NAV of Certain Precious Metal Trusts and Funds

Gold Daily and Silver Weekly Charts

The long gold - short stocks trade worked well today as stocks slumped yet again while gold held its own for a short gain on the bullion front.

The story is really in stocks, and whether they can hold key support levels, and not slip into a liquidation sell off.

Although the dollar crawled a little higher, there was no flight to safety into it.

Today we remember the Allied invasion of Normandy, a time when ordinary men and women did real, heroic things for the benefit of the many.

"Your task will not be an easy one. Your enemy is well trained, well equipped, and battle-hardened. ...The tide has turned. The free men of the world are marching together to victory. I have full confidence in your courage, devotion to duty, and skill in battle. We will accept nothing less than full victory. Good luck, and let us all beseech the blessings of Almighty God upon this great and noble undertaking."

General Dwight D. Eisenhower, 6 June 1944.

SP 500 and NDX Futures Daily Charts

Another bad day for bully as stocks just could not hold any traction from the open.

We are approaching critical support levels for stocks. Much lower and we might begin a much more serious intermediate downtrend.

How Much Gold Does the US Have In Its Reserves?

This is a subject that comes up periodically.  Since the Fed's attorney recently answered Ron Paul's query, correctly I might add, that the Fed has no gold under its control, I thought I would reprise a previous blog entry on the subject of the US gold reserves.

The real question is not whether or not the Fed has any gold or direct control of it, which it does not, but rather, does the Fed have any knowledge of or any participation in gold swaps, leases or sales to foreign entities.

There is anecdotal information and plenty of stonewalling by the Fed to suggest that the answer to this question is not a straightforward 'no.'