Auguries - February 1, 2013 Auguries - February 1, 2013
The Recovery Has Landed
Kevin Michael Grace
Gold was down (at press time) $3.40 (-0.2%) for the week to $1,664.10, and silver was down $0.24 (-0.8%) to $31.43. Gold fell $17.50 Thursday (-1%), a development Reuters attributed to “profit taking” and “bullion’s repeated failure to rise above major resistance at $1,700 in January, trigger[ing] technical selling.”
Could be, but technical resistance will always yield to force majeure. If gold is an alternative currency, then its future price will determined by the health of the world economy—in particular, the American economy.
In the latter regard, this interview of John Williams by Greg Hunter of USAWatchdog should prove interesting to readers. Williams’ argument is that “CPI, GDP and employment numbers” are subject to “biased and often-manipulated government reporting.” That’s one way to put it. Another would be that US Government economic reporting is now subject to Soviet-style levels of disinformation.
Read the rest of this article about gold prices and the economy here.