Gold News
In a simply must watch video David Stockman quite brilliantly and meticulously calls the latest efforts by the Fed out for exactly what they are, insanity. But before you watch the speech it’s worthwhile reminding yourself just who David Stockman is, because what he certainly is not is some fringe blogger in his mother’s basement. [...]
The gold price had a very impressive turnaround yesterday. After getting as low as $1752 gold turned on a dime and shot up over 1.5% to over $1780 on the back of some very poor data out of the US. This morning there has been some good follow through getting as high as $1783. Gold [...]
The final estimate for UK GDP has been revised upwards to a still contractionary negative 0.4% from -0.7% during the first estimate. From the government funded ONS release: Headline figures UK gross domestic product (GDP) in volume terms decreased by 0.4 per cent between the first and second quarter of 2012, revised from a previously [...]
So for all that stimulus and that money printing in the US, GDP in just come in much lower than expected. The consensus was for a GDP print of 1.7%. Instead the number came in at 1.25%. So much for that ‘recovery’ we hear talked about so much but see so little of. Add into [...]
For those that don’t know John Williams is the only person out there who has a website dedicated to keeping economic data honest – a very tough task these days. As a good example last week we wrote a note about the uselessness of the CPI and RPI numbers in the UK. We said this [...]
Yesterday we had the first significant pullback in the gold price in weeks. Gold fell back down to around the $1740 level. Gold $: (click for sharper image) Today however the buyers have turned up sending the gold price to around the $1755 level. Gold € In terms of € gold we’re still well above [...]
On 13th September striking workers demanding higher wages from the Anglo American Platinum Ltd gathered in a local stadium. Their action comes hard on the heels of a 6 week strike at Lonmin which has now been resolved after a wage increase was agreed. The increase was double what the trade unions typically secure and [...]
In a truly remarkable piece for the Financial Times yesterday, Wolfgang Münchau took another swipe at the Euro-sceptic and ECB-critical community in Germany, which he accuses of inflation-paranoia and of simply not getting ‘modern central banking’. Well, I know of many qualified commentators – many non-German – who swallow a tad harder when reflecting on [...]
Back at the start of September when the gold price was hovering around $1720 level we noted: As we speculated last week and this, there really isn’t much overhead resistance until we start getting around the $1777 level, which is where we’ll probably find the shorts camping out sometime next week. Fast-forward to today and [...]
We’ve all seen charts depicting the price of gold spanning the past few decades inflation-adjusted to today’s prices. When this is done the all time high from 1980 in sterling terms is £1300. (click for sharper image) But there is a problem when using the CPI or RPI to try and work out what prices [...]
