I wonder what caused this spike?

[EE_]

http://www.kitco.com/charts/livegoldnewyork.html

[chad]

obama just announced he "might stop sending out social security checks on august 2" if they don't raise the debt ceiling.

[EE_]

obama just announced he "might stop sending out social security checks on august 2" if they don't raise the debt ceiling.

Cool, let's get it on!

http://blog.makovsky.com/uploaded_images/kdm-pitchfork-746527.jpg

[mick silver]

hold on guys the time is not here yet . just wait till you see a glow in the sky coming from a big city near you

[chad]

ytd amount paid out on social security is $469 billion, well below the amount collected from federal tax deposits of $780 billion. i don't see why they'd have a problem. wait, you mean they already spent it on other shit? sadly, no one will bring this up at all.

[General of Darkness]

http://i1.peperonity.info/c/2CBE86/806290/ssc3/home/041/prodipta/albums/obama.gif_320_320_256_9223372036854775000_0_1_0.gi f


http://i61.photobucket.com/albums/h63/freecodesource/funny/animations/AnimationObamaStimulasBillCelebrati.gif?t=12563188 31


http://www.addasnap.com/main.php?g2_view=core.DownloadItem&g2_itemId=492&g2_serialNumber=1


http://www.moonbattery.com/animated-obama-03.gif

[MAGNES]

http://www.kitco.com/charts/livegoldnewyork.html

It broke Resistance R @ 1550,1555 and it popped. It has been a strong
chart basing sideways in this area for a while, that's positive for a run up
but now we are also at all time high, 1575 and it is mid summer, personally
I don't think there will be new highs, we will see tonight and tomorrow, they
won't want it trading sideways right on high, silver really upsets me, it's doing
nothing, they really hammered em good, there is no good setup for a trade
short which would of been a good bet at this point if SI was low 40's at least.
Watching the general market right about now is key, see what happens end
of summer.

[mamboni]

Obama made a really dumb political move with this SSI statement. There is a good reason that SS is called the third rail of politics. The retirees don't like him to begin with - this statement has lost him their vote. No one can question SSI and survive - it is verboten. Obama better hope the unionistas, hispanics and metrosexuals come out in record numbers to vote in 2012.

[Dogman]

Obama made a really dumb political move with this SSI statement. There is a good reason that SS is called the third rail of politics. The retirees don't like him to begin with - this statement has lost him their vote. No one can question SSI and survive - it is verboten. Obama better hope the unionistas, hispanics and metrosexuals come out in record numbers to vote in 2012.

Not sure about that one doc, the republicans are on record wanting to change it. Sort of a coin toss on this one.

[Joe King]

ytd amount paid out on social security is $469 billion, well below the amount collected from federal tax deposits of $780 billion. i don't see why they'd have a problem. wait, you mean they already spent it on other shit? sadly, no one will bring this up at all.

To bring that up, they would have to acknowledge that the bonds SS holds are not really worth anything. They have to at least act as though they are still worth something, even if for no other reason than to simply keep up apperances.

[chad]

this is my favorite picture of all time. i have it framed in my office:

http://www.motherjones.com/files/images/Blog_Bush_Social_Security_Bonds_0.jpg

george w. bush is holding a $2 plastic binder from office depot with some print-outs in it. that is social security. a shitty, white filing cabinet in some shitty office filled with $40 worth of binders from office depot.

[gunDriller]

some Fed "governors" - i use the term in quotes, i didn't vote for them, they're appointees ... but they're called governors.

anyway, they admitted that they would be willing to vote for QE3 if the economy hits a major soft spot.


http://finance.yahoo.com/news/Fed-minutes-some-ready-to-rb-4159641580.html;_ylt=AvsSu0cldeSR.Z1j9zUGy9e7YWsA; _ylu=X3oDMTE1dWhvOW5lBHBvcwMzBHNlYwN0b3BTdG9yaWVzB HNsawNmZWRtaW51dGVzc28-?x=0&sec=topStories&pos=main&asset=&ccode=

"On Tuesday July 12, 2011, 2:12 pm EDT

WASHINGTON (Reuters) - Some Federal Reserve officials are ready to provide more monetary policy easing if the recovery is too sluggish to cut the lofty unemployment rate and if inflation eases as expected, minutes of their June meeting released on Tuesday show."


more monetary policy easing - means 1 of 2 things - lowering interest rates, or printing. but they can't lower interest rates.

the minutes for the June Fed meeting came out today, that's what the Yahoo article is about.


http://www.kitco.com/images/live/gold.gif


anyway, looks like the spike started about 1:30 and was done - FOR TODAY - by 2:10.

to me, it's interesting that gold has returned to where it was in late April. but silver hasn't gone along for the ride.


UPDATE - the plot thickens.

3 gold bullish announcements (Obama, McConnell, Fed minutes) ... plus maybe Ireland default talk.

McConnell caving on the debt ceiling @ 1:38 Eastern -

http://www.bloomberg.com/news/2011-07-12/mcconnell-said-to-propose-three-stage-process-for-raising-u-s-debt-limit.html

By Laura Litvan - Jul 12, 2011 1:38 PM PT

Senate Republican Leader Mitch McConnell proposed a last choice optionto avoid a default on U.S. debt obligations that effectively would grant President Barack Obama power to unilaterally raise the debt limit in installments.


Obama's statement about Social Security -

http://www.cbsnews.com/8301-503544_162-20078789-503544.html

July 12, 2011 12:30 PM

President Obama on Tuesday said he cannot guarantee that retirees will receive their Social Security checks August 3 if Democrats and Republicans in Washington do not reach an agreement on reducing the deficit in the coming weeks.

"I cannot guarantee that those checks go out on August 3rd if we haven't resolved this issue. Because there may simply not be the money in the coffers to do it," Mr. Obama said in an interview with CBS Evening News anchor Scott Pelley, according to excerpts released by CBS News.


we can't tell exactly the timing by looking at the article time-stamps, but a premature list would be -

Obama statement 12:30 PM

Gold Spike Starts 1:30 PM

Repub. McConnell Caves on Debt Ceiling 1:38 PM

June Fed Minutes advocating QE3 released 2:12 PM - but the spike was done by then (for today).

[Spectrism]

hold on guys the time is not here yet . just wait till you see a glow in the sky coming from a big city near you

That sounds about right to me. The animules will be torching everything indiscriminantly... I think we are within months... maybe weeks for some of it. I suspect, though, that the criminals in charge will kick the can down the road and let someone else figure out how to dispose of it.

[Neuro]

The debt ceiling will be lifted, in a few days is my bet. And treasury will issue about 500 Billions in bonds in a months time, following the lifting of the ceiling. Federal reserve will not issue any new money until a month or so have passed. Which means that 500 Billions will be taken from the markets. It will be a slaughter, probably worse in its intensity than 2008. Dow Jones 6k, Gold 1250, Silver 21 by late August/early September is my call. Then the Federal reserve turns on the money spigots again, and the PM's will recover to current levels before end of year. I don't think the stock market will though, up towards 10k maybe...

[beefsteak]

this is my favorite picture of all time. i have it framed in my office:

http://www.motherjones.com/files/images/Blog_Bush_Social_Security_Bonds_0.jpg

george w. bush is holding a $2 plastic binder from office depot with some print-outs in it. that is social security. a shitty, white filing cabinet in some shitty office filled with $40 worth of binders from office depot.

But that is a really cool lock on each filing cabinet drawer, yes?.....

[beefsteak]

Have to go with you, Doc, on this one.

That was one stupid move on "free money for the black farmers/spread the wealth" BHO's mouthin' off today w/r/t SS.

There are more grey panthers in the USA today than any other voting block. And when they get ticked off, Katie bar the door!

He's going to be puking creamed peas through his nose after that stupid comment.

Everyone knows it's a ploy, and that just shows desparation of the administration. Was it Celente who called them "panic administration" the other day?

[gunDriller]

The debt ceiling will be lifted, in a few days is my bet. And treasury will issue about 500 Billions in bonds in a months time, following the lifting of the ceiling. Federal reserve will not issue any new money until a month or so have passed. Which means that 500 Billions will be taken from the markets. It will be a slaughter, probably worse in its intensity than 2008. Dow Jones 6k, Gold 1250, Silver 21 by late August/early September is my call. Then the Federal reserve turns on the money spigots again, and the PM's will recover to current levels before end of year. I don't think the stock market will though, up towards 10k maybe...

right now the Dow Gold ratio is about 8 (12,000+ vs 1500+)

6K/ 1250 would be about 5.

i think that's right.

silver has got me scratching my head. gold went on a roller coaster ride & didn't take silver along !

are they having a spat ? is gold seeing other precious metals ?

Hell hath no fury like a Silver Woman scorned !

[Neuro]

Don't worry about Silver Gundriller it had a fantastic run up from $18 to 49.70 in 7-8 months, but I think it will come down to below $25 before the end of the summer, it may actually be up towards a 100 before next summer though, the next monetary easing of the Federal Reserve is going to be BIG! And I think it will start around the time when Dow hits 7-8k. Then everyone will BEG the Fed to do something. The last 2 days action in silver was impressive though, from 34 and change to 38 and change.

[Joe King]

Obama made a really dumb political move with this SSI statement. There is a good reason that SS is called the third rail of politics. The retirees don't like him to begin with - this statement has lost him their vote. No one can question SSI and survive - it is verboten. Obama better hope the unionistas, hispanics and metrosexuals come out in record numbers to vote in 2012.

IMO Obamas statement was nothing more than a calculated move to get those retirees you speak of to apply heat to their respective Congress critters. I bet the phones are ringing off the hook right now with retirees bitchin' their heads off about raising the debt ceiling.
...and if they don't raise it, Obama will become their saviour when he declares an emergency and orders Timmy to issue the debt and then cut the checks.

[gunDriller]

IMO Obamas statement was nothing more than a calculated move to get those retirees you speak of to apply heat to their respective Congress critters. I bet the phones are ringing off the hook right now with retirees bitchin' their heads off about raising the debt ceiling.
...and if they don't raise it, Obama will become their saviour when he declares an emergency and orders Timmy to issue the debt and then cut the checks.

but Timmy might be leaving ... time to go Surf Bali or something.

maybe they'll do what they did in the first Star Trek ... where Commander Reiker was First Officer AND Science Officer.

Obama can be pResident AND Treasury Secretary.

http://www.gordonisimo.com/images/OvercomingDivingFear_10308/ScaredFace.jpg

scary thought, huh ?

[1970 silver art]

There is nothing to see here with this recent silver movement. When the debt ceiling gets raised, then silver will just go back down IMO. There will be another downleg for silver and I think that the next silver downleg will start when the debt ceiling gets raised.

[osoab]

There is nothing to see here with this recent silver movement. When the debt ceiling gets raised, then silver will just go back down IMO. There will be another downleg for silver and I think that the next silver downleg will start when the debt ceiling gets raised.


Art you can really be a silver party pooper. We need more chearleaders for the the dog.