Gold through $1130 Plus - Silver >$18
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Here is the picture on gold. I have noted today's price in purple. Both the RSI and MACD are positive, and today's current price has made a high above the upper trend line of the upward trough which is very positive. Gold has farther to go, and we have seen no correction since this move began near the end of October. Thus, it is a very strong move.
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Take a look at Gold over the last 24 Hours. What a trading range! The mining stocks are responding, but not to this extent. By the way, the DOW is now up 115 to 10383.
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China's caution on yuan signals no early move
By Kevin Yao - Analysis
SINGAPORE (Reuters) - Investors betting on a yuan rise early next year will be disappointed as China is likely to keep the currency on a tight leash at least until the middle of 2010 to cement the country's economic recovery.
Annual growth in the world's third-largest economy accelerated to 8.9 percent in the third quarter, rapidly rebounding after hitting a trough of 6.1 percent in the first quarter and putting the government's full-year target of 8 percent within reach.
But comments from top Chinese officials attending a meeting of Asia Pacific Economic Cooperation (APEC) countries in Singapore highlighted their worries over the strength of the recovery, which remains nascent and stimulus-driven. Read it HERE.
The Asia-Pacific leaders pledged to keep stimulus measures in place until there's a "durable growth"... Hmmm... Here's hoping that the Asia-Pacific leaders let us know when that happens, for 4.8% annualized growth for Japan, sure seems like "durable growth" to me! And... In keeping with our hopes that fundamentals return to currencies and commodities... The strong economic data for Japan, did not quash the yen! In fact, the yen has traded stronger VS the dollar overnight! Speaking of trading stronger VS the dollar overnight... Have you seen the price of Gold? WOW! Gold has set, yet another, all-time record high overnight of $1,133! It has since given back some of that to trade at $1,127... But still... WOW!"
From the Daily Pfennig on a hidden slap at Americans in ObamaCare:
"And then there was this... The other night I was discussing the Health Care stuff, and told the person I was talking to that the stimulus bill, you know the one that was pushed through so fast last winter because we as a country were "near total collapse"? Well, the stimulus bill had hidden in it, part one of the Obama Health Care Plan... Hmmm didn't know that? Well, yes, grasshopper... It's the "death panels" that Sarah Palin coined them... They are called the rationing and enforcement board. And... The President has already funded them with $20.6 Billion of our taxpayer dollars!"
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