Thoughts on Markets

Sunday, September 07, 2008

Gold and Silver are Up in Asian Markets

Upon opening of the Asian markets for precious metals, both silver and gold a putting in a better performance. This may change over night or when the NY market opens. It may be that the boyz have unloaded most of their shorts in the metals and are on the long side now. We will have to see in the morning; however, it is about time.

Silver is at 12.70 and gold at 814.90. Both of these are encouraging compared with what has been our news since the middle of August.

We are moving into the fall season which is normally good for the precious metals. India has been gobbling up gold at the bargain prices. Their purchases are up about 45% in spite of the large premiums being charged. This is the season when the Indians buy gold for themselves.

Impacting upon the new prices of petroleum will be the prospects of Ike hitting Houston and Texas where it appears to be headed. That will likely threaten some of the gulf rigs. Most certainly, it will cause shutting down of operations in Ike's path at the very least. Damage to the rigs is quite possible. I would expect petroleum prices to rise this week.

Gold is up against all of the major currencies, except the British Pound, Australian Dollar, and South African Rand at this point in time. A bit earlier it was up against all currencies except the Australian Dollar.

Blessed is the nation whose God is the Lord. America was certainly blessed in the her first century on into her second. However, since we have boasted about our accomplishments and failed to honor our God, we may well be under His righteous judgment. He is patient and long suffering, but there comes a time when He will discipline nations as He did Israel when they forgot that He was the source of all their blessings. Let us as a nation turn back to the living Sovereign God of all and honor His only Begotten Son: Our Lord and Savior. We honor Him by being obedient and being a thankful people.

Best to each, Doug


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