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Recent Posts - Geithner Urges Congress to Raise Federal Debt Limit
- Gold and Silver Prices Top 2-Month Highs
- Swiss
Banks Running Out of Storage Space for Gold - Gold
Prices Touch Five-Week High - US Dollar Hits Six-Week Low
Archives Financial markets are driven by just two native emotions: greed and fear. These market moving emotions are represented in this blog as gold and guns. In Gold and Guns we seek to acknowledge, react to, and take advantage of fear and greed for personal and financial security.
Luke Burgess - 2009-08-10 
U.S. Treasury Secretary Timothy Geithner wants to take the country even deeper into debt.
In a letter to U.S. lawmakers on Friday, Geithner urged Congress to raise the legal limit on the nation's credit
card.
The amount the government may borrow is currently limited by law to $12.1 trillion, a cap that has been raised several times since the nation slipped into recession in December 2007. But Geithner says that it is "critically important that Congress raise the country's credit limit in the next two months as the current debt limit could be reached as early mid- October.
Geithner didn't request a specific
increase in the letter. But according to a report in the Washington Post, Treasury officials are expected to ask Congress to raise the debt cap to $13 trillion.
"It is critically important that Congress act before the limit is reached so that citizens and investors here and around the world can remain confident that the United States will always meet its obligations," Mr. Geithner said.
According to brillig.com,
the U.S. national public debt is already $11.675 trillion and increases by $3.91 billion
per day.
Meanwhile, the U.S. deficit is on track to exceed $1.8 trillion, a postwar record compared with the size of the overall economy. The Congressional
Budget Office has projected that the policies laid out in Obama's first budget would require an additional $9 trillion in borrowing over the next decade.
The massive size of this debt spells disaster for the long-term value of the US dollar. As a result, we continue to be extremely bullish on gold and silver.
Luke Burgess
Managing Editor, Gold World
Luke Burgess - 2009-08-06
Gold and silver prices rose to 2-month highs today after a US jobless report boosted sentiment in precious-metals trading.
The US Labor Department reported
that first-time claims for state unemployment benefits declined by 38,000 to 550,000 last week. The news helped push gold for October delivery to a high of $972.70 an ounce, its highest level in 8 weeks. Silver also gained on the news pushing over $15 an ounce since mid-June.
While we remain bullish in the
mid- to long-term, gold prices may experience a pullback as investors take profits in the short-term.
In other precious metals, both platinum was last seen down about $15
to $1,278 an ounce, meeting strong resistance at the $1,300 level. Palladium was also down almost $6 after hitting a 10-month high of $278.80.
Meanwhile, the US dollar slightly
recovered after hitting its lowest level since September 2008. The US Dollar Index, a measure of the dollar's value against a basket of six foreign currencies, was down to a low of 77.428.
Luke Burgess
Managing Editor, Gold World
Luke Burgess - 2009-07-22 
Gold Stock of the National Bank in Bern
Swiss news website 20 Minuten Online reports that the country's banks are quickly running out of secure storage space for gold bullion owned by investors and institutions. Concerns over inflation, the global economic downturn, and the success of gold ETFs has rapidly filled Switzerland's bank vaults with bullion.
Several weeks ago, the 139-year-old
Zürcher Kantonalbank reported that it was forced to relocate some of its stored silver bullion to another site to make room for gold. More recently, another Swiss investment banker was quoted by 20 Minuten Online saying,
We have the need to store more gold for our clients, but are finding it difficult to find secure storage facilities."
Many US-based gold
ETFs have recently seen a relatively small decline in gold holdings. New York's SPDR Gold Trust, for example, has sold over 34 tonnes of gold in the last four weeks, equal to almost 3.3% of its total holdings. Meanwhile, the Swiss ZKB Physical Gold ETF and Julius Baer Gold ETF has increased its holdings by 2.8% and 4.8%, respectively.
Luke Burgess
Managing Editor, Gold World
Luke Burgess -
2009-07-20 
Gold for August delivery hit a five-week high in overnight trading as a weaker US dollar and higher crude oil prices boosted the metals appeal as an alternative investment and hedge against inflation.
Bullion for immediate delivery gained as much as $16.40, or 1.7%, to $953.90 an ounce, the highest since June 12. The metal, which climbed 2.7%
last week, was trading at $952.60 by 9:00 a.m. EST.
Crude oil also found strength in the London market gaining as much as $1.53, or 2.7%, to $65.90 per barrel. This is the highest level for oil since July 6.
Meanwhile, the US dollar fell sharply
against most major currencies on speculation that this week's European and US economic reports will show the global recession is easing, sapping demand for the greenback as a refuge. The US
Dollar Index, a measure of value of the dollar against a basket of six major world currencies, dropped to a near seven-week low, dow 0.7% to 78.925.
In other precious metals, silver
climbed as much as 2.6% to $13.75 an ounce while platinum put on 1.1% to $1189.90 an ounce and palladium gained 1.4% to 254.50 an ounce.
Luke Burgess
Managing Editor, Gold WorldP.S. With precious
metal prices booming, there could never be a better time to invest in the gold bull market. And I've got one blockbuster opportunity with potential to pay off 50-to-1 or more. My colleague Greg McCoach just told his readers about a tiny $0.30 gold stock that controls a very large land position in an area where over 180 million ounces of gold have been discovered. In fact, he believes this small company is sitting right over “one of the most compelling gold finds of the last 14 years.” There's a lot to this story, so of course I don't have the time to go into here. But if you're interested in learning more about Greg's incredible new gold stock, just click on the following link: http://www.angelnexus.com/o/web/14007
Luke Burgess - 2009-07-16 
The US dollar hit a six-week low
today as investors moved further away from the troubled currency.
The US Dollar Index, a measure of the greenback's value relative to a basket of six foreign currencies, dropped
as much as 0.4% to 79.285 before recovering this afternoon.
Major news outlets cited an increase in risk appetite as the reason for the dollar's drop. But they failed to mention the $1.84 trillion US government deficit that is projected for this fiscal year that ends September 30th
or the ballooning $11.5 trillion national public debt, which grows by almost $4 billion a day.
Meanwhile, gold took a breather
from a three day rally that pushed the yellow metal as much as 3.3% higher since the beginning of the week. At last look, gold for August delivery stood at $935.90 an ounce.
In other precious metals, silver
was up 0.7% to $13.295 an ounce this afternoon. Silver prices have gained as much at 5.7% this week. Platinum prices have also increased as much as 6.7% while palladium was up as much as 7.9% this week. Platinum stood at $1,169.50 an ounce while palladium prices were last seen at $249.50 an ounce.
Energy prices also edged higher
this afternoon. Crude oil for August delivery touched the week's high above $62 per barrel while natural gas was trading at 3.585 at last look.
Publisher's Note:A small group of investors have recently prospered from some valuable information
in the gold markets... It's a rare gold investment that returns near-magical gains. And the 'gold baron' behind this investment has decided to spill the beans. You can learn all about it in this new report.
Luke Burgess - 2009-07-09 
- Geithner Urges Congress to Raise Federal Debt Limit
- Gold and Silver Prices Top 2-Month Highs
- Swiss
Banks Running Out of Storage Space for Gold - Gold
Prices Touch Five-Week High - US Dollar Hits Six-Week Low
U.S. Treasury Secretary Timothy Geithner wants to take the country even deeper into debt.
In a letter to U.S. lawmakers on Friday, Geithner urged Congress to raise the legal limit on the nation's credit
card.
The amount the government may borrow is currently limited by law to $12.1 trillion, a cap that has been raised several times since the nation slipped into recession in December 2007. But Geithner says that it is "critically important that Congress raise the country's credit limit in the next two months as the current debt limit could be reached as early mid- October.
Geithner didn't request a specific
increase in the letter. But according to a report in the Washington Post, Treasury officials are expected to ask Congress to raise the debt cap to $13 trillion.
"It is critically important that Congress act before the limit is reached so that citizens and investors here and around the world can remain confident that the United States will always meet its obligations," Mr. Geithner said.
According to brillig.com,
the U.S. national public debt is already $11.675 trillion and increases by $3.91 billion
per day.
Meanwhile, the U.S. deficit is on track to exceed $1.8 trillion, a postwar record compared with the size of the overall economy. The Congressional
Budget Office has projected that the policies laid out in Obama's first budget would require an additional $9 trillion in borrowing over the next decade.
The massive size of this debt spells disaster for the long-term value of the US dollar. As a result, we continue to be extremely bullish on gold and silver.
Luke Burgess
Managing Editor, Gold World
Gold and silver prices rose to 2-month highs today after a US jobless report boosted sentiment in precious-metals trading.
The US Labor Department reported
that first-time claims for state unemployment benefits declined by 38,000 to 550,000 last week. The news helped push gold for October delivery to a high of $972.70 an ounce, its highest level in 8 weeks. Silver also gained on the news pushing over $15 an ounce since mid-June.
While we remain bullish in the
mid- to long-term, gold prices may experience a pullback as investors take profits in the short-term.
In other precious metals, both platinum was last seen down about $15
to $1,278 an ounce, meeting strong resistance at the $1,300 level. Palladium was also down almost $6 after hitting a 10-month high of $278.80.
Meanwhile, the US dollar slightly
recovered after hitting its lowest level since September 2008. The US Dollar Index, a measure of the dollar's value against a basket of six foreign currencies, was down to a low of 77.428.
Luke Burgess
Managing Editor, Gold World
Gold Stock of the National Bank in Bern
Swiss news website 20 Minuten Online reports that the country's banks are quickly running out of secure storage space for gold bullion owned by investors and institutions. Concerns over inflation, the global economic downturn, and the success of gold ETFs has rapidly filled Switzerland's bank vaults with bullion.
Several weeks ago, the 139-year-old
Zürcher Kantonalbank reported that it was forced to relocate some of its stored silver bullion to another site to make room for gold. More recently, another Swiss investment banker was quoted by 20 Minuten Online saying,
We have the need to store more gold for our clients, but are finding it difficult to find secure storage facilities."
Many US-based gold
ETFs have recently seen a relatively small decline in gold holdings. New York's SPDR Gold Trust, for example, has sold over 34 tonnes of gold in the last four weeks, equal to almost 3.3% of its total holdings. Meanwhile, the Swiss ZKB Physical Gold ETF and Julius Baer Gold ETF has increased its holdings by 2.8% and 4.8%, respectively.
Luke Burgess
Managing Editor, Gold World
2009-07-20
Gold for August delivery hit a five-week high in overnight trading as a weaker US dollar and higher crude oil prices boosted the metals appeal as an alternative investment and hedge against inflation.
Bullion for immediate delivery gained as much as $16.40, or 1.7%, to $953.90 an ounce, the highest since June 12. The metal, which climbed 2.7%
last week, was trading at $952.60 by 9:00 a.m. EST.
Crude oil also found strength in the London market gaining as much as $1.53, or 2.7%, to $65.90 per barrel. This is the highest level for oil since July 6.
Meanwhile, the US dollar fell sharply
against most major currencies on speculation that this week's European and US economic reports will show the global recession is easing, sapping demand for the greenback as a refuge. The US
Dollar Index, a measure of value of the dollar against a basket of six major world currencies, dropped to a near seven-week low, dow 0.7% to 78.925.
In other precious metals, silver
climbed as much as 2.6% to $13.75 an ounce while platinum put on 1.1% to $1189.90 an ounce and palladium gained 1.4% to 254.50 an ounce.
Luke Burgess
Managing Editor, Gold WorldP.S. With precious
metal prices booming, there could never be a better time to invest in the gold bull market. And I've got one blockbuster opportunity with potential to pay off 50-to-1 or more. My colleague Greg McCoach just told his readers about a tiny $0.30 gold stock that controls a very large land position in an area where over 180 million ounces of gold have been discovered. In fact, he believes this small company is sitting right over “one of the most compelling gold finds of the last 14 years.” There's a lot to this story, so of course I don't have the time to go into here. But if you're interested in learning more about Greg's incredible new gold stock, just click on the following link: http://www.angelnexus.com/o/web/14007
The US dollar hit a six-week low
today as investors moved further away from the troubled currency.
The US Dollar Index, a measure of the greenback's value relative to a basket of six foreign currencies, dropped
as much as 0.4% to 79.285 before recovering this afternoon.
Major news outlets cited an increase in risk appetite as the reason for the dollar's drop. But they failed to mention the $1.84 trillion US government deficit that is projected for this fiscal year that ends September 30th
or the ballooning $11.5 trillion national public debt, which grows by almost $4 billion a day.
Meanwhile, gold took a breather
from a three day rally that pushed the yellow metal as much as 3.3% higher since the beginning of the week. At last look, gold for August delivery stood at $935.90 an ounce.
In other precious metals, silver
was up 0.7% to $13.295 an ounce this afternoon. Silver prices have gained as much at 5.7% this week. Platinum prices have also increased as much as 6.7% while palladium was up as much as 7.9% this week. Platinum stood at $1,169.50 an ounce while palladium prices were last seen at $249.50 an ounce.
Energy prices also edged higher
this afternoon. Crude oil for August delivery touched the week's high above $62 per barrel while natural gas was trading at 3.585 at last look.
Publisher's Note:A small group of investors have recently prospered from some valuable information
in the gold markets... It's a rare gold investment that returns near-magical gains. And the 'gold baron' behind this investment has decided to spill the beans. You can learn all about it in this new report.
Commodities opened higher this
morning after a broad decline overnight as investors continue to focus on a slow worldwide economic recovery.
Both stocks and commodities have performed fairly well since early March as the investment community
grew more hopeful that the now two-year-long rally would soon be coming to and end. But disappointing economic reports, including those that showed high levels of unemployment and low consumer confidence, continue to worry investors. <
Metal and energy prices were hit
hardest in Asia last night amid increasing fears that a delay in the economy's recovery will keep a lid on demand for basic materials.
Strength in the US dollar, which makes commodities less appealing for foreign buyers, also curbed demand.
Crude oil for August delivery fell
to $60.01 per barrel, the lowest level since May 19th, while natural gas prices hit their lowest level since mid-2002. Natural gas continues to be one of the worst performing commodities over the past several months. Gasoline also fell to a two-month low of $1.6290
per gallon. Hopefully for consumers, this drop in prices will be reflected at the pump.
Gold prices also touched a two-month low of $904.80 an ounce, while silver fell well below $13 to $12.74
an ounce. In other precious metals, platinum fell to $1093.20 an ounce, while palladium dropped to $233.00 an ounce.
Base metals also sold off broadly. Copper fell to $2.1420 per pound while aluminum dropped to $0.7225 per pound.
Despite last night's sell off, both metals and energies opened higher this morning. Forward month crude oil prices were last seen up 1.1% to $61.06 per barrel, while natural gas was up 1.2% to $3.427
per Mcf.
Precious metals were also seen higher this morning with gold up 0.6% to $914.40 an ounce and silver up 0.2% to $12.875 an ounce.
Luke Burgess
Managing Editor, Gold World
P.S. With commodities
hitting multi-month lows, there could never be a better time to invest in the gold bull market. And I've got one blockbuster opportunity with potential to pay off 50-to-1 or more. My colleague Greg McCoach just told his readers about a tiny $0.30 gold stock that controls a very large land position in an area where over 180 million ounces of gold have been discovered. In fact,
he believes this small company is sitting right over “one of the most compelling gold finds of the last 14 years.” There's a lot to this story, so of course I don't have the time to go into here. But if you're interested in learning more about Greg's incredible new gold stock, just click on the following link: http://www.angelnexus.com/o/web/13619
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