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15 to 30 minutes old --LIVE NEWS--
Gold Surges To 6-Week Highs As Stocks Get De-FANGed, Trannies Worst Day Since Brexit14:11
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1 to 2 hours old --LIVE NEWS--
Gold Prices Mark a Six-week High13:17
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Gold prices to go up on Friday13:13
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Gold Gains, Hits 6-Week High, On Dovish Fed13:11
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London South East
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Gold hits 6-week high11:09
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Gold Cycle Outlook: Cautiously Bullish11:09
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4 to 6 hours old --LIVE NEWS--
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London South East
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Gold Backs Down From Daily Highs As U.S. Dollar Firms Up08:50
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Gold Cycle Outlook : Cautiously Bullish08:49
The Market Oracle - The Market Oracle
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6 to 8 hours old --LIVE NEWS--
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Gold- breaking above 6-year falling resistance08:19
Zero Hedge (Weblog)
'Falling trade deficit opens space to reduce gold import tax'08:17
Business Today - Economy and Politics
Jennifer Lopez’s Birthday Was So Fabulous Her Cake Was Covered in Edible Gold08:11
SGB's popularity still linked to physical gold's outlook08:11
The Business Standard - Markets
FXTM: Gold Hits Six-Week High In Wake Of Fed Meeting08:10
Kitco - News Bites
Dollar Descent Underpins Gold Prices, Short Covering In Evidence08:07
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August Gold Pops a Wheelie07:38
Gold Cycle Outlook Cautiously Bullish07:28
Seasonality Points Up For Bonds And Gold07:26
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Falling trade deficit opens scope for lowering gold import tax: trade secretary07:25 - Money
Goldplat has big expansion plans for mining and gold recovery businesses07:23
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US Scrap Gold prices fell; Gold Futures mark lowest finish since July 2006:58
Scrap Register - Metal News
Landore Concludes Summer Drilling At BAM East Gold Deposit06:57
London South East
As trade deficit widens, Centre may reduce import duty on gold: Official06:50
The Business Standard - Markets

Gold Turns Mildly Corrective as Dollar Catches a Bid

by Peter A. Grant

July 27, AM
(from --

Gold has turned mildly corrective as the dollar staged a bounce from the new 13-mnth low set in earlier trading. While this morning's better than expected U.S. data may have sparked some short covering in the greenback, the more dovish Fed bias suggests that these gains are corrective as well.

In the wake of this week's FOMC meeting, Fed funds future now put the probability of a September rate hike at 0%. It would seem that markets need to further unwind previous hawkishness, which should keep the dollar under pressure and gold underpinned.

Tomorrow we'll get our first look at Q2 GDP. Expectations are running at +2.5%. Following this morning's much better than expected June durable goods orders, the Atlanta Fed's GDPNow model is now projecting 2.8%. However, that is still way down from early forecasts that were north of 4%.

An miss on growth — certainly anything sub-2% — would likely take a December rate hike off the table. It would also raise considerable doubts about balance sheet normalization commencing this year. That would send the dollar reeling, pushing gold back above $1300 for the first time since last November.

Such a move could signal an early end to the summer doldrums. The quiet summer months has more often than not proven to be an excellent time to buy gold, ahead of the cyclical pressures that tend to drive the price higher in the fall.

Opinions expressed in commentary on the 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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