Gold Core

Max Keiser: Why You Shouldn't Spend Your Stimulus Check

Published by Edward Murphy under Articles of Interest | Economics | Whimsy |

It might not be morning again in America but Bush hopes to wake up the economy via his Economic Stimulus Act of 2008. The stimulant – pumping more than $152 billion (or about 1% GDP) into the economy via tax rebate cheques - will start arriving in the mailboxes of Americans over the next three weeks.

The plans proponents are optimistic. Hank Paulson, in a speech confirming that no second stimulus plan would be undertaken, believes the $152-billion stimulus plan could create 500,000 jobs this year. Americans would have to spend their money wisely for the plan to have maximum impact. But what if the rebate money is already owed?

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U.S. housing collapse spreads overseas

Published by Edward Murphy under Articles of Interest | Economics |

"We know we're already in negative equity," said Emma Linnane, a 31-year-old university administrator. She bought a cozy, one-bedroom apartment in the Dublin suburbs with her fiancé, Paul Colgan, in May 2006, at the peak of the market. They paid €365,000, or $575,000 - at least $100,000 more than it would fetch today.

The bad news regarding the American housing market continue apace. BusinessWeek are reporting that Existing Home Sales Drop for Seventh Straight Month with the national median existing home price dropping 7.7% from a year earlier. That a bubble has burst is clear.

What is not so clear is how much of the contagion has spread worldwide.

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Gold Investments Market Update

Published by Mark O’Byrne under Market Updates |

Gold
Gold broke down from its range bound channel yesterday and quickly fell to support at $895-$900 as anticipated. Should gold fall below $900 we could again retest the support of the early April lows of $880. We expect strong support at these levels but there is a possibility that should gold close below $880 we could retest previous resistance at the 1980 nominal high of $850 per ounce.

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Gold Investments Market Update

Published by Mark O’Byrne under Market Updates |

Gold
Gold is up to $920 per ounce in London this morning. Gold was up $2.50 to $914.70 per ounce in trading in New York yesterday and silver was down 46 cents to $17.34 per ounce. The London AM Gold Fix at 1030 GMT this morning was at $920.75, £464.21 and €576.98 (from $915.75, £461.64 and €577.40 yesterday).

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Gold Investments Market Update

Published by Mark O’Byrne under Market Updates |

Gold
Gold is up in Asian trading and London trading this morning. Gold was up $17.80 to $945.10 per ounce in trading in New York yesterday and silver was up 54 cents to $18.31 per ounce. The London AM Gold Fix at 1030 GMT this morning was at $951.50, £481.04 and €595.88 (from $932.75, £472.40 and £586.27 yesterday).

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Cramer is not-so-Mad About (paper) Money

Published by Edward Murphy under Commentary | Video |

Cramer is an over-the-top wind bag who I would not trust with a ten foot barge pole (he uses sound effects!) but he is observed and followed by many on Wall Street and his recommendations will lead to increasing speculative and investment demand and his prediction of gold over $1,650 per ounce is conservative.

He does make the interesting point, however, that when the IMF talks about selling gold it is really buying paper currency; "and I don't want to stock up on paper currency right now."

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Investment Tips for the Meltdown (comic)

Published by Edward Murphy under Whimsy |

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Gold Investments Market Update

Published by Mark O’Byrne under Market Updates |

Gold
Gold is up in early trading in London this morning. Gold was up $30 to $934 per ounce in trading in New York yesterday and silver was up 50 cents to $18.18 per ounce. The London AM Gold Fix at 1030 GMT this morning was at $934.25, £471.08 and €587.95 (from $906.75, £460.40 and €576.56 yesterday).

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Why IMF gold sales won't affect the gold price

Published by Mark O’Byrne under Commentary | Gold |

Excuse our cynicism, but shouldn't this story be dead already?

The IMF, which has the worlds third largest holdings of gold bullion, has announced yet again plans to sell some of their gold holdings. As we reported before, in our Feb 29th Gold Market Update:
Our belief that the latest International Monetary gold proposal story was more spin than reality is seen in the fact that the IMF said on Thursday that no timetable has been set for the sale of a limited portion - about 12.9 million ounces (403.3 tonnes) - of the IMF’s gold stocks of 103.4 million ounces. The news was not widely reported unlike the previous ‘news’. In a background paper, the IMF said if the gold was sold on the market, as opposed to off-market transactions, the sales would be phased over time to avoid market disruptions, as recommended by an independent panel.

Factsheet - Gold in the IMF : http://www.imf.org/external/np/exr/facts/gold.htm
What is more interesting here, is not the obvious rehashing of an old story, but the changing spin it is given this time around.

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