“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


In every stage of these Oppressions We have Petitioned for Redress in the most humble terms: Our repeated Petitions have been answered only by repeated injury. A Prince whose character is thus marked by every act which may define a Tyrant, is unfit to be the ruler of a free people. Source – The Declaration of Independence

Monday, December 31, 2012

Comex Gold Closes UP 6.9% for the Year

Comex gold had a nice day to finish out the year as it moved sharply higher around mid morning and pushed right into strong resistance at $1680 on the price chart.

The move enabled gold to put in yet another good performance on a yearly basis as it added 6.9% in 2012.

Gold in Yen terms was the best performer among the major currencies as the Yen lost over 20% of its value against gold.





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6 comments:

  1. Thanks Dan. Could you post how silver did to compared to last year?
    Thanks!

    ReplyDelete
    Replies

    1. According to Stockcharts, silver performed as follows.

      30-12-2011 closed at $27.78
      03-01-2012 opened at $27.98
      31-12-2012 closed at $30.23

      That is +8.8% from the 2011 close, or +8.0% from the 2012 open.

      Delete

  3. best wishes for a happy, healthy and prosperous 2013!

    ReplyDelete

  4. Looks like someone didn't like golds rally today. $11.20 just got erased instantly this evening even though it appears there isn't any trading due to holiday. This is on Kitco site.

    ReplyDelete
    Replies

    1. I also noted that on the Kitco website soon after the market closed. I have often seen the Kitco website present "corrections" to the price after a market close, sometimes to the upside. In this particular case the anomaly has now been changed to a flat line at $1675.20, and the drop has been removed, so I attribute the earlier drop to a glitch in Kitco's data.

      Delete

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