Indigenous group says no one consulted them on Seabridge’s KSM project
The Tsetsaut Skii km Lax Ha Nation wants the province to declare that it failed to fulfill its duty to consult with them.
This week the Gold market produced a very choppy trading range of $27.30 as investors had a vast array of economic data to decipher. The FOMC left interest rates unchanged however; they left the possibility of Quantitative easing on the table.
Quantitative easing describes a form of monetary policy used by central banks to increase the supply of money in an economy when the bank interest rate, discount rate and / or interbank interest are either at, or close to zero. (Wikipedia) This news may have sent mixed signals to traders and cause Concern for pending inflation….
Gold is a preferred hedge against inflation as it tends to retain its value better than most commodities during times of crisis. There is certainly conflicting opinions concerning the U.S economy as the recent jobs and foreclosure data state we are far from our goal. The situation in the European Union is still very fragile despite hints that the worse may be behind them…
Japan’s economy is sluggish and once again China’s trade surplus was better than anticipated as the reading for July recorded a surplus of $27.8 Billion…
On Thursday the U.S Department of Labor released data showing the Initial Jobless Claims rose by 2,000 to 484,000…
This figure is a six month high and an indication to investors that the labor and foreclosure struggles not only persist they are getting worse. This coupled with the uncertainty in the European Union has investors fleeing equity markets and seeking “safer haven” investments..
There has been a continued demand for physical bullion especially from the Jewelers of India as they prepare for their September – December Festival and Wedding season. India is the world’s largest consumer of Gold and is estimated to purchase roughly 20% of the world’s Gold annually………
These higher prices may slow the demand for physical however, with the upcoming Wedding and Festival season rapidly approaching (September-December) in India it is certain the jewelers will need bullion to meet their insatiable demand… With 8 Million unemployed Americans and a record foreclosure rate expected amazingly our Dollar is the fiat currency of choice… Is there any wonder why the price of Gold remains high?
The physical demand globally remains high for Gold and Silver as investors prefer tangible “safe haven” investments that retain value better than most commodities…
This is simply SUPPLY and DEMAND…(lots of demand)….
Friday, August 13, 2010 …
Gold Settled at $1216.60…
*There is KEY technical RESISTANCE between $1220.00 & $1225.00*
My Swing Numbers For Monday 8/16…December Gold….
RESISTANCE # 2……….$1224.00
RESISTANCE # 1……….$1220.00
PIVOT……………………..$1216.00
SUPPORT # 1………….. $1212.00
SUPPORT # 2……………$1209.00
Please feel free to call or email questions and comments….
YOU CAN FIND THIS REPORT AT www.pfgbest.com *just click on research and then metals report*
Mike Daly / Gold Specialist
PFG BEST
877-294-4669
312-563-8029
*THERE IS EXTREME RISK TRADING FUTURES, OPTIONS, and FOREX*
