Vacationing in Northern California. Home of the Gold Rush. Perfect!
The week so far has offered little in direction for the Precious Metals. Silver has showed a bit of muscle, but Gold continues to allow the goons to beat up on any attempts of it to advance forward. Nothing shocking there.
Today the equity markets are tipping over as September opens. And with a falling equity market, a rising US Dollar. "A rising US Dollar" is a laughable statement on merit, but there it is before us. So far it is only pressuring the Precious Metals marginally. Oil appears to be bearing the brunt of a Dollar bid...so far.
The Fed has been granted a stay of the Federal judge ruling they must open there books to the public while they prepare their appeal. That was a forgone conclusion the day the judge handed down her ruling. The Fed will continue hiding the TRUTH. They know it will destroy their Ponzi Scheme.
Barney Frank has surprisingly, and perhaps under pressure from his constituents, thrown support to Ron Paul's bill to audit the Fed. This should prove interesting moving into Fall of this year.
As I type this note just prior to the CRIMEX NY close at 1:30PM est Gold and Silver have suddenly vaulted higher. Gold +4, and Silver +0.15 in the blink of an eye. Hmmm, this is very unusual going into the close. Even more unusual considering the growing bid in the Dollar through the morning...or should we say the growing short covering in the Dollar. I can't fathom anybody really "buying" the pathetic US Dollar.
Gold is in an ever tightening symmetrical triangle. Resistance lies first at 959 and then at 964. Support lies first at 947 and then at 941. Silver has a nice tail wind here with resistance first at 15.15 and then 15.75. As always, patience is a virtue...criminal headwinds notwithstanding.
The Inflation Process
By: Steve Saville, The Speculative Investor
Shortly after today's policymakers slow the pace at which the economy is being "stimulated" by new money and increased government spending, the economic rebound will unravel with startling speed. Alternatively, if policymakers attempt to maintain the stimulus indefinitely then they will create hyperinflation.
http://news.goldseek.com/SpeculativeInvestor/1251817200.php
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