The US dollar is threatening to break support, and gold is reaping the benefits …
Looking at the chart, we can see that gold is pushing above overhead resistance. If it can close convincingly here, it may be on its way to test the big trend above 980. However, let’s be clear on this. Even if gold manages a short-term breakout, it may have to go down and test its uptrend AGAIN before finally taking off.
I’m not sure how long this process will take. Anyway, gold stocks are enjoying today’s rally.
Here are some other stories of interest …
Wall Street banks are reaping outsized profits by trading with the Fed
“You can make big money trading with the government,” said an executive at one leading investment management firm. “The government is a huge buyer and seller and Wall Street has all the pricing power.”
A former official of the US Treasury and the Fed said the situation had reached the point that “everyone games them. Their transparency hurts them. Everyone picks their pocket.”
XX Sean’s note-and we saved these big banks why? So they could pick our pockets yet again?
It is in the health insurer’s interest to have application fraud, not only because it saves time and expense on the front end, but also because it lets them get out of any policy that isn’t going well for them. If the health insurer had to verify the information - if, in essence the insurance company had to behave as an accredited investor with adequate expertise to make a decision without reliance - it wouldn’t have the opportunity to bail out. It would catch more genuine liars, but many of these liars would have turned out to be healthy, profitable customers, and what the carrier really wants is a population devoid of expensive claims, not devoid of liars.
Roubini Says Commodity Prices May Rise in 2010 as Global Recession Abates Commodity prices may extend their rally in 2010 as the global recession abates, said Nouriel Roubini, the New York University economist who predicted the financial crisis.
China’s Manufacturing Grows as Lending, Stimulus Counter Slump in Exports China’s manufacturing expanded in July as record lending and a 4 trillion yuan ($585 billion) stimulus package stoked a recovery in the world’s fastest- growing major economy.
Copper Jumps Most in Seven Weeks to 10-Month High in N.Y. on China Outlook Copper prices soared the most in seven weeks to a 10-month high in New York after data showed manufacturing expanding in China at the fastest pace in a year, bolstering demand for the metal used in pipes and wires.
Soybean Futures Surge on Speculation Cool Weather in U.S. to Hinder Crops Soybean futures surged to the highest in more than six weeks on concern that cool weather may hinder crop development in the U.S., the world’s biggest supplier, and as a weaker dollar lured buyers. Corn and wheat also gained.
China crude stocks down 2.7 pct from record high Crude stockpiles, including both state strategic reserves and commercial ones, declined 2.7 percent from a month earlier to 37.7 million tonnes or 275 million barrels at the end of June, according to the China Oil, Gas and Petrochemicals, or equivalent to around 77 days of net imports. Crude inventories had gained the previous three consecutive months.
XX Sean’s note - one month does not a trend make. Still, keep your eye on China.
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