obama nations dreams crushed by china, page-5

As I said on another post, the price of gold has been in a clearly defined downtrend since last March. Spot gold is down over $20 this morning and fell below its 200 day moving average which is a very bearish sign.

I do not think that I would rely on CNN for my financial news, better try Bloomberg, Forbes and WSJ. I do not care for Obama and find it laughable that in the short term that China will become some sort of economic beacon for the world to follow. There is no transparency and endemic corruption, on a scale that dwarfs the corruption in the U.S. political and financial markets.

The gold price is probably getting support from folks who are fleeing places Russia. The ruble is in free fall (down 6% this morning), the African Rand is down 40%, even the Chinese Renminbi is down a tad (when it trades).