It’s shaping up to be a wild week for gold as a number of news items may induce volatility in the markets, starting with gains by the dollar against the euro.
Gold and silver started out lower this week on currency valuations with gold down $6.44 to $1,729.99 and silver off $0.19 to $33.43, for an opening silver gold ratio of 51.7.
Gold, silver and crude oil all started the week lower while platinum, palladium and copper all moved higher on increasing demand for industrial metals.
In South Africa the strike at the platinum mine that resulted in the shooting deaths of 34 miners and the wounding of 78 more is spreading to other mining companies, including Gold Fields International. Workers are demanding double their current salary and now both sides are showing up to protests armed.
A little closer to home another interesting news item indicates hedge fund managers and large investment houses are buying up undeveloped real estate. The disturbing conclusion is that Wall Street is once again looking for new ways to extract wealth from the real estate market without adding any value. I think we all still remember how well it worked out the last time they dabbled in real estate.
Today, at 11:20 AM PT: Get the Market Movements in Advance: William's Edge Webinar for October 24th, 2014 | John Ransom
In Other News: List of "Useless Government Spending" Strangely Doesn't Include Biden's Salary | Michael Schaus
Today, at 11:20 AM PT: Get the Market Movements in Advance; Williams Edge Webinar for October 22nd, 2014 | John Ransom
In Other News: Massachusetts School Board Moves to the Right of Democrats - Becomes Socialist | Michael Schaus