It has got to quite a while since the gold market does not trade on knee jerk reaction. Quite possibly it is because many traders are off today extending the already long holiday weekend in the USA, Memorial Day and in the UK a Bank Holiday. What I am telling you is that the Durable Goods Order where better than expected but not good enough to shake the holders of gold or yen loose.
So gold is still holding its ground as much of the world is concerned that the Fed may cut the fuel before the plane has landed safely in the Hangar. The worst of course are the concerns that the hangar door may be closing, China.
Gold is trading now at $1387 and silver is at 22.47. For a change the range was only about $14. Now the market is dead as many in the US market are winding down to start their weekend early.
On this weekend we should do our best to remember that we are celebrating the lives of those that lost theirs in defense of our country. However we should also try to remember to do our best to stop war whenever possible and I believe the US should stop acting as the world’s policemen losing our family and friends in wars and battles that don’t concern us. Often we back the wrong horse and it kicks us in the face.
I think back to the Iranian Hostage Crisis and the hatred (never again) and bitterness I felt towards Iranians at that time. But that feeling I had though justified by their immediate actions, was lacking in understanding that the USA by supporting the Shah who was a cruel and ruthless dictator, brought this fate upon us. Now there is an entire generation of Iranians brought up to hate the USA and millions of Americans that believe that these people are evil. I just pray that we don’t make that same kind of mistake again.
Remember our fallen and their valiant deeds. Remember our living defenders and let us make sure they are not sent to defend for political reasons that which should not be defended.
Have a great weekend! – Miguel Perez-Santalla