Gold Settles $10.70 Higher... ($1612.20)...

Today's August Gold futures contract covered a $20.50 as well as notching yet another all-time high trading $1624.30. Traders and investors globally used the United States raising of the debt ceiling political "standoff" as speculation that the world's largest economy may not be able to pay it's 'bills" as the August 2nd deadline rapidly approaches. It appears that both Republicans and Democrats are waiting for the other to blink first. Meanwhile the political "Mexican Standoff" are creating world tension as well as "HIGHER" Gold and Silver prices as savvier investors are choosing the precious metals as their "safe haven" investment as well as their currency of choice...

Both Republicans and Democrats are preparing proposals (debt ceiling) maybe as early as today! With all the fragility in the European Union and the rising inflation in China having the U.S Legislators unwilling to come together to approve a raise in the U.S Debt Ceiling has rallied Gold prices $146.00 since July 1st ....

On July 1st  August Gold traded as low as $1478.30....And today August Gold traded another all-time high of $1624.30............. As long as there is dissention between U.S legislators I expect the prices to remain high...I think most of us believe that cooler heads will prevail and there will be an agreement for the good of all before the August 2nd deadline....

ECONOMIC DATA 7/26
CONSUMER CONFIDENCE...................9:00 AM CST
NEW HOME SALES..................... .........9:00 AM CST
MY SWING NUMBERS 7/26

AUGUST GOLD
RESISTANCE # 2.....................$1633.00
RESISTANCE # 1.....................$1622.00
PIVOT.....................................$1613.00
SUPPORT # 1.........................$1602.00
SUPPORT # 2.........................$1593.00
VOLUME.................................162,000

SEPTEMBER SILVER
RESISTANCE # 2.....................$41.73
RESISTANCE # 1.....................$41.01
PIVOT.....................................$40.44
SUPPORT # 1........................ $39.79
SUPPORT # 2.........................$39.21
VOLUME.................................57,000

Mike Daly / Gold Specialist
PFG BEST
mdaly@pfgbest.com
877-294-4669
312-563-8029

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