Thoughts on Markets

Wednesday, May 05, 2010

Intervention in Precious Metals - Mid-East Threat

The boyz are baaaaaaaaaaaaaaack! They hit both of our precious metals yesterday and again today. I was wondering when they would return, and here they are. The graphs make it very obvious that intervention was in control and far from normal market activity. This took big bucks type of manipulation. Silver was slaughtered and gold slammed.

This is providing another buying opportunity in the miners. I have been buying DROOY at under 5; FVITF below 2.10; and BYDDF below 9.15. Am currently looking at Harmony (HMY) below 9.50. You make your own decisions, but I am interested in taking this opportunity to increase my holdings.


Black Americans and Liberty
by Walter E. Williams

Having recently reached 74 years of age, if one were to ask me what's my greatest disappointment in life, a top contender would surely be the level of misunderstanding, perhaps contempt, that black Americans have for the principles of personal liberty and their abiding faith in government. Contempt or misunderstanding of the principles of personal liberty and faith in government by no means make blacks unique among Americans, but the unique history of black Americans should make us, above all other Americans, most suspicious of any encroachment on personal liberty and most distrustful of government. Let's look at it. Read it HERE.

China, the gorilla in the Third Gold War

8:19p ET Tuesday, May 4, 2010

Dear Friend of GATA and Gold:

MineWeb's Lawrence Williams tonight describes a fascinating new issue of Paul Mylchreest's occasional financial letter, the Thunder Road Report, which explains what Mylchreest calls the "Third Gold War."

Williams reports:

"Mylchreest reckons we are now in the 'Third Gold War' since the Second World War and this is being waged between the United States in conjunction with other Western countries/institutions, notably the International Monetary Fund, and various opposing sectors worldwide. In his contention, the United States and its allies lost the first of these 'gold wars' to the French (then under De Gaulle) and the second to the Middle East, helped significantly by the then-pro-gold stance and purchasing power of the German Deutsche Bank. Read it HERE.


Global miners oversold, looking for value hunters

The recent ferocious sell-off, on Australia's audacious tax plan, may have been overdone.

Author: Barry Sergeant
Posted: Tuesday , 04 May 2010


Measured on a 12-month rolling price return basis, global mining stocks have been pushed back to levels seen a year ago, on general profit taking, exacerbated in recent days by Australia's "future tax system" report, published over the weekend.

London-listed transnational miner Xstrata, which operates significant mining assets on the continent, was one of many companies to react, with its CEO, Mick Davis, saying in a statement that: "It is very disappointing that the Australian government is planning to impose additional taxation that will see Australia levying the highest taxes on its minerals sector of any country in the world". Read the article HERE.


Greek State Workers Escalate Protests at Budget Cuts

May 4 (Bloomberg) -- Greek government workers shut down schools and hospitals and disrupted flights as demonstrators occupied the Acropolis in an escalation of protests against 30 billion euros ($40 billion) of additional wage cuts and tax increases unveiled this. Read it HERE.

From Emirates Business:

Commercial banks buy gold to meet demands

Dealers claim regional banks are stockpiling gold for clients who want their deposits saved in the yellow metal.


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