“Woe to the land whose king is a child and whose leaders are already drunk in the morning. Happy the land whose king is a nobleman, and whose leaders work hard before they feast and drink, and then only to strengthen themselves for the tasks ahead”. (Eccl 10: 16-17)


"When misguided public opinion honors what is despicable and despises what is honorable, punishes virtue and rewards vice, encourages what is harmful and discourages what is useful, applauds falsehood and smothers truth under indifference or insult, a nation turns its back on progress and can be restored only by the terrible lessons of catastrophe." … Frederic Bastiat


Evil talks about tolerance only when it’s weak. When it gains the upper hand, its vanity always requires the destruction of the good and the innocent, because the example of good and innocent lives is an ongoing witness against it. So it always has been. So it always will be. And America has no special immunity to becoming an enemy of its own founding beliefs about human freedom, human dignity, the limited power of the state, and the sovereignty of God. – Archbishop Chaput






Tuesday, April 19, 2011

Euro Gold continues moving higher on Sovereign Debt fears

Gold - 8 Hour chart update

HUI holding support above 570

How not to get along with your Banker

China Urges US to Protect Creditors After S&P Warning

Published: Tuesday, 19 Apr 2011 | 10:46 AM ET
By: Reuters
 
China's Foreign Ministry said on Tuesday that the United States must take "responsible" measures to protect investors in its debt after Standard & Poor's threatened to lower its credit rating on the United States due to a bulging budget deficit.


Read the entire story here:



Silver moving higher on mediocre volume

In watching silver move up towards $44 in today's session, I am struck by the huge amount of air pockets above this market. Based on the manner in which is it moving up, there are simply not enough offers. I get the sense that would-be shorts in silver are terrified to step in front of this market. The dearth of sellers is allowing small bids to take the price up in big steps.

Coming on the heels of what was a huge volume day yesterday, I am a bit concerned about this. Right now it seems to be more a case of fewer sellers than it is a case of more buyers. I want to see the metal clear $44 and hold that level to feel a bit more comfortable about this and I want to see the volume pick up some. This market has come a long way and will need to see plenty of buyers even at these levels to keep it moving steadily upward.

A pause in the move would actually be healthy at this point. It could be that some of the shares are sensing this are a reluctant to jump higher waiting to see if the metal will pause and set back a bit or gather further momentum and just head to $50. Should the latter occur, we will see a rash of short covering in the silver mining shares.

Let's see how the metal fares the remainder of the trading day. If it clears $44, the volume should pick up.


Mining shares need the Man with no name

For a little fun on another day in which the mining shares are once again lagging the metals.

Those of you who are fans of the trilogy from the 60's will remember the scene well!


http://www.youtube.com/watch?v=KaZkv0aorMM&feature=related

And just for your listening pleasure.... A classic soundtrack lead... great music to trade to....

http://www.youtube.com/watch?v=mLXQltR7vUQ&feature=related

http://www.youtube.com/watch?v=CpZjvbSC9_M&feature=related

http://www.youtube.com/watch?v=2PwpOmjAu1M&playnext=1&list=PL5B9214378E620573