Central banks are at the epicenter of the apparently coordinated unconventional monetary policies of quantitative easing and distorted low interest rates. The fact that many of them are buying gold surely carries a generally bullish message for the yellow metal.
Gold briefly popped above the 200 day moving average at $1,643/oz. this morning and remains near the 3½ month high set in the prior session. A break above the 200 day moving average will be bullish technically.
This ain't 1947 anymore and we highly recommend anyone with "retirement savings" withdraw their funds and get them into hard assets. If you don't want to withdraw the funds, at least work to get them outside of the control of the government who purports to own you.
The panel on automotive tech and grid storage made it clear that there will be no shortage of lithium to meet the world's needs, which is one reason why the Li-Ion battery market is expected to consolidate into a smaller number of manufacturers.
Isn't it amazing that the one commodity we truly can't live without is not traded on any exchange? Corn, wheat, sugar and every other edible commodity wouldn't survive without it... and neither would we. Modern humans use fresh, clean water for more than just sustenance.
Gold surged 1.4% ($23) from $1,600.90/oz to a new record nominal of $1,624.07/oz within an hour of the open in Asia. Gold reached new highs due to continuing uncertainty and theater regarding the debt ceiling negotiations in Washington.
Gold has given up much of yesterday's modest gains and is marginally lower in all currencies except the Swiss franc. The euro has stabilized despite continuing contagion concerns and an existential threat to the euro currency itself.