Thoughts on Markets

Monday, February 01, 2010

Interesting Time in the Markets - Confusing - Strange

There are some strange differences between the graphs of spot gold and silver today. This is very unusual. Normally with the intervention there have been similarities, but not today. The actions of the metals are greatly different. What lies ahead? This could be an opportunity to unload a few shares to have cash for the next run up or maybe we should just sit tight and hang tough.

Even the graph of GLD, the current proxy for gold, is teasing us into thinking positive for the metals. Could be, you know. I am not ready to commit just yet, but this does look a little promising.

From MineWeb.com:

2010: A gap year for metal prices - VM Group

According to the VM Group Metals monthly publication 2010 is likely to be the year metal prices take a breather but, the impact of China cannot be underestimated.

Author: Geoff Candy
Posted: Monday , 01 Feb 2010

GRONINGEN -

2010 is likely to be an interregnum period for global metal prices after the heights reached last year and indeed the strong performance throughout the first decade of the new millennium. Read it HERE.

From MineWeb.com:

China consolidates as world No. 1 gold producer with new record production

The Chinese Gold Association reported the country is still the world's number one gold producer, setting a new record in 2009.

Author: Dorothy Kosich
Posted: Monday , 01 Feb 2010

RENO, NV -

The China Gold Association said China's gold production increased 11.34% to a record 313.98 tonnes last year.

Official state news agency Xinhua reported the domestic gold sector reported 137.53 billion yuan (US$20.14 billion) of gross output value last year, up 18.56% year on year.

The top five gold-producing provinces were Shandong, Henan, Jiangxi, Fujian and Yunnan, which contributed a combined $59.48% of total domestic gold production. Read it HERE.

From MineWeb.com:

The Strong US dollar continues to put pressure on gold

The Yellow metal has traded largely sideways, if not lower, over the last week as a stronger dollar and concerns about the fiscal health of Greece kept the pressure on, but the lower prices have seen buyers step back in, particularly in Asia.

Author: David Levenstein
Posted: Monday , 01 Feb 2010

JOHANNESBURG -

During January gold traded sideways to lower mainly due to the stronger US dollar. The Euro was also hit hard on concern about Greece's fiscal health. The Euro fell to its lowest level against the greenback in more than six months and helped lift the dollar to a five-month high against a basket of key currencies on Friday.

The January FOMC statement indicated that the Fed funds rate will be kept at 0-0.25%. The U.S. economy recovered at a quicker pace than most economists expected in the last quarter of 2009. The U.S. gross domestic product surged 5.7% for Q4 of 2009, well above market consensus of 4.5%-4.8% and it is the largest quarterly growth since the third quarter of 2003 at 6.9%. Read it HERE.

From MineWeb.com:

U.S. financial oligarchy to open floodgates for gold and silver

The behaviour of, and lack of oversight of, America's financial elite continues to pave the way for further dollar devaluation and for inflation, which in turn will benefit gold and silver

Author: Lorimer Wilson
Posted: Saturday , 30 Jan 2010

TORONTO -

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In spite of philosophical differences in many areas of politics and economics, U.S. Senator Ron Paul and economist Simon Johnson both agree that the cosiness that exists between the U. S. Congress and the financial elite has not worked, and is not working, in the best interests of the average American. They both suggest that major changes must be made in that relationship to strengthen the American economy. Is it too late, however, to avoid the repercussions of an even weaker greenback, rising inflation and the opening of the floodgates in the price of all investments related to gold and silver? Read it HERE.

From PersonalLiberty.com:

Government is Stealing Your Wealth and Planning For More

If you watched the State of the Union speech last week you saw the hypocrisy of Barack Obama laid out in plain view.

He chided those who are already campaigning while having run a perpetual campaign for the last year. He called on Republicans to participate in the process while having locked them out for a full year. He played the American people for fools, saying they were against Obamacare because he had not talked about it enough and therefore the poor, unwashed masses just didn’t understand it. And he vowed to freeze spending while proposing more boondoggle projects that’ll require the Federal Government to print more money to pay for them. And then he did what he does best: He blamed George W. Bush. Read it HERE.

Here is an update on Fortuna Mining. It has been hit during the last few days of the correction in metals.

Here is an updated graph on Hecla Mining:

Here are our miners from Scottrade.com:

Here are the currencies from Kitco.com:

I hope that each of you attended corporate worship service yesterday. That Lord requires this of all His people. It must be a very important part of your life if you are intent upon serving Him. If you are not, you must humble yourself before Him as ask Him to bring you into His Kingdom to become a joint heir with Him. What a joy it is to serve Him, work for His glory and enjoy King Jesus forever! He can change your life for the better if you serve Him. He is in control of everything and works all things for the eternal good of His people.

Here are some of the stock prices: FVITF 2.20; BYDDF 7.69; XDSL 0.0268; KENS 0.023; DOW up 81 to 10148.42; Gold up 13.80 to 1094, and Silver up 0.27 to 16.46.

Best to each, Doug

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