Got Gold Report – Gold Survives Post Goldman Sell-Down Attempt
Esse quam videri – To be rather than to seem.
Both gold and silver rebound just above our raised trading stops.
HOUSTON – News, news, news! Europe kicked in the (volcanic) “ash,” the U.K elections loom; Russian central bankers still buying gold; Anglo and Gold Fields “talking, but only informally;” Goldman damage control in full swing, SEC “witch-hunt;” U.S. jobless claims back down to 456K (and gold spikes lower Thursday?); Greek bonds in two digit percentages; U.S. companies taking huge write-downs to offset the costs of Obamacare already; bad weather, higher fuel costs affecting mine output and throughput; Gold and silver moving in and out and back into futures backwardation; The LBMA sends out apologists for Jeff Christian’s remarks on a service ironically called “Financial Sense;” (GATA’s Powell is game for the challenge); Congress thinks another government regulator is the answer to the failure of the dozens of porn-watching regulators already; Sovereign debt crises aplenty; PIIGS; Risk of contagion; Trouble in Belgium over language; Carbon zealots and salesmen rising like bovine flatulence and the all-Goldman-all-the-Time TV channel keeps on and on…
It’s been quite a week for gold news junkies like us. Trying to keep up with all the latest news can drive someone to drink, or worse. Luckily, just about everything that affects the precious metals markets ends up distilled in a series of key indicators we market watchers keep tabs on. So if all the news makes us pine for something “distilled” how about some charts?
In essence, all the news is more than we all can read (much less keep up with), but the combined effect of the trading actions by tens of millions of traders, each acting in their own self interest, shows in the indicators we traders follow. If we had to do without either (1) following a mountain of often conflicting news, and (2) following the indicators, ratios and charts which “report” to us each week, we would have to drop the first and keep the second.
Info-Triage
In a conversation this week with Bill Haynes, who operates Arizona-based CMI Gold and Silver, Bill pointed out that some of his many clients feel they have to read every single news story that even remotely affects the gold market in a bid to stay informed. What a tough assignment they have chosen for themselves.
Information is power. Good information is. But, too much of anything is … well, too much.
By the way, Haynes runs a tight ship at CMIGS (our highest compliment) and we think readers would do well to give his firm every consideration in their quest for quality precious metal bullion at a fair price.
At times we all go into information overload as we hunger for more data, and then, inevitably into info-triage as we realize we cannot keep up a frenzied pace of data processing every single day. At least not and stay sane and reasonably happy. That is why we here at GGR tend to focus on a suite of regular, measurable and get-to-knowable indicators each week and why we don’t pretend to be a “current events” hub.
With that intro, let’s move right into what has our attention this week. First, here’s this week’s closing table:
For the complete Got Gold Report, click here
Both gold and silver rebound just above our raised trading stops.
HOUSTON – News, news, news! Europe kicked in the (volcanic) “ash,” the U.K elections loom; Russian central bankers still buying gold; Anglo and Gold Fields “talking, but only informally;” Goldman damage control in full swing, SEC “witch-hunt;” U.S. jobless claims back down to 456K (and gold spikes lower Thursday?); Greek bonds in two digit percentages; U.S. companies taking huge write-downs to offset the costs of Obamacare already; bad weather, higher fuel costs affecting mine output and throughput; Gold and silver moving in and out and back into futures backwardation; The LBMA sends out apologists for Jeff Christian’s remarks on a service ironically called “Financial Sense;” (GATA’s Powell is game for the challenge); Congress thinks another government regulator is the answer to the failure of the dozens of porn-watching regulators already; Sovereign debt crises aplenty; PIIGS; Risk of contagion; Trouble in Belgium over language; Carbon zealots and salesmen rising like bovine flatulence and the all-Goldman-all-the-Time TV channel keeps on and on…
It’s been quite a week for gold news junkies like us. Trying to keep up with all the latest news can drive someone to drink, or worse. Luckily, just about everything that affects the precious metals markets ends up distilled in a series of key indicators we market watchers keep tabs on. So if all the news makes us pine for something “distilled” how about some charts?
In essence, all the news is more than we all can read (much less keep up with), but the combined effect of the trading actions by tens of millions of traders, each acting in their own self interest, shows in the indicators we traders follow. If we had to do without either (1) following a mountain of often conflicting news, and (2) following the indicators, ratios and charts which “report” to us each week, we would have to drop the first and keep the second.
Info-Triage
In a conversation this week with Bill Haynes, who operates Arizona-based CMI Gold and Silver, Bill pointed out that some of his many clients feel they have to read every single news story that even remotely affects the gold market in a bid to stay informed. What a tough assignment they have chosen for themselves.
Information is power. Good information is. But, too much of anything is … well, too much.
By the way, Haynes runs a tight ship at CMIGS (our highest compliment) and we think readers would do well to give his firm every consideration in their quest for quality precious metal bullion at a fair price.
At times we all go into information overload as we hunger for more data, and then, inevitably into info-triage as we realize we cannot keep up a frenzied pace of data processing every single day. At least not and stay sane and reasonably happy. That is why we here at GGR tend to focus on a suite of regular, measurable and get-to-knowable indicators each week and why we don’t pretend to be a “current events” hub.
With that intro, let’s move right into what has our attention this week. First, here’s this week’s closing table:
For the complete Got Gold Report, click here
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