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| | The Gold & Silver precious metals Network is not currently active and cannot accept new posts | | PRECIOUS METALS REVIEW - 02/16/07 | Views: 832 | | Feb 17, 2007 4:25 pm | | PRECIOUS METALS REVIEW - 02/16/07 | # |
me4you | | PRECIOUS METALS REVIEW - 02/16/07
In the precious metals markets this week . . .
GOLD:
Monex spot gold prices opened the week at $665 . . . traded as high as $671 on Wednesday and as low as $660 on Monday . . . and the Monex AM settlement price on Friday was $669, up $2 for the week. Gold support is now anticipated at $663, then $658, and then $646 . . . and resistance anticipated at $673, then $686, and then $700.
SILVER:
Monex spot silver prices opened the week at $13.82. . . traded as high as $14.08 on Wednesday and as low as $13.49 on Monday . . . and the Monex AM settlement price on Friday was $13.97, up $.11 for the week. Silver support is now anticipated at $13.75, then $13.44, and then $13.18 . . . and resistance anticipated at $14.05, then $14.24, and then $14.75.
PLATINUM:
Monex spot platinum prices opened the week at $1,195 . . . traded as high as $1,217 on Thursday and as low as $1,188 on Monday . . . and the Monex AM settlement price on Friday was $1,205, up $6 for the week. Platinum support is now anticipated at $1,195, then $1,170, and then $1,160 . . . and resistance anticipated at $1,225, then $1,238, and then $1,274.
PALLADIUM:
Monex spot palladium prices opened the week at $339 . . . traded as high as $346 on Wednesday and as low as $336 on Monday . . . and the Monex AM settlement price on Friday was $341, unchanged for the week. Palladium support is now anticipated at $338, then $330, and then $322 . . . and resistance anticipated at $345, then $354 and then $360.
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QUOTE OF THE WEEK:
From veteran market analyst Richard Russell, publisher of the long-running "Dow Theory Letters" newsletter, in the February 12th edition of the letter posted on his website (www.dowtheoryletters.com):
"I lived through and was active during the great gold bull market of the 1970s. That bull market was based on fear of the loss of purchasing power of the dollar, in other words, fear of inflation and dollar weakness. The current bull market in gold is still in its early stages. But I think in its later stages, this bull market in gold will be based on fears about the very survival of fiat money.
If the US government told you that they had suspended the laws of gravity would you believe them? Of course you wouldn't. Then how about this - if the US government told you that they could print wealth would you believe them? Of course you would - and we're all working for Federal Reserve Notes aren't we? Sure we are, and we can buy a car or a dinner or even a subscription to Dow Theory Letters with those Notes. My advice, just put those dollars away for your kids.
I want to add one concept here that I don't think most people understand. It's the idea of devaluation, or lowering the value of an item. But when we say the dollar is being devalued, we have to ask, "Devalued or lowered in value against what?" And the answer is always, lowered in value against time honored intrinsic money - gold. Of course, "the dollar being devalued" is a concept that the Fed doesn't want to hear about and doesn't want you to hear about. A "dollar devaluation," that sounds terrible.
But that is exactly what is happening when the price of gold rises in terms of dollars. Here's an example. In the year 2001 George Bush was elected President. Gold at that time was selling for 285 US dollars an ounce. Here in 2006 gold is selling for roughly 660 US dollars an ounce. In other words, the US dollar has been devalued against gold, by almost 60%. Why don't you ask Dr. Benjamin Bernanke, our Fed Chairman, about the ongoing dollar devaluation. Chances are, if he is willing to respond at all, he'll tell you that the Fed is watching carefully and has inflation under control. Sure they have. "But Ben, you're changing the subject, what about dollar devaluation?"
So just in case the dollar continues to be devalued, my advice is to own some gold. You see, just as the dollar is being devalued, gold is being revalued."
Monex Deposit Company
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