Precious Metals Trading in a Higher Range for Now
Each time that gold moves to a higher level, I wonder if this is it. Then, as is almost always the case, it drops back a bit. At times it drops back precipitously which is scary. It moved to around 566 early today, but is back to 757.80 as this is started. Silver is at a nice 13.59 now.
Perhaps, the banks and cartel are allowing gold, in particular, to trade at this increased level to put in more shorts. Then looking to drop it again. One of these times, the ploy will fail to work. They will lose control, but when is the unanswered question. The game will work until then and we will see ups and downs. Business as usual, but it is nice to have gold at a higher plateau. Maybe it will stay there for a while.
The mining stocks are responding pretty well. Most are off today, but still trading at a higher level than before. HMY (9.92 Up 0.01, but down from 10+ days ago) is still suffering the after effects of the mine problem from which all miners were rescued. However, a detractor is the fact that future mining will be more costly. Even DROOY (7.95 Off 0.10) is suffering some as it, too, is likely facing higher mining costs. Even giant Newmont is trading at 47.36 Off 0.26.
The Canadian Dollar (Loonie) is worth $1.0208 today. It is worth more than our dollar. Wow! The Swiss Franc is worth $0.8454 and the Euro is worth $1.4155. The dollar is showing a little strength, but is far from kicking fanny in the currency markets. Long term, it is still spiraling downward.
The general market in terms of the DJI is down come 82+ to 13900+. It is staying below the lofty 14000 level. With all the liquidity sloshing about in the markets, the DJI should be moving much higher.
More reports are telling us that the housing - sub-prime mortgage fiasco is far from over. Even Bernanke admitted that in a speech this week. There are warnings out to avoid the big U.S. banks, because of their exposure to sub-prime loans. Some are saying that we will see a break in commercial real estate here following the housing. Could well be! Suffice it to say, we are not out of the woods yet. Likely, still deep in the forest.
The big 3 banks: Citibank, Bank of America, and JP Morgan Chase are putting billions together to "save" the commercial paper market. It is some sort of investment fund which may attract investors who are not aware of the situation. Maybe, even, the banks are starting this to save themselves. Do you think they would do that? In a New York second! Banks are not content to create "money" out of nothing, loan it out, and collect interest on it. No, they want everything.
The good news of this and every other day is that the Sovereign Ruler of all, Jesus Christ, is still in control and moving all in accordance with His will. Remember, nothing can separate His people from His love. What peace that brings to us in times which challenge.
Best to each, Doug
Perhaps, the banks and cartel are allowing gold, in particular, to trade at this increased level to put in more shorts. Then looking to drop it again. One of these times, the ploy will fail to work. They will lose control, but when is the unanswered question. The game will work until then and we will see ups and downs. Business as usual, but it is nice to have gold at a higher plateau. Maybe it will stay there for a while.
The mining stocks are responding pretty well. Most are off today, but still trading at a higher level than before. HMY (9.92 Up 0.01, but down from 10+ days ago) is still suffering the after effects of the mine problem from which all miners were rescued. However, a detractor is the fact that future mining will be more costly. Even DROOY (7.95 Off 0.10) is suffering some as it, too, is likely facing higher mining costs. Even giant Newmont is trading at 47.36 Off 0.26.
The Canadian Dollar (Loonie) is worth $1.0208 today. It is worth more than our dollar. Wow! The Swiss Franc is worth $0.8454 and the Euro is worth $1.4155. The dollar is showing a little strength, but is far from kicking fanny in the currency markets. Long term, it is still spiraling downward.
The general market in terms of the DJI is down come 82+ to 13900+. It is staying below the lofty 14000 level. With all the liquidity sloshing about in the markets, the DJI should be moving much higher.
More reports are telling us that the housing - sub-prime mortgage fiasco is far from over. Even Bernanke admitted that in a speech this week. There are warnings out to avoid the big U.S. banks, because of their exposure to sub-prime loans. Some are saying that we will see a break in commercial real estate here following the housing. Could well be! Suffice it to say, we are not out of the woods yet. Likely, still deep in the forest.
The big 3 banks: Citibank, Bank of America, and JP Morgan Chase are putting billions together to "save" the commercial paper market. It is some sort of investment fund which may attract investors who are not aware of the situation. Maybe, even, the banks are starting this to save themselves. Do you think they would do that? In a New York second! Banks are not content to create "money" out of nothing, loan it out, and collect interest on it. No, they want everything.
The good news of this and every other day is that the Sovereign Ruler of all, Jesus Christ, is still in control and moving all in accordance with His will. Remember, nothing can separate His people from His love. What peace that brings to us in times which challenge.
Best to each, Doug
posted by Doug @ 11:59 AM
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