There was a brief flurry of excitement in Globex trading on Sunday evening’s New York open. Both gold and silver were up right out of the starting gate…silver especially so.

The U.S. bullion banks [the only ones allowed to trade at that time of day] were either going long or covering shorts. This rally continued through the Sydney open in gold…and into the beginning of trading in Hong Kong for silver. At those two points, a not-for-profit seller showed up…or the buying/short covering stopped. Those were the highs of the day in both metals. It’s quite unusual for the not-for-profit sellers/price cappers to hit the metals at two widely separated times like this. Almost without exception, they hit both metals at precisely the same time. I should quickly point out that trading volume in New York on Sunday night…and in Sydney and the Far East early Monday morning….was basically air in

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By Michael Kosares Centennial Precious Metals, Denver Saturday, April 25, 2009 http://www.usagold.com There may be some misunderstanding about the increase in Chinese gold reserves. The bulk of that gold has come from purchases of their own domestic production, not open-market purchases, so the impact on the price is indirect. But because China is the largest gold producer in the [...]div class="feedflare" a href="http://feeds2.feedburner.com/~ff/YourFinancialFuture?a=pPNCl3mqlj4:YeKtvT-fsuU:yIl2AUoC8zA"img src="http://feeds2.feedburner.com/~ff/YourFinancialFuture?d=yIl2AUoC8zA" border="0"/img/a a href="http://feeds2.feedburner.com/~ff/YourFinancialFuture?a=pPNCl3mqlj4:YeKtvT-fsuU:F7zBnMyn0Lo"img src="http://feeds2.feedburner.com/~ff/YourFinancialFuture?i=pPNCl3mqlj4:YeKtvT-fsuU:F7zBnMyn0Lo" border="0"/img/a a href="http://feeds2.feedburner.com/~ff/YourFinancialFuture?a=pPNCl3mqlj4:YeKtvT-fsuU:7Q72WNTAKBA"img src="http://feeds2.feedburner.com/~ff/YourFinancialFuture?d=7Q72WNTAKBA" border="0"/img/a a href="http://feeds2.feedburner.com/~ff/YourFinancialFuture?a=pPNCl3mqlj4:YeKtvT-fsuU:V_sGLiPBpWU"img src="http://feeds2.feedburner.com/~ff/YourFinancialFuture?i=pPNCl3mqlj4:YeKtvT-fsuU:V_sGLiPBpWU" border="0"/img/a a href="http://feeds2.feedburner.com/~ff/YourFinancialFuture?a=pPNCl3mqlj4:YeKtvT-fsuU:qj6IDK7rITs"img src="http://feeds2.feedburner.com/~ff/YourFinancialFuture?d=qj6IDK7rITs" border="0"/img/a a href="http://feeds2.feedburner.com/~ff/YourFinancialFuture?a=pPNCl3mqlj4:YeKtvT-fsuU:l6gmwiTKsz0"img src="http://feeds2.feedburner.com/~ff/YourFinancialFuture?d=l6gmwiTKsz0" border="0"/img/a a href="http://feeds2.feedburner.com/~ff/YourFinancialFuture?a=pPNCl3mqlj4:YeKtvT-fsuU:gIN9vFwOqvQ"img src="http://feeds2.feedburner.com/~ff/YourFinancialFuture?i=pPNCl3mqlj4:YeKtvT-fsuU:gIN9vFwOqvQ" border="0"/img/a /div

You get a sense that America’s chickens have come home to roost. Instead of learning from our past mistakes though, as the idiom above is meant to suggest, the nation appears intent on compounding them. The Great American Bailout of 2008 is simply more of the same — more debt, more easy money, more moral hazard, more taxpayer responsibility, and more government intervention. Quite literally, the government has once again applied a band aid, papered the problem over and delayed once more what will certainly be an even worse day of reckoning. Yes, the chickens have come home to roost, but for all the roosting all we have gotten is more chickens.

Wall Street Goes on the Dole

Post-bailout, there remains a sense of unease at the juncture of Wall Street and Main, a feeling that the other shoe is about to drop. “If money isn’t loosened up,” warned the president …

“The next Fourth Turning is due to begin shortly after the new millennium, midway through the Oh-Oh decade. Around the year 2005, a sudden spark will catalyze a Crisis mood. Remnants of the old social order will disintegrate. Political and economic trust will implode. Real hardship will beset the land, with severe distress that could involve questions of class, race, nation, and empire.”

– William Strauss and Neil Howe, The Fourth Turning, 1997

When IndyMac …

U.S. mint suspends gold coin sales; futures price is a fiction

Submitted by cpowell on Fri, 2008-08-15 04:27. Section: Daily Dispatches12:25a ET Friday, August 15, 2008

Dear Friend of GATA and Gold:

The U.S. Mint has suspended sales of American eagle gold coins and is refusing orders from dealers, two coin and bullion dealers confirmed Thursday.

The mint’s suspension of gold coin sales follows its tight rationing of sales of silver eagle coins, begun in May, when sales to the public were terminated and sales to the mint’s 13 authorized dealers were tightly limited.

Word of the mint’s suspension of gold coin sales came from the American Precious Metals Exchange in Edmond, Oklahoma, (http://apmexdealer.blogspot.com/2008/08/news-alert-us-mint-suspends-sale…) and from Centennial Precious Metals in Denver, Colorado.

The suspension is overwhelming evidence that the futures contract price of gold

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