Caution Is the Watchword - Precious Metals Down a Bit
We were expecting a correction in the precious metals; however, this may not be a normal correction. Are the boyz getting worried again? They are always concerned that the people will discover the fraud of the counterfeit currencies of today. Both metals have taken it on the chin.
Though the Industrials and Transportations confirmed a potential new bull market in the general stocks, we have not seen a continuation of confirmations. Note the up down pattern of the lower trend lines. That is not good action. The return to higher highs, though positive, adds some confusion, as well. Folks, it remains a time for caution.
There is selling on the down moves and the volume has increased on the down side. There is moderate support, as shown, at about 7.60. I have sold some BYDDF, but am looking for an opportunity for buying. This is a strong company with a great potential. However, for the time being, I see it as a time of locking in some profit for rebuying at a lower level. Let's see if the support holds. A break below that should take the price much lower.
NEW YORK -- Demand for gold coins and bars, already strong as the price of gold sets records, could rise as the U.S. Mint is set to resume selling certain types of gold coins Dec. 3.
The Central Banks are replacing dollars with Gold. They are in the know and have many other opportunities. Do they see something that many do not? Is an end to the dollar as the reserve currency near? As always, study the financial situation and make your own decisions.
This is a time for great caution in the paper markets. In America, we are discouraged from saving by the low interest that savings earn. In fact, it does not pay to save in dollar terms, because the income tax will tax us on any interest to add insult to injury, and then the purposeful lowering of dollar purchasing power robs us of value over time. Thus, savings in a money market fund or on a bank account is a wasted exercise. We lose in the long run.
However, we can rest fully assured in the promises of King Jesus contained in His Word. "Seek ye first the Kingdom of God, and all our needs will be supplied." They are not always supplied in exactly the way or in the time we would like. But we know that our God whose love for His people cannot be removed by any power (None is greater than Jesus Christ), and He has faithfully promised that all things work together for our eventual good. What a wonderful God! Praise Him daily.
Best to each, Doug
Though the Industrials and Transportations confirmed a potential new bull market in the general stocks, we have not seen a continuation of confirmations. Note the up down pattern of the lower trend lines. That is not good action. The return to higher highs, though positive, adds some confusion, as well. Folks, it remains a time for caution.
There is selling on the down moves and the volume has increased on the down side. There is moderate support, as shown, at about 7.60. I have sold some BYDDF, but am looking for an opportunity for buying. This is a strong company with a great potential. However, for the time being, I see it as a time of locking in some profit for rebuying at a lower level. Let's see if the support holds. A break below that should take the price much lower. 
From GATA:
Mint resumes selling certain gold coins amid strong demand
Last year, the Mint had to halt sales of half-, quarter-, and tenth-ounce coins because of a shortage of blank coins. It now has enough supply to do so.
"The demand is strong, but we also need to have the blanks to be able to do it," spokesman Michael White said.
This year, the Mint has sold 1.13 million one-ounce American Eagle gold coins, already surpassing last year's overall total of 860,500 coin ounces. Last year's total also included fractional-size coins. For 2008, the Mint sold 172,000 American Buffalo one-ounce gold coins before running out. The mint sold none from December 2008 through September 2009. Since sales restarted in October, the mint has sold 140,000 Buffalo coins. Read it HERE.
"The demand is strong, but we also need to have the blanks to be able to do it," spokesman Michael White said.
This year, the Mint has sold 1.13 million one-ounce American Eagle gold coins, already surpassing last year's overall total of 860,500 coin ounces. Last year's total also included fractional-size coins. For 2008, the Mint sold 172,000 American Buffalo one-ounce gold coins before running out. The mint sold none from December 2008 through September 2009. Since sales restarted in October, the mint has sold 140,000 Buffalo coins. Read it HERE.
From KhaleeTimes.com:
Russia to sell 30 tonnes of gold to c.bank
(Reuters)
18 November 2009
MOSCOW - Russia’s state repository Gokhran will sell 30 tonnes of gold to the central bank in 2009 instead of offering it to the market, Russia’s finance minister said on Wednesday, adding that the operation will not be repeated in 2010.
Russia to sell 30 tonnes of gold to c.bank
(Reuters)
18 November 2009
MOSCOW - Russia’s state repository Gokhran will sell 30 tonnes of gold to the central bank in 2009 instead of offering it to the market, Russia’s finance minister said on Wednesday, adding that the operation will not be repeated in 2010. Read it HERE.
(Reuters)
18 November 2009
MOSCOW - Russia’s state repository Gokhran will sell 30 tonnes of gold to the central bank in 2009 instead of offering it to the market, Russia’s finance minister said on Wednesday, adding that the operation will not be repeated in 2010.
Russia to sell 30 tonnes of gold to c.bank
(Reuters)
18 November 2009
MOSCOW - Russia’s state repository Gokhran will sell 30 tonnes of gold to the central bank in 2009 instead of offering it to the market, Russia’s finance minister said on Wednesday, adding that the operation will not be repeated in 2010. Read it HERE.
The Central Banks are replacing dollars with Gold. They are in the know and have many other opportunities. Do they see something that many do not? Is an end to the dollar as the reserve currency near? As always, study the financial situation and make your own decisions.
This is a time for great caution in the paper markets. In America, we are discouraged from saving by the low interest that savings earn. In fact, it does not pay to save in dollar terms, because the income tax will tax us on any interest to add insult to injury, and then the purposeful lowering of dollar purchasing power robs us of value over time. Thus, savings in a money market fund or on a bank account is a wasted exercise. We lose in the long run.
However, we can rest fully assured in the promises of King Jesus contained in His Word. "Seek ye first the Kingdom of God, and all our needs will be supplied." They are not always supplied in exactly the way or in the time we would like. But we know that our God whose love for His people cannot be removed by any power (None is greater than Jesus Christ), and He has faithfully promised that all things work together for our eventual good. What a wonderful God! Praise Him daily.
Best to each, Doug
posted by Doug @ 8:21 AM
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