In short the Treasury has decided not to release this information, but its arguments for not releasing the information are incredibly weak as to border on not making any sense what-so-ever. We hope all readers are angered by this decision by the Government to essentially leave you guessing as to the exact framework of the UK monetary system - clearly no small matter.
We will be appealing the decision and will also be using the Government's own 'e-peition' system to set up an online petition so all of you can support the release of this vital information. If we can get 100k signatures the matter will have to be debated in the House of Commons.
Gold is looking like having another very good week. Last week we noted:
"The first hurdle for gold in $ terms is the 200 DMA at $1632 - a level gold touched this morning but has since retreated from. Look for this 200 DMA level to be tested some time next week."
And test it it did - on Tuesday gold rallied $30 to close at the 200 DMA. Yesterday gold spiked all the way to $1661. Today however gold has pulled back and is looking to close the week around the $1637 level which is right on the 200 DMA - a gain of 1.5% on the week. If bulls can manage to hold this 200 DMA for the first couple of days next week look for a nice pop higher in gold as shorts begin to worry and cover.
In £ terms gold is performing very strongly and looking to close out the week around the £1070 - that's a near 7% rise for the year so far.
For silver last week we noted:
"Look for the silver bulls to mount an attempt next week on the $30 level."
On Tuesday silver got a great pop higher and closed above $30 for the first time in about a month. It then managed to close above $30 on Wednesday and Thursday. But today the bulls just couldn't get it to stick above $30 and is currently trading around the $29.9 level. It will be very interesting to see if the bulls can mount one last charge into the close today and grab that 10c needed for the $30 close and a base to work off for next week.