The Metals: Gold fell almost $20 to as low as $1189.20 by about 10AM EST, but it then bounced back higher in the last few hours of trade and ended with a loss of just 1.09%. Silver dropped to as low as $17.585 before it spiked up to as high as $18.013 around midday in New York, but it then fell back off into the close and ended with a gain of just 0.17%. Euro gold fell to about €945, platinum closed at $1508.33, and copper rose a few cents to about $2.96. Gold and silver equities saw about 1% gains at the open, but they then fell back off midmorning and ended with roughly 1% losses. The Economy: Report For Reading Expected Previous ISM Services June 53.8 55.0 55.4 There are no major economic reports due out tomorrow. The Markets: Oil ended slightly lower while the U.S. dollar index fell on poor ISM Services data that sent treasuries higher and erased most of the early gains seen in the Dow, Nasdaq, and S&P. Among the big names making news in the market today were Cliffs Natural Resources and INR Coal, Monsanto, Apple, and BP. The Commentary: “Dear Comrades In Golden Arms, Risk according to market pundits, blogs and for payment advisers is on one minute, and off the next, causing the gold market to roar and wane. Hedge funds are the real cause of the moves by painting the charts intentionally or by accident. Amateur technicians run and jump constantly making contributions to the gold banks from their piggy banks. Simply stated: 1. Leave your emotions at the door or get out of gold. 2. Gold is going to $1650. About that price objective I do not have the slightest doubt. 3. Gold is going to $1650 on or before January 14th, 2011. According to Armstrong the gold price will take until June of 2011 and go much higher. This is just another time like many in the past, and some in future, where you go to the hole you have dug, jump in and pull a rock over the top. Peek out daily between July 8th and July 15th.

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