Gold fell $7.10 to $1120.50 in London before it rallied back near unchanged in early New York trade and saw a loss of just 65 cents at $1126.95 at around 9:25AM EST, but it then fell back off rather markedly for most of the rest of trade and ended $6.20 off its early afternoon low of $1101.20 with a loss of 1.79%. Silver fell a little over 1% to $17.227 in London before it also rallied back near unchanged in early New York trade, but it then fell to a new session low of $19.975 at around noon EST and ended with loss of 2.47%. Read the Closing Report
Silver never did confirm gold’s breakout to new highs, which has always been grounds for some caution. It has followed the path predicted in the last update to the letter, as can be seen on the older 6-month chart included beneath the current chart below, but has run into trouble this month at resistance at the underside of its earlier broadening channel. Full Story
Wallace, Idaho – We are the i everything now and still wondering why we're headed to Hell in a handbasket. We have iPods, iPhones, iPads iIts, iThis, iThats, iBooks, iShares – and probably if you looked hard enouogh, iBanks and iGovernments, too. Full Story
When I first learned that I would not be invited to the March 25 CFTC public hearing on precious metals position limits, I admit that I was more than a bit surprised and disappointed. After all, this was my signature issue, one on which I had pressed the CFTC and the exchanges for more than 20 years. Full Story
Often thrown around as the end-all solution for tracking the value of the US dollar, the dollar index is one of the poorest indicators for the true performance of the currency itself. Silver investors who pay heed to the dollar index will certainly be led astray, as there are fundamental reasons why the index simply is not accurate. Full Story
We remain long gold and silver, currently with trading stops equivalent to the minor-profit low $1,080s for gold and the no-loss $15.90s-equivalent for silver. We are still of the mindset to allow for more than normal volatility with these fledgling trades, but we are unwilling to allow our “winners” to become losers and will step to the sidelines if stopped. Full Story
I will be flying out to Washington DC for the CFTC Public Meeting. I have invited two congressmen and a senator to join me; my representative, Tom McClintock, former presidential candidate Ron Paul, and senator Jim DeMint. Please invite your own congressmen and senators to attend this historic event. Seating capacity is limited to about 100 people in the hearing room, and only about 40-50 for "overflow". The event will be webcast as well. Full Story
If you want to know what happens when multiple long positions demand physical delivery of a commodity all at once, you need look no further than the Hunt brothers silver saga of 1979-1980. They did nothing illegal, the Chicago Board of Trade (CBOT) and COMEX changed the rules in the middle of the game, the Commodity Futures Trading Commission (CFTC) implemented new regulations, and the Hunts were bankrupted, unjustly. Full Story
Summing up, speculative bullish positions right now should be done with extreme caution, and only if you are able to monitor the market for almost the whole session. We realize that it doesn't sound encouraging especially for active Traders, but opening a speculative position at this point doesn't seem justified from the risk/reward point of view. Naturally, that is just our opinion and since it is ultimately you, who manages your money, we respect and are perfectly fine with whatever decision you make. Full Story
Recently, I was contacted by a reporter for the Financial Times of London. He was looking to write a story about the CFTC’s upcoming hearing on precious metals. I could tell in my conversations with him that he was skeptical about my claims of a downward manipulation in the price of silver. As a result, the story he wrote reflected his skepticism, which was rooted in how could such a manipulation exist for as long as I alleged and how could silver be manipulated if it doubled in price over the past five years? Full Story
To know the hard-rock mining business is to love it. But you've got to learn it to know it. This business is so full of charlatans, characters, fortunes made and lost, splendid, big-hearted souls, death, murder and mayhem, and governmental and pressure group interests as to confuse an Einstein intelligence. Full Story
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