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platinumdude
13th July 2010, 07:03 AM
http://www.kitco.com/reports/KitcoNewsJuly132010_am.html

Comex gold futures prices are trading moderately higher Tuesday morning, drawing some safe-haven buying support from reports overnight that Moody's downgraded Portugal's sovereign debt rating. A firmer crude oil market and a weaker U.S. dollar index are also supporting the gold market bulls Tuesday morning. August Comex gold last traded up $9.20 an ounce at $1,207.90. Spot gold was last quoted up $10.20 at $1,208.00.

Reports overnight said Moody's downgraded Portugal's debt rating by two notches, to A1, with a stable outlook. Moody's said Portugal's economic growth is not strong and that the government's financial strength will decline in the medium term. The Moody's news on Portugal reminded traders the European Union's debt problems are still serious, and with no strong solution in sight.

Gold traders said good physical demand and bargain-hunting buying when gold prices dip below $1,200.00 an ounce is also putting a floor under the gold market.

The U.S. and European economic data pace will pick up as this week progresses, which could also give precious metals traders some fresh fundamental fodder to digest.

The London A.M. gold fix was $1,206.50 versus the previous P.M. fixing of $1,205.50.

Technically, August Comex gold futures prices are still trading in a sideways and choppy fashion. Bulls and bears are struggling for near-term technical control of the market, with neither gaining much of an edge. The gold market bulls do still possess the overall near-term and longer-term technical advantage, after prices scored a new all-time record high just last month.

For the gold market bulls to gain fresh upside near-term technical momentum, they will have to push and close August futures prices back above solid chart resistance at $1,230.00 an ounce. The bears' next downside price objective is producing a close in August gold futures below strong chart support at last week's low of $1,185.00.

For August gold, shorter-term technical resistance is seen at last week's high of $1,215.10 and then at $1,225.00. Buy stops likely reside just above those levels. Sell stops likely reside just below chart support at $1,200.00 and then at this week's low of $1,196.10. Today's key near-term Fibonacci pivot level for August gold: $1,205.00.

Comex silver futures are trading higher Monday morning, boosted by bullish "outside markets" that include a weaker U.S. dollar index and firmer crude oil and U.S. stock indexes. December silver last traded up 23.3 cents at $18.21 an ounce. The silver market has also paused and is consolidating after the early July sell off that did produce some near-term chart damage. The next near-term upside price objective for the silver market bulls is to push and close December Comex futures prices above solid chart resistance at $18.50 an ounce. The next downside price objective for the silver bears is to push and close December silver prices below last week's low of $17.64.

December silver finds shorter-term technical resistance at last week's high of $18.285 and then at $18.50. Buy stops likely reside just above those levels. Shorter-term technical support for December silver is located at the overnight low of $17.97 and then at $17.795. Sell stops are likely placed just below those levels. Today's key Fibonacci pivot level for December silver futures is located at $18.21.

DMac
13th July 2010, 10:43 AM
I found this over at eh Icke forums regarding Portugal:


I am not Portuguese, but out of my interest in languages I was listening to Portuguese radio RTP International; (my rephrasing and interpretation):

The Portuguese goverment are urging (though in a very un-panicky way) people to store food at home to be able to survive for at least two weeks in case ordinary channels of supply stop. Also, they should have a rucksack ready and handy with food to survive two days, according to official suggestions.

The move is said to be in keeping with a NATO directive about the need to do so, with which Portugal supposedly was still due to comply. The (stated) purpose is to prepare to such contingencies as floods, droughs, especially strikes or disruption of transportation.

BASTARDS!!! They know what is coming and how funny how they avoid creating panic. How they pollute the news with contradictory go and go back "news" about the march of the crisis.

Since the murder of the Polish elite and the media silence of the murder of the witness youtuber (even if was a fake it HAS TO BE REPORTED) I cannot stomach any media. Need to puke out a bad digestion? Watch CNN.

gunDriller
13th July 2010, 11:09 AM
http://www.kitco.com/reports/KitcoNewsJuly132010_am.html

Comex gold futures prices are trading moderately higher Tuesday morning, drawing some safe-haven buying support from reports overnight that Moody's downgraded Portugal's sovereign debt rating. A firmer crude oil market and a weaker U.S. dollar index are also supporting the gold market bulls Tuesday morning. August Comex gold last traded up $9.20 an ounce at $1,207.90. Spot gold was last quoted up $10.20 at $1,208.00.

it's always interesting to see how people's money fears affect the price of gold.

i think they're going to be experiencing increasing fears about their money, in the months & years to come.

a ripple of distrust in banks and financial "products" as holders of value.

if you have a dry space to store it, i imagine toilet paper might hold it's value better than the US $. but, there's not many coin dealers that will take toilet paper, unless ...