With the gold market neutral today, nothing seems be a good buy or sell at the moment, everything is still a hold.
One interesting story I noticed today is, that members of the ECB are starting to step down and resign (or asked to leave quietly) if their views and opinions are against the will of the Central Bank leaders. See link below:
SAN FRANCISCO (MarketWatch) — The dollar rose Friday, with the euro under further pressure after the European Central Bank said Juergen Stark, a member of the Executive Board and Governing Council, will step down amid reports of disagreements over the bank’s bond-buying program.
I think this will be a reoccurring theme among other central bankers. This is probably why Uncle Ben decided to extend Septembers FOMC meeting for another day. I am sure we be seeing a couple of FED board members resigning from their posts later this fall. When the generals can't even agree on a course of action to fight this "War on the Economy", then you know this can't turn out good.
Gold will be the last safe haven left and the only man standing when the financial system as we know it ceases to exist, all currencies including the Canadian dollar will be devalued against gold. Take a look below, from yesterdays NY Gold closing price to today at 1:00 pm, gold is up 1-2% in most countries currency around the world. But then again, most currencies are down against the US $, so I guess you can say the US dollar is still at the top of the garbage pile for now. It's too bad the world market price for gold is in US dollars since it distorts the real price of gold, which is the cost to actually buy a physical ounce of gold in the currency of the country you are in.
A quick wrap up of the TTGD - S&P/TSX Global Gold index. As expected it made new highs this week and had a good strong close on Friday. We expect this pattern to continue next week as the index slowly grinds higher. See chart below for a quick summary and technical analysis of the TTGD - S&P/TSX Global Gold index.