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CANADA STOCKS-TSX rises as oil and gold shares rally14:59
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When Even the Fed Is Confused About Gold, We Still Have Some Work To Do13:53
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U.S. Mint gold coin sales weakest for January since 200813:48
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NCDEX plans to introduce India gold futures contract13:47
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U.S. Mint gold coin sales weakest for January since 200813:47
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COT Gold, Silver and US Dollar Index Report - January 30, 201513:40
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Eldorado Gold: The Greek Dilemma And The Skourie Project Uncertain Future13:37
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Gold, silver end January with a whimper13:21
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Goldcorp (GG) Stock Higher Today as Gold Gains12:51
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Continental Gold Price Target Lowered to C$5.00 at CIBC (CNL)12:23
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Gold falls 1% on global cues11:00
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Gold extend weakness, down Rs. 200, silver plunges Rs. 1,55010:55
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Gold Price Short-Term Bottom Due, Higher into February10:13
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Gold Posts Biggest Monthly Gain in Three Years on Haven Demand10:10
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Eldorado Gold (EGO) Stock Retreating Today on Greek Gold Mine Opposition10:10
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BUZZ-Roxgold Inc: Burkina Faso govt clears gold project10:09
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Nord Gold N.V : Second Price Monitoring Extn10:05
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Gold Rebounds on Greece Concerns, Slower U.S. Growth

by Peter A. Grant

January 30, AM
(from USAGOLD.com) --

Gold rebounded smartly on Friday, amid heightened concern over Greece. While the yellow metal still appears poised for a lower weekly close, most of Thursday's losses have been retraced.

The new Greek government had there first meeting with representatives from the EU today, and many were hopeful that some compromise could be reached. Apparently the Greeks are digging in their heels.

Finance Minister Yanis Varoufakis said Greece would not seek to extend the bailout program when the current agreement expires at the end of February. “We don’t plan to cooperate with that committee,” Varoufakis said.

This sets up a showdown between the Tsipras government and the troika over bailout funds that have already been disbursed. The EU remains adamant the Greece abide by the terms of the agreement.

Both sides may be bluffing to some degree, but the bond market is not amused. Greek interest rates surged more than 150 bps to exceed 19% as news of the decision came out. Meanwhile yields in less risky government bonds tumbled to new cycle lows. The U.S. 10-year rate tumbled to 1.65%, a level not seen in nearly two-years.

The advance report for U.S. Q4 GDP missed expectations this morning, coming in at +2.6%. Expectations were for a rise of 3.3% on the heels of the 5.0% pace in Q3. With the economy slowing, uncertainty in Europe, war in Ukraine, one has to wonder if the Fed is really still contemplating a rate hike in the first half of the year. Recent bond market activity alone suggests expectations for that first rate hike are getting pushed further into the future.

The flight to quality has had a positive influence on gold as well, driving the yellow metal back above 1270.00. Nearly half of the retreat off of last week"s high at 1307.59 has already been retraced and the trend since the beginning of the year remains positive.

Opinions expressed in commentary on the USAGOLD.com website do not constitute an offer to buy or sell, or the solicitation of an offer to buy or sell any precious metals product, nor should they be viewed in any way as investment advice or advice to buy, sell or hold. USAGOLD, Inc. recommends the purchase of physical precious metals for asset preservation purposes, not speculation. Utilization of these opinions for speculative purposes is neither suggested nor advised. Commentary is strictly for educational purposes, and as such USAGOLD does not warrant or guarantee the accuracy, timeliness or completeness of the information found here.

 

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