Gold and Silver Off a Bit - Presents Opportunity

Both gold and silver are down this morning providing an opportunity for adding to mining stock portfolios. I have bought HMY at 8.79; however, it is headed upward again. It is still below 9.00 which seems good to me. VGZ is up to 1.40 now and DROOY is 5.44 ( I would like to add to DROOY at nearer 5.00).

Silver is 10.92 and gold is 840.50. Both are on a down tick at present. They have been lower today, but are showing signs of rising again. The precious metals have run up a good deal recently and are due for some kind of correction before continuing upward. These corrections provide opportunity for adding to my portfolio. Perhaps, you might consider the same, but make your own decisions.

From Mine Web:

UPSIDE FAVOURABLE

Gold - positives outweighing negatives for bullion and stocks

Gold is showing continuing signs of strength amidst volatile general stock and commodities markets and gold stocks have done particularly well over the past two months, but there are some negative signs around in the important Middle Eastern and Indian jewellery/investment sectors.

Author: Lawrence Williams
Posted: Friday , 19 Dec 2008

Read it HERE.

From 321gold:

Benson's Economic & Market Trends
Uncle Sam May Grab Your Gold if You're Not Careful

Richard Benson
Dec 19, 2008

Read the article HERE.

I know that this is a possibility, but have no indication that it will become fact. It is likely wise to keep this kind of governmental intervention on the back burner. They've done it before -- remember F.D.Roosevelt? Though he is revered by many, he confiscated gold from gullible citizens and then raised the value of gold. It was a double whammy against the citizens of this "free" nation. Just goes to show that we are not as free as we think. Many believe freedom is the right to vote, but that can not be farther from the truth. Remember that the elite selects the candidates upon whom we can vote. But the is far more to freedom than simply being able to vote for the two selected candidates. Freedom means that government is involved only in protecting the life, liberty, and property of citizens by punishing those who violate God's Law.

From Casey's Daily Resource Plus:

In other news, I see that GE and GE Capital are about to lose their AAA credit rating. Why is this a surprise when they've already shown up at the Fed's door looking for money? Now the word from George Bush is that he might consider allowing the Big 3 auto makers to go Chapter 11. He said it would be "throwing good money after bad" by bailing them out. (Note to Bush: Isn't that what the Treasury and Fed have been doing to Wall Street and the banking system for the last twelve months? - Ed) And here's the laugh of the day. In The King Report this morning, a story out of The Times in London..."Senior executives of Credit Suisse will have their bonus payouts linked to about $5 billion (£3.2 billion) in illiquid assets such as leveraged loans and mortgage securities...making employees take on the risky assets some of them put on the Swiss bank's balance sheet." That's just too cute for words! They should try that little manoeuvre on Wall Street next.

From Seeking Alpha:

The Problem with GLD and SLV ETFs

by: Trace Mayer December 14, 2008

The ’sweat of the sun’ and ‘tears of the moon’ are singularly unique commodities. They function as unencumbered equity and function as a presentation currency. For this singular reason they are largely hoarded, not consumed, and serve to protect against despotic government inroads by preventing confiscation through inflation which is a form of taxation without representation. The ETFs GLD and SLV are commonly represented as being bullion. Accepting this assertion is naive and with potential financially lethal consequences. While GLD and SLV track the relative prices that is where the similarities with bullion end

Read it HERE.

From GATA today:

GATA Chairman Murphy reports on meeting with CFTC

Submitted by cpowell on Thu, 2008-12-18 22:31. Section: Daily Dispatches

By Bill Murphy, Chairman
Gold Anti-Trust Action Committee Inc.
Thursday, December 18, 2008

About 45 minutes before I was to leave for my meeting with Commissioner Bart Chilton of the U.S. Commodity Futures Trading Commission, this news hit the tape:

"Obama to appoint Gary Gensler to lead Commodities Futures Trading Commission -- AP."

Gensler is a former undersecretary of the treasury and assistant secretary of the treasury.

Gensler is a Goldman Sachs alum and a Treasury man. Obama is putting one of the key figures in the Gold Cartel scheme into the top role at the CFTC. Talk about the fox guarding the henhouse! But the bad news might be good news.

Find the article HERE.

From the Daily Pfennig this morning: "As reported by the Wall Street Journal..."Obama's economic team is crafting a stimulus package to send to Congress of $675 billion to $775 billion over two years, according to transition officials. The transition team has conveyed the figures to Capitol Hill, where the package is likely to grow as it works its way through the House and Senate. Obama aides hope to keep the package below the trillion-dollar mark, as they fear being accused of adding too much to the country's long-term budget deficit."

I laugh! As if! As if $775 Billion "won't add too much to the country's long-term budget deficit"! I give up... I really do... The Gov't thinks we are all BUFFOONS! They really do, folks... They are taking us as village idiots, thinking that if they keep it below $1 Trillion, we "won't notice"! "

It seems as though there is a tug of war between the old and the new administrations. Each wants to be the one who fleeces the citizens by adding to spending and bail outs. There will be a day of reckoning coming. The book are always balanced in the long run on earth. At the end the Sovereign God of all balances the final books. Be sure your name is written the Book of Life which Jesus Christ will open on the Day of Judgement.

At this wonderful Christmas time, it is a joy to pray for each of you a glorious time of rejoicing in the birth of our true King of kings, Lord of lord, and Light of light. He is the one we worship and serve. Open your mind to His word, the Bible, and so fill your heart with it that you will not sin against Him. He is the only way to true lasting joy and peace on this earth and in the eternal life to come. If it were not true, He would not have told us.

A joyful Christmas to one and all, Doug