Thoughts on Markets

Wednesday, September 10, 2008

This is a Gut Wrencher! Gold headed for 750.


Silver and gold a really taking a severe beating again today. Hopefully, all of the short positions will be covered soon. The metal buying around the globe is exhausting the supply as refiners are holding back delivery at the prevailing prices. Demand remains very strong. It could be that pent up demand caused by the prior higher prices delayed buying and many are only now beginning to catch up by building their personal and business supplies. I understand the large blocks of gold and silver are available, but the coins are rapidly disappearing from shelves and have long time delays between purchase and delivery.

In the GLD proxy for gold, we send the strong downward move. The red numbers on the scale indicate support areas. GLD has dropped dangerously close to the 74+ one. A drop below that would be significant.

The detraction of the up coming election is taking a good bit of emphasis from the markets. This election, more than most in the past, has attracted a good bit of interest. In my opinion neither of the major candidates would be good for our country, so most people seem to be voting for what they see as pragmatically the lessor or the offered evils. What many seem to avoid facing, that regardless it is a vote for evil. For some time now we have been offered ever more poorly qualified candidates but both of the major parties. How or whether to vote is a dilemma. Does one vote for the lessor of the evils, withhold his vote to avoid giving credibility to a corrupt system, or write in a third party candidate which is much more in tune with the biblical world and life view? How many voters even consider the character and moral values of the candidates?

From the heart or soul of a person come the presuppositions which drive the person to act in a certain way. Thus, the moral character reflects the true person. The God he worships and obeys direct his life and how he will act in any elected position. This is important and critical to America and every other nation in the world. Blessed is the nation whose leaders and people who have the Lord as their God. All others will come under God's wrath in His time.

Whoever is elected in November will be the leader chosen by God for America. However, we must always remember that God's reason for choosing a particular leader can be for a blessing to the nation or a judgment upon the nation. A review of the history of Old Testament Israel clearly indicates that God often sent leaders and other nations to carry His wrath upon His chosen people of Israel. Will He not do the same for nations today? We should constantly be aware of these facts and we must get on our knees in repentance, seek His way for each of us, our churches, our communities, and our governments, and then and only then will He bless America again.

By the way, Gold is at 762 and silver at 10.94. That is dangerous territory for both precious metals.

Best to each, Doug

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