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 trade covered a vast $20.30 range in the Globex electronic market. The volatility continues to reflect the uncertainty in the Euro region. There has been some profit taking as investors remain skittish over the ever changing news out of the EU. It has been reported that the European Central Bank announced “bond purchases (to May 14th) amount to 16.5 billion Euro’s”… And added “they would carry out another liquidity absorbing operation next week”…
Monday Fitch ratings said “investors are deeply skeptical about the ability of governments to get a handle on their huge debt burdens”. Fitch also estimates that the European governments will need to borrow 2.2 trillion Euro’s in 2010 to finance large deficits….. The European Union continues to fuel the global markets and with the continues negativity coming out of the region we can certainly understand why investors have been choosing gold as a “safer haven”…. Investors are concerned that vast printing of money will produce inflation. Gold and silver historically perform better than most commodities during inflationary periods.
Reports: 5/18
HOUSING STARTS & PERMITS…….7:30 am (CST)
PPI…………………………………………….. 7:30 am (CST)
MY SWING NUMBERS 5/18 ..June Gold….
RESISTANCE # 2………….$1251.00
RESISTANCE # 1………….$1240.00
PIVOT…………………………$1231.00
SUPPORT # 1……………..$1219.00
SUPPORT # 2……………..$1211.00
Mike Daly / Gold Specialist
PFG BEST
877-294-4669
312-563-8029
312-775-3014
*THERE IS EXTREME RISK TRADING FUTURES, OPTIONS, and FOREX*
