Bill Cara: Ron Paul's Gold Message, Tues., May 30, 2006, 2:33 PM

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May 30, 2006

Ron Paul's Gold Message, Tues., May 30, 2006, 2:33 PM

Toby provided a link to a speech by Hon. Ron Paul of Texas to the U.S. House of Representatives. I have been listening to Ron Paul speeches in person for well over 20 years, and his friends in Congress have been hearing them for 30 years. I only wish they too would listen.

Bill, Check out Ron Paul's speech of April 25 "What the price of gold is telling us."
http://www.house.gov/paul/congrec/congrec2006/cr042506.htm

Very informative.

Toby

What a careful reading of the Ron Paul speech shows is that people in Congress know full well what is happening today, but they are too busy serving special interests. The system is broke; I write that every day.

Now we have Henry Paulson appointed to "fix" it. It's not going to be fixed because he has no control over Congressional spending or U.S. consumer spending habits, so what's going to happen here is that Henry is going to continue in his work for Goldman Sachs, the Fed and the Administration.

Apparently, this is one broken system that isn't going to get fixed until we do something about it. We The People.

Apart from an hour I just spent on a conference call, I have been waiting to blog since 11am.

Somebody was jamming my system (it took 10 minutes to upload the "First Lady" article). This is the first serious attempt to break into my server and I am not amused.

When the webmaster goes through the logs, if he finds stuff for me to publish, you (The People) and they (whomever) are going to hear about it.

Posted by Posted by Bill Cara on May 30, 2006 02:33:44 PM | Category: Gold

Discourse

The clue to today's selloff was yesterday's chart (spike to resistance and decline) plus morning $USD strength. If the $USD can achieve an 85 handle and keep it there then 640 support should get penetrated.

Good action by HUI and XAU today. Good floor for initial positions b/t 135 and 140 XAU.

Safe trading everyone. This market wants to take back gains.

Posted by: MarkM at May 31, 2006 12:55 PM [link]

The last two days were the set-up to this move. Overnight we have $USD stronger and a pierce of 640 resistance down to the 630 level. I do not show any real chart support until the 600 level.

Gold traders are seeing what the bond market is saying about those Fed minutes. The move by the hormonally inspired equity traders yesterday is B.S. as Bill has shown.

Downside for the XAU is to the 121 level in my opinion. It may take until end of June to grind down to there though. I will be scaling in upon weakness but always taking into consideration what the broader market is doing. Ignore the spin machine that is cranking up the Happy Days tunes.

Good trading all.

Posted by: MarkM at June 1, 2006 5:41 AM [link]

Ian Cockerill CE of GFI said this week, gold may give up another $100 before resuming its eventual course past it's recent high of $750. Could be spin!?

MarkM you sure are hiding in the dark recesses of the blog .. miss your regular comments.

Posted by: C.Note at June 1, 2006 6:04 AM [link]