Be prepared for more of the roller coaster rider in the precious metals markets. If spot gold closes over $1,950, we can expect the COMEX governors to slap the futures market with substantially higher margin requirements. This may cause a temporary sell-off that will be a great buying opportunity. (The manipulators can depress the futures market in the short term, but the physical market is so strong that the precious metals bull will eventually renew its charge in the long term.)
It appears that the window of opportunity for stockpiling nickels will soon be closing: Mint awards firm contract to research alternative coinage metals
Reader J. McC. suggested an article by Bill Gunderson: Sturm, Ruger Looks Better Than Gold
John R. sent us this from Der Spiegel: Dutch Finance Minister on the Debt Crisis ‘We Are All Threatened by Contagion’. JWR’s Comment: I believe that these these “We’re standing firm against bailouts” proclamations from Germany will continue right up to the day that they actually cave in and bail out the bankrupt countries on the european periphery. (If they don’t relent then Euro will cease to exist as we presently know it.)
How muddy, these waters: Goldman Sachs VP Changed His Name, Now Advances Goldman Lobbying Interests As Top Staffer To Darrell Issa. (A hat tip to Marie O. for the link.)
B.B. sent this: Soaring Price of Gold Ignites Wave of Robberies in Los Angeles
Rob McEwen: Predicts $5,000 Gold and $200 Silver Prices
Items from The Economatrix:
Stocks jump; Dow has its best gain in two weeks
Gold Prices Sink Further After Earthquake. (In related news: Quake shakes East Coast, causes evacuations.)
Wild Swings in Stock Markets Wipe Out IPOs