muses of the moment

October 30, 2010

Update on gold and silver

Filed under: Gold and Silver Investing, Precious metals — totallygroovygirlfriday @ 5:00 am

Just a reminder that Jesse at Cafe Americain is calling for the retracement in gold (we are in that now) and then onto $1455. Click here.

James Turk just mentioned over at kingworldnews.com that he believes silver will hit $30 in the next 18 days following this current “flagpole” pattern. This will pull gold forward too. Click here.

Groovygirl doesn’t know that gold will hit $1455 in 18 days, but if the move in silver plays out as Turk suggests, it will be well on its way.

We will see very soon, if they are right. I expect action to heat up after the elections and Fed announcement next week, but yesterday was pretty good ­čÖé

Jim Willie speaks….

Good letter from Jim Willie. Click here. All that Jim is speaking of in this letter will not necessarily happen tomorrow, but it will happen at some point. You must be prepared.

Groovygirl: QE 1 did nothing but cover unsustainable debt, cause commodities (thus your monthly expenses) to rise, freeze the real estate market (by bailing out unsustainable debt), move gold and silver higher, and artificially inflate the stock markets (which are actually sideways in terms of purchasing power).

What do you think QE 2 will do that is different?

Side musing: the real data from John Williams at shadowstats.com:

– Third-Quarter GDP Growth Statistically Indistinguishable from Zero
– Official Economic Activity Is Virtually Flat Other Than for Inventory Building (gg: aside from inventories, it was .6%, not the 2% reported. This is NOT good.)
– Fed Will Be Forced to Monetize Treasury Debt, Irrespective of Current Jawboning, Games Playing and Hand Wringing
– October Employment Data Likely Will Disappoint Market Expectations

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