Auguries - February 15, 2013
Toffs And Plebs
Kevin Michael Grace

Gold was down (at press time) $36.50 (-2.2%) for the week to $1,635.30, and silver was down $1.01 (-3.2%) to $30.46. Reuters reported, “Gold fell to a six-week low on Thursday as renewed worries about the Eurozone economy weakened bullion’s appeal.”

Reuters also cited “Thursday’s US data showing falling initial jobless claims [which] offered hope the labour market recovery may have picked up.” Rose-coloured glasses? More like rose-coloured corneas. As David Rosenberg puts it, “So long as there is a positive sign in front of any economic metric, no matter how microscopic, all is good.”

Or as President Obama said in his State of the Union Address, “Together, we have cleared away the rubble of crisis.” (One wonders whether he knows what derivatives are, but never mind.) Three weeks earlier, Obama had little to say about the economy other than “An economic recovery has begun.” Tuesday night, however, he was Jobsmaster General. The word appeared 46 times in his speech.

Read the rest of this article about gold prices here.