Gold and silver futures decoupled from the whipsawing stock market on Thursday, gaining 1.6% and 2.1% respectively. “Gold is benefiting from a flight to quality as the stock market is heading into a correction,” according to a Comex trader quoted by Reuters, who added that “Both gold and silver appear to be bottoming out after they have been in a bear market for a long period of time.”
And MarketWatch cites the namesake of a Montreal-based research firm, Lamoureux and Co., who “said that he’s telling clients the Fed has no interest in increasing rates whatsoever. And that’s a positive for gold.” It goes on to quote Lamoureux as declaring: “We are super gold bulls now and think we have entered a new commodities bull cycle.”
See also:
StockCharts.com/CNBC: Gold bouncing off support; Buy gold now, trader says
SilverSeek: U.S. Mint record Silver Eagle sales – the best all year
Zero Hedge: Did Thursday’s “Satan signal” in S&P futures give the ‘all-clear’ for selling to begin?
Pragmatic Capitalism/Bloomberg: What will be the most likely cause of the next big downturn?; Jim Rickards – Fundamental U.S. economy is very weak
Sharps Pixley/GATA: Is Switzerland about to purchase 1500 tonnes of gold?; Swiss vote on central bank gold could limit manipulation
Vancouverdesi.com: India accused of acting like a gold sponge, soaking up world’s gold reserves
