This Sign From The Press Could Be Bearish For Gold

This Sign From The Press Could Be Bearish For Gold

The mainstream is alit with stories covering gold and silver now that each has fallen through any semblance of resistance.  CNBC is leading the charge, having published six stories in the 24 hours preceding 4:30pm PST on Tuesday. The six stories are as follows:

What caused the ‘Vomiting Camel’ pattern in gold?

Gold edges up from 4-year low as dollar rally pauses

Here’s the tragic irony of the gold bubble: Pro

Charts suggest sub-$1000 gold is likely

Chinese unmoved by gold price drop, see it cheaper still

Allied Nevada Gold misses 3Q profit forecasts

They all cover gold and silver, with one thing in common. They all have a negative slant towards the gold price. This makes sense considering the gold chart in recent years.

Screen Shot 2014-11-04 at 1.25.53 PM

It isn’t merely CNBC. The increased coverage, with a negative slant, seems to be widespread. Click here to see for yourself.

SALES STRONG

Despite the bearish sentiment from financial journalists, sales remain stalwart at the US Mint.

American Silver Eagle sales increased 40 percent in October to the highest levels in 21 months. This is an increase of 87.6% compared to one year ago, October 2013, when sales reached 3,087,00. On the year Silver Eagle bullion sales have reached 38,041,000. The current annual sales record was last year at sales of 42,675,000.

Sales increased to 5.79 million ounces, the most sold since January 2013, which set an all-time high at 7.5 million. September’s total was 4.14 million.

Silver and gold fell today to the lowest since 2010 as the dollar increased to a four-year high against a basket of 10 currencies and equities climbed to a  record.

Silver futures for December dropped 1.9 percent to close at $16.106 an ounce on the Comex in New York. The price earlier touched $15.635, the lowest for a most-active contract in since February 25, 2010.

US Mint American Gold Eagle sales were even better, recording their second highest monthly sales total of the year.

American Gold Eagle bullion coin sales were 57,500 for the one ounce size, 6,000 for the one-half ounce size, 8,000 for the one-quarter ounce size, and 50,000 for the one-tenth ounce size, making up a total of 67,500 ounces, a 39.2% gain compared to a year ago when sales reached 48,500 ounces. The latest sales total represent the highest monthly sales figure for this year.

Do you agree that the mainstream media has picked up their negative news coverage? Let us know in the comments.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.