Gold, silver running in place

LATE REPORT

Gold was down $6.10 today finishing at $1269.75.  It was down $3.89 on the week.  Silver was down 26¢ on the day and 3¢ on the week.  The precious metals have been pretty much running in place the past several weeks with little in the way of news or developments to push prices forcibly one direction or the other.  Gold started the month of October at $1270.76 and finished it at $1270.86.  Silver similarly started October at $16.55 and finished it at $16.67.  The noisy headlines belied the quiet price action all month – not unusual for the precious metals markets which attract a lot of attention even when things are quiet. We will be looking to get some traction next week now that some of the outstanding market questions have found at least temporary resolution. . . . .

Quote of the Day
“Amid this mania for investment, the stock market has begun self – cannibalizing … literally. Since 2009, US companies have spent a record $3.8 trillion on share buy-backs financed by historic levels of debt issuance. Share buy backs are a form of financial alchemy that uses balance sheet leverage to reduce liquidity generating the illusion of growth. A shocking +40% of the earning-per-share growth and +30% of the stock market gains since 2009 are from share buy-backs. Absent this financial engineering we would already be in an earnings recession.” – Chris Cole, Artemis Capital


News & Views is the contemporary, web-based version of our client letter which traces its beginnings to the early 1990s as a hard-copy newsletter mailed to our clientele. The “Big Breakout of 1999” headlined in the November, 1999 issue of our newsletter moved the gold price from $250 to $325 per ounce. It was a major event.

The times have changed, but our mission has not. Simply put, it is to deliver value to our readers in the form of cutting-edge Forecasts, Commentary and Analysis on the Economy and Precious Metals. The very same mission that has been displayed in our banner for over twenty-five years.

This month’s lead article, Government Finances and Gold, is published below, but there are few other nuggets of wisdom and perspective in the current edition that will be of interest to current and would-be gold owners.

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