Iran - Gold - Silver - Who Owns DC?
Both Silver and Gold are acting strangely. Silver has particularly been capped severely. Check the Kitco analytical graphs listed below. They are very interesting and informative.
From Kitco.com:
P.M. Kitco Metals Roundup: Comex Gold Ends Higher on Safe-Haven Buying; Bullish Near-Term Technical Momentum Building
Comex gold futures closed higher, near the session high and hit a fresh two-week high Tuesday. Risk aversion returned to the market place, which prompted safe-haven buying of the precious yellow metal. Shorter-term technical strength is also rebuilding in gold. August Comex gold closed up $12.60 an ounce at $1,224.80.
Safe-haven and fresh speculative buying occurred in gold Tuesday as news reports overnight said China's manufacturing sector slowed down in May. This led to ideas the world's other major economies could also contract, and that in turn put stronger downside pressure on the Euro currency, which hit a fresh four-year low Tuesday. Investors have been buying gold with their European currencies as a hedge against further weakness in their currencies.
Also, the European Central Bank said Tuesday that Euro zone banks might have to write off 195 billion Euros worth of bad loans in the next two years. This came on the heels of news Friday that Spain's credit rating was downgraded. France's budget minister also said over the weekend his country might have trouble keeping is present credit rating. The U.S. dollar rallied on the overnight and weekend developments. However, the dollar index moved off its highs and the Euro moved up from its lows as the trading session progressed. Read it HERE.
From MineWeb.com:
Govt, miners talk of mining tax compromise
Posted: Wednesday , 02 Jun 2010
CANBERRA (Reuters) -
Australia's government and miners talked on Wednesday of a compromise over a planned mining tax that has hurt local markets and unnerved investors, with both sides looking to cool tensions ahead of a looming election.
Speaking at a mining industry summit, Resources Minister Martin Ferguson said the government was open to negotiation on all aspects of the controversial tax on mining profits, except the headline rate of 40 percent. Read it HERE.
From TownHall.com:
The Right To Discriminate
Walter E. Williams:
Rand Paul of Kentucky, U.S. Senate hopeful, is caught up in a swirl of controversy in response to his comments on MSNBC's "Rachel Maddow Show." He has been dishonestly accused of saying he thinks that private businesses have a right to discriminate against black people. Here's a partial transcript of the pertinent question in the interview:
Maddow: "Do you think that a private business has a right to say, 'We don't serve black people'?" To which Paul answered, "I'm not, I'm not, I'm not in ... yeah ... I'm not in favor of any discrimination of any form." Read it HERE.
From NY Times:
Owners Stop Paying Mortgages, and Stop Fretting
ST. PETERSBURG, Fla. — For Alex Pemberton and Susan Reboyras, foreclosure is becoming a way of life — something they did not want but are in no hurry to get out of.
Foreclosure has allowed them to stabilize the family business. Go to Outback occasionally for a steak. Take their gas-guzzling airboat out for the weekend. Visit the Hard Rock Casino.
“Instead of the house dragging us down, it’s become a life raft,” said Mr. Pemberton, who stopped paying the mortgage on their house here last summer. “It’s really been a blessing.” Read it HERE.
From UPI.com:
Commentary: End of this world?
WASHINGTON, June 1 (UPI) -- North Korea can target, attack and sink a South Korean warship, kill 46 of the South Korean crew but South Korea cannot retaliate without triggering a barrage of shells from North Korea's 11,000 artillery tubes that can lay waste Seoul, a capital city of 11 million. North Korea is also a rogue nuclear power and a single nuclear-tipped missile could probably achieve the same result.
A powerful argument against retaliation is the fear of an internal collapse of the last Stalinist regime on Earth. At 69, Kim Jong Il looks frail and dazed as he recovers from last year's stroke. He is also rumored to be fighting cancer. Read it HERE.
From Telegraph.co.uk:
The Gulf of Mexico oil spill is now turning into a catastrophe
Oysters were broiling, softshell crabs frying, seafood gumbo simmering and spirits being obstinately kept up at the Plaquemines Parish annual seafood festival at the weekend. But then the devastating news came through. Read it HERE.
From fgmr.com:
Gold Hurdles to New Record Highs
June 1, 2010 – Numerous records continue to be broken by gold, including some longstanding ones that go back to the January 1980 peak. Gold closed the month of May at a new record high against every major world currency except the Japanese yen.
Various charts of the gold price in terms of major currencies can be found by click HERE. Here is a long-term gold chart in terms of US dollars. Read it HERE.
From Whiskey and Gunpowder: Hear the wrap up debate about the economy, tea parties, international living, investing, Wall Street & Banks Own DC, etc. It is a good discussion and worth the listen. It is HERE.
Miners from Scottrade.com:
Best to each, Doug
From Kitco.com:
P.M. Kitco Metals Roundup: Comex Gold Ends Higher on Safe-Haven Buying; Bullish Near-Term Technical Momentum Building
Comex gold futures closed higher, near the session high and hit a fresh two-week high Tuesday. Risk aversion returned to the market place, which prompted safe-haven buying of the precious yellow metal. Shorter-term technical strength is also rebuilding in gold. August Comex gold closed up $12.60 an ounce at $1,224.80.
Safe-haven and fresh speculative buying occurred in gold Tuesday as news reports overnight said China's manufacturing sector slowed down in May. This led to ideas the world's other major economies could also contract, and that in turn put stronger downside pressure on the Euro currency, which hit a fresh four-year low Tuesday. Investors have been buying gold with their European currencies as a hedge against further weakness in their currencies.
Also, the European Central Bank said Tuesday that Euro zone banks might have to write off 195 billion Euros worth of bad loans in the next two years. This came on the heels of news Friday that Spain's credit rating was downgraded. France's budget minister also said over the weekend his country might have trouble keeping is present credit rating. The U.S. dollar rallied on the overnight and weekend developments. However, the dollar index moved off its highs and the Euro moved up from its lows as the trading session progressed. Read it HERE.
From MineWeb.com:
Govt, miners talk of mining tax compromise
Both sides tone down rhetoric; hope to cool tensions ahead of election
Author: James Regan (Reuters)Posted: Wednesday , 02 Jun 2010
CANBERRA (Reuters) -
Australia's government and miners talked on Wednesday of a compromise over a planned mining tax that has hurt local markets and unnerved investors, with both sides looking to cool tensions ahead of a looming election.
Speaking at a mining industry summit, Resources Minister Martin Ferguson said the government was open to negotiation on all aspects of the controversial tax on mining profits, except the headline rate of 40 percent. Read it HERE.
From TownHall.com:
The Right To Discriminate
Walter E. Williams:
Rand Paul of Kentucky, U.S. Senate hopeful, is caught up in a swirl of controversy in response to his comments on MSNBC's "Rachel Maddow Show." He has been dishonestly accused of saying he thinks that private businesses have a right to discriminate against black people. Here's a partial transcript of the pertinent question in the interview:
Maddow: "Do you think that a private business has a right to say, 'We don't serve black people'?" To which Paul answered, "I'm not, I'm not, I'm not in ... yeah ... I'm not in favor of any discrimination of any form." Read it HERE.
From NY Times:
Owners Stop Paying Mortgages, and Stop Fretting
ST. PETERSBURG, Fla. — For Alex Pemberton and Susan Reboyras, foreclosure is becoming a way of life — something they did not want but are in no hurry to get out of.
Foreclosure has allowed them to stabilize the family business. Go to Outback occasionally for a steak. Take their gas-guzzling airboat out for the weekend. Visit the Hard Rock Casino.
“Instead of the house dragging us down, it’s become a life raft,” said Mr. Pemberton, who stopped paying the mortgage on their house here last summer. “It’s really been a blessing.” Read it HERE.
From UPI.com:
Commentary: End of this world?
WASHINGTON, June 1 (UPI) -- North Korea can target, attack and sink a South Korean warship, kill 46 of the South Korean crew but South Korea cannot retaliate without triggering a barrage of shells from North Korea's 11,000 artillery tubes that can lay waste Seoul, a capital city of 11 million. North Korea is also a rogue nuclear power and a single nuclear-tipped missile could probably achieve the same result.
A powerful argument against retaliation is the fear of an internal collapse of the last Stalinist regime on Earth. At 69, Kim Jong Il looks frail and dazed as he recovers from last year's stroke. He is also rumored to be fighting cancer. Read it HERE.
From Telegraph.co.uk:
The Gulf of Mexico oil spill is now turning into a catastrophe
Oysters were broiling, softshell crabs frying, seafood gumbo simmering and spirits being obstinately kept up at the Plaquemines Parish annual seafood festival at the weekend. But then the devastating news came through. Read it HERE.
From fgmr.com:
Gold Hurdles to New Record Highs
June 1, 2010 – Numerous records continue to be broken by gold, including some longstanding ones that go back to the January 1980 peak. Gold closed the month of May at a new record high against every major world currency except the Japanese yen.
Various charts of the gold price in terms of major currencies can be found by click HERE. Here is a long-term gold chart in terms of US dollars. Read it HERE.
From Whiskey and Gunpowder: Hear the wrap up debate about the economy, tea parties, international living, investing, Wall Street & Banks Own DC, etc. It is a good discussion and worth the listen. It is HERE.
Check out the analytical charts on precious metals from Kitco.com HERE.
Miners from Scottrade.com:
Currencies from Kitco.com:
Some prices: BYDDF 8.00; FVITF 2.00; EXGMF 2.6177; BULM 0.726; Gold off 7.80 to 1217.90; Silver off 0.29 to 18.12; DOW up 13.91 to 10041.
There is more unrest in the Mid-East as tensions escalate. There is also growing unrest here as the Tea Parties have focused attention on the fact that Congress and the White House have ignored the desires of the middle class in America. Hopefully, the situation will change before it bursts into the open.
King Jesus remains firmly in control of all. Pray that He will give us lesser magistrates to calm and solve much of the problems perceived by the people here. I am content to rest in Him.
posted by Doug @ 8:57 AM
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