Thoughts on Markets

Friday, January 08, 2010

Gold & Silver Capped a Bit - Buying Range Soon????

It is hard to realize that this is the first Friday and the end of the first week of 2010. We are thankful to the Lord for providing this incentive to examine the last year and more forward with greater confidence and dependence upon Him for every moment of life He gives us.

Let us study the bible diligently to find His will for each and every day of our lives. He provides them and sustains us for His glory and our enjoyment of Him. Thank King Jesus daily. This is truly the day that He has given us and we will rejoice and be glad in it doing every thing His way.

From The Daily Pfennig: "OK... Yesterday, there was news all over the TV and internet about the NY Fed and AIG... According to the report, the NY Fed pressured AIG to keep their payments to brokerages like Goldman Sachs, a secret from the public... Now, doesn't that just tick you off? OH! And guess who was running the NY Fed at the time of these alleged deals to defraud the public? Why, it's Mr. Timothy Geithner, that's who! Is there any thing that this guys touches that's not a fuster? (The Bloomberg report on this is HERE)

The NY Fed is denying these findings... But, there's smoke here folks... And it's thick smoke! And it goes along with all the other things I keep talking about regarding the Gov't getting more involved in our personal lives... I'm sure, that Tim Geithner thought it to be "best" to not tell the public that the they were giving tax payer Billions to AIG, and AIG was turning it around and giving it to Goldman Sachs and others... And the excuse would be along the lines of: These are extraordinary times, and they call for extraordinary measures to save the world. . . .

Then there was this... This NY Fed / Geithner / AIG / thing is really interesting... It really ticks me off... But the thing that I find to be the most important to take out of this, because we can't do anything to reverse what's been done, is to realize that the Gov't will stop at nothing to pull the wool over our eyes... My good friend, David Galland put it this way... "Of course, what's actually important in all of this is the confirmation - as if we needed it - that high government officials are willing to take active measures to keep the public in the dark on matters that would be inconvenient if revealed.""

The secrecy of this newly promised open to the public White House is being lost in the mystery which is hidden from all but the true insiders. Can anything they say be trusted? I think not. The reports released seem to consist of lies and subterfuge. It is all smoke and mirrors similar but greatly enhanced from the time of the Bushes.

From Ed Steer's Gold and Silver Daily: "And now about that big spike in the silver price at the Hong Kong open yesterday morning. Here's what it looked like up close and personal. An unknown someone put in a 300+ contract market order at 7:30:24 p.m. Eastern time Wednesday night... 8:30 a.m. Thursday morning in Hong Kong. This drove the price up to $18.43 in a heartbeat. I thank Carl Loeb for providing this graph."
Folks, this is not normal activity. Who is doing this?

From Reuters India:

Gold hits session high as U.S. data knocks dollar

LONDON (Reuters) - Gold prices turned higher on Friday after U.S. non-farm payrolls for December data missed expectations, knocking the dollar lower versus the euro.

The dollar fell against the single currency after data showed 85,000 jobs were shed last month, while markets were expecting no cuts. Read it HERE.

From TheStreet.com:

Platinum, Palladium ETFs Make Debut

The highly anticipated ETFS Physical Platinum Shares (PPLT Quote) and ETFS Physical Palladium Shares (PALL Quote) will expand the lineup of popular commodities funds designed to give investors access to the price of precious metals.

As I noted preciously, platinum and palladium are unique precious metal holdings that stand to benefit from rapid expansion abroad. Read it HERE.

Below, we find news on financial distress in two more states in addition to California. More to follow during the so-called recovery?:

From Chicago Tribune:

Splurge. Borrow. Repeat. Read it HERE.

From The New York Times:

Paterson Says Legislators Put State in Danger
Read it HERE.

A warning from Ed Steer's Gold and Silver Daily: "Today [around 8:30 a.m.] is the day that the December jobs report is released. And, as Bill Murphy over at lemetropolecafe.com has pointed out every month [with only one exception] for at least the last five years, 'da boyz' hit the price of gold and silver the moment the report is released. Let's see if they follow s.o.p. again today.

Both gold and silver are now back above their respective 50-day moving averages. As I said yesterday, I'm hoping for the best, but always on the lookout for 'in your ear'."

The boyz may cap one or both again today, so watch it.



Environmentalist are taking another stab at the mining industry that has already been driven out of the U.S.A. as reported in MineWeb.com:

Environmental scientists seek U.S. mountaintop mining ban

Twelve environmental scientists from universities including John Hopkins, Duke, and U.C. Berkley are demanding the EPA and the Corps of Engineers stop approval of all new mountaintop mining permits.

Author: Dorothy Kosich
Posted: Friday , 08 Jan 2010

RENO, NV -

A group of environmental scientists are calling on the U.S. EPA and the Army Corps of Engineers to issue a new moratorium on all mountaintop mining permits.

In an article published in today's journal of Science, the scientists say peer-reviewed research documents "irreversible environmental impacts from this form of mining which also exposes local residents to a higher risk of serious health problems."

The scientists also argue that surface coal mining "is now the dominant drive of land-use change in the Central Appalachian region. " Read it HERE.

Miners from Scottrade.com:

Currencies from Kitco.com:
BYDDF 8.59; FVITF 2.528; KENS 0.029 ( I bought at 0.33); DOW off 28 @10580; Gold 1127.60 down; Silver 18.36 up. May be miners will be getting into buying range before another run up. Doesn't look to promising at this time.

Best to each, Doug


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