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Wednesday July 30th 2014

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Refreshing Gold Performance

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The dreaded “typo” has struck again.  The proper symbol for the Permanent Portfolio should be PRPFX (not PRFFX in yesterday’s daily).

Our friend Bix Weir was kind enough to allow me to feature his latest – for subscribers only – article, $8,250/oz. Silver and ONE BANK.  We lead off with it in todays daily.  Next up is an article that I know will interest all of our readers.  It’s Greg Hunter’s latest, titled Confiscation of Gold and Silver Coins Will Not HappenPeter Krauth and Ted Butler discuss the manipulation of the silver market and Richard Russell and Jim Sinclair’s comments today are very important.  All in all, this is a daily you should consider reading from start to finish.

It was refreshing to see gold perform so well on Tuesday, in the midst of a horrible day for the stock market.  That is not usually allowed to happen.  After the usual rocky start at the opening bell, gold reversed direction and by the end of the day was up nearly $20.

Note, in the following chart, that gold mirrored Monday’s action – Up in Asia, Down in London, Up in NYC, Down in NYC, then Up again, but this time, just before the close on NYMEX, gold continued to rocket UP, passing the $1,650 level before settling down at $1,660.60 at the end of the day.

 

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