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This week in precious metals was all about the US Treasury Bond auctions.
Would the Chinese and the Russians walk their recent negative talk? Would foreign buyers boycott the offering, holding out for higher rates? And would Ben Bernanke have to step in as a buyer of last resort?
Well, we got our answer…
http://online.wsj.com/article/BT-CO-20090611-714319.html
NEW YORK [...]

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As Central Bankers unleash a generational perfect storm for gold, a significant valuation gap between the gold price and silver is forming.

The present gold price is indicative of a $19 silver price. And with silver trading at $14.71, silver is undervalued by nearly 30% to gold.
Even conceding that gold may have better supply:demand fundamentals, silver [...]

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The IMF has just announced their final communique, which will inject an extra $1 trillion dollars into the global economy, bringing the total of already announced and committed global stimulus, to $5 trillion dollars.
The $1 trillion extra which Mr Brown said would “be made available to the world economy” includes an extra $500 billion in [...]

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Gold is still comfortably within it’s bullish uptrend, and technically you have to stay long “of gold” (as Dennis Gartman would say) until it breaks support.
Fundamentally, gold is trading as the last remaining sound currency in a world of un-sound central banking. And gold is up an astounding 22% to 42% against the major [...]

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One of the fascinating things about gold, is that it wears many faces…
It can trade as a commodity.
It can trade as a currency.
It can trade as a flight to safety haven.
And it can trade as the momentum flav’ Du Jour.
It can trade either positively, or negatively correlated to the US Dollar and/or Oil and commodities.
And [...]

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