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You're Using Coconuts
By Jon Nadler

Yet another attempt at $930 materialized in the gold markets this morning, and it appears that, perhaps, there just might be success to report, this time around. Further hurdles are still present on the road to the magic four-digits, mainly around the $950 area. As reported yesterday, the market also needs to see investment demand overcoming offtake slumps in fabrication and surging scrap supplies, in order to first sustain current levels and then be able to make a go of it to the 1K pinnacle.

While there is enough worry going around the world to catalyse such a shift, there is also plenty of price-consciousness and need for cash, to temper the process. These are tough times for some, and happy times for others, in the gold business. As for the future, the battle of the "Flationists" rages on, with the "De" camp currently grabbing the headlines, and the "In" troops forming a Roman Turtle of golden shields to protect them from some kind of rumbling they feel in the ground under their feet.

And then, there is confidence. The almost complete lack of same, and the desire for instant gratification makes for very cranky investors. Like the ones we saw pulling the 'sell' trigger yesterday, when Mr. G -the messenger- took the wraps off "The Plan." Nobody seems to have the time to build Rome when signs point to Paris burning...

Gold prices rose to an all-time high overnight. In India, that is, where parents of pretty brides-to-be must now shell out 1,450 Rs for a gram of yellow metal. Consider that some of the brides often wear what amounts to a kilo of gold and you can start computing...

...what it must cost to properly launch one's daughter into married life. Say, $30K for starters. Better consider calling Jamal Malik for a handsome marriage prospect.

New York spot gold prices opened with a $12 gain, quoted at $927.30 on a background of nervousness and as the dollar gave back a modest amount of previously achieved gains. Participants eyed a rise in oil prices, ahead of the release of US inventory data, and on perceptions that OPEC's recent cuts are perhaps beginning to have some effect. However, the IEA projects about half a million fewer barrels of black gold to be consumed daily, this year. The US trade deficit fell to a six-year low. We say, what trade? China's exports fell 17.5% last month, at the fastest rate since 1998.

Silver rose 13 cents to $13.30 per ounce, while platinum managed to maintain gains and climbed to $1048, up by $14 on the day. Palladium did nothing, and opened flat, at $211 an ounce. Metals traders are going to ponder the effects of that news and watch what the dollar has to say. The shrinkage reflects an economy that is imploding faster than the rest of the world -even if that other part is not doing too well, either.


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