I'm really surprised at the gold price non-movement given the noise in the middle-east confirmed by oil higher and the US deployment of 4 aircraft carriers to that region. It seems something is going to happen in the coming weeks and normally gold would be much higher. Maybe we have to wait until after options expiry next week and the FED meeting and jobs report the following week.

There may some serious truth to Bill Murphy's info about JPM & cartel trying to get out of what could be big losing exposure if more hostility breaks out. I'm certainly expecting a poor jobs report in early August as all economic indicators have been poor for the last 3 monhs in the US and even a less than honest job's data collection, as in the US with the hedonic adjustments and birth/death model crap, can't hide poor job creation but they may try.

I also expect serious world-wide QE action soon er than later and it will likely be highly central bank coordinated which would be a somewhat unique situation meaning a big event economically. Add the pending fiscal cliff in the US, an election that will change nothing and an almost guaranteed further official downgrade of US debt soon (unofficially everyone in the market already knows this) and it's hard to imagine gold not seriously higher including gold/silver equities.