Gold & Silver Digest: 8/28/13

By jasonw on Thu, Aug 29, 2013 - 12:49am

The Gold & Silver Digest contains headlines of stories that members of this group deem relevant and/or interesting to precious metals enthusiasts.

If you have articles to submit for the next digest, please email them to me by clicking here.

8/28/13 7:06 PM EST US close metals price quotes from Finviz

Reuters: Gold ends mixed, hits 3-1/2 month high on Syria jitters

The spot gold price briefly rose above $1,430 an ounce to a three-and-a-half-month high on Wednesday on safe-having buying as the United States and its allies looked set to launch military strikes on Syria.

While U.S. futures settled lower on the day, bullion rose for a fifth consecutive session as Syrians braced themselves for what U.S. officials described as plans for multi-national strikes that could last for days, in response to last week's gas attack that killed hundreds of civilians in a rebel-held suburb of Damascus.

Forbes: Comex Gold Futures Back Off Earlier Three-Month High

Gold futures backed down from their overnight highs Wednesday on apparent long liquidation and are oscillating slightly on either side of unchanged levels, but with the market hanging onto most of its recent gains prompted by global tensions surrounding Syria.

As of 11:11 a.m. EDT, Comex gold futures for December delivery was down $3 to $1,417.20 an ounce after an overnight high of $1,434 that was its most muscular level since May 14. September silver was down 29.1 cents to $24.36 after an earlier peak of $25.12, its first foray over the psychological $25 level since April 15.

Bloomberg: Gold Snaps Five-Day Rally as Data May Add to Case for Tapering

Gold retreated from a three-month high spurred by tensions over Syria as U.S. economic data may reinforce the case for the Federal Reserve to slow stimulus and a technical indicator showed that prices were set to decline.

Bullion for immediate delivery lost as much as 0.7 percent to $1,407.95 an ounce was at $1,409.08 at 12:25 p.m. in Singapore, dropping for the first time in six days. Prices rallied to $1,433.83 yesterday, the highest level since May 14, on concern that the U.S. and its allies will launch a military strike against Syria in retaliation for its alleged use of chemical weapons.

King World News: Gold Poised To Super-Surge 150% & Silver A Staggering 300%

On the heels of continued fierce action in the gold and silver markets, today top Citi analyst Tom Fitzpatrick spoke with King World News about an expected 150% super-surge in the price of gold, and a staggering 300% in silver.  He also included 4 fantastic gold and silver charts which illustrate how this enormous advance will begin.

Below is Fitzpatrick’s tremendous interview along with 4 key charts:

Eric King:  “Tom, we are continuing to see these advances in gold and silver that you predicted would happen.  Let’s start with gold.”

Jesse's Café Américain: One of the Most Important Gold Charts That You Should Remember

"We looked into the abyss if the gold price rose further. A further rise would have taken down one or several trading houses, which might have taken down all the rest in their wake.

Therefore at any price, at any cost, the central banks had to quell the gold price, manage it."

Sir Eddie George, Bank of England, in private conversation, September 1999

Few people realize that around 2008 central banks turned from being net sellers of gold to net buyers, and began to accumulate gold reserves in a big way for the first time since the 1970's, when Nixon slammed shut the gold window. Jim Rogers - Gold going much much higher - Prepare for market panic

Potential conflict in Syria and the scaling back of Fed stimulus point to a full-scale market ''mess,'' says investor Jim Rogers, with the countries running trade deficits likely to be hardest hit.

Silver Bear Cafe: Silver And Gold: 3 Catalysts For A Breakout

"For the first time in a while silver looks like a deep value play. All you need is a supply shortage and that can be a major catalyst." -Andrew Chanin, PureFunds

By the behavior of silver and gold spot prices over the past two plus weeks it almost appears the breakout is underway. Perhaps it is as many would like to think. But let's not speculate ahead of ourselves without support of logic and the holding of no misconceptions about metal price rise. Fact: the price of silver and gold is going up, because the value of fiat currency is going down.

This article intends to make a case for precious metals with examples of mine-production decline and supply shortage, where and why the trend is most likely to continue, and a look at compounding economic factors that when combined with shrinking supply will create prosperity for some and despair for others.

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