Thoughts on Markets

Friday, July 30, 2010

More Federal Assaults Upon Liberty - Gold - Silver - Opportunity?

We must ever recall that King Jesus rules until all the world is brought under His feet during the Golden Age for the earth before He comes again in judgment. The judgment is coming and in the meantime, He wrath us upon us as He calls His people back to Him. Praise Him daily. 


Another Day, Another Federal Assault on Liberty
By David Limbaugh

Yesterday's federal court decision to enjoin enforcement of the Arizona immigration law is the latest example of a virtually unchecked renegade federal government waging war against the states and against the liberties of its citizens. Just business as usual in Washington DC. HERE.


Gold best performing asset class over 6 months, 1, 3, 5 and 10 years

Over the past ten years gold's annual return has been 14.3% in sterling terms, compared with 5.9% pa from bonds, 1.6% in cash and just 1.2% in real estate. Equity returns were negative. This has been mostly true with many paper currencies. Read the article HERE.


Summer lull hits gold, creates opportunities - Gonçalves

Victor Gonçalves* reckons gold is in its typical summer lull and will generally see more strength than weakness this year and is enthusiastic about some undervalued juniors. Gold Report interview. I certainly agree that we will see higher prices this fall. Read it HERE.


Drip after drip of deflation data 

Ambrose Evans-Pritchard

Today’s release on manufacturing activity by the Richmond Fed is pretty ghastly, as you would expect given that the effects of fiscal stimulus are now wearing off at accelerating pace – before the happy handover to the private sector is safely consummated – and given that the structural East-West imbalances that lay behind the global crisis are getting worse again. All is not rosy as Washington would have us believe. HERE.

From Seeking

New Gold: Crisis Provides Bargain Opportunity

New Gold (NGD) has been a long term recommendation for my readers since May of 2009 when it was selling at $2.50. I have always been impressed by the quality of assets New Gold owns. New Gold is unique in the mining sector as they are leading the sector in increasing production and reducing cash costs. In two years, this company has gone from being in debt to having a comfortable net cash position. This could be a buy for some who are risk takers. The graph, below, is not presently strong. There is another graph in the articleRead the entire article which covers New Gold and make your own decision. HERE.


Gold down, but radical bugs aren't out

Commentary: Metal's supporters put faith in physical demand

The yellow metal has had a miserable July. Last week was the fifth consecutive week of declines, and the metal has not closed up in New York for two days in a row since late June. On Monday and Tuesday this week, the August gold contract plunged a total of $29.80 or 2.5% to a level not seen since late April. HERE.

From John Embry of Sprott Mgmt

Gold's on the Cusp of a Parabolic Move

This article could be somewhat optimistic as to timing, but I believe such a move is coming before too long. It is worth a strong read. HERE.


A.M. Kitco Metals Roundup: Comex Gold Prices Firmer Early on Short Covering; U.S. GDP Report Awaited 

Comex gold futures prices are trading slightly higher Friday morning, on a corrective short-covering bounce from recent losses. Traders are awaiting key U.S. economic data due out Friday morning: the second-quarter gross domestic product report. That report is expected to show a 2.5% growth rate. A stronger-than-expected reading would likely be bearish for the gold market, as investor risk appetite would likely uptick.  December gold last traded up $1.90 an ounce at $1,173.10. Spot gold was last quoted up $3.60 at $1,170.50. HERE.


James Turk: Deciphering the BIS gold swap

In commentary posted today at Kitco, GoldMoney founder James Turk, consultant to GATA, speculates on the architecture and purpose of the gold swap recently undertaken surreptitiously by the Bank for International Settlements. Secrecy among the banks will hide everything. HERE.

Miners from

Currencies from

Some Current Prices: FVITF 2.00; BYDDF 6.87; DIA 104.54; TBT 35.96; SDS 32.66; DOW off 17 to 10450.; SPX off 2.27 to 1099.26; Gold up 6.10 to 1172.60; Silver up 0.17 to 17.89.

Best to each, Doug


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