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"Blood gold" has been with us since the beginning of the industry and genocides committed in its pursuit - e.g the conquistadors, in the name of God and Queen of course. Artisanal mining with mercury is a more insidious form of "blood gold" in that the dying involves far more pain and suffering.


Back to topic, the gold:XAU ratio continues to grind higher, but still nowhere near its peak early this year. It's now above its long term range so one of two things must happen to get it back to that range: POG must correct, or stock prices must rise. I've got my money on the latter although a near term correction appears highly likely, but within the long term trend.


Tonight will be interesting.


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Nov. 23 (Bloomberg) -- Federal Reserve Bank of St. Louis President James Bullard said the central bank should retain the flexibility to respond to any weakening in the economy by extending beyond March its authority to buy mortgage-backed securities and agency bonds.


ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Â¦ÃƒƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“I would just like to keep them active at a very low level instead of saying weÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢re shutting down, shutting down permanently,ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚ Bullard told reporters after a speech yesterday in New York. ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Â¦ÃƒƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“Initially it would do nothing for the economy, but it would give the Fed the option to react to future news as it comes in.ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚ÂÂ



Hi Krumbs--yes last night was interesting---the bulls just got defeated at the last post, and the December USD1200 calls

expired worthless.


Given the above comments from a Fed Speak--they may have no option but to keep up the stimuli for a very long time

the USD certainly fell very hard on this news, the jury is now out on whether USDGold needs a rest.


Given the US now enters a shortened Thanksgiving Holiday long weekend all we can do is watch for what happens--IMO.



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Martin Armstrong predicts that December is the time of the gold stock rush to start.





So POG stays at current levels while gold stocks play catch up.





$1300 by years end for gold imo.


p.s 99% of all gold callers will be wrong regarding gold's next price rise. Jim Sinclair.ÃÆâ€â„¢ÃƒÆ’ƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚ 

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Apparantly private bank clients of substance in Europe are now selling the EURO and buying USD Gold--little wonder

the spot price remains strong--after yesterdays option expiry--and in the face of a long Thanksgiving Day weekend break.

Everybody mistrusts the USD



MOSCOW (Dow Jones)--The Russian central bank cut its key interest rates by 50 basis points Tuesday in an attempt to stimulate bank lending and turn back the wave of speculative capital that has flooded the ruble in recent months.


"A reduction in the difference between foreign and domestic rates will help contain the strengthening ruble," the bank said in a statement.



Contained in the FOMC meeting report--translated "We (the FOMC) dont care about a weak USD"


Federal Reserve officials are increasingly confident the U.S. economic

recovery is sustainable, even if they do not see employment picking up soon,

minutes from their November meeting showed.

Senior Fed officials meeting on Nov. 3-4 also expressed concern their plans

to keep interest rates low for a prolonged period could have adverse

repercussions, including possible unwanted speculative activity in financial


"Most participants now view the risks to their growth forecasts as being

roughly balanced rather than tilted to the downside," according to the minutes

released on Tuesday.

"Some negative side effects might result from the maintenance of very low

short-term interest rates, including the possibility that such a policy stance

could lead to excessive risk-taking in financial markets or an unanchoring of

inflation expectations," the Fed members said.

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What happens during the Thanksgiving very long weekend holiday?



Overnight 1

SINGAPORE (Reuters) - India is open to buying more gold from the International Monetary Fund following its purchase of 200 tonnes earlier this month, the Financial Chronicle newspaper said on Wednesday, helping to drive gold prices to an all-time high.


But India's central bank governor, Duvvuri Subbarao, declined to comment on whether the bank would buy more gold from overseas, however.


The paper said that subject to acceptable conditions, India's central bank could well buy the balance of the initial 403.3 tonnes, or one-eighth of the IMF's total gold holdings, that the Fund had planned to sell.



Overnight 2

Showing the continued willingness of central banks around the globe to diversify into told, the International Monetary Fund (IMF) today announced the sale of 10 metric tons of gold to the Central Bankhttp://images.intellitxt.com/ast/adTypes/mag-glass_10x10.gif of Sri Lanka.



Overnight 3

Nov. 25 (Bloomberg) -- China tightened rules on individuals transferring yuan and foreign exchange between bank accounts after speculation the nation's currency will strengthen caused a surge in capital inflows.


An overseas individual or institution is not allowed to send foreign currencies to five or more Chinese individuals to convert it into the yuan on a single day or on consecutive days, the State Administration of Foreign Exchange said in a statement on its Web site today. Individuals in Hong Kong aren't allowed to buy more than 20,000 yuan a day and daily limits also apply in China.

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when the gold market is driven by the physical market, when the buyers are governments, central banks, when the main buyers buy gold to hoard not to trade, all technical principles can be thrown into the toilet. These buyers are not here to earn a profit from price differences, these buyers are here for the real thing, the gold, the ultimate reserve asset to carry their nation's and their family's wealth through the impending destruction of paper wealth earned through the huge credit bubble, still sitting on paper as claims, claims that are nothing but liabilities of other parties. These paper wealth, if not redeemed through real physical wealth assets, faces possible destruction during the ongoing debt/credit deflation, and gold is the best of all the real assets that can preserve these wealth. Technically overheated? yeah right. It's not a time to be pedantic! get a grip!
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