Gold Ends Week Up, Despite Turmoil - May 24, 2013 22:03

Testimony from FOMC Chairman Ben Bernanke on Tuesday sparked an lot of volatility across a number of markets, most notably the Nikkei which dropped 7.3% the following evening, causing equity markets the world over to stall in their pursuit of Dot.com-like P/E’s.  Gold began the week following through with Friday’s weakness as margin-related selling forced […]

Gold Rebounds now that Bernanke is Done Talking - May 23, 2013 23:02

It is one of the unwritten rules of the market, “Gold cannot make the FOMC Chairman look bad.” Yesterday’s Humphrey-Hawkins testimony by FOMC Chairman Ben Bernanke was the catalyst for the hit on gold and silver during the COMEX hours.  And it happens every time the chairman is due to speak in public. The efficacy […]

Bonds Finally Begin Calling Bernanke’s Bluff - May 22, 2013 23:15

Look, for months the Fed has been trying to have its cake and eat it too.  Every other day it seems we are treated to another pronouncement from a U.S. central banker which is intended to keep the market guessing about its intentions to end the bond-buying program known as quantitative easing.  All of this […]

Gold Continues to Fail at $1400, No Momentum Allowed - May 22, 2013 0:52

On a day where FOMC chairman Ben Bernanke was testifying there was little hope that there would be any upside breakout to the price of gold.  We had two other Fed governors come out to talk up and down the efficacy of quantitative easing and a continuation of mad hedge fund shorting at lower price […]

Gold Re-tests Lows on Asian Margin Selling, Rebounds - May 20, 2013 22:33

Last night’s scare in the precious metals market could be summed up simply as programmed margin selling after Friday’s bushwhacking which occurred after the COMEX close.  This was a replay of the events of April 12th and 15th, where the selling which happened after Asian markets were closed for the week had to carry over […]

The Beat Goes On — S&P Sets New Record - May 14, 2013 23:56

All of the money being printed by the major central banks simply has nowhere else to go.  Today the S&P 500 rallied again late in the session as managed money went bargain hunting with newly minted dollars, yen and euros.  The benchmark equity index closed at 1650.34 (+1.02%) while the Dow Jones Industrial Average rose […]

Bond Yields Rise On QE Tapering Rumor - May 13, 2013 22:39

Long maturity bonds from a number of important governments have been rising for the past few weeks, most notably U.S. Treasuries after hitting an interim low yield of 2.812% have risen steadily since then, closing at 3.125% today and threatening April’s high yield of 3.14%.  It is looking more and more probable that we will […]

Follow Through Selling Takes Gold Back to $1420 - May 13, 2013 14:11

The fight in the gold pits it continuing unabated.  After the latest round of Fed jawboning about ‘tapering off’ quantitative easing courtesy of Wall Street Journal mouthpiece John Hilsenrath, hedge funds desperately short with naked positions on the COMEX and in London are continuing to press their advantage attempting to push price to zero as […]

Yen Weakness Creates Risk-On Gold Raid - May 11, 2013 0:50

The Yen smashed through Â¥100 yesterday just in time to push the Euro below $1.30 today, taking Gold, Silver and U.S. Treasuries to the cleaners.  Yesterday’s rumor of more Fed jawboning about the end of QE started the rout and today the follow through occurred.  It is, at this point, nearly comical to watch this […]