GoldSeek.com Internet Radio is extremely pleased to present the wisdom of Richard Russell on http://radio.goldseek.com/

Show Highlights:

• Richard Russell: brings his half century of market wisdom to the show to the delight market neophytes as well as professionals. Mr. Russell covers a broad range of investing topics focusing in on the strong case for precious metals.
• Ron Brown: is concerned about the dollar dilemma and believes that silver is not only the best investment of the decade - he's convinced it’s the greatest opportunity in history.
• The Gold Wizards return: Bob Chapman takes a hard look at the gold and silver fundamentals. Gary Kaltbaum gives his read on the stock and precious metals markets.

Today’s Economic Data:

A brutal day on Wall Street with the DJIA just shy of a 200 point decline and quickly closing on the 11,000 mark.  Opening slightly lower on ongoing concerns including the near-record oil prices, selling was exacerbated when Federal Reserve Chairman Bernanke warned that the central bank will continue to raise rates until price inflation is under control.  This took equity and bond markets south, dragging metal equities along with it.

At the close we had the DOW down 1.78% or 199.15 points to 11,048 with the NASDAQ falling 2 ¼% to 2,169.

The Euro hit a 1-year high against the U.S. Dollar as investors anticipated a narrowing of the interest rate gap between the EU and the US.  The Euro strengthened almost to the 1.30 Dollars per Euro mark, marking the highest in over a year for the Euro.  

``The euro will gain as rates go up gradually, and as more people speculate about a 50-basis-point increase this week,'' said Jeremy Stretch, a currency strategist at Rabobank Groep in London. ``It's hard to argue against further pressure on the dollar.''  - Bloomberg

Total Gold in Trust:
Tonnes: 355.53
Ounces: 11,430,662
Value US$
7,335,677,877.67

“July Silver finished up 0.21 at 12.295, 0.025 off the high and 0.245 up from the low.

The gold market appeared to be well bid in the early going Monday but as the session progressed the bulls seemed to lose their resolve. In addition to growing weakness in the equity market, the trade also saw a mostly two sided trade in energies. In other words, the fear of economic slowing was joined by a slight reduction of inflationary concerns. With the copper and silver markets showing periodic weakness it certainly seemed like the physical demand driven metals markets are starting to diverge with the precious metals markets. In short, the support or non support from the Dollar might become a dominating issue for gold as the market factors slower global growth.

Even during the morning session the silver market didn't seem to have the capacity to rise in sync with the gold market. In fact, it does appear that copper and silver are beginning to fret over the weakness in the economy and the fear of slackening physical demand. Therefore, it is possible that a slumping Dollar will be unable to support silver without some renewed help from the investment sector. Fear of higher interest rates from Fed dialogue also appears to have pressured all of the precious metals on the first day of the trading week.”

- The Hightower Report, Futures Analysis and Forecasting

“Gold and silver continue to work through this current period of consolidation.  In my view, we are nearing a very strong foundation from where gold will bottom and reverse.  The U.S. Dollar continues to break supports and the fundamentals for gold and silver continue to firm. Should your perspective also concur with this analysis, with gold nearly $100 from highs just weeks ago and silver a few dollars lower, it appears like a very easy investment decision at these levels. 

For specific market analysis, please consider a subscription to the Gold Forecaster newsletter service.  A fresh batch of 2006 Silver Eagle coins have arrived and we continue to offer a complimentary ounce to all one-year subscribers to our weekly service.”

-         Peter Spina, GoldForecaster.com

My Two Ounces:

Reader feedback, comments, analysis.  My Two Ounces features and encourages participation from our thousands of daily readers.

This week, please use for your contributions: http://www.goldseek.com/contact.php

By: Charleston Voice

The newly introduced Gold Miner's Index ETF "GDX" may be turning up by the indicators I use, the weekly MACD and SlowSTO. I am still in the study zone for the ROC (Rate of Change) indicator as three weeks ago it crossed below its long term trendline for the first time in more than a year. It may be presaging further downward adjustments to come.

Keep in mind that today's up action is the first day of the week, so the weekly MACD bars and SlowSTO are going to be up commensurately if the index closes up on the day. Recent GDX market behavior is eerily similar to that of early March, giving us a cyclical low of 32.90, but not giving us an up MACD bar until three weeks later. If this same performance holds this time then 35.76 will hold as a recent cyclical low with an up MACD bar to follow soon. We want that ROC to be on the north side of its blue trendline and to be giving us increasing highs as it exhibited on its way up the past year. Right now we are getting lower lows. We are not getting the same bullish tilt today from the GLD or SLV, and $GOLD from last week still has a bearish trend. Often times stocks lead the metals, maybe this is one of those times.

Another useful feature of the GDX as it matures will be the Volume overlay. Volumes play a key role in determining enthusiasm (or fear). Best of all about the GDX, however, is their inclusion of less than major or mid-tier miners as well as a fair weighting representation for silver. Interestingly, the $HUI and $XAU are not throwing off positive vibes today as is the GDX. This may indicate there is greater strength in the more junior components in the GDX as we've been recently suspecting.

The GDX has 44 components. View the components, here: http://www.vaneck.com/index-cat-200.cfm

 By: J. Richards, OH

Dear GoldSeek.com,

Your site provides excellent resources yet I feel the audience should also focus their attention to the events on 9/11.  I was always a skeptic of that horrific day, but many of those questions are answered in this excellent video.  I encourage the audience to take a close look at this video which is ranked as one of the top 10 at google.com’s video library.  The truth is starting to make its way around the world!

Link: http://video.google.com/videoplay?docid=-8260059923762628848

By: Charleston Voice

This US Treasury order for Financial Assets Control  under the big umbrella tent of "Terrorism" from President Bush was signed on 9/23/2001, just twelve days after 9-11. I find simply unbelievable that this compilation of hundreds and hundreds of names, organizations, fronts, charities, and foundations could have been compiled in so short a time, maybe thousands, some as soon as his signature hit the page. The fact that the list has grown to such gigantic proportions in such an abbreviated time space of a few years can only make you wonder who's on it by mistake.

The only explanation I have for myself is that they anticipated something and compiled their hit list in advance. Sadly, for the 3,000 who died, government intelligent resources were not deployed for prevention, but instead as a component of a larger political picture.

Our government can certainly be efficient when it's for their own benefit.

BTW- you've been reporting any gold or silver coin transactions haven't you?

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