Peru’s small miners block highways, camp outside Congress demanding registry extension
Analyst says that there are strong competing interests between Congress and small-scale miners that could escalate.
Today’s Gold session produced a $17.50 gain fueled by poor economic data and investor uncertainty. Today 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. Savvier investors realize that during times of crisis Gold and Silver tend to retain value better than most other commodities.
Today’s rally took prices above some key technical resistance levels and posting a new monthly high. ($1218.50)… Today’s Gold market certainly met strong resistance between $1217.00 and $1218.50 as the “BEARS” may have been trying to reestablish control as the buying momentum subside
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…
REPORTS: 8/13
BUSINESS INVENTORIES …………..7:30 AM (CST)
CPI…………………………………………..7:30 AM (CST)
REAL EARNINGS……………………….7:30 AM (CST)
RETAIL SALES…………………………..7:30 AM (CST)
MY SWING NUMBERS 8/13… DECEMBER GOLD
RESISTANCE # 2…………………$1230.00
RESISTANCE # 1…………………$1223.00
PIVOT ………………………………$1212.00
SUPPORT # 1…………………….$1206.00
SUPPORT # 2…………………….$1195.00
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Mike Daly / Gold Specialist
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