Gold World News Flash |
- Peter Grandich Hunts for Treasures Beyond Gold's Glare
- Gold Miners & Explorers Face Serious Supply Problems
- The Bad-Policy Spiral
- Gold Miners and Explorers Face Serious Supply Problems
- Crude Oil Down on Profit Taking, Gold on the Brink
- Friday's Employment Report Should Bring Some Clarity
- Is Another Monster Pump Priming Coming?
- The Danger of an Out of Touch Fed
- Long / Short Is Better for Long Term Investors Than Long Only
- We're Nowhere Near the End of the Real Estate Bear Market
- Editor's Note: Buy Gold!
- Daily Dispatch: Monster Money Printing
- Gold Dips!
- Gold Miners & Explorers Face Serious Supply Problems
- "Facing the Music. Buying Gold In Jobs Report Week
- Jim?s Mailbox
- In The News Today
- Daily Gold Action From Jim
- Hourly Action In Gold From Trader Dan
- Krugman's Opium War On China
- Fed Looks to Hyperinflate... Afghanistan, the 50-Year War
- LGMR: Gold Near Record High as Indian Lull Begins, China Buys Alaskan Gold
- Economics Is Hard?
- GLD, GDX and SLV - Does November 2009 Repeat in July 2010?
- Russian intelligence found gold market info 'very valuable,' FBI says
- Russian intelligence found gold market info 'very valuable,' FBI says
- The Five Myths about the Gold Standard
- Is Gold About To Peak And Nobody Knows It?
- Two Modest Proposals to Rid Us of Debt
- Jason Hamlin: Gold price manipulation exposed
- The Third Depression?
- Coin Monday: 1922 — Into the Downtime
- 1857 SS Central America Shipwreck Treasures at ANA World’s Fair of Money
- Sprott Resource: A Cheap, Safe and Liquid Opportunity
- Gold: Close but No Cigar
- Guest Post: Are We Approaching An Epic Failure?
- Russian Spies Like Their Suburban New Jersey Homes Spacious, If A Little Decrepit
- Honest Money Gold and Silver Report: Market Wrap Week Ending 6/25/10
- Silver and Gold Prices Were Driven Backwards Again Today
- Facing the Music. Buying Gold In Jobs Report Week
- Meet The KGB 2.0: Cold War Espionage Is Back, As Spies In The US Serve To Determine Russian Gold Policy, And Much More
- U.S. Government Bonds - Can America Maintain Confidence in its Debt?
- Buy When There's Oil In The Water
- MONDAY Market Excerpts
- Gartman: Gold on brink of parabolic move?
- Thoughtless Vandalism Could Also Set This Vehicle Ablaze
| Peter Grandich Hunts for Treasures Beyond Gold's Glare Posted: 29 Jun 2010 08:00 PM PDT Financial Commentator and Market Analyst Peter Grandich, who sees no end in sight to the "mother of all gold bull markets," expects the price of the yellow metal to climb past $2,000+ before the ride eventually comes to an end. But while gold has been riding high, its glitter isn't blinding Peter to the opportunities others may be overlooking. In this exclusive Gold Report interview, he shares some of his favorite gold juniors, as well as a mix of players in the cobalt, lithium, uranium and iron ore niches.
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| Gold Miners & Explorers Face Serious Supply Problems Posted: 29 Jun 2010 02:22 AM PDT Geologist Brent Cook, of Exploration Insights, in this exclusive article for The Gold Report, takes a look at the major gold mining companies' dilemma—declining production as the gold price is hitting record levels. He also explains how the junior gold explorers are confronting a similar dilemma—fewer legitimate exploration properties with the real potential to host a major economic deposit. The rare micro-cap company that discovers a meaningful gold deposit is immediately in the sights of the cash-rich gold mining companies in need of new reserves. More importantly, anyone owning these junior companies, a few of whom are mentioned later, stands to make a substantial profit.
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| Posted: 29 Jun 2010 02:11 AM PDT Many libertarians assert that the government is morally bound to pay its debts, and that therefore default or repudiation must be avoided. The problem here is that these libertarians are analogizing from the perfectly proper thesis that private persons or institutions should keep their contracts and pay their debts. But government has no money of its own, and payment of its debt means that the taxpayers are further coerced into paying bondholders. Such coercion can never be licit from the libertarian point of view. For not only does increased taxation mean increased coercion and aggression against private property, but the seemingly innocent bondholder appears in a very different light when we consider that the purchase of a government bond is simply making an investment in the future loot from the robbery of taxation. As an eager investor in future robbery, then, the bondholder appears in a very different moral light from what is usually assumed.
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| Gold Miners and Explorers Face Serious Supply Problems Posted: 28 Jun 2010 07:00 PM PDT
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| Crude Oil Down on Profit Taking, Gold on the Brink Posted: 28 Jun 2010 06:34 PM PDT courtesy of DailyFX.com June 28, 2010 08:34 PM Crude oil got a reminder that hurricane season is just getting started when Tropical Storm Alex formed late last week. Though prices have sold off over the last two session, the larger trend has been strongly to the upside. Global economic concerns remain a wildcard. Commodities - Energy Crude Oil Down on Profit Taking Crude Oil (WTI) $77.55 -$0.70 -0.89% Crude oil is currently down after losing 0.61% on Monday. It is important not to make too much of Monday’s price action, for it was simply profit taking after an extremely strong rally. In the bigger picture, crude oil has been strong both in nominal terms, having rallied from $64 to almost $80, and in relative terms, having outperformed stock markets which find themselves still close to recent lows. With Tropical Storm Alex currently heading toward the Texas-Mexico border, another bullish underpinning is added to the crude oil bull thesis—pot...
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| Friday's Employment Report Should Bring Some Clarity Posted: 28 Jun 2010 06:01 PM PDT Whether rocky road and chocolate or simply strawberries and vanilla, there is nothing like a double dip of ice cream on a hot summer day. Just in time to honor the beginning of summer, all Wall Street is talking about double dips, however in this case it is not the refreshing frozen variety, but a second recession following the “great recession”. Supporting evidence includes the rather lousy housing reports of the past few weeks, poor earnings reports from retailers like Walgreen (WAG) and Best Buy (BBY) and the second revision (lower) of first quarter economic growth. Those against the “double” cite a very steep yield curve (difference between short and long-term interest rates), a still very accommodative Fed (will be keeping rates low for the “foreseeable future”) and a government ready to hit the stimulus button any time it is needed (more debt for more spending). While we weren’t big proponents of the “V” recovery, a slow to no growth economy is certainly within the realm of possibilities. Officially, the last recession has not ended, so it is hard to say we have entered another one. Time to get going on that cone before it all melts in the summer heat. Complete Story »
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| Is Another Monster Pump Priming Coming? Posted: 28 Jun 2010 06:00 PM PDT  Larry MacDonald submits: Federal Reserve chairman Ben Bernanke and some close allies at the Fed are said to be “quietly mulling” a fresh burst of asset purchases that could double the Fed’s balance sheet to $5 trillion (U.S.). But they probably won’t get enough support to proceed down this uncharted path until the economy deteriorates further and persuades the Fed’s regional chiefs to relinquish their fears of inflation. Complete Story »
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| The Danger of an Out of Touch Fed Posted: 28 Jun 2010 05:43 PM PDT Bruce Krasting submits: A Richmond Va. Federal Reserve Economist, Kartik Athreya wrote a paper recently that trashes economic bloggers. Mr. Artheya has a PhD from the University of Iowa. I’m not so sure a few years in corn land gives him the right to take cheap shots at the new media. I am absolutely convinced that this type of thinking should not be expressed by Fed officials. It proves to me that the Fed is an elitist organization that is out of touch with America in 2010. The full report from Athreya is here. Some of the more offending comments:
Complete Story »
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| Long / Short Is Better for Long Term Investors Than Long Only Posted: 28 Jun 2010 05:36 PM PDT Veryan Allen submits: France is out of the world cup and it's Warren Buffett's fault? Berkshire Hathaway (BRK.A) short sold and profited from its demise. Negative bets "cause" failure according to those who blame short sellers. Did the team fail due to fundamental problems or short sales? Have sovereign debt spreads widened due to amateurs belatedly realizing there are no risk free bonds or professionals using credit derivatives? The fact is that long only markets where short selling and derivatives are not allowed have worse drawdowns and volatility. And anyone not shorting is not hedging. Complete Story »
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| We're Nowhere Near the End of the Real Estate Bear Market Posted: 28 Jun 2010 05:24 PM PDT By Tom Dyson Monday, June 28, 2010 "Can I see a list of foreclosures, please?" I was talking to a friend with close contacts in the real estate industry. He said right now, people walk into real estate agencies with only one thing on their minds: buying foreclosures. Steve Sjuggerud and I follow a theory about broken bubbles in financial markets. Legendary analyst Bob Farrell called it the "guillotine and sandpaper." According to the theory, asset bubbles deflate in two stages… First, prices collapse in a massive and sudden change of sentiment from greed to fear. This is the guillotine stage. Then, prices stagnate for many years, frustrating both bulls and bears. This is the sandpaper stage. The sandpaper stage ends when the last bullish investor throws in the towel, and no one believes the market will ever rise again. With so many people interested in buying cheap foreclosures, there are still many real estate bulls out there. We're nowhere near the en...
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| Posted: 28 Jun 2010 05:24 PM PDT This is something I posted as a note to my friends on facebook. I thought I'd share it here as well: The US government is bankrupt. It cannot pay off its obligations. It is mathematically impossible at this point. Maybe 10 years ago it was still possible, but after Bush and Obama's insane spending, it is simply not feasible... So what happens when you cannot pay your debts? If you were a person or a company you would file for bankruptcy protection and have a judge determine what you are able to pay back. Your credit would be impaired and you'd have a hell of a time borrowing anymore money since you are not worthy. And for good reason. Going bankrupt is a sign of bad management. When a country goes bankrupt... it has 2 options. It can either refuse to pay back what it owes or it can print money to pay for its obligations. Lets consider the 2 in context of what is happening in the US. The first option (refusing to pay its debts) is politically unfeasible. In the case tha...
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| Daily Dispatch: Monster Money Printing Posted: 28 Jun 2010 05:24 PM PDT June 28, 2010 | www.CaseyResearch.com Monster Money Printing Dear Reader, There was an interesting article on MineWeb today. It was about recent moves by China, now the world’s largest gold miner, to buy yet more gold – from the U.S. Here’s an excerpt… [INDENT]China is already the world's largest gold miner, and many analysts now assume – following the country's announcement last year that it had been building up its gold reserves for six years unknown to the West – that it is still expanding its gold holdings in a way that does not necessarily show the gold going into official reserves. And now it appears to be looking elsewhere to purchase supplies of the yellow metal without overtly impacting the market. What is significant, perhaps, is that this suggests that China's commitment to gold is both ongoing – and likely to increase. The country, through its financial institutions and...
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| Posted: 28 Jun 2010 05:24 PM PDT Via Stoppani 220 Milan, Italy E-mail: [EMAIL="info@stockmarketbarometer.net"]info@stockmarketbarometer.net[/EMAIL] Web site: www.stockmarket barometer.net DAILY REPORT June 29, 2010 "The greatest of all infidelities is the fear that the truth will be bad." --- Herbert Spencer - (1820-1903) British author, economist, philosopher We might as well start the week out right and talk about gold. Today we see typical behavior with respect to the yellow metal as it grew gradually stronger in the morning as the spot price traded as high as 1,263.90. Then at 11 am EST someone came in and knocked the price down to 1,234.70 in a matter of thirty minutes or so. Right now at 12:35 am EST the spot price is trading at 1,242.50, and if things run true to form, the spot price will eventually crawl its way back up toward unchanged, or maybe even slightly higher. We saw similar reactions last week, it’s a commonplace occur...
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| Gold Miners & Explorers Face Serious Supply Problems Posted: 28 Jun 2010 05:24 PM PDT Source: Brent Cook, Exploration Insights, for The Gold Report 06/28/2010 Geologist Brent Cook, of Exploration Insights, in this exclusive article for The Gold Report, takes a look at the major gold mining companies' dilemma—declining production as the gold price is hitting record levels. He also explains how the junior gold explorers are confronting a similar dilemma—fewer legitimate exploration properties with the real potential to host a major economic deposit. The rare micro-cap company that discovers a meaningful gold deposit is immediately in the sights of the cash-rich gold mining companies in need of new reserves. More importantly, anyone owning these junior companies, a few of whom are mentioned later, stands to make a substantial profit. Exploration Success Comes from Being in the Right Place Geologic success can only come about if a company is exploring in the right geologic terrain—a terrain that is capable of hosting a major deposit. Th...
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| "Facing the Music. Buying Gold In Jobs Report Week Posted: 28 Jun 2010 05:24 PM PDT Graceland Updates 4am-7am www.gracelandupdates.com Email: [EMAIL="s2p3t4@sympatico.ca"]s2p3t4@sympatico.ca[/EMAIL] [LIST]June 28, 2010 [/LIST] [LIST] [/LIST] [LIST] [*]"We are scary, scary owners of euros," – John Taylor, lead manager for world's largest currency fund, Bloomberg News, June 28. The number one Bloomberg heading this morning says, "…Dollar Rally Buckles..". I mentioned the bankster game of pumping the news with the other side of their trade. Read that sentence again. Unlike the rest of the world's investors, the banksters don't talk up their trading book. They talk up yours! [*]Well, hopefully not yours! When you chase price with leverage, and the other side of your trade is held by the unlimited money banksters, it's only a matter of time before they take what you have. [*]I would suggest that Mr. Taylor's statement should be revised to, "We are scary, scary owners of paper money". At least he's on the ban...
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| Posted: 28 Jun 2010 05:24 PM PDT View the original post at jsmineset.com... June 28, 2010 08:29 AM Paper Gold CIGA Eric Today's (G-20 engineered) declined probes 6/17 gap support and is meant to smash growing confidence in gold. Fiat money is a confidence game. Growing confidence in gold, or waning confidence in fiat, is not in the best interests of G-20 nations. Any test of support, either 6/17 gap or the rainbow of gaps below, on light volume would be a bullish setup. Intervention against the secular trend cannot be maintained for long. Remember that when F-TV and select F-TV guests scream top yet again. Gold ETF (GLD): More… Jim Sinclair’s Commentary Yra has summed up the G20 nonsense perfectly. Notes From Underground: G-20 is waste of time and energy; finreg is just a waste Yra | June 27, 2010 at 2:35 pm Germany added liquidity but it was all directed at the British goalie David James–nothing austere about their World Cup peformance. The news from the G-20 was as expect...
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| Posted: 28 Jun 2010 05:24 PM PDT View the original post at jsmineset.com... June 28, 2010 08:30 AM Dear CIGAs, Headlines today say that BP has taken a significant loss in the failed buybacks of legacy assets. In English that spin is better understood as "$22 billion in busted OTC derivatives were written down to their true value of ZERO." Truth is dead in media reporting. The sheeple sleep on. The cause of turning a normal economic 4 year correction into a disaster is nothing other than OTC derivatives which have grown, not contracted. Jim Sinclair’s Commentary Illinois is going to seek major funds in the debt market. The price of credit default derivatives has doubled and Illinois continues to look awful. CDS OTC derivatives are about to slam more than 40 states. Jim Sinclair’s Commentary Just in case you missed it, three more bank closures on Friday brought this year’s total failures to 86 so far. Jim Sinclair’s Commentary Don’t kid yourself for a mom...
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| Posted: 28 Jun 2010 05:24 PM PDT View the original post at jsmineset.com... June 28, 2010 08:33 AM Dear CIGAs, Click chart to enlarge in PDF format ...
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| Hourly Action In Gold From Trader Dan Posted: 28 Jun 2010 05:24 PM PDT View the original post at jsmineset.com... June 28, 2010 10:01 AM Dear CIGAs, Monday must now be the new "Friday" when it comes to gold. Those of you who have been watching the gold price action over the last decade know what I am referring to. For those of you who are a bit newer to the gold game, Fridays, particularly after a payrolls report, have typically been the day on which gold was taken down by the bullion bank crowd to mess with the weekly chart and the technical picture. Last Monday saw gold put in a horrendous bearish downside reversal day which the bulls managed to negate the rest of the week by a sheer gritty determination not to run. Today (another Monday) we have an exact repeat of the same bullion bank tactic that they employed 7 days ago; to wit, a takedown after price took out last Friday's session high while gold mining stocks were also moving sharply higher. The result – an exact repeat of last Monday technically – another bearish outside reversal day on the dai...
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| Posted: 28 Jun 2010 05:24 PM PDT position papers by professorfekete #2, June 27, 2010. Antal E. Fekete Paul Krugman's article The Renminbi Runaround in the June 24th edition of The New York Times is not only diplomatically insensitive: it also lacks economic justification. The United States, with its unprecedented debt, is hardly in a position to lecture China and accuse it of bad behavior, acting in bad faith, playing games, and threaten it with trade sanctions. It is not China's house that needs to be put in order, but that of the U.S. Krugman assumes that the regime of flexible exchange rates is the nature-ordained foundation of foreign trade. It is not. It is a half-baked concoction, originally inspired by John Maynard Keynes, elevated to dogma by Milton Friedman. This regime has never been tried as a world-wide arrangement in all history, and when it was adopted in 1971, it turned out to be an unmitigated disaster. It did not grow naturally, nor was it the result of careful study ...
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| Fed Looks to Hyperinflate... Afghanistan, the 50-Year War Posted: 28 Jun 2010 05:24 PM PDT Fed Looks to Hyperinflate Monday, June 28, 2010 – by Staff Report Ben Bernanke RBS tells clients to prepare for "monster" money printing by the Federal Reserve ... As recovery starts to stall in the US and Europe with echoes of mid-1931, bond experts are once again dusting off a speech by Ben Bernanke (Left) given eight years ago as a freshman governor at the Federal Reserve. Entitled "Deflation: Making Sure It Doesn't Happen Here", it is a warfare manual for defeating economic slumps by use of extreme monetary stimulus once interest rates have dropped to zero, and implicitly once governments have spent themselves to near bankruptcy. The speech is best known for its irreverent one-liner: "The US government has a technology, called a printing press, that allows it to produce as many US dollars as it wishes at essentially no cost." Bernanke began putting the script into action after the credit system seized up in 2008, purchasing $1.75 trillion of Tr...
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| LGMR: Gold Near Record High as Indian Lull Begins, China Buys Alaskan Gold Posted: 28 Jun 2010 05:24 PM PDT London Gold Market Report from Adrian Ash BullionVault 07:50 ET, Mon 28 June Gold Near Record High as Indian Lull Begins, China Buys Alaskan Gold, Eurozone Faces Heavy Re-Financing in July THE PRICE OF GOLD was little changed overnight in Asia and early Monday in London trade, holding within 0.5% of last week's all-time Dollar high as Tokyo stocks slipped but European share crept higher. The MSCI index of world equities lost 3.5% last week in Dollar terms. Spot gold prices dropped $1 per ounce to $1256. Crude oil and energy prices today ticked back from Friday's surge, but overall commodity markets were little changed, with silver prices also flat. "August gold futures matched Friday's high of $1259.50 overnight," notes a London analyst. The gold price in Euros rose towards last Friday's two-week high at €32,800 per kilo, as the Euro held flat near $1.2350. New data today showed broad M3 money supply shrinking in May for the fourth month running ...
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| Posted: 28 Jun 2010 05:24 PM PDT Market Ticker - Karl Denninger View original article June 28, 2010 07:09 AM An amusing piece of mental masturbation from Richmond Fed Economist Kartik Athreya has been making the rounds.... [INDENT]In this essay, I argue that neither non-economist bloggers, nor economists who portray economics — especially macroeconomic policy — as a simple enterprise with clear conclusions, are likely to contibute(sic) any insight to discussion of economics and, as a result, should be ignored by an open-minded lay public. [/INDENT]Yes, he really got the spelling error past whatever review this paper received. That would be none, right? One wonders if the "or", however, is what he intended. After all, if you can't spell, can you properly construct grammar to make your point clear? [INDENT]In the wake of the recent financial crisis, bloggers seem unable to resist commentating routinely about economic events. It may always have been thus, but in recent times, the manifold dimens...
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| GLD, GDX and SLV - Does November 2009 Repeat in July 2010? Posted: 28 Jun 2010 05:24 PM PDT By John Townsend, theTSItrader Last week I offered some analysis using the True Strength Index indicator on the daily and hourly charts of GLD, GDX and GDXJ. This week I would like to offer what I believe to be a realistic look at what could be headed our way in the upcoming month of July. The GLD, GDX and SLV charts in this article were made using the publically available software at FreeStockCharts.com. The best way to understand the big picture is to look at the big picture, so let’s do that. What follows is a weekly chart of GLD. I set the time frame back over a year and use the True Strength Index indicator below the weekly price data. What you will notice is that the current setup for GLD is practically identical to that which existed in November 2009. Not only can we say that of the price movement, but also the movement of the green colored True Strength Index (TSI) indicator below price. I have taken the liberty of hand drawing the gr...
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| Russian intelligence found gold market info 'very valuable,' FBI says Posted: 28 Jun 2010 05:14 PM PDT 1:20a ET Tuesday, June 29, 2010 Dear Friend of GATA and Gold: Russian spies in the United States whose arrest was announced Monday (see http://news.yahoo.com/s/ap/20100629/ap_on_go_ca_st_pe/us_doj_russia_arre...) last year conveyed information about the gold market that the Russian security service considered "very valuable" and forwarded to the Russian finance ministry and ministry of economic development, according to the criminal complaint filed by the FBI with U.S. District Court in New York. The gold angle in the story was highlighted in reporting Monday night by the Economic Policy Journal, based in Washington, D.C. Perhaps most interesting for GATA's purposes, the FBI's criminal complaint suggests that the spies obtained the gold market information through "a prominent New York-based financier" who is a political fund raiser and a friend of a U.S. Cabinet member. Would a New York-based financier have valuable information about the gold market if the U.S. government wasn't using New York financial houses for gold market intervention purposes? The criminal complaint says the Russian spies were under U.S. counterintelligence surveillance for years and suggests that they didn't do much besides pass money around to each other surreptitiously while trying to figure out how to meet important people. That the charges against them are not espionage but only failure to register as foreign agents suggests that they weren't very effective. But failure to register as a foreign agent is still a federal felony, so maybe the defendants will want to call CPM Group executive Jeffrey M. Christian as an expert witness, as he may be willing to repeat his insistence that, the criminal complaint's reference to the Russian finance ministry notwithstanding, central banks care very little about gold. After all, as an expert witness at the March 25 hearing of the U.S. Commodity Futures Trading Commission, Christian tried very hard to alleviate suspicions about the gold market. How could anything about that market be of international importance? Economic Policy Journal's report of the charges against the supposed Russian spies can be found here: http://www.economicpolicyjournal.com/2010/06/ten-russians-arrested-in-us... The reference to the gold market and the New York-based financier can be found on Pages 34 and 35 of the second criminal complaint appended to Economic Policy Journal's report. CHRIS POWELL, Secretary/Treasurer ADVERTISEMENT Prophecy to Become Coal Producer This Year Prophecy Resource Corp. (TSX.V: PCY) announced on May 11 that it has entered into a mine services agreement with Leighton Asia Ltd. to begin coal production this year. Production will begin with a 250,000-tonne starter pit as planned in August, with production advancing to 2 million tonnes per year in 2011. Prophecy is fully funded to production and its management team includes John Morganti, Arnold Armstrong, and Rob McEwen. For Prophecy's complete press release about its production plans, please visit: http://www.prophecyresource.com/news_2010_may11.php Join GATA here: New Orleans Investment Conference * * * Support GATA by purchasing a colorful GATA T-shirt: Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009: http://gata.org/node/wallstreetjournal Or a video disc of GATA's 2005 Gold Rush 21 conference in the Yukon: * * * Help keep GATA going GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at: To contribute to GATA, please visit:
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| Russian intelligence found gold market info 'very valuable,' FBI says Posted: 28 Jun 2010 05:14 PM PDT 1:20a ET Tuesday, June 29, 2010 Dear Friend of GATA and Gold: Russian spies in the United States whose arrest was announced Monday (see http://news.yahoo.com/s/ap/20100629/ap_on_go_ca_st_pe/us_doj_russia_arre...) last year conveyed information about the gold market that the Russian security service considered "very valuable" and forwarded to the Russian finance ministry and ministry of economic development, according to the criminal complaint filed by the FBI with U.S. District Court in New York. The gold angle in the story was highlighted in reporting Monday night by the Economic Policy Journal, based in Washington, D.C. Perhaps most interesting for GATA's purposes, the FBI's criminal complaint suggests that the spies obtained the gold market information through "a prominent New York-based financier" who is a political fund raiser and a friend of a U.S. Cabinet member. Would a New York-based financier have valuable information about the gold market if the U.S. government wasn't using New York financial houses for gold market intervention purposes? The criminal complaint says the Russian spies were under U.S. counterintelligence surveillance for years and suggests that they didn't do much besides pass money around to each other surreptitiously while trying to figure out how to meet important people. That the charges against them are not espionage but only failure to register as foreign agents suggests that they weren't very effective. But failure to register as a foreign agent is still a federal felony, so maybe the defendants will want to call CPM Group executive Jeffrey M. Christian as an expert witness, as he may be willing to repeat his insistence that, the criminal complaint's reference to the Russian finance ministry notwithstanding, central banks care very little about gold. After all, as an expert witness at the March 25 hearing of the U.S. Commodity Futures Trading Commission, Christian tried very hard to alleviate suspicions about the gold market. How could anything about that market be of international importance? Economic Policy Journal's report of the charges against the supposed Russian spies can be found here: http://www.economicpolicyjournal.com/2010/06/ten-russians-arrested-in-us... The reference to the gold market and the New York-based financier can be found on Pages 34 and 35 of the second criminal complaint appended to Economic Policy Journal's report. CHRIS POWELL, Secretary/Treasurer ADVERTISEMENT Prophecy to Become Coal Producer This Year Prophecy Resource Corp. (TSX.V: PCY) announced on May 11 that it has entered into a mine services agreement with Leighton Asia Ltd. to begin coal production this year. Production will begin with a 250,000-tonne starter pit as planned in August, with production advancing to 2 million tonnes per year in 2011. Prophecy is fully funded to production and its management team includes John Morganti, Arnold Armstrong, and Rob McEwen. For Prophecy's complete press release about its production plans, please visit: http://www.prophecyresource.com/news_2010_may11.php Join GATA here: New Orleans Investment Conference * * * Support GATA by purchasing a colorful GATA T-shirt: Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009: http://gata.org/node/wallstreetjournal Or a video disc of GATA's 2005 Gold Rush 21 conference in the Yukon: * * * Help keep GATA going GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at: To contribute to GATA, please visit:
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| The Five Myths about the Gold Standard Posted: 28 Jun 2010 05:00 PM PDT
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| Is Gold About To Peak And Nobody Knows It? Posted: 28 Jun 2010 04:57 PM PDT
Let me first start by saying I've been a long term "Gold Bull" since the fall of 2001, based both on economic factors as well as Elliott Wave patterns that I think are clear on Gold's Bull rise. As we are now almost in a Fibonacci 21 months of Gold rally off the October 2008 bottom, I think this pattern is getting long in the tooth.
Gold has risen from $681 at the nadir of the fall of 2008 to $1265 so far, with potential to run to about $1300-$1325 an ounce on this final leg up. It stands to reason, as with any Bull Market that the Bull gets tired and at some point has to hibernate. This wave pattern is clearly 5 waves since the October 2008 lows, and we are in the final stages of the 5th wave of this pattern in my opinion. That means we can have a blow-off top, or we truncate here and start correcting hard.
Bull patterns tend to peak when most are not expecting it, and I forecasted a market top in Mid January and again in Mid April this year in the SP 500 index just prior to huge drops. These forecasts were based on sentiment and Elliott Wave patterns. I am now viewing the $681 to $1,265 rally in Gold as a 5 wave bullish structure that is in the final stages of ascent. Fifth waves are notoriously difficult to predict, but taking some off the table here for intermediate traders is probably a wise decision. Correcting 38% or 50% of the $600 rally would take Gold back to $1030 to $965 area plus or minus, and not invalidate a larger bull structure. If you would like to view a video forecast with a chart and audio commentary on this Gold forecast, and the preceding wave patterns, go to www.activetradingpartners.com/articles to view for free.
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| Two Modest Proposals to Rid Us of Debt Posted: 28 Jun 2010 03:54 PM PDT By Rick Ackerman, Rick's Picks Today and tomorrow, we will present two radical proposals for dealing with debt. The first, argued below by Ben Rosita, a frequent contributor to the Rick's Picks forum, would redistribute America's official store of gold bullion to all who are owed on behalf of all who owe. The second, from another forum regular, Rich Cash, would wipe the slate clean via a return to Biblical Jubilee or something like it. Although we'll concede that neither idea is even remotely feasible politically, consider the alternative: a debt deflation that locks the economy into a grinding Depression for the next twenty years. One thing is absolutely certain: Given that Americans are collectively on the hook for hundreds of trillions of dollars worth of obligations of all kinds, those who are owed are nevergoing to be paid off in hard dollars anyway. And we are not talking about just banks and mortgage lenders who will ultimately have to settle for pennies on the dollar,
but about the scores of millions of Americans who will find the till empty when it comes time to draw on Social Security, Medicare and all the other Ponzi schemes run by Big Government. Let's Screw Ourselves Under the circumstances, why not simply screw ourselves now, deliberately and with constructive purpose, so that we can enjoy the benefits of being economically unencumbered as Americans have not been since before the creation of the IRS and the Federal Reserve nearly a century ago? This might even return the banks to their original role of taking deposits and lending them to worthy businesses. Indeed, if the five biggest banks in America were to go out of business tomorrow, we would probably get along beautifully without them, much as we would probably thrive personally and economically without the egregiously misguided efforts of Senators, Congressmen and all who pay them tribute on Capitol Hill. And now, here's Ben Rosita — a little loosey-goosey, for sure, but with an imaginative spirit that soars miles above the beaten trail: "The Fed stole it all, folks. In utilizing a process very similar to usury, they've vacuumed up quite a bit of gold, and possibly silver as well (or at least manipulated it, as some commentators contend). It is like usury in that they keep the debt level rising. Usury itself entails increasing the principal on a loan, usually under the guise of charging interest (which is merely time preference, not an increase in the loan amount). Gold Is Forfeit "And since good people want to pay their debts, and not default on them, and because they also must eat and try to have some measure of enjoyment in the precious shortness of life, the demand or price of gold and silver has remained depressed. Therefore, the Fed and other central banks have not only utilized usurious practices to distract most people, they were able to snap up much wealth on-the-cheap. "It was also totally illegal. Our government never had the authority to demonetize gold and silver in the first place. Nor do they now. No law on the book says they can, and even if such a law existed, it would be at odds with the Constitution. Under the circumstances, the gold is in fact forfeit. The Federal Reserve has no more claim to it than a bank robber has a right to keep his loot. 'Grow a Pair!' "So now what? Well, we must press our government to 'grow a pair' and confront the Fed about this. Once done, the gold would be turned over to the Treasury, whereupon it would have to be weighed against all debt created by the Fed (which includes all circulating money). It would then be distributed: 1) to the banks, in the name of all who owe them anything. All personal debt would be wiped clean. Banks would have capital to lend again. 2) to those owed anything by the government, especially Social Security. Public debt would be wiped clean. 3) to foreign creditors. There are other ways we could repay them, but there should be enough gold to do the job. Bullion Enough "But aren't there trillions and trillions of dollars of debt, you ask? Yes, but that doesn't matter. There would be enough gold because all debt would be weighed against gold (and silver) itself — even if that means a dollar's worth of Federal Reserve Notes in gold would equal 0.01 mg of gold.** In this day and age, and unlike in the past, digital bullion-banking can allow for such small amounts to be owned and transacted. (** The Math: 1,000 mg in a gram, ~31.1 grams in a troy ounce. Multiply by 100 (.01 mg). 32,150 troy ounces in a tonne, supposedly 8,000 tonnes held by the Fed and/or Treasury =~701 trillion that can be wiped out. So probably a bit more gold weight per dollar of debt.) "As for a Depression, there won't be one as long as all debt is extinguished. It will feel odd at first, but in reality that is how things should be. 'Austerity,' or even a drive for greater productivity, lacks either an end or a means. We're at the point, I think, where we need to ask ourselves whether we should put our hope and faith in stimulus voodoo, indenturing our children, their children, and their children's children. "If the answer is no, then debate austerity no more. Things will have to change, but ever-lasting Depression is not the answer. Life is preciously short, folks. Think about it, but not for too long!" (If you'd like to have Rick's Picks commentary delivered free each day to your e-mail box, click here.) Rick's Picks is a trading newsletter for stock, gold, silver and mini-indexes. All trades are based on the proprietary Hidden Pivot technical analysis method. © Rick Ackerman and www.rickackerman.com, 2010.
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| Jason Hamlin: Gold price manipulation exposed Posted: 28 Jun 2010 03:49 PM PDT 11:45p ET Monday, June 28, 2010 Dear Friend of GATA and Gold: Jason Hamlin, editor of the Gold Stock Bull letter, today collects recent gold options expiration day charts, compares the smashing down of the gold price that usually occurs thereabouts, cites GATA, and headlines his analysis "Gold Price Manipulation Exposed," which you can find at the Gold Stock Bull Internet site here: http://www.goldstockbull.com/articles/gold-price-manipulation-exposed/ CHRIS POWELL, Secretary/Treasurer ADVERTISEMENT Prophecy to Become Coal Producer This Year Prophecy Resource Corp. (TSX.V: PCY) announced on May 11 that it has entered into a mine services agreement with Leighton Asia Ltd. to begin coal production this year. Production will begin with a 250,000-tonne starter pit as planned in August, with production advancing to 2 million tonnes per year in 2011. Prophecy is fully funded to production and its management team includes John Morganti, Arnold Armstrong, and Rob McEwen. For Prophecy's complete press release about its production plans, please visit: http://www.prophecyresource.com/news_2010_may11.php Join GATA here: New Orleans Investment Conference * * * Support GATA by purchasing a colorful GATA T-shirt: Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009: http://gata.org/node/wallstreetjournal Or a video disc of GATA's 2005 Gold Rush 21 conference in the Yukon: * * * Help keep GATA going GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at: To contribute to GATA, please visit:
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| Posted: 28 Jun 2010 02:20 PM PDT
Jim Randle reports, G20 Leaders Pledge to Cut Government Deficits:
Some economists are worried about the push to slash deficits too early. In his op-ed piece in the NYT, Paul Krugman goes as far as calling for The Third Depression:
I also fear that policymakers are making a major mistake by moving so aggressively to cut deficits at a time when the global economy remains fragile. If you go back in history and look at all the major recessions, they were preceded by major policy mistakes. Either the Fed started raising rates too aggressively, or governments slashed spending too aggressively, or both.
While I see signs of recovery, I also worry that policy blunders and this myopic focus on austerity to assuage bond vigilantes will kill any recovery going on right now. Below, please watch Chris Haye's interview with Dean Baker, one of the few economists who correctly predicted the US housing meltdown. Listen carefully to Mr. Baker's comments because he's absolutely right on so many of the key points he raises.
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| Coin Monday: 1922 — Into the Downtime Posted: 28 Jun 2010 01:49 PM PDT Heritage Auction Galleries Downtime is just a dream for me right now; the cataloging staff spent the weekend working on the upcoming Boston ANA Auction, and it looks like two more working weekends are on the way. As appealing as the thought of downtime might be, though, there's always the potential for too much of a good thing. In 1922, the U.S. Mint saw plenty of downtime, and as a result, only a few types of coins were struck that year. In the wake of World War I, the United States went through a recession that lasted about half a year. The start of 1920 saw another economic downturn that lasted for 18months. During the downturn, the Mint struck a variety of denominations, but with less commerce came less demand for the instruments of commerce, coins among them. Only one denomination was struck at all three of the active mints: the silver dollar. The 1922 silver dollars bore the then-novel Peace design; though first struck in 1921, the Peace dollars were not released for distribution until 1922. The Boston auction will have examples from Philadelphia, Denver, and San Francisco. While double eagles effectively did not circulate in the U.S. by 1922, there was still demand for them in international trade, demand that was increasing as Europe recovered. The gold coins were struck on the two coasts: Philadelphia (represented in the upcoming July Summer FUN Auction) and San Francisco (in Boston). Most of today's survivors were shipped overseas and spent upwards of 50 years in Europe; they were later repatriated in the 1970s and beyond, after restrictions on American citizens' private ownership of gold were relaxed. Across most of the U.S. there was little demand for small change, so no nickels, dimes, quarters, or halves were made. There was unexpected demand for one-cent coins, though, and the Denver Mint pushed through a batch of slightly more than 7 million pieces. While it was Denver alone that struck cents in 1922, certain pieces show no mintmark due to production errors, and these have become more famous than their regular 1922-D counterparts. Beyond the regular U.S. coinage, the Philadelphia Mint also worked on a handful of other small-scale projects. For the 100th anniversary of the birth of Ulysses S. Grant, the famous Civil War general and later president, the Mint made commemorative coins in two denominations, a half dollar and a gold dollar. Philadelphia also kept up its trade in making coins for foreign countries. In 1922, it struck pieces for circulation in Colombia; Costa Rica; French Indochina (which covered modern-day Vietnam, Laos, Cambodia, and a small part of China); Nicaragua; and Venezuela. It would be nice to contemplate downtime some more, but the Boston catalog calls. Back to it! 
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| 1857 SS Central America Shipwreck Treasures at ANA World’s Fair of Money Posted: 28 Jun 2010 01:49 PM PDT The incredible "Ship of Gold" exhibit, showcasing California Gold Rush-era sunken treasure recovered from the 1857 shipwreck of the SS Central America, will make port in Boston at the American Numismatic Association's World's Fair of Money, August 10-14 at the Hynes Convention Center. The exhibit is courtesy of Monaco Rare Coins of Newport Beach, Calif.
The SS Central America was recovered in 1988 from nearly 8,000 feet below the surface of the Atlantic Ocean. The ship sank in a hurricane in September 1857 while carrying California gold from Panama to New York City. (…) © American Numismatic Association for Coin News, 2010. |
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| Sprott Resource: A Cheap, Safe and Liquid Opportunity Posted: 28 Jun 2010 01:48 PM PDT Devon Shire submits: My favorite current investment opportunity. I have a moderate position and am hoping to add at even better prices. I'll keep this short and sweet as I think this one is a pretty obvious opportunity.
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| Posted: 28 Jun 2010 01:48 PM PDT
The price of gold came within $3 of a new all-time high today, but it has since reversed course and is now down more than 2% from its intraday high. The metal had a similar move last Monday when it made a new high and then reversed to close the day lower. Is this just another Monday blip, or is gold beginning to top out around the $1250 mark? (Click to enlarge)
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| Guest Post: Are We Approaching An Epic Failure? Posted: 28 Jun 2010 01:11 PM PDT
Submitted by Cann Hoe Of Hoe Brothers Management Are We Approaching An Epic Failure?
This posting includes an audio/video/photo media file: Download Now | ||||
| Russian Spies Like Their Suburban New Jersey Homes Spacious, If A Little Decrepit Posted: 28 Jun 2010 12:26 PM PDT
According to the New Jersey Tax Records, the fakely married couple of fake Americans, Richard and Cynthia Murphy live at 31 Marquette Road, in Montclair, NJ 07043, a home first built in 1950. Russian spies like their headquarters roomy (if completely unremarkable - see pic below): the house is 1,824 sq.feet. The assessment on the house was $530,800. The two purchased the house in 2008 from Thomas and Nancy Senior for a price of $481,000. One thing is certain: nobody living in 15 CPW is a Russian spy. We will bring you more details as we find them.
The duo's house:
More details from NJ.com
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| Honest Money Gold and Silver Report: Market Wrap Week Ending 6/25/10 Posted: 28 Jun 2010 11:35 AM PDT Bonds and stocks have been moving in opposite directions: money leaving stocks has gone into T-bonds during the European sovereign debt crisis and flight to safety play.
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| Silver and Gold Prices Were Driven Backwards Again Today Posted: 28 Jun 2010 10:58 AM PDT Gold Price Close Today : 1238.20Change: -17.60 or -1.4%Silver Price Close Today : 18.678Change -43.2 cents or -2.3%Platinum Price Close Today: 1564.50Change: -3.60 or -0.2%Palladium Price Close... This is a summary only. Visit GOLDPRICE.ORG for the full article, gold price charts in ounces grams and kilos in 23 national currencies, and more!
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| Facing the Music. Buying Gold In Jobs Report Week Posted: 28 Jun 2010 10:55 AM PDT What is step number one if you think the Dow is going to break 6500, or even go back down there? Answer: Step one is not to buy put options, not to short the SP500 futures with big leverage or a "portfolio" of leveraged bear ETFs ...
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| Posted: 28 Jun 2010 10:48 AM PDT
The KGB is back, and it's leaner and meaner than ever. In a dramatic bust, the FBI has arrested 10 Russian individuals for allegedly carrying out long-term, deep cover assignments in the United States on behalf of Russia. The 37 page indictment from the Southern District of New York reads like a John LeCarre-cum-Ian Flemming espionage thriller and has everything including conspiracies, brush passes, handlers, money exchanges, code words, flash memory cards, covert meetings in Central Park, cracked secret codes, infiltration of strategic US organizations, and last but not least, Russia's apparent interest "about prospects for the global gold market", whereby espionage conducted by one of the group of rounded-up spies served to at least partially determine Russian policy vis-a-vis gold. Meet the "Illegals" The FBI's complaint begins with an overview of the Russian espionage program:
Each Illegal has a specific purpose, as spelled out by the following message from the Moscow Center of the SVR, which has been decrypted by the FBI:
The complaint goes into detail describing various acts of the "conspiracy" to commit espionage. As can be seen from the list below, this is not your garden variety, amateur hour operation:
Additionally, the FBI list out the various means and methods to effectuate the conspiracy, including various forms of Secret communications, including steganography, radiograms; secret payments to the conspirators, detailing the various means of compensation of the Illegals by Moscow Center; foreign payments to the conspirator; use of false identities and travel documents. The ringleader of the group, is allegedly one "Christopher R. Metsos", "a secret SVR agent who is based abroad, and who has repeatedly entered the United States to meet with certain Illegals and, among other things, to pay them on behalf of Moscow Center. On four separate occasions during the period from on or about February 24, 2001 through on or about April 17, 2005, Metsos and Richard Murphy, the defendant, met together at a restaurant in Sunnyside, NY." The narrative goes into excruciating detail describing Metsos actions, which the FBI appears had been observing for many years up until today's bust. And while the indictment goes to list various nests of conspiratorial activity among the 10 arrests, including the "Boston conspirators", as well as those from Yonkers and Seattle, it is the New Jersey conspirators that are most interesting, and particularly one Cynthia Murphy of Mont Clair, NJ. The government proceeds to highlight the following key information which Ms. Murhpy was responsible for:
and this particular tidbit, which seems of most interest:
Well, at least we now know where Russia is getting its gold hoarding ideas from. What is most interesting, is to find out just how the Wall Street financier is who is about to get pinched for interacting with Ms. Murphy:
It appears Mr. "Murphy" is quite the out-of-the-box thinker when it comes to luring prominent New Yorkers "beyond just 'work' framework." We are confident the prominent NY-financier's wife will be ecstatic to find out her husband was having a potential affair with a Russian spy. And a Zero Hedge hat to the first to uncover just who this mysterious person is. All in all, this will provide countless hours of entertainment for the US counterespionage population. In the meantime, we are curious how the President will present this interesting break from the monotone of the summer doldrums to the US population, and just what diplomatic escalation he will demand vis-a-vis a suddenly very strategically (and commoditally) important Russia. Also, if readers have access to Ms. Murphy's picture, we would be quite interested in finding out just what this individual, who has apparently shaped Russian gold policy to no little extent, looks like. Full complaint:
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| U.S. Government Bonds - Can America Maintain Confidence in its Debt? Posted: 28 Jun 2010 10:40 AM PDT Massive, unsustainable government debt - it's everywhere. Especially in America. At some point, will the world begin to lose confidence in America's growing debt? Will interest rates then skyrocket? Will a Greek-style crisis ...
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| Buy When There's Oil In The Water Posted: 28 Jun 2010 10:30 AM PDT
Baron Rothschild, an 18th century British nobleman, is credited with saying, “The time to buy is when there’s blood in the streets.” Fast forward to today, and one might suggest that, “The time to buy is when there’s oil in the water.” Crisis creates opportunity for the disciplined investor, and the unfortunate disaster caused by the BP Blunder has produced one of the most compelling long term values we have ever come across. As they say, “ever” is quite a long time. We recently watched a certain TV personality jumping up and down, like Jo-Jo The Idiot Circus Boy with a pretty new pet, and yelling at his viewers to “Sell, Sell, Sell” The St. Joe Company (JOE) after the stock had lost nearly half of its market capitalization in under two months. Viewers were told, “I know it’s got a strong balance sheet. SO WHAT! It may have acquired 477,000 acres of land in North West Florida at a very low cost. SO WHAT! . . . The risk from the oil spill is no longer a question of if, it’s not even a question of when. Now the only question is how much is this going to hurt? Could it wipe out the company??” We’ll spare the suspense here and answer that one right up front – not a chance. The St. Joe Company has $39.5MM in debt, $27.1MM of which is offset by pledged treasury securities, and $30.6MM in maturities after 2014. The company has total liquidity of $286MM comprised of $164MM and $122MM of cash and credit facilities, respectively. A strong balance sheet may not be of much importance to speculators, but it provides long term investors with a comfortable security blanket. Not to mention, the company has 577,000 acres of land, but what’s a 100,000 acres if you’re not interested in the assets a company holds anyhow? Later in the segment, the audience is told that, “I am not saying this company is going to go bankrupt. It’s probably not. That’s what I’m saying about BP.” We thought that last comment was particularly interesting, considering that on May 3rd, with BP trading over $50, our favorite TV personality explained that “BP’s debt to capital is really incredible” and on May 10, he told viewers that he was purchasing shares of BP for his charitable trust at just under $50. “If you get any good news at all, you’re at the bottom.” Which leads us to our next question – why doesn’t the same hold true for JOE, a stock that is already selling at half the price it was trading at less than two months ago, with ZERO responsibility for the spill? Instead, viewers are told, “We cannot quantify the downside.” While this is certainly the case for BP, who’s costs and liabilities are rising by the day, anyone remotely interested in buying discounted Florida property, and willing to take the time to actually analyze the company’s assets, can “quantify the downside” in JOE pretty easily. At a minimum, we can get a sense for what the stock is currently pricing in. To help us determine the risk of a permanent loss of capital, we ask ourselves a few straightforward questions when considering any investment opportunity:
These questions form the foundation of our investment thesis in The St. Joe Company, which is outlined below: Buy When There’s Oil in the Water (Jun-10) Disclosure: At the time of publication, the author was long the St. Joe Company (JOE), although positions may change at any time
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| Posted: 28 Jun 2010 10:15 AM PDT Gold price slips after falling short of new high The COMEX August gold futures contract closed down $17.60 Monday at $1238.60, trading between $1235.90 and $1263.70 June 28, p.m. excerpts: see full news, 24-hr newswire… June 28th's audio MarketMinute
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| Gartman: Gold on brink of parabolic move? Posted: 28 Jun 2010 10:11 AM PDT by Lee Brodie The bullish speculation was largely triggered by the outcome of this past weekend's G20 summit, in which [...] each nation plans to adopt different and tailored policies in dealing with the European debt crisis; and not take a unified approach. In the wake of these developments widely followed commodities investor Dennis Gartman tells the Fast Money desk gold could make a sharp move higher — in fact it could be parabolic. "I hesitate talking about parabolic moves — but when you compare this period to other periods of time in the past (when we've had parabolic moves), that's what well may happen," he says during a live interview on the Halftime Report. "The market starts slowly and takes several years to build. Then, in the last 10% of the time frame you get 50% of the price movement. I've seen it time after time in 35 years of doing this. And I get the sense that gold is about to do that same thing." Gartman also feels that gold has room to run because it's something he calls the anti trade. "It's anti dollar, anti euro and anti the British pound," he says… "The propensity for people at the margin to move into gold continues," says Gartman. "The trend is up and I continue to be bullish of gold." [source]
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| Thoughtless Vandalism Could Also Set This Vehicle Ablaze Posted: 28 Jun 2010 10:00 AM PDT At the G20 Summit, US and European politicians were at odds over the best steps forward. Nonetheless, given a weak global economy, government leaders are usually in a hurry to be seen doing something… Not unlike vandals in Toronto, who — with little regard for the usefulness of their efforts — were arrested by the hundreds. This truck, for example, would benefit from a little less action on opposing sides.
Thoughtless Vandalism Could Also Set This Vehicle Ablaze originally appeared in the Daily Reckoning. The Daily Reckoning, offers a uniquely refreshing, perspective on the global economy, investing, gold, stocks and today's markets. Its been called "the most entertaining read of the day."
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Hickey and Walters (
Gold retreated on a sharp technical sell-off and dwindling safe-haven buying after an initial rally fizzled that would have lifted gold to an all-time high. Analysts, however, said gold should be supported as investors' concerns over the levels of euro zone debt and the stability of the region's banking system persisted. "Technically, the upward trend is intact, but when you near record highs, trade is always jittery," one trader noted…
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