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b'See Peter at the Las Vegas Freedom Fest \\u2013 July 17-20
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\\nGold: Six-Year High Overnight
\\nOvernight the price of gold rose to a six-year high.\\xa0 We almost got to $1440.\\xa0 I think the high I saw was maybe $1438 - 39\\u2026 we were up about $19 at the high point. Then it became a very volatile session overnight into the wee hours of the morning.\\xa0 But I think by the time we got into the New York time zone, gold was still up about $10-$12-$13 dollars on the day and it was up about that amount when the U.S. stock market opened for trading.
\\nBefore Today, Gold Stocks Up 20%
\\nGold stocks initially had a small rally, but nothing big. Then they spent most of the day on the downside.\\xa0 Obviously the gold traders are still very cautious.\\xa0 As I have been saying, this gold breakout, even though we did see pretty big moves in gold stocks, I think the GDX, not counting today\'s losses, (the GDX was down about 2% today) but not counting today, we were up 20% in the month of June. So, still, a very big rise.\\xa0 \\xa0But really not nearly as big a rise as it should be, considering, I think, the significance of this gold breakout.\\xa0 Except, of course, if people don\'t believe it.\\xa0 If they\'re cautious about it, so they\'re reluctant to bid up the price of gold stocks.
\\nInvestors Still Reluctant on Gold and Silver - Why?
\\nThe same thing with silver. In fact, silver never had much of a rally today, and it actually settled down, I think 8 cents on the day, even though gold ended up finishing up $4 - well off the highs. But it didn\'t close negative. At one point during New York trading, the price of gold was negative on the day, but it managed to bounce back for the close. Silver, I think, ended at 15.33.\\xa0 The gold/silver ratio that I spoke about on the last podcast now, I think is close to 93:1.\\xa0 Again, I think investors are reluctant to buy up silver because they are expecting the price of gold to roll over.
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