"When misguided public opinion honors what is despicable and despises what is honorable, punishes virtue and rewards vice, encourages what is harmful and discourages what is useful, applauds falsehood and smothers truth under indifference or insult, a nation turns its back on progress and can be restored only by the terrible lessons of catastrophe." … Frederic Bastiat


Evil talks about tolerance only when it’s weak. When it gains the upper hand, its vanity always requires the destruction of the good and the innocent, because the example of good and innocent lives is an ongoing witness against it. So it always has been. So it always will be. And America has no special immunity to becoming an enemy of its own founding beliefs about human freedom, human dignity, the limited power of the state, and the sovereignty of God. – Archbishop Chaput

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Monday, December 31, 2012

Comex Gold Closes UP 6.9% for the Year

Comex gold had a nice day to finish out the year as it moved sharply higher around mid morning and pushed right into strong resistance at $1680 on the price chart.

The move enabled gold to put in yet another good performance on a yearly basis as it added 6.9% in 2012.

Gold in Yen terms was the best performer among the major currencies as the Yen lost over 20% of its value against gold.





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6 comments:

  1. TheGilliomDecember 31, 2012 at 12:21 PM

    Thanks Dan. Could you post how silver did to compared to last year?
    Thanks!

    ReplyDelete
    Replies
    1. NigelDecember 31, 2012 at 1:51 PM

      According to Stockcharts, silver performed as follows.

      30-12-2011 closed at $27.78
      03-01-2012 opened at $27.98
      31-12-2012 closed at $30.23

      That is +8.8% from the 2011 close, or +8.0% from the 2012 open.

      Delete
  2. RichDecember 31, 2012 at 1:38 PM

    Happy New Year Dan

    ReplyDelete
  3. Power CorruptsDecember 31, 2012 at 2:32 PM

    best wishes for a happy, healthy and prosperous 2013!

    ReplyDelete
  4. TheGilliomDecember 31, 2012 at 4:36 PM

    Looks like someone didn't like golds rally today. $11.20 just got erased instantly this evening even though it appears there isn't any trading due to holiday. This is on Kitco site.

    ReplyDelete
    Replies
    1. NigelJanuary 1, 2013 at 6:37 AM

      I also noted that on the Kitco website soon after the market closed. I have often seen the Kitco website present "corrections" to the price after a market close, sometimes to the upside. In this particular case the anomaly has now been changed to a flat line at $1675.20, and the drop has been removed, so I attribute the earlier drop to a glitch in Kitco's data.

      Delete

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