Gold and What Moves it.
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Gold and What Moves it.
Tracking all things that relate to and affect the price of gold.
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The Golden Truth: Every American Who Cares About This Country Should Read This

The Golden Truth: Every American Who Cares About This Country Should Read This | Gold and What Moves it. | Scoop.it

email exchange between Edward Snowden and Senator Gordon Humphrey, a former 2-term Senator from New Hampshire:

Former two-term GOP Senator Gordon Humphrey of New Hampshire emailed Edward Snowdenyesterday


------------------------------------------------------------

Mr. Snowden,

Provided you have not leaked information that would put in harms way any intelligence agent, I believe you have done the right thing in exposing what I regard as massive violation of the United States Constitution. Having served in the United States Senate for twelve years as a member of the Foreign Relations Committee, the Armed Services Committee and the Judiciary Committee, I think I have a good grounding to reach my conclusion.  (Emphasis is mine)

I wish you well in your efforts to secure asylum and encourage you to persevere. Kindly acknowledge this message, so that I will know it reached you. 

Regards, 
Gordon J. Humphrey 
Former United States Senator 
New Hampshire

Hal's insight:

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The Price Of Silver Is Set To Soar As Inventories Collapse

The Price Of Silver Is Set To Soar As Inventories Collapse | Gold and What Moves it. | Scoop.it

With continued volatility in global markets and oil still trading near the $106 level, today John Embry told King World News the price of silver is set to soar as inventories continue to collapse.  Embry also spoke at length about the gold market.  Below is what Embry had to say in this powerful interview.


Embry:  “I am becoming far more comfortable with the gold and silver markets after what can only be construed as an extraordinarily ugly few months.  These violent takedowns in the paper market, which bore no relation to what was going on fundamentally, have discouraged so many people.


I guess price action is the thing that drives them crazy because people then start to doubt the fundamentals.  But what I see now is very promising....


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Silver To Eclipse $100 On Skyrocketing Chinese Demand

Silver To Eclipse $100 On Skyrocketing Chinese Demand | Gold and What Moves it. | Scoop.it

With gold and silver rebounding, today acclaimed money manager Stephen Leeb told King World News that silver is now setting up to eclipse $100.  Leeb believes that China, which has been the primary driver in the gold market, is now going to push the silver price over $100 as their consumption of physical silver is poised to skyrocket.  Here is what Leeb had to say in this powerful and exclusive  interview.


Leeb:  “We are seeing massive demand for photovoltaics out of both Japan and China.  We are also continuing to see massive demand for silver in the Middle-East for this type of energy infrastructure as well.  Eric, KWN readers need to understand that the demand for silver is literally set to explode because of the enormous increases in demand for physical silver because of photovoltaics....

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India needs to address dowry system to tame Gold

India needs to address dowry system to tame Gold | Gold and What Moves it. | Scoop.it

NEW DELHI(BullionStreet): Yet another appeal by India's finance minister Palaniappan Chidmabaram to cut down gold's usage will surely not to make any impact on gold crazy Indians, analysts said.

 

Apart from the investment side, gold in India is an integral part of country's culture, especially linked with marriages and the dreaded dowry system it holds for which gold is the major item.

 

For centuries Indian marriages have been sealed with gold. During each wedding season, countless brides are given away wearing elaborate sets of golden jewellery.

 

Analysts said the finance minister should address the issue of dowry system seriously as majority of the gold purchased by Indians goes as part of the dowry. ...

Hal's insight:

Haha. Right. If one scheme won't convince the people of their need to leave gold alone, maybe another will.

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This Will Trigger A Tidal Wave Of Short Covering In Gold

This Will Trigger A Tidal Wave Of Short Covering In Gold | Gold and What Moves it. | Scoop.it

Keith Barron tells King World News:


The action in the bond market was frightening to some of the participants because it was essentially crashing and interest rates were spiking.  This action was incredibly violent.  All of this type of trading was much more threatening to the Fed and to the economy than the gold or silver prices.  America is too weak economically to see interest rates spike, so they will have to make the bond market priority number one, and if that means gold and silver rise, to hell with it, they will let them rise.


But if the gold price gets firmly above $1,310, this will trigger a tidal wave of short covering in gold.  Gold will immediately surge into the $1,350 area and maybe even as high as $1,400, very quickly, on that wave of panicked short covering which will take place.  This short covering will really send the price of gold soaring if it gets momentum behind it, and KWN readers need to be aware of this.  

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Timing the Bottom | Louis James | Safehaven.com

Timing the Bottom | Louis James | Safehaven.com | Gold and What Moves it. | Scoop.it

An interesting thing about the uptick in gold prices over the last couple days is the number of people asking me if I think gold has bottomed. This is somewhat amusing, since we all know that no one can time a market, and the questions are coming from my peers -- professionals who should know better.

 

This reminds me of Doug Casey's famous story about how he bottom-ticked the market in the 1970s: He was a broker at the time and put together an order for a client named Elmer who later reneged on the purchases. So Doug followed his own advice and bought the shares for himself. This happened to be the very day the market bottomed.

 

Note that Doug did not know that it was the bottom of the market when he made those purchases. He did know that they were good stocks at great prices -- the ingredients of any smart speculation.

 

Another story: Rick Rule of Sprott Global fame formed a partnership to invest in junior resource stocks in 1998 and, undeterred by the "nuclear winter" that gripped the sector for two more years, formed another in 2000. Gold would eventually bottom in 2001, so Rick was clearly early.

 

Note that being early did not matter; both ventures ended up returning roughly 20:1, and investors made a killing. Rather than fretting about timing the market, Rick simply focused on "buying low."

 

Key takeaway: not only can nobody time the market... 

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Grant Williams ties pounding of gold to shortage triggered by Venezuela, Germany | Gold Anti-Trust Action Committee

Grant Williams ties pounding of gold to shortage triggered by Venezuela, Germany | Gold Anti-Trust Action Committee | Gold and What Moves it. | Scoop.it

In his new "Things That Make You Go Hmmm" letter, gold fund manager Grant Williams attributes the recent pounding of the gold price to Western central bank efforts to recover enough real metal for repatriation of the Venezuelan and German gold reserves vaulted abroad, what with so much Western central bank gold long having been leased and then sold into the market to suppress the price. Williams cites all the recent developments noted by GATA and construes them pretty much as GATA does as part of a scheme of market rigging. Williams' letter is headlined "What If?" and ... 

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Government urges Indians not to buy gold - Mineweb

Government urges Indians not to buy gold - Mineweb | Gold and What Moves it. | Scoop.it

Though India rules out a complete ban on gold imports for now, a new study has noted that the gold price is expected to surge to $472 per 10 gram in a couple of months.


Author: Shivom Seth
Posted: Tuesday , 16 Jul 2013 


MUMBAI (MINEWEB)  - 

India's Finance Minister P Chidambaram has appealed to the people, once again, to moderate their demand for gold. While insisting that the government would not rule out a complete ban on gold imports, as has been discussed in some quarters, he pointed out the precious metal has cost the nation $50 billion in foreign exchange.

 

Stating that there is a long time attachment to gold in India, the minister asked, ``... can we for sometime moderate the demand for gold?''

 

Asking investors to cut down on their purchases as a starting point, Chidambaram suggested buying 10 grams of gold if one was inclined to buy 20 grams of gold.

 

Though India’s gold imports in June have fallen 80% to about 32 tonnes, providing some relief to the country's current account deficit and the weak rupee, the minister used a media conference on July 16, as a platform, to appeal to the citizens, all over again. ...

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Treasury: Debt Has Been Exactly $16,699,396,000,000.00 for 56 Days | CNS News

Treasury: Debt Has Been Exactly $16,699,396,000,000.00 for 56 Days | CNS News | Gold and What Moves it. | Scoop.it

According to the Daily Treasury Statement for July 12, which the U.S. Treasury released this afternoon, the federal debt that is currently subject to a legal limit of $16,699,421,095,673.60 has stood at exactly $16,699,396,000,000.00 for 56 straight days.

 

That means that for 56 straight days the federal debt has remained approximately $25 million below the legal limit.

 

Even though the portion of the federal debt that is subject to a legal limit has not changed in almost two months, the Treasury has continued to sell bills, notes and bonds at a value that exceeds the value of the bills, notes and bonds it has been redeeming.

 

- See more at: http://cnsnews.com/news/article/treasury-debt-has-been-exactly-1669939600000000-56-days#sthash.i8ZVQcXu.dpuf

Hal's insight:

What a sham our gov has become.

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Guest Post: The Criminals Have Seized Power | Zero Hedge

How do you change the direction of the country when power has been seized by the ultra-wealthy criminal class? When the financial, economic, political, military, judicial, and media organizations have been taken over by criminals who are looking out only for their financial interests, the few citizens who have the courage to speak the truth become enemies of the state. There is no non-violent solution to this state of affairs. This is what Fourth Turnings are all about.  

Coup d’etat  —  Paul Craig RobertsThe American people have suffered a coup d’etat, but they are hesitant to acknowledge  it. The regime ruling in Washington today lacks constitutional and legal legitimacy.  Americans are ruled by usurpers who claim that the executive branch is above the law and that the US Constitution is a mere “scrap of paper.” An unconstitutional government is an illegitimate government. The oath of allegiance requires defense of the Constitution “against all enemies, foreign and domestic.” As the Founding Fathers made clear, the main enemy of the Constitution is the government itself.  Power does not like to be bound and tied down and constantly works to free itself from constraints.


The basis of the regime in Washington is nothing but usurped power. The Obama Regime, like the Bush/Cheney Regime, has no legitimacy.  Americans are oppressed by an illegitimate government ruling, not by law and the Constitution, but by lies and naked force. Those in government see the US Constitution as a “chain that binds our hands.”


The South African apartheid regime was more legitimate than the regime in Washington. The apartheid Israeli regime in Palestine is more legitimate.  The Taliban are more legitimate. Muammar Gaddafi and Saddam Hussein were more legitimate.

 

The only constitutional protection that the Bush/Obama regime has left standing is the Second Amendment, a meaningless amendment considering the disparity in arms between Washington and what is permitted to the citizenry. No citizen standing with a rifle can protect himself and his family from one of the Department of Homeland Security’s 2,700 tanks, or from a drone, or from a heavily armed SWAT force in body armor.


Like serfs in the dark ages, American citizens can be picked up on the authority of some unknown person in the executive branch and thrown in a dungeon, subject to torture, without any evidence ever being presented to a court or any information to the person’s relatives of his/her whereabouts.  Or they can be placed on a list without explanation that curtails their right to travel by air.  Every communication of every American, except  face-to-face conversation in non-bugged environments, is intercepted and recorded by the National Stasi Agency from which phrases can be strung together to produce a “domestic extremist.” ...

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Upward Trend In Gold, More Brazil Riots, Milk At $55 A Gallon?

Reference Links: Legendary Mine Builders Index: http://bullmarketthinking.com/about/da-silva-legendary-mine-builders-index/da-silva-legendary-mine-builders-i...
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Trader Dan's Market Views: Some Chart Analysis on Gold

In light of the recent apparent reversal by Fed Chairman Ben Bernanke when it comes to the timeline for any TAPERING of the Fed's Bond Buying program, affectionately known as "QE" for short (I like to think it stands for QUICK and EASY profits for Wall Street), I felt it might be a good idea to take a look at where gold stands on the technical price charts.

Let's start off with the Daily Chart only as I am pressed for time but wanted to get something posted for the readers. Note also I am using an old but very reliable technical indicator known as the Directional Movement Index. I like this index because it is basically a trending indicator. It is thus very useful for determining whether a market is in a TRENDING pattern or whether it is in a sideways or NON-TRENDING pattern. 

A quick primer on this indicator is therefore in order before proceeding - it consists of THREE lines; two of them are DIRECTIONAL INDICATORS ( +DMI and -DMI ); the third is the TRENDING INDICATOR ( ADX ). ...

Hal's insight:

Click through for the full analysis and charts.

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10 Reasons Why The Global Economy Is About To Experience Its Own Version Of “Sharknado”

10 Reasons Why The Global Economy Is About To Experience Its Own Version Of “Sharknado” | Gold and What Moves it. | Scoop.it

Have you ever seen a disaster movie that is so bad that it is actually good?  Well, that is exactly what Syfy's new television movie entitled "Sharknado" is.  In the movie, wild weather patterns actually cause man-eating sharks to come flying out of the sky.  It sounds absolutely ridiculous, and it is.  You can view the trailer for the movie right here.  Unfortunately, we are witnessing something just as ridiculous in the real world right now.  In the United States, the mainstream media is breathlessly proclaiming that the U.S. economy is in great shape because job growth is "accelerating" (even though we actually lost 240,000 full-time jobs last month) and because the U.S. stock market set new all-time highs this week.  The mainstream media seems to be absolutely oblivious to all of the financial storm clouds that are gathering on the horizon.  The conditions for a "perfect storm" are rapidly developing, and by the time this is all over we may be wishing that flying sharks were all that we had to deal with.  The following are 10 reasons why the global economy is about to experience its own version of "Sharknado"...

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oftwominds-Charles Hugh Smith: The Problem with Social Security and Medicare

oftwominds-Charles Hugh Smith: The Problem with Social Security and Medicare | Gold and What Moves it. | Scoop.it

Projections based on high rates of endless growth are delusional. Those who embrace these projections are equally delusional.


I regularly receive rants that accuse me of a "blind spot" regarding Social Security and Medicare. The j'accuse trots out projections that the program is solvent until 2037 (or whatever, i.e. the distant future). Then they accuse me of ignoring the real cause of our national bankruptcy, defense spending (every "progressive's" single-agenda cause of all our problems).The ranters clearly count themselves among the "progressive true defenders of the poor and the working class" and critics like me as "enemies of the people," heartless Libertarians or worse. ...
Hal's insight:

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A Nightmare Scenario

A Nightmare Scenario | Gold and What Moves it. | Scoop.it

Most people have no idea that the U.S. financial system is on the brink of utter disaster.  If interest rates continue to rise rapidly, the U.S. economy is going to be facing an economic crisis far greater than the one that erupted back in 2008.  At this point, the economic paradigm that the Federal Reserve has constructedonly works if interest rates remain super low.  If they rise, everything falls apart.  Much higher interest rates would mean crippling interest payments on the national debt, much higher borrowing costs for state and local governments, trillions of dollars of losses for bond investors, another devastating real estate crash and the possibility of a multi-trillion dollar derivatives meltdown.  Everything depends on interest rates staying low.  Unfortunately for the Fed, it only has a certain amount of control over long-term interest rates, and that control appears to be slipping.  The yield on 10 year U.S. Treasuries has soared in recent weeks.  So have mortgage rates.  Fortunately, rates have leveled off for the moment, but if they resume their upward march we could be dealing with a nightmare scenario very, very quickly. ...

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74% of small businesses will fire workers, cut hours under Obamacare | Louis Scatigna, Author of The Financial Physician

74% of small businesses will fire workers, cut hours under Obamacare | Louis Scatigna, Author of The Financial Physician | Gold and What Moves it. | Scoop.it

Despite the administration’s controversial decision to delay forcing companies to join Obamacare for a year, three-quarters of small businesses are still making plans to duck the costly law by firing workers, reducing hours of full-time staff, or shift many to part-time, according to a sobering survey released by the U.S. Chamber of Commerce.

 

“Small businesses expect the requirement to negatively impact their employees. Twenty-seven percent say they will cut hours to reduce full time employees, 24 percent will reduce hiring, and 23 percent plan to replace full time employees with part-time workers to avoid triggering the mandate,” said the Chamber business survey provided to Secrets.

 

Under Obamacare, just 30 hours — not the nationally recognized 40 hours — is considered full-time. Companies with 50 full-time workers or more are required to provide health care, or pay a fine.

 

The administration recently decided to wait a year before businesses had to comply, but many are trying to get ready anyway. The president did not delay the mandate that Americans must have health insurance or pay a fine, however.

 

The Chamber’s second quarter small business survey found that just 30 percent are ready for the law and even understand what is required. ...

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Belarus retains discount rate to maintain Gold reserves level

Belarus retains discount rate to maintain Gold reserves level | Gold and What Moves it. | Scoop.it

MINSK(BullionStreet): Belarus's central bank, the National Bank said it retained the discount rate for July to maintain country's gold reserves level.

 

According to a statement by the central bank, it chose to sacrifice the discount rate for the sake of maintaining the gold reserves level at $8 billion.

 

The statement said any reduction in rates would have negatively affect the currency market.

 

Until recently, the National Bank was continuously reducing the discount rate, justifying this by reduced inflation rate in Belarus. ...

Hal's insight:

Currency wars, folks. 

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India can't completely ban Gold imports

India can't completely ban Gold imports | Gold and What Moves it. | Scoop.it

NEW DELHI(BullionStreet): Indian finance minister Tuesday made yet another appeal to bis countrymen to cut down gold consumption but ruled out any chances of a complete ban on gold imports.

 

P.Chidambaram while addressing a press conference said India cannot completely ban import of gold as there is a long time attachment to gold in this country.

 

But the Indians can definitely reduce their appetite for gold for the sake of their country, he added.

 

Attributing the high Current Account Deficit to mainly gold import, Chidambaram said the inward shipments of the precious metal resulted in outgo of $50 billion. ...

Hal's insight:

The manipulation of people who want to be their own central bank continues.

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Steve Forbes on the gold standard and gold investing

Steve Forbes on the gold standard and gold investing | Gold and What Moves it. | Scoop.it

Steve Forbes of Forbes Magazine recently sat down with Daniela Cambone of Kitco News to discuss politics, the US economy, and gold.

 

Forbes, who predicted last year that the gold standard will return within five years, laid out his case for the "fixed measure in the marketplace," saying that the standard would "ensure the value of the US dollar remains stable."

 

On bullion investing, Forbes says that when gold is purchased as an asset class, "that tells you that politicians are making a hash of things, central bankers are making a mess."

 

DC: I like some of your past thoughts on gold. You said jewelers should be buying gold. Gold miners should be buying gold. It shouldn't be bought as an asset class.

 

SF: Well when it has to be bought as an asset class, that tells you that politicians are making a hash of things, central bankers are making a mess. And so gold, if it's fixed in value, again, the only ones who would buy it would be jewelers, or for some industrial uses and that's it.

 

DC: Given the world landscape right now, are you buying gold? What are your thoughts on gold today?

 

SF: Gold should simply be an insurance policy for your portfolio – so if things go wrong, you've got at least something that's going to protect you. But in terms of investing in gold, that's a very tricky thing. We've seen in the last two years, gold's gone from US$1900 to $12-1300. ...

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Gold Will Rise To $1650, React, Then Challenge and Better Old Highs :: Jim Sinclair's Mineset

My Dear Friends,

 

Gold will now rise to $1650 then react after which it will challenge and exceed the old high.

 

If paper gold survives this move for physical gold’s emancipation from fraudulent paper as the price determinant, gold will still trade at $3200 to $3500 per ounce.

 

If, as I believe, the new Russian and Singapore physical gold exchanges plus more physical gold exchanges that will open become the price discovery mechanism for gold, then gold will trade at $50,000 per ounce.

 

Respectfully yours, 
Jim

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#Gold deliveries from Shanghai bourse jump on physical demand | #GATA

#Gold deliveries from Shanghai bourse jump on physical demand | #GATA | Gold and What Moves it. | Scoop.it

BEIJING -- Physical gold delivered to buyers by China's largest bullion bourse in the first half of this year almost matched the entire amount taken from its vaults in 2012 and was more than double the country's annual production.

 

The Shanghai Gold Exchange supplied 1,098 metric tons in the six months through June, compared with 1,139 tons for the whole of last year, according to data from the bourse today.

 

Output in China, the world’s largest gold producer, reached a record 403 tons last year, according to the China Gold Association. ...

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Hedge Funds Bought Gold in Biggest Rally Since 2011: Commodities

Hedge Funds Bought Gold in Biggest Rally Since 2011: Commodities | Gold and What Moves it. | Scoop.it

Hedge funds raised bets on higher gold prices for a second week as comments from Federal Reserve Chairman Ben S. Bernanke damped expectations for an imminent tapering of stimulus. Futures rose the most since 2011.

 

Speculators increased their net-long position by 4.1 percent to 35,691 futures and options, U.S. Commodity Futures Trading Commission data for July 9 show. Net holdings expanded even as speculators increased short bets to a record. Net-bullish wagers across 18 U.S.-traded commodities retreated 3.4 percent as investors became the most bearish ever on corn. They were more bullish on silver and palladium. ...

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Ronald Stoeferle: "The Largest & Most Deep-Pocketed Traders Have Positioned Themselves For Higher Gold Prices" | Bull Market Thinking

Ronald Stoeferle: "The Largest & Most Deep-Pocketed Traders Have Positioned Themselves For Higher Gold Prices" | Bull Market Thinking | Gold and What Moves it. | Scoop.it

I had the chance to reconnect with one of the world’s rising stars in the gold market, Ronald Stoeferle, managing partner of Incrementum AG, and publisher of “In Gold We Trust”—the world’s definitive annual report on gold.


During the interview, Ronald indicated that in researching this year’s updated report (released last week), he discovered staggering evidence that the best-informed traders in the world are now positioned for higher gold prices. He further added that based on history, the extreme bearish sentiment in the market now carries “the recipe for a pronounced rally.”

 

In discussing the most shocking piece of information discovered during his research for this year’s report, Ronald noted that, “If you read into the COT report…the commercial hedgers reduced their net hedges (which is the net short futures positions) by 84%…[this indicates] the largest, most deep-pocketed and best informed traders—havepositioned themselves for higher gold prices…[and] in general I think you always have to position yourself with the commercials, because in the long term they are always right.”

 

When asked about the extreme bearish sentiment in the market at the moment, Ronald said, “It seems that the bulls have [completely] thrown in the towel…and that’s also confirmed by most of the sentiment indicators…We’ve seen most of the large investment banks (Goldman, Societe General, UBS, Morgan Stanley)—they’ve all turned to the bearish camp. They act very pro-cyclical (as always), and they raised their targets for the price of gold in 2011. Nowadays they’re in the bearish camp…[so that's] a sign that we’re already in a very mature part of this downtrend.”


With respect to the few bulls left in the precious metals space, Ronald noted that, “If you’re bullish on gold at the moment you’re quite a contrarian, and if you’re bullish on gold mining equities, that’s probably the most contrarian call in ...

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Goodbye Full-Time Jobs, Hello Part-Time Jobs, R.I.P. Middle Class

Goodbye Full-Time Jobs, Hello Part-Time Jobs, R.I.P. Middle Class | Gold and What Moves it. | Scoop.it

by Michael Snyder:

 

A fundamental shift is taking place in the U.S. economy.  In fact, this transition is rapidly picking up momentum and is in danger of becoming an avalanche.  The percentage of full-time jobs in our economy is steadily declining and the percentage of part-time jobs is steadily increasing.  This is not a recent phenomenon, but now there are several factors which are accelerating this trend.  One of them is Obamacare.  The truth is that Obamacare actually gives business owners incentive to cut hours and turn full-time workers into part-time workers, and according to the Wall Street Journal and other prominent publications this is already happening all over the United States.  Perhaps this is part of the reasons why the U.S. economy actually lost 240,000 full-time jobs last month. ...

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Jim Rogers Blog: Gold: In The Process Of Making A Complicated Bottom

Jim Rogers Blog: Gold: In The Process Of Making A Complicated Bottom | Gold and What Moves it. | Scoop.it

"It may go down another 20 percent or 30 percent. Who knows? But by the end of this decade, it will be much higher. I suspect we are in the process of making a complicated bottom which may take a few days, weeks, months, maybe even another year or two. But then, ultimately, gold will make its fabulous bottom…then it will be off to the races again." - in a recent interview with Max Keiser

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