Obama announces deal; stocks up Gold down.

Julio

Tomorrows opening should be interesting. Anyone care to take a guess at tomorrows closing price for the yellow metal and Silver. . jws

Meltdown

$1580 & $38.31 - Bring on the dip! I've been saving up some casheesh.

gsa1fan

a last minute BS deal The drama they create to make the sheepie feel talking heads are actually doing something.
Surprise Surprise

thatboyaintright

Congress just agreed on the same cuts that they hashed out 3 months ago and then promises to appoint a commission to cut further 3 months from now. Meanwhile they increase the debt ceiling by $2.4 trillion !!!! Nothing has fundamentally changed, smoke and mirrors crap that the markets will see through in a few days. All the problems are still the same, they've just bought 3 months of breathing room.

Gold/Silver looks better than ever.... I'm buying on any dip tomorrow !

jmski52

What are the cuts for next year? Something like $7 Billion? The baseline spending won't even pause for 1 heartbeat.

TheRegulator

They did not agree to any spending cuts- only spending increases and debt increases.

Keep on stacking...

renman95

Seems to me nothing has "changed" if this tentative agreement goes through.

More spending, worthless "baseline" cuts and the ubiquitous $1 trillion in saving over the next 100 million years...

The markets will do its thing but the long term trend is still our "friend" (or enemy in this case.)

Moody's, S&P will now have to deliver on their threats to downgrade the US to AA or lose what little creditability they have.

DrBuster

I've said in a thread or 2. The only thing they're symbolicly cutting is the spending increases. Whatever details come out tomorrow or this week or whatever will look exactly like they smell....like crap.

It's disheartening that the US populace is really, seriously this stupid.

renman95

<< <i>Seems to me nothing has "changed" if this tentative agreement goes through.

More spending, worthless "baseline" cuts and the ubiquitous $1 trillion in saving over the next 100 million years...

The markets will do its thing but the long term trend is still our "friend" (or enemy in this case.)

Moody's, S&P will now have to deliver on their threats to downgrade the US to AA or lose what little creditability they have. >>



Oh, I'm sorry, it's $2 trillion over 10 years. Are we stupid or what? What's $200 billion off the base line each year that grows 7% each and every year. We are so futternuttered.

Spooly

More debt... more QE3..... Gold/Silver Bull is still intact. Gold/Silver could use a normal pullback and breather.

Pokermandude

Anyone care to explain to me how this news is bearish and causing a dip in Ag/Au already in overseas markets? I'd have thought the US government saying they will just borrow more money to be neutral or even bullish.

MoneyLA

the answer to the question is "some percentage of the premium attached to the US budget deficit."

there you go. you gotta figure the percentage. is it 5% of the current price of gold or is it 2% of the current price, or is it 10% of the current price.

then you have to figure "of that percentage, how much will be lost because of the congressional compromise?"

is the congressional deal worth 10% of the 5% or 50% of the 2%.

So, when you come down to it, I don't think much will happen price-wise.

OzzyAndy

Gold and silver are right where they were Friday.

jmski52

It's disheartening that the US populace is really, seriously this stupid.

I didn't used to think so. Now, I'm pretty much convinced that this is the case. Except for us "hobbits", as John McCain puts it in his snide, sarcastic sort of way.

stevek

<< <i>I've said in a thread or 2. The only thing they're symbolicly cutting is the spending increases. Whatever details come out tomorrow or this week or whatever will look exactly like they smell....like crap.

It's disheartening that the US populace is really, seriously this stupid. >>



You're right...but It's not just a question of stupid, it's a question of dependent. Those adult non-working deadbeats getting free money and handouts from the government, just want to continue getting the free money and handouts, they don't care if the value is diluted a bit. However those who worked hard and/or are working hard for a living, and the government is diluting the value of their savings and earnings by the excess printing of money to give money to these deadbeats as well as the politician's wasteful patronage projects, truly is a disgrace of monumental proportions.

mrearlygold

<< <i>I've said in a thread or 2. The only thing they're symbolicly cutting is the spending increases. Whatever details come out tomorrow or this week or whatever will look exactly like they smell....like crap.

It's disheartening that the US populace is really, seriously this stupid. >>




Yeah well they've been that way for a long time.




"The government is good at one thing. It knows how to break your legs, and then hand you a crutch and say, 'See, if it weren't for the government, you wouldn't be able to walk.'"—Harry Browne

pf70collector

The problem with welfare, unemployment insurance, food stamps is this money is being taken from Social Security which was paid into already. This Trust Fund has been pillaged by the Congress to give out these handouts. I just want the $200K me and my employers has given the government for Social Security and we can call it even. That does not even include the interest that I could have accumulated for 35 years. Don't openly rob my Social Security Funds. These politicians will be long gone and unaccountable when the SHTF.

AUandAG

Just looked and it looks up a buck and a half. Maybe it was down but it sure did recover
quickly. Just shows that gold is an international play and the USA economy has little
affect in the short term.

Perhaps the rest of the world does not see our economic faltering in the same light as you and I might.
They have all been through it before and it seems pretty normal to them.

So, gold just does what the rest of the world dictates?

bob

Banemorth

<< <i>Just looked and it looks up a buck and a half. Maybe it was down but it sure did recover
quickly. Just shows that gold is an international play and the USA economy has little
affect in the short term.

Perhaps the rest of the world does not see our economic faltering in the same light as you and I might.
They have all been through it before and it seems pretty normal to them.

So, gold just does what the rest of the world dictates?

bob >>



Gold was down about 20 bucks when I checked last night and up a couple bucks when last I checked today. Amazing how fast people see through the smoke and mirrors? Frankly I was hoping for a hard fall so I could buy back in at a reasonable price. No such luck it seems!

pf70collector

Stocks were diving. Seem to be neutral today.

MoneyLA

Ho hum. Stocks were flat. Gold was flat. The world is bigger than just a congressional squabble that everyone knew would be resolved just in time.

derryb

johnny9434

overseas gold and silver are down as of 620 eastern time

Patches

<< <i>overseas gold and silver are down as of 620 eastern time >>



how much? I see gold futures down 20 cents and silver 1 cent. I guess you could call that down, but am I missing something?

coinkat

The real question is whether US debt will be down graded- And that remains a very realistic possibility-

The cost of barrowing will go up- just imagine a hike interest rates and what that will do for real estate markets- bothe commercial and residential.

The government will be paying more to finace debt and that will add billions to the budget

Justacommeman

Business as usual in DC..............Carry on.

Putin calls the US a parsite on the global economy........oh boy. MJ