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Precious metals catch a bid amid Middle East worries and the reawakening of the EU debt crisis....

Precious metals catch a bid amid Middle East worries and the reawakening of the EU debt crisis. Gold's ahead by 0.9% to $1,254/ounce and silver's up 2.5% to $19.78. GLD +1.1%, SLV +2.7% premarket.
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Comments (6)
  • ddearborn
    , contributor
    Comments (130) | Send Message
     
    Hmmm

     

    for months and months Alpha has been bashing precious metals and the miners. And now suddenly they are cheerleaders? My my what a wicked web we weave........People need to be reminded that we have had massive inflation for the last 7 years. From 2006 until 2012 we had double digit inflation. Which means that gold today incredibly cheap. Of course the powers that be that intentionally manipulated metal prices down here after place billions of dollars of shorts are well aware of this. These same companies have now gone long gold. Imagine my surprise when they somehow managed to liquidate their shorts at the precise bottom. And again imagine my surprise when they went long at the precise bottom. Historians will look back at this period in wonderment. They will ask themselves over and over how so many people could be suckered by such a simple con.......And they do it over and over. Go long and drive up the prices, sell, go short and crush the prices.....and repeat. Regular rocket science.
    3 Jul 2013, 08:57 AM Reply Like
  • Iworkinpreciousmetals
    , contributor
    Comments (2) | Send Message
     
    Couldn't agree more, Dearborn!! I'm in the profession of actually selling precious metals for a huge company and this is just unbelievable -- the blatant manipulation. Goldman Sachs seems to be the leader of them all...
    3 Jul 2013, 09:13 AM Reply Like
  • thatsforschur
    , contributor
    Comments (55) | Send Message
     
    I agree so much with Dearborn. I have worked so hard to cultivate my contrariness but it may still pay off.
    3 Jul 2013, 09:02 AM Reply Like
  • Brian58
    , contributor
    Comments (149) | Send Message
     
    Couldn't have said it better myself @ddearborn. Nice summary
    3 Jul 2013, 09:03 AM Reply Like
  • uncensored patriot
    , contributor
    Comments (61) | Send Message
     
    Finally, someone who recognizes that we have had double-digit inflation, despite the official line. When a 32 oz jar of mayo is now 28 oz. and a half gallon of ice cream is now 1 1/2 quarts, and a case of beer is 18 cans, and the prices have still increased for these items, we have an issue.
    3 Jul 2013, 09:17 AM Reply Like
  • WhitneyB
    , contributor
    Comments (310) | Send Message
     
    The investment bankers and big hedge funds are like the tide, it comes in, it goes out, it's observable. Life is easier swimming with the tide than against it, right? They go long, you go long; they go short, you go short - they make money, you make money, why fight it? People drown swimming against the tide for too long.
    3 Jul 2013, 04:15 PM Reply Like
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