The Golden Truth

Dennis Gartman was on CNBC yesterday explaining with his unique brand of arrogant stupidity that the trend in gold has changed (to down). Contrary to DG’s ignorance, I’ve been telling colleagues that the current period of time is strikingly similar to the period from July/Aug 2005 to May 2006, when gold staged a 35% move … Continue reading

The July silver open interest increased by 31 contracts on Friday. Those people wouldn’t be buying unless they intended to take delivery AND they couldn’t buy unless their account was funded for the amount needed to take delivery. I don’t scrutinize the o/i like this every month, but I have never noticed open interest increasing in … Continue reading

From UBS on Friday:  “Physical demand picked up Friday in the wake of gold’s test below $1200, with our sales to India the largest recorded since early January.” Tulving and Company – one of the largest coin dealers in the country – announced on its website that it had its busiest day ever last Thursday. … Continue reading

…or a massive cut-back in essential public services and widespread hunger: Illinois Stops Paying Its Bills, but Can’t Stop Digging Hole “For the last few years, California stood more or less unchallenged as a symbol of the fiscal collapse of states during the recession. Now Illinois has shouldered to the fore, as its dysfunctional political … Continue reading

By one historically accurate contrary sentiment metric, the gold market is poised to stage a surprising move higher soon.  From the Hulbert Gold Sentiment Newsletter Index: over the three decades I’ve been tracking investment newsletters, the gold market has — on average — adhered to the contrarian pattern. That is, bullion has turned in far … Continue reading

Gold is in a long term bull market.  As such, all sell-offs, price pullbacks, secular price corrections and overt, illegal manipulative price attacks, like Thursday’s, are to be bought – aggressively.  Feel free to take profits on part of your positions on big price rallies only if you have mining shares or paper surrogates (GLD, … Continue reading

I’m not sure how anyone can look at this chart and not understand or believe that the Government, via the big bullion banks (JPM, HSBC, Scotia, Goldman etc) manipulates the precious metals market.  I could show examples of many charts that look just like this from the past 9 years: (click on chart to enlarge) Don’t … Continue reading

The bullish set up in silver (and gold) has turned insanely bullish. An astonishing amount of silver has been removed from the Comex warehouses over the past two weeks. Most of it from Scotia – who has unrefutedly been accused by many, including me, of operating a “fractional” bullion custodian operation – and from HSBC … Continue reading

The massive bull continuation pattern on silver bullion has a target of around $30-33, and gold could easily leap to $1700 while that occurs – Stewart Thomson, http://www.gracelandupdates.com/. Couldn’t have said it better myself.  I thought the silver bulls out there might enjoy this centerfold picture: Per my post on silver Friday, this techinical picture … Continue reading

Russia’s Central Bank reported purchasing 1.1 million ounces of gold in May.  This is a staggering 31.21 tonnes.  The chart below is from Richard Nachbar at http://www.coinexpert.com/: Separately, a member of the finance committee of China’s National People’s Congress has called on the Government to increase its holdings of precious metals and oil: “China should … Continue reading