Thoughts on Markets

Thursday, May 27, 2010

Fortiuna (FVITF) - Gold - Silver - Miners- Dow

Fortuna seems to have hit and not penetrated resistance at about 1.75. It bounced off in December and in May. That appears to be a fairly strong resistance level.
Turning to the one month graph, we see a narrow trading range from about 2 down to 1.75. Near 1.75 would appear to me to be a good buying range for my portfolios. However, I am not excited over the graphs.
The boyz are likely to take it easy over the three day weekend. The metals are holding well, but still a bit volatile.


From TheAustralian.com:
Kevin Rudd to backflip on mining tax rate


THE Rudd government is moving towards a major backdown on its $12 billion tax on resources, redefining its proposed super-profits levy, but the big mining companies have declared the changes do not stop the risk to investment in Australia. Read it HERE.
That is good news. It is a wonder that any government would give up any new tax they conceived.

From MineWeb.com:

Gold rising in all currencies sign of distrust
- Groh

Doug Groh of the Tocqueville Gold Fund reckons gold rising in all currencies is a reflection of the concern and distrust for central bank authorities, political authorities and what's going in the world. Interview with The Gold Report.

Author: The Gold Report
Posted: Tuesday , 25 May 2010

KENWOOD, CA -

The Gold Report: Gold is trading above $1,200 as financial markets across the world retreat. In several currencies, gold is trading at historic highs. Gold investors are declaring that gold is the only safe haven. What's your view of the current situation?

Doug Groh: What we're seeing in the world is really quite dramatic, isn't it? I think people are beginning to recognize that there's a lot of uncertainty in the future for financial markets. The attraction that gold presents is that it is a hard asset. It's valued on the minute and on the second. There's been a lot of distrust in the marketplace regarding the paper that's been issued, whether that's equity paper or bonds or currency. I think investors are looking to something that really sustains and exhibits value on a moment-to-moment basis. Read it HERE.

From BusinessWeek.com:

FHA Home-Financing Volume Sign of ‘Very Sick System’

By Jody Shenn and John Gittelsohn

May 24 (Bloomberg) -- Loans guaranteed by the Federal Housing Administration, the U.S.-owned mortgage insurer, may be involved in more home-purchase transactions than borrowing financed by Fannie Mae and Freddie Mac.

FHA lending last quarter may have topped the combined volume of government-supported Fannie Mae and Freddie Mac in a home-lending market that’s still a “government-financed market,” David Stevens, the agency’s head, said today at a conference in New York, citing research by consultant Potomac Partners. Read it HERE.

From Telegraph.co.uk:

US money supply plunges at 1930s pace as Obama eyes fresh stimulus

The M3 money supply in the United States is contracting at an accelerating rate that now matches the average decline seen from 1929 to 1933, despite near zero interest rates and the biggest fiscal blitz in history. Read it HERE.

From PersonalLiberty.com:

IRS Launches First Wave Of Small Business Attacks

May 27, 2010 by Dan Pilla

(Initial Focus on Employment Tax Compliance)

When the Internal Revenue Service (IRS) released its five-year strategic plan last year it promised a flurry of new attacks on the public in a variety of areas. Referred to by the IRS as “enforcement initiatives,” these attacks constitute the key areas the agency will target for increased audit attention in the years to come. What was a mere promise last fall of more audit activity is now a reality. The IRS just recently launched the first wave of audit attacks. Read it HERE.

From UncommonWisdom.com:

Short-term Bottom In Gold

See the video HERE.

See his graph and analysis which is worthwhile.

From MarketWatch.com:

Spain austerity measures approved after knife's-edge vote

Meanwhile, Bank of Spain toughens up on banks and non-performing loans. All is not out yet, but you can read the article HERE.

From Mine Web.com:
Gold and resource stocks to watch - Roger Wiegand

With the Euro likely to collapse and major market mayhem likely ahead, Roger Wiegand is predicting a massive fallout. Watch out for July 26! Interview with The Gold Report

Author: The Gold Report
Posted: Thursday , 27 May 2010

Kenwood, CA -

Replacing most of Europe's colorful notes and various coins less than a decade ago, the euro is on the brink of extinction, according to Roger Wiegand. Roger says the euro at $1.20 is the "line in the sand where big trouble will start. . .and that's dangerously close." On the other side of the world, he sees China doing well now, but doesn't pin his hopes on China as the engine for global economic growth as so many others do. In fact, he says things there are "fraying a bit on the edges." So, is there a white horse waiting in the wings to lead the world back to economic good health?. Don't count on it. Read the article HERE.

Miners from Scottrade.com:
Currencies from Kitco.com:
Some early prices: BYDDF 7.65 (Rebounding nicely); FVITF 2.08 (holding above $2); ATLIF 11.8065; AMEL 0.99; DOW up 178 to 10153.18 (Can't be allowed to stay below 10000; Gold up 1.10 to 1211.40; Silver up 0.30 to 18.35. I expect the markets to cool it for the weekend. The DOW showing strong early. I believe this to be temporary, and do not want to be suckered into jumping in. The DOW has a long way to go before I will be convinced that it is back to being anywhere near bullish.

All is in the perfect hands of King Jesus until all nations bow at His feet in total submission. That will come, but it does not appear to be now. We can rest in Him alone, because through Him alone is salvation and eternal life with the Father, Son, and Holy Spirit.

Best to each, Doug

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