on the downward path with some upward spurts along the way. Even the manipulated and massaged economic reports from government will not prevent the fall of the dollar. As the dollar loses purchasing power, it will take more dollars to buy the precious metals and mining stocks. At some point in time, the manipulators will run out of steam and the market will take over. Anyway, where else can one find safety for his investments?
Richard Russell suggests holding some Treasury Bills as protection against the early phase of a potential recession. This should be a wise move. Remember that governments and central banks abhor recessions or depressions. To them, both are 4-letter words to be avoided at all cost. Thus, both will desire to inflate the supply of unbacked paper currency to prevent either. This action will insure lower purchasing power of; for example, the dollar.
I remain thankful that the sovereign Ruler of all is firmly in control, and rest in the fact that He works all things together for the eventual good of His people. What a blessing it is to belong to the family of God and to serve the Lord Jesus Christ.
Best to each, Doug
The price of gold seems to be "on hold" until after the election. As we consider the loss of purchasing power of the dollar, it is apparent that gold should be somewhere around $800-$900 per ounce. Why isn't it up there now? Perhaps, the following from GATA will give some insight.
ROB-TV sponsors 'The Great Gold Debate'
"For an hour Tuesday Canada's Report on Business Television sponsored "The Great Gold Debate" between our hero, John Embry, chief investment strategist for Sprott Asset Management in Toronto; Paul van Eeden, the well-known gold market analyst and president of Cranberry Capital; and Stephen Hochberg, chief market analyst for Elliot Wave International.
The most telling parts of the program may have been when Embry read one of the several official confessions of the gold price suppression scheme, the speech of William R. White of the Bank for International Settlements, delivered to a BIS conference in June 2005, wherein White identified suppressing the price of gold as one of the five primary purposes of international central bank cooperation:
http://www.gata.org/node/4279
Whereupon van Eeden and Hochberg insisted again that there is no evidence of central bank intervention against gold. . . . Anyway, you can watch "The Great Gold Debate" for a week at the ROB-TV archive here:"
http://www.robtv.com/shows/past_archive.tv
I suggest you check out the web sites and see for yourself. Now let's look at gold over the last 24 hours. The high of $583 was reached yesterday morning at 10:07 and the low of $571.60 later yesterday at 5:39. It is now at $581.40. Silver over the same period hits its high of $11.11 at 10:16 yesterday and the low of $10.67 early this morning at 6:41. It is now at $11.08. A year ago today, gold was at about $470 and silver was at about $7.50. Even with the recent set back, that is not too shabby an increase.
My two favorite silver stocks are Silver Standard (SSRI) and Pan American Silver (PAAS). I prefer SSRI, but have December Call options on PAAS. Current prices on mining stocks are as follows: BGO 4.63, CBJ 3.66, CDY 1.34, CEF (bullion) 8.06, DROOY 1.29 (Remember, I bought more of this the other day at 1.30 and I have a buy in now at 1.28), EGO 4.13, GSS 2.69, HMY 12.11, IAG 8.88, KRY 2.91, MRB 2.97, NEM 43.96, NTO 3.77, PAAS 18.59, QEE 0.30, RNO 2.10, SSRI 21.40, XVE 8.90.
My plan is to hold all for the long term. After all, the long term trend for the precious metals is upward. Nothing has changed about the shaky fundamentals against the dollar. Thus, the dollar remains on the downward path with some upward spurts along the way. Even the manipulated and massaged economic reports from government will not prevent the fall of the dollar. As the dollar loses purchasing power, it will take more dollars to buy the precious metals and mining stocks. At some point in time, the manipulators will run out of steam and the market will take over. Anyway, where else can one find safety for his investments?
Richard Russell suggests holding some Treasury Bills as protection against the early phase of a potential recession. This should be a wise move. Remember that governments and central banks abhor recessions or depressions. To them, both are 4-letter words to be avoided at all cost. Thus, both will desire to inflate the supply of unbacked paper currency to prevent either. This action will insure lower purchasing power of; for example, the dollar.
I remain thankful that the sovereign Ruler of all is firmly in control, and rest in the fact that He works all things together for the eventual good of His people. What a blessing it is to belong to the family of God and to serve the Lord Jesus Christ.
Best to each, Doug
posted by Doug @ 9:09 AM
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