http://www.usagold.com/ A daily commentary on economic news, money and politics affecting prices in the gold market as well as motivations for investment diversification through gold coins and bullion. sitemaster@usagold.com (Randy Strauss) pgrant@usagold.com (Pete Grant) Mon, 13 Sep 2010 10:00:00 -0600 Gold http://www.usagold.com/podcasts/pics/marketminute144.jpg 144 144 http://www.usagold.com/ en-us Copyright 2010 USAGOLD http://blogs.law.harvard.edu/tech/rss Serving gold coin and bullion investors since 1973. USAGOLD A daily commentary on economic news, money and politics affecting prices in the gold market as well as motivations for investment diversification through gold coins and bullion. Randy Strauss sitemaster@usagold.com no Mon, 13 Sep 2010 10:00:00 -0600 20100913grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold steady. EU upgrades its 2010 growth outlook, lifting euro. Dollar slips on heightened risk appetite. Chinese yuan hits record high vs dollar, now up just over 1% since June de-peg. If the yuan is indeed 40% undervalued, at this pace it will be 2020 before US/China BOP is meaningfully addressed. Basel III compromise: Bank capital requirements will rise to 7% from just 2% currently, but will be phased in over 8-years. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold steady. Dollar slips on heightened risk appetite. Gold steady. EU upgrades its 2010 growth outlook, lifting euro. Dollar slips on heightened risk appetite. Chinese yuan hits record high vs dollar, now up just over 1% since June de-peg. If the yuan is indeed 40% undervalued, at this pace it will be 2020 before US/China BOP is meaningfully addressed. Basel III compromise: Bank capital requirements will rise to 7% from just 2% currently, but will be phased in over 8-years. 3:05 gold, dollar no Fri, 10 Sep 2010 10:00:00 -0600 20100910grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold rebounds from intraday losses. Silver remains supportive. US Treasuries sold off this week on supply and competition from higher-yielding corporate issuance. Reignition of Eurozone sovereign debt concerns may be a factor as well. Realization that promisory notes from heavily indebted countries may not be such a safe-haven after all. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold rebounds from intraday losses. Gold rebounds from intraday losses. Silver remains supportive. US Treasuries sold off this week on supply and competition from higher-yielding corporate issuance. Reignition of Eurozone sovereign debt concerns may be a factor as well. Realization that promisory notes from heavily indebted countries may not be such a safe-haven after all. 3:18 gold, debt no Thu, 09 Sep 2010 09:00:00 -0600 20100909grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold underpinned as eurozone debt crisis flares again. The latest hotspot is Ireland. Irish FinMin said Anglo Irish woes will not bankrupt the country, but PM Cowen suggested the costs of a wind-down could be as high as €70 bln. That's more than 25% of annual Irish GDP. Irish spreads are record wide above benchmark German bunds. Will EU/IMF ride to the rescue? Uncertainty should keep euro defensive and gold underpinned. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold underpinned as eurozone debt crisis flares again. Gold underpinned as eurozone debt crisis flares again. The latest hotspot is Ireland. Irish FinMin said Anglo Irish woes will not bankrupt the country, but PM Cowen suggested the costs of a wind-down could be as high as €70 bln. That's more than 25% of annual Irish GDP. Irish spreads are record wide above benchmark German bunds. Will EU/IMF ride to the rescue? Uncertainty should keep euro defensive and gold underpinned. 2:44 gold, Ireland no Tue, 07 Sep 2010 08:00:00 -0600 20100907grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold higher as risk aversion returns. WSJ reports that Eurozone stress tests understated bank holdings in risky sovereign debts. FT reports that Europe needs to issue double the amount of debt in Sep vs Aug. Market seems doubtful that the periphery will be able to swing that kind of supply and spreads have blown out. In America, President Obama was pitching further stimulus over the weekend. While tax incentives are intriguing, the $50 bil infrastructure plan shows little promise for doing anything meaningful. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold higher as risk aversion returns. Gold higher as risk aversion returns. WSJ reports that Eurozone stress tests understated bank holdings in risky sovereign debts. FT reports that Europe needs to issue double the amount of debt in Sep vs Aug. Market seems doubtful that the periphery will be able to swing that kind of supply and spreads have blown out. In America, President Obama was pitching further stimulus over the weekend. While tax incentives are intriguing, the $50 bil infrastructure plan shows little promise for doing anything meaningful. 3:14 gold, risk, stimulus no Thu, 02 Sep 2010 10:00:00 -0600 20100902grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold higher, supported by rising inflation worries. ECB's Trichet, citing a stronger Q2, said risks to the inflation outlook are "on the upside." ECB extends emergency lending to banks into 2011. US initial jobless claims fell modestly last week, but risk remains on the downside for Aug NFP. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold higher, supported by rising inflation worries. Gold higher, supported by rising inflation worries. ECB's Trichet, citing a stronger Q2, said risks to the inflation outlook are "on the upside." ECB extends emergency lending to banks into 2011. US initial jobless claims fell modestly last week, but risk remains on the downside for Aug NFP. 2:29 gold, risk no Tue, 31 Aug 2010 11:00:00 -0600 20100831grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold surges to new 9-wk highs as home prices posted modest gains and consumer confidence rose, perhaps stoking inflation worries. However, the significant decline in Chicago PMI was more consistant with the data bias is August, suggestive of a floundering economy. Significant downside risk evident for Aug NFP, which comes out on Friday. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold surges to new 9-wk highs as home prices posted modest gains and consumer confidence rose, perhaps stoking inflation worries. Gold surges to new 9-wk highs as home prices posted modest gains and consumer confidence rose, perhaps stoking inflation worries. However, the significant decline in Chicago PMI was more consistant with the data bias is August, suggestive of a floundering economy. Significant downside risk evident for Aug NFP, which comes out on Friday. 2:27 gold, prices no Mon, 30 Aug 2010 10:00:00 -0600 20100830grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold slightly easier perhaps due to forced confidence out of Jackson Hole meet. Bernanke ready to provide additional accommodations if the US economy continues to falter. Trichet seems to believe Europe can grow its way back to prosperity, but worries surging public debt could result in a "lost decade." BoJ's Shirakawa left Jackson Hole early and an emergency BoJ meeting was convened. Results of that meeting, a 10 trillion yen increase to lending facility, was a disappointment. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold slightly easier perhaps due to forced confidence out of Jackson Hole meeting. Gold slightly easier perhaps due to forced confidence out of Jackson Hole meeting. Bernanke ready to provide additional accommodations if the US economy continues to falter. Trichet seems to believe Europe can grow its way back to prosperity, but worries surging public debt could result in a "lost decade." BoJ's Shirakawa left Jackson Hole early and an emergency BoJ meeting was convened. Results of that meeting, a 10 trillion yen increase to lending facility, was a disappointment. 3:29 gold, Bernanke, Trichet, Shirakawa no Fri, 27 Aug 2010 08:00:00 -0600 20100827grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold slightly higher. Silver back above 19.00 after yesterday's sell-of into options expiration. US Q2 GDP revised down from 2.4% to 1.6%, with considerable risk to Q3 GDP. All eyes on Jackson Hole, WY where world central bankers have convened. Bernanke's speech this morning expected to focus on US economic outlook and policy options to stimulate the economy. BoJ likely to be trying to drum up support to squelch the yen's rise. I'm not sure they'll find many takers. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold slightly higher, GDP revised downward from 2.4 to 1.6 percent. Gold slightly higher. Silver back above 19.00 after yesterday's sell-of into options expiration. US Q2 GDP revised down from 2.4% to 1.6%, with considerable risk to Q3 GDP. All eyes on Jackson Hole, WY where world central bankers have convened. Bernanke's speech this morning expected to focus on US economic outlook and policy options to stimulate the economy. BoJ likely to be trying to drum up support to squelch the yen's rise. I'm not sure they'll find many takers. 4:17 gold, GDP, Jackson, Wyoming no Thu, 26 Aug 2010 08:00:00 -0600 20100826grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold extends gains to new 8-wk highs, led by silver. Silver is up 8% since Tuesday's low, defying the usual market cramdown (at least thus far) going into Comex options expiration. Silver/gold ratio has contracted 68.3 to 65.0 since this week's low. Nice technical breakout in silver projects as high as 21.40, just beyind the 21.34 peak from 2008. If silver reaches that objective, and even if the ratio contracts further to 61, that would project gold beyond $1300. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold extends gains to new 8-wk highs, led by silver. Gold extends gains to new 8-wk highs, led by silver. Silver is up 8% since Tuesday's low, defying the usual market cramdown (at least thus far) going into Comex options expiration. Silver/gold ratio has contracted 68.3 to 65.0 since this week's low. Nice technical breakout in silver projects as high as 21.40, just beyind the 21.34 peak from 2008. If silver reaches that objective, and even if the ratio contracts further to 61, that would project gold beyond $1300. 2:48 gold, silver no Wed, 25 Aug 2010 11:00:00 -0600 20100825grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold extends gains to new 8-wk highs. Recent big economic misses are driving risk aversion, lifting gold. US existing home sales in Jul plunged 27.2%. US new home sales in Jul tumbled 12.4%. US durable goods orders were up just 0.3% in Jul, well below market expectations. Ex-trans -3.8%. WGC said Q2 gold demand was up 36%, driven largely by a 118% rise in investment demand. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold extends gains to new 8-wk highs. Gold extends gains to new 8-wk highs. Recent big economic misses are driving risk aversion, lifting gold. US existing home sales in Jul plunged 27.2%. US new home sales in Jul tumbled 12.4%. US durable goods orders were up just 0.3% in Jul, well below market expectations. Ex-trans -3.8%. WGC said Q2 gold demand was up 36%, driven largely by a 118% rise in investment demand. 3:46 gold, housing no Tue, 24 Aug 2010 09:00:00 -0600 20100824grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold snaps back from intraday setback. Signs of growing policy dissent within the Fed. WSJ Hilsenrath reports that 7 of 17 officials at 10-Aug FOMC "spoke against or had strong reservations" about Fed balance sheet move. The hint of a possible rift sent global stock investors scurrying for cover, pushing the dollar, yen and bonds higher on safe haven buying. The rebound in gold suggests that some anyway are keenly aware of the real safe haven. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold snaps back from intraday setback. Gold snaps back from intraday setback. Signs of growing policy dissent within the Fed. WSJ Hilsenrath reports that 7 of 17 officials at 10-Aug FOMC "spoke against or had strong reservations" about Fed balance sheet move. The hint of a possible rift sent global stock investors scurrying for cover, pushing the dollar, yen and bonds higher on safe haven buying. The rebound in gold suggests that some anyway are keenly aware of the real safe haven. 2:34 gold, Fed, safe, haven no Mon, 23 Aug 2010 10:00:00 -0600 20100823grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold consolidates as a flurry of M&A activity initially lifted stocks, containing the yellow metal. Up to $246 bln in Treasury supply hits this week, with yields already near record lows. Fed's Hoenig calls economy "abnormally slow." Perhaps a slightly more accurate description that Bernanke's "unusually uncertain." The takeaway being that despite trillions of dollars in bailouts and other accomodations, we don't know why thing remain "abnormal" and "unusual." Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold consolidates as a flurry of M&A activity initially lifted stocks. Gold consolidates as a flurry of M&A activity initially lifted stocks, containing the yellow metal. Up to $246 bln in Treasury supply hits this week, with yields already near record lows. Fed's Hoenig calls economy "abnormally slow." Perhaps a slightly more accurate description that Bernanke's "unusually uncertain." The takeaway being that despite trillions of dollars in bailouts and other accomodations, we don't know why thing remain "abnormal" and "unusual." 2:56 gold, Fed, Treassury, abnormal, unusual no Fri, 20 Aug 2010 09:00:00 -0600 20100820grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold retreats as dollar and yen gain on flight out of stocks following yesterday's weak US data. St. Louis Fed's Bullard says we need to be prepared to ramp-up QE campaign if disinflation risks rise. Axel Weber says ECB should extend unlimited lending to banks into 2011 and revisit exit strategies sometime in Q1. Ever more debt will continue to weigh on fiat currency, buoying gold in the process. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold retreats as dollar and yen gain on flight out of stocks following yesterday's weak US data. Gold retreats as dollar and yen gain on flight out of stocks following yesterday's weak US data. St. Louis Fed's Bullard says we need to be prepared to ramp-up QE campaign if disinflation risks rise. Axel Weber says ECB should extend unlimited lending to banks into 2011 and revisit exit strategies sometime in Q1. Ever more debt will continue to weigh on fiat currency, buoying gold in the process. 2:56 gold, quantitative, easing no Thu, 19 Aug 2010 11:00:00 -0600 20100819grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold surges to new 7-week highs. Initial jobless claims rose to 500k last week, the highest reading in 8-mo. Previous week's claims revised higher and extended benefits surged 310k. Philly Fed index plunged to -7.7 in Aug, well below market expections. Slight uptick in Jul leading indicators of 0.1% was offset by a downward revision of the same size to Jun. Fed initiates second POMO in revived QE campaign. CBO revised 2010 budget deficit lower by $26 bln to $1.342 trillion, but 2011 deficit was revised higher by $70 bln to $1.066 trillion. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold surges to new 7-week highs. Gold surges to new 7-week highs. Initial jobless claims rose to 500k last week, the highest reading in 8-mo. Previous week's claims revised higher and extended benefits surged 310k. Philly Fed index plunged to -7.7 in Aug, well below market expections. Slight uptick in Jul leading indicators of 0.1% was offset by a downward revision of the same size to Jun. Fed initiates second POMO in revived QE campaign. CBO revised 2010 budget deficit lower by $26 bln to $1.342 trillion, but 2011 deficit was revised higher by $70 bln to $1.066 trillion. 3:21 gold, data no Wed, 18 Aug 2010 12:00:00 -0600 20100818grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold surges to new 7-week highs. Gains add credence to the scenario that calls for a retest and eventual violation of the all-time high at 1265.05. Treasury takes up the uncomfortable topic of GSE reform. PIMCO's Bill Gross doesn't see private lenders filling the void if Fannie and Freddie cease to exist. The GSEs could be fully nationalized, but then their approximately $5 trillion in liabilities go on the Federal balance sheet, pushing our total debt load north of $18 trillion. Goodbye dollar...hello gold. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold remains firm as Fed officially launches QE-lite with a $2.5 bln Treasury coupon purchase. Gold surges to new 7-week highs. Gains add credence to the scenario that calls for a retest and eventual violation of the all-time high at 1265.05. Treasury takes up the uncomfortable topic of GSE reform. PIMCO's Bill Gross doesn't see private lenders filling the void if Fannie and Freddie cease to exist. The GSEs could be fully nationalized, but then their approximately $5 trillion in liabilities go on the Federal balance sheet, pushing our total debt load north of $18 trillion. Goodbye dollar...hello gold. 3:15 gold, GSE, Fannie, Freddie no Tue, 17 Aug 2010 11:00:00 -0600 20100817grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold remains firm as Fed officially launches QE-lite with a $2.5 bln Treasury coupon purchase. Yesterday's big miss on Japan Q2 GDP growth raises the specter of competitive currency devaluation. Germany's recent gains seem to have come largely at Japan's expense. Anemic Japanese growth vaults gold-centric China into position as the second-largest national economy, behind the US. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold remains firm as Fed officially launches QE-lite with a $2.5 bln Treasury coupon purchase. Gold remains firm as Fed officially launches QE-lite with a $2.5 bln Treasury coupon purchase. Yesterday's big miss on Japan Q2 GDP growth raises the specter of competitive currency devaluation. Germany's recent gains seem to have come largely at Japan's expense. Anemic Japanese growth vaults gold-centric China into position as the second-largest national economy, behind the US. 3:22 gold, Japan, China no Mon, 16 Aug 2010 08:00:00 -0600 20100816grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold higher above key resistances, putting the all-time high back in play. Last week's report of strong German GDP growth, re-highlights the imbalances in the eurozone. It seems the trillion dollar bailout may have disproportionately helped the strong members of the EU, rather than the troubled weaker members. WSJ report that Eurostat would force Germany to carry bad bank debt on its balance sheet seems to have been a complete cannard, designed to weaken the euro. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold above key resistances, putting the all-time high back in play. Gold higher above key resistances, putting the all-time high back in play. Last week's report of strong German GDP growth, re-highlights the imbalances in the eurozone. It seems the trillion dollar bailout may have disproportionately helped the strong members of the EU, rather than the troubled weaker members. WSJ report that Eurostat would force Germany to carry bad bank debt on its balance sheet seems to have been a complete cannard, designed to weaken the euro. 2:44 gold, Germany, euro no Thu, 12 Aug 2010 11:00:00 -0600 20100812grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold higher as evidence builds that eurozone crisis is returning, or perhaps never went away. Credit default swap spreads for the PIIGS nations are back on the rise. Die Zeit reported that Eurostat will require Germany to carry bad debt from WestLB Hypo Real Estate Bank on its balance sheet. That could drive Germany's debt/GBP ratio to 90% and put them in violation of the Maastricht treaty. If Germany turns inward to focus on paying down debt, the rest of euroland could suffer as a result. EUR could head back toward 1.20, reigniting European demand for gold. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold higher as evidence builds that eurozone crisis is returning, or perhaps never went away. Gold higher as evidence builds that eurozone crisis is returning, or perhaps never went away. Credit default swap spreads for the PIIGS nations are back on the rise. Die Zeit reported that Eurostat will require Germany to carry bad debt from WestLB Hypo Real Estate Bank on its balance sheet. That could drive Germany's debt/GBP ratio to 90% and put them in violation of the Maastricht treaty. If Germany turns inward to focus on paying down debt, the rest of euroland could suffer as a result. EUR could head back toward 1.20, reigniting European demand for gold. 2:37 gold, Germany no Wed, 11 Aug 2010 11:00:00 -0600 20100811grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold weaker as euro losses boost the dollar. ECB accessed dollar swap lines, suggesting that despite the rosy stress tests, a liquidity squeeze may be brewing in the eurozone. This is happening a day after the Fed removed reference to eurozone worries from the FOMC statement. If European's resume their gold buying spree as they return from their summer holidays, the yellow metal could be off to the races again. FOMC initiated QE-lite yesterday with direction to hold the balance sheet steady at $2.054 trillion. The stock market is not liking that half-measure today. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold weaker as euro losses boost the dollar. Gold weaker as euro losses boost the dollar. ECB accessed dollar swap lines, suggesting that despite the rosy stress tests, a liquidity squeeze may be brewing in the eurozone. This is happening a day after the Fed removed reference to eurozone worries from the FOMC statement. If European's resume their gold buying spree as they return from their summer holidays, the yellow metal could be off to the races again. FOMC initiated QE-lite yesterday with direction to hold the balance sheet steady at $2.054 trillion. The stock market is not liking that half-measure today. 3:42 gold, FOMC, ECB no Tue, 10 Aug 2010 10:00:00 -0600 20100810grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold softer as dollar rebounds on short-covering ahead of FOMC meeting. That suggests there is some doubt as to whether the Fed will fully re-embrace quantitative easing today. WSJ FedWatcher Hilsenrath speculates that a policy "Hail Mary" may be in the offing in a last-ditch effort to stimulate the economy. Remember that the "Hail Mary" is indeed a last-ditch, desparation play. If unsuccessful, we all lose. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold softer as dollar rebounds on short-covering ahead of FOMC meeting. Gold softer as dollar rebounds on short-covering ahead of FOMC meeting. That suggests there is some doubt as to whether the Fed will fully re-embrace quantitative easing today. WSJ FedWatcher Hilsenrath speculates that a policy "Hail Mary" may be in the offing in a last-ditch effort to stimulate the economy. Remember that the "Hail Mary" is indeed a last-ditch, desparation play. If unsuccessful, we all lose. 2:11 gold, FOMC no Fri, 06 Aug 2010 09:00:00 -0600 20100806grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold jumps to clear resistance at 1203.80, boosted by weaker than expected employment data for July. July nonfarm payrolls down 131k, on continued census unwind. Private job adds also came in below expectations at +71k. Bad data increases the likelihood of Fed easing, probably of the quantitative kind -- bad for the dollar, but good for gold. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold jumps to clear resistance at 1203.80, boosted by weaker than expected employment data for July. Gold jumps to clear resistance at 1203.80, boosted by weaker than expected employment data for July. July nonfarm payrolls down 131k, on continued census unwind. Private job adds also came in below expectations at +71k. Bad data increases the likelihood of Fed easing, probably of the quantitative kind -- bad for the dollar, but good for gold. 2:59 gold, payrolls no Wed, 04 Aug 2010 10:00:00 -0600 20100804grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold probes above 1200, easing technical pressure on the downside. Dollar finds some support on anticipated BoJ defense of 15-yr lows in USD-JPY to protect Japan's export market. Expectations of further BoJ easing pushes 10-yr JGB yields to 7-yr lows below 1.0%. Might US Treasuries be destined for the same fate as Fed ramps up its war on deflation? Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold probes above 1200, easing technical pressure to the downside. Gold probes above 1200, easing technical pressure on the downside. Dollar finds some support on anticipated BoJ defense of 15-yr lows in USD-JPY to protect Japan's export market. Expectations of further BoJ easing pushes 10-yr JGB yields to 7-yr lows below 1.0%. Might US Treasuries be destined for the same fate as Fed ramps up its war on deflation? 2:13 gold, Japan, yen no Tue, 03 Aug 2010 10:00:00 -0600 20100803grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold firms as dollar continues to tumble, suggesting inverse correlation is reestablishing. Increasing indications that the economic recovery is losing steam. NAR pending home sales index falls to a new record low in Jun. Factory orders for Jun well below market expectations. Growing consesus that Fed will provide further accomodations if Jul payrolls disappoint on Friday. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold firms as dollar continues to tumble, suggesting inverse correlation is reestablishing. Gold firms as dollar continues to tumble, suggesting inverse correlation is reestablishing. Increasing indications that the economic recovery is losing steam. NAR pending home sales index falls to a new record low in Jun. Factory orders for Jun well below market expectations. Growing consesus that Fed will provide further accomodations if Jul payrolls disappoint on Friday. 3:29 gold, recovery, economic, indicators no Fri, 30 Jul 2010 08:00:00 -0600 20100730grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold firms modestly, perhaps on short-covering as seasonal doldrums wind down. Or perhaps on the growing realization that nascent economic recovery is faltering. With interest rates essentially at 0% for nearly 2-yrs and trillions in bailouts, liquidity schemes and central bank asset purchases, Bernanke thinks the economic outlook remains "unusually uncertain." Talk of exit strategies has been replaced by hints of further accomodations. St. Louis Fed's Bullard highlights deflation risks and suggests more quantitative easing may be necessary. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold firms modestly, perhaps on short-covering as seasonal doldrums wind down. Gold firms modestly, perhaps on short-covering as seasonal doldrums wind down. Or perhaps on the growing realization that nascent economic recovery is faltering. With interest rates essentially at 0% for nearly 2-yrs and trillions in bailouts, liquidity schemes and central bank asset purchases, Bernanke thinks the economic outlook remains "unusually uncertain." Talk of exit strategies has been replaced by hints of further accomodations. St. Louis Fed's Bullard highlights deflation risks and suggests more quantitative easing may be necessary. 4:07 gold, recovery, reflation no Wed, 28 Jul 2010 09:00:00 -0600 20100728grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold remains under pressure as investors comfort level in taking risks in traditional asset classes grows. Seasonal demand weakness and the violations of technicals level contribute. A huge stimulus and stress tests in the US sparked a massive stock rally last year. Why wouldn't one expect the same results in Europe once they provided a €750 bln bailout followed by their own stress tests? Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold remains under pressure as investors comfort level in taking risks in traditional asset classes grows. Gold remains under pressure as investors comfort level in taking risks in traditional asset classes grows. Seasonal demand weakness and the violations of technicals level contribute. A huge stimulus and stress tests in the US sparked a massive stock rally last year. Why wouldn't one expect the same results in Europe once they provided a €750 bln bailout followed by their own stress tests? 3:17 gold, stress, test, euro no Mon, 26 Jul 2010 08:00:00 -0600 20100726grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold steady as market continues to digest Eurozone banking stress-tests. Emerging consensus is that stress-tests were a whitewash. Nonetheless, there is renewed risk appetite as the new week begins. Perhaps due to implications from stress-tests that the EU remains prepared to serve as backstop. Euro remains above 1.29, but recent gains still appear to be corrective. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold steady as market continues to digest Eurozone banking stress-tests. Gold steady as market continues to digest Eurozone banking stress-tests. Emerging consensus is that stress-tests were a whitewash. Nonetheless, there is renewed risk appetite as the new week begins. Perhaps due to implications from stress-tests that the EU remains prepared to serve as backstop. Euro remains above 1.29, but recent gains still appear to be corrective. 2:17 gold, stress, test, euro no Fri, 23 Jul 2010 10:00:00 -0600 20100723grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold - and markets in general - are choppy in advance of the Eurozone stress tests results. Concerns are heightened about the methodology of the stress tests. Test only consider trading book bond losses. No sovereign default scenario considered. Liquidity buffers not tested. Apparently the banks can feel comfortable in relying on the EU to provide needed liqidity and bailout EU members should that need arise. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold - and markets in general - are choppy in advance of the Eurozone stress tests results. Gold - and markets in general - are choppy in advance of the Eurozone stress tests results. Concerns are heightened about the methodology of the stress tests. Test only consider trading book bond losses. No sovereign default scenario considered. Liquidity buffers not tested. Apparently the banks can feel comfortable in relying on the EU to provide needed liqidity and bailout EU members should that need arise. 3:06 gold, stress, test, liquidity no Thu, 22 Jul 2010 09:00:00 -0600 20100722grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold surges to probe back above 1200. Stocks recover from yesterday's Bernanke inspired sell-off. Bernanke tempered economic outlook, categorizing conditions as "unusually uncertain." Recent talk of removing accomodations and exit strategies has been replaced by talk of additional measures the Fed might take to stimulate growth. Bernanke confirms that further quantitative easing is on the table. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold surges, probing back above 1200. Gold surges to probe back above 1200. Stocks recover from yesterday's Bernanke inspired sell-off. Bernanke tempered economic outlook, categorizing conditions as "unusually uncertain." Recent talk of removing accomodations and exit strategies has been replaced by talk of additional measures the Fed might take to stimulate growth. Bernanke confirms that further quantitative easing is on the table. 3:11 gold, Bernanke, Fed no Wed, 21 Jul 2010 08:00:00 -0600 20100721grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold steady. Dollar slightly better and stocks called higher. Weak Portuguese debt auction weighs on euro, but expectations of favorable results from eurozone banking system stress tests underpin. Questioning of Fed chair Bernanke is expected to focus on additional measures the Fed might take to stimulate. Speculation that Fed may stop paying interest to banks on reserves -- in the hope that they will then lend more -- seems unlikely to have any significant impact. Leaving more quantitative easing as an increasingly likely course of action for the Fed. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold steady on weak Portuguese debt auction. Gold steady. Dollar slightly better and stocks called higher. Weak Portuguese debt auction weighs on euro, but expectations of favorable results from eurozone banking system stress tests underpin. Questioning of Fed chair Bernanke is expected to focus on additional measures the Fed might take to stimulate. Speculation that Fed may stop paying interest to banks on reserves -- in the hope that they will then lend more -- seems unlikely to have any significant impact. Leaving more quantitative easing as an increasingly likely course of action for the Fed. 3:01 gold, Portuguese, Fed no Mon, 19 Jul 2010 10:00:00 -0600 20100719grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold falls to pressure 100-day MA. Dollar remains weak as well. NAHB confidence index falls to 14 in June, below market expectations. Sixteen top economists call on President Obama to stimulate further. Nearly a trillion dollars in stimulus in recent years has done little to...well, stimulate. They claim more is required. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold falls to pressure 100-day MA. Gold falls to pressure 100-day MA. Dollar remains weak as well. NAHB confidence index falls to 14 in June, below market expectations. Sixteen top economists call on President Obama to stimulate further. Nearly a trillion dollars in stimulus in recent years has done little to...well, stimulate. They claim more is required. 2:17 gold, stimulus no Fri, 16 Jul 2010 09:00:00 -0600 20100716grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold tumbles to retest last week's trend low after breaking out of an ascending wedge pattern. Dollar extends losses to 2 1/2 month lows. Recent price action is generally consistent with 'summer doldrums' activity. Underlying trend remains bullish. Market continues to digest BIS gold swaps. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold retests last week's trend low as dollar extends losses to 2 1/2 month lows. Gold tumbles to retest last week's trend low after breaking out of an ascending wedge pattern. Dollar extends losses to 2 1/2 month lows. Recent price action is generally consistent with 'summer doldrums' activity. Underlying trend remains bullish. Market continues to digest BIS gold swaps. 3:03 gold, summer, doldrums, trend, BIS, swap no Thu, 08 Jul 2010 08:00:00 -0600 20100708grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold remains defensive. BIS says swaps are with commercial banks. Why would the commercial banks be bypassing their central banks for funding needs to deal directly with the BIS? Gold market gains between Aug and year-end have averaged 7.5% over the past 39-years, since President Nixon closed the gold window in 1971. The pace of late-year gains has accelerated to 11.3% on average since 2001. Historically, June and July has proven to be an excellent time of year to buy gold. See detailed analysis at http://www.usagold.com/analysis/doldrums-2010.html Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold remains defensive amid summer doldrums. Gold remains defensive. BIS says swaps are with commercial banks. Why would the commercial banks be bypassing their central banks for funding needs to deal directly with the BIS? Gold market gains between Aug and year-end have averaged 7.5% over the past 39-years, since President Nixon closed the gold window in 1971. The pace of late-year gains has accelerated to 11.3% on average since 2001. Historically, June and July has proven to be an excellent time of year to buy gold. See detailed analysis at http://www.usagold.com/analysis/doldrums-2010.html 3:10 gold, summer, doldrums no Wed, 07 Jul 2010 10:00:00 -0600 20100707grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold steady. Uptick in risk aversion weighing on stocks once again. Market is buzzing about big uptick in BIS gold swaps. The data confirming these swaps spooked the market last week and keeps it on edge today. But this is something we're all familiar with -- the threat (real or perceived) that sovereign gold reserves are going to be sold into the market. In every instance since Gordon Brown famously sold a big portion of England's gold reserves right at the lows, the market has always roared back. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold steady. Uptick in risk aversion weighing on stocks once again. Gold steady. Uptick in risk aversion weighing on stocks once again. Market is buzzing about big uptick in BIS gold swaps. The data confirming these swaps spooked the market last week and keeps it on edge today. But this is something we're all familiar with -- the threat (real or perceived) that sovereign gold reserves are going to be sold into the market. In every instance since Gordon Brown famously sold a big portion of England's gold reserves right at the lows, the market has always roared back. 3:15 gold, swap, BIS no Tue, 06 Jul 2010 12:00:00 -0600 20100706grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold extends losses as a resurrection of risk appetitve weigh on the dollar as well, lifting stocks. While short-term technicals appear weak, the fundamental factors that have driven gold to record highs remain in place. Talk of a double dip recession, and comparisons to the second more devastating contraction in the 1930s, is mounting. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold extends losses as a resurrection of risk appetitve weigh on the dollar as well. Gold extends losses as a resurrection of risk appetitve weigh on the dollar as well, lifting stocks. While short-term technicals appear weak, the fundamental factors that have driven gold to record highs remain in place. Talk of a double dip recession, and comparisons to the second more devastating contraction in the 1930s, is mounting. 2:35 gold, summer, doldrums no Thu, 01 Jul 2010 13:00:00 -0600 20100701grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold sells off as stocks get hammered by another raft of bad economic data. The commodity complex is getting hit as well on mounting growth fears. Here's the seasonal sell-off we've been waiting for. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold sells off as stocks get hammered by another raft of bad economic data. Gold sells off as stocks get hammered by another raft of bad economic data. The commodity complex is getting hit as well on mounting growth fears. Here's the seasonal sell-off we've been waiting for. 2:33 gold, seasonal, doldrums no Wed, 30 Jun 2010 08:00:00 -0600 20100630grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold remains defensive in the wake of yesterday's failed test of the all-time high. Stocks are weak amid rising concerns over the sustainability of the economic recovery and the lack of consumer confidence. ADP survey reflects weak private sector job growth with the market already expecting a big drop in Jun payrolls. RealtyTrac report shows that nearly 1 in 3 home sales in Q1 were foreclosures. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold remains defensive in the wake of yesterday's failed test of the all-time high. Gold remains defensive in the wake of yesterday's failed test of the all-time high. Stocks are weak amid rising concerns over the sustainability of the economic recovery and the lack of consumer confidence. ADP survey reflects weak private sector job growth with the market already expecting a big drop in Jun payrolls. RealtyTrac report shows that nearly 1 in 3 home sales in Q1 were foreclosures. 3:03 gold, foreclosure no Mon, 28 Jun 2010 10:00:00 -0600 20100628grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold pressures the all-time high in the wake of a disappointing G20 summit. G20 seems to advocate for both continued stimulus and spending cuts all in the same breath. Krugman believes we are in the early stages of a depression. Telegraph article suggests there is room for a lot more quantitative easing here in the States. Bernanke views deflation as the greater risk, but it remains to be seen if he is prepared to flood the market with dollars. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold pressures the all-time high in the wake of a disappointing G20 summit. Gold pressures the all-time high in the wake of a disappointing G20 summit. G20 seems to advocate for both continued stimulus and spending cuts all in the same breath. Krugman believes we are in the early stages of a depression. Telegraph article suggests there is room for a lot more quantitative easing here in the States. Bernanke views deflation as the greater risk, but it remains to be seen if he is prepared to flood the market with dollars. 3:08 gold, G20, deflation, depression no Fri, 25 Jun 2010 10:00:00 -0600 20100625grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold moves back within $10 of the all-time high ahead of this weekend's G20 summit. Deficit hawks in Europe - particularly Germany - will be pressured by the US delegation to continue stimulus measures. The defining moment in German economic history remains the severe hyper-inflation in the years between the two World Wars. Germay is justifiably concerned about the inflationary repercussions of unchecked deficit spending. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold moves back within $10 of the all-time high ahead of this weekend G20 summit. Gold moves back within $10 of the all-time high ahead of this weekend's G20 summit. Deficit hawks in Europe - particularly Germany - will be pressured by the US delegation to continue stimulus measures. The defining moment in German economic history remains the severe hyper-inflation in the years between the two World Wars. Germay is justifiably concerned about the inflationary repercussions of unchecked deficit spending. 3:08 gold, G20, Germany no Thu, 24 Jun 2010 11:00:00 -0600 20100624grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold firms amid rising risk aversion associated with Europe. Fed said yesterday that, "Financial conditions have become less supportive of economic growth on balance, largely reflecting developments abroad." That means Europe. Greek spreads blew out today with CDS premiums rising above 1000 bps. Market thinks Greece is going to default, despite the $1 trillion dollar EU/IMF eurozone bailout. They went big on that stimulus, but perhaps not big enough. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold firms amid rising risk aversion associated with Europe. Gold firms amid rising risk aversion associated with Europe. Fed said yesterday that, "Financial conditions have become less supportive of economic growth on balance, largely reflecting developments abroad." That means Europe. Greek spreads blew out today with CDS premiums rising above 1000 bps. Market thinks Greece is going to default, despite the $1 trillion dollar EU/IMF eurozone bailout. They went big on that stimulus, but perhaps not big enough. 2:30 gold, risk no Wed, 23 Jun 2010 12:00:00 -0600 20100623grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold comes under pressure ahead of Thursday's COMEX options expiration. New home sales plunge 32.7% in May, way below market expectations. Mar and Apr gains revised downward as well. Double dip scenario for housing gains considerable credence. Market awaits FOMC policy statement this afternoon. Perhaps a tempering of the economic outlook -- with bleak housing data factoring -- with "extremely low/extended period" language expected to be maintained. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold comes under pressure ahead of Thursday's COMEX options expiration. Gold comes under pressure ahead of Thursday's COMEX options expiration. New home sales plunge 32.7% in May, way below market expectations. Mar and Apr gains revised downward as well. Double dip scenario for housing gains considerable credence. Market awaits FOMC policy statement this afternoon. Perhaps a tempering of the economic outlook -- with bleak housing data factoring -- with "extremely low/extended period" language expected to be maintained. 2:58 gold, FOMC no Tue, 22 Jun 2010 12:00:00 -0600 20100622grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold modestly higher as market focus returns to Europe after yesterday's yuan revaluation distration. UK outlines emergency budget measures, which include VAT increase of 2.5% to 20%, public sector spending cuts of £30 bln a year and possible sale of state assets. US will call for further stimulus at G20 meeting, while advocating spending cuts at home. Majority leader Hoyer announces Congress won't pass a budget this year. Sounds like a license to spend. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold modestly higher as market focus returns to Europe after yesterday's yuan revaluation distration. Gold modestly higher as market focus returns to Europe after yesterday's yuan revaluation distration. UK outlines emergency budget measures, which include VAT increase of 2.5% to 20%, public sector spending cuts of £30 bln a year and possible sale of state assets. US will call for further stimulus at G20 meeting, while advocating spending cuts at home. Majority leader Hoyer announces Congress won't pass a budget this year. Sounds like a license to spend. 2:53 gold, budget, VAT no Mon, 21 Jun 2010 12:00:00 -0600 20100621grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold corrects after setting a fresh record high overseas. China changes currency regime to allow limited appreciation. Likely will prevent US Treasury from labeling China a "currency manipulator." Stocks like the change because there is a perception that it eroded China's global trade advantage. WGC reports that Saudi Arabia's gold reserves have more than doubled. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold corrective after setting a fresh record high overseas. Gold corrects after setting a fresh record high overseas. China changes currency regime to allow limited appreciation. Likely will prevent US Treasury from labeling China a "currency manipulator." Stocks like the change because there is a perception that it eroded China's global trade advantage. WGC reports that Saudi Arabia's gold reserves have more than doubled. 2:46 gold, Saudi, China no Fri, 18 Jun 2010 13:00:00 -0600 20100618grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold surges to new record high as it reestablishes itself as money. Greenspan warns US may quickly find the limits of its borrowing capacity. Greenspan says "the federal government is currently saddled with commitments for the next 3 decades that it will be unable to meet in real terms." He goes on to add, "the U.S. government can create dollars at will to meet any obligation, and it will doubtless continue to do so." Investors are grasping the implications of such debt monetization, and it is translating to record gold prices. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold surges to new record high as Greepsan issues debt warnings. Gold surges to new record high as it reestablishes itself as money. Greenspan warns US may quickly find the limits of its borrowing capacity. Greenspan says "the federal government is currently saddled with commitments for the next 3 decades that it will be unable to meet in real terms." He goes on to add, "the U.S. government can create dollars at will to meet any obligation, and it will doubtless continue to do so." Investors are grasping the implications of such debt monetization, and it is translating to record gold prices. 3:16 gold, Greenspan no Thu, 17 Jun 2010 11:00:00 -0600 20100617grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold sharply higher, bolstered by dollar and stock losses. Gold threatens all-time highs in the midst of a period generally associated with seasonal lows. Initial jobless claims disappoint and the Philly Fed index for Jun was a big downside surprise. Combined, these data highlight substantial risks for Jun payrolls. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold sharply higher, bolstered by dollar and stock losses. Gold sharply higher, bolstered by dollar and stock losses. Gold threatens all-time highs in the midst of a period generally associated with seasonal lows. Initial jobless claims disappoint and the Philly Fed index for Jun was a big downside surprise. Combined, these data highlight substantial risks for Jun payrolls. 2:30 gold, payrolls no Wed, 16 Jun 2010 12:00:00 -0600 20100616grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold slightly lower, but still confined to a narrow range. Gold remains less than $25 (<2%) off the all-time highs. Speculation that Fed will negatively revise US economic outlook when the FOMC convenes next week, due to heightened eurozone risks. Possibly could completely unwind their upward revision from Apr. Housing starts plunged 10% in May, offsetting the cumulative 8.7% gain from Mar/Apr, clearly illustrating the risks of borrowing housing demand from the future. Nonetheless, calls to resurrect and extend the homebuyers tax credit into Sep are mounting. Fannie and Freddie delisted from NYSE. Political realities dictate that nothing is likely to be done with the GSEs any time soon. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold slightly lower, but still confined to a narrow range. Gold slightly lower, but still confined to a narrow range. Gold remains less than $25 (<2%) off the all-time highs. Speculation that Fed will negatively revise US economic outlook when the FOMC convenes next week, due to heightened eurozone risks. Possibly could completely unwind their upward revision from Apr. Housing starts plunged 10% in May, offsetting the cumulative 8.7% gain from Mar/Apr, clearly illustrating the risks of borrowing housing demand from the future. Nonetheless, calls to resurrect and extend the homebuyers tax credit into Sep are mounting. Fannie and Freddie delisted from NYSE. Political realities dictate that nothing is likely to be done with the GSEs any time soon. 3:54 gold, housing, GSE, Fannie, Freddie no Tue, 15 Jun 2010 08:00:00 -0600 20100615grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold higher, but generally consolidative. Euro attempts to regain 1.23, despite continued uncertainty in euroland. Moody's downgraded Greece by four ratings to Ba1; junk status. ECB can't finance governments, but can apparently buy debt in the secondary market, so they are probably a willing buyer of Greek junk -- an end run around the no-bailout clause in the Maastricht treaty. Liquidity crisis in Spain seems to be worsening. Officials continue to deny rumors that an EU bailout of Spain is in the offing. Rising political uncertainty in Germany. Doubtful that recent euro gains are sustainable. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold higher, but generally consolidative. Gold higher, but generally consolidative. Euro attempts to regain 1.23, despite continued uncertainty in euroland. Moody's downgraded Greece by four ratings to Ba1; junk status. ECB can't finance governments, but can apparently buy debt in the secondary market, so they are probably a willing buyer of Greek junk -- an end run around the no-bailout clause in the Maastricht treaty. Liquidity crisis in Spain seems to be worsening. Officials continue to deny rumors that an EU bailout of Spain is in the offing. Rising political uncertainty in Germany. Doubtful that recent euro gains are sustainable. 4:00 gold, Greece, downgrade, junk, bonds no Fri, 11 Jun 2010 12:00:00 -0600 20100611grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold higher on weak US retail sales data for May. Double dip scenario gains some credence. Japan's new PM says, "Our public finances have become the worst of any developed country." This is no revelation, so why were investors selling EUR-JPY in recent weeks? We're in the middle of a demented game of musical currencies and gold is likely to be the last chair in the game. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold wins at musical currency/chairs in best podcast ever. Gold higher on weak US retail sales data for May. Double dip scenario gains some credence. Japan's new PM says, "Our public finances have become the worst of any developed country." This is no revelation, so why were investors selling EUR-JPY in recent weeks? We're in the middle of a demented game of musical currencies and gold is likely to be the last chair in the game. 2:49 gold, musical, chairs, currency, yen, Japan no Thu, 10 Jun 2010 10:00:00 -0600 20100610grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold lower on continued increase in risk appetite, which is weighing on the dollar and boosting stocks. Interbank lending continues to dry up in Europe, forcing banks to increasingly access ECB deposit facility. Usage of the facility hit a new record high today of €369 bln. Remember that the 2008 financial crisis was as much a liquidity crisis as anything else. Fed chairman Bernanke says he doesn't "fully understand the movements in the gold price." Oh, I think he understands exactly what's going on. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold lower on continued increase in risk appetite, which is weighing on the dollar and boosting stocks. Gold lower on continued increase in risk appetite, which is weighing on the dollar and boosting stocks. Interbank lending continues to dry up in Europe, forcing banks to increasingly access ECB deposit facility. Usage of the facility hit a new record high today of €369 bln. Remember that the 2008 financial crisis was as much a liquidity crisis as anything else. Fed chairman Bernanke says he doesn't "fully understand the movements in the gold price." Oh, I think he understands exactly what's going on. 2:33 gold, Bernanke no Wed, 09 Jun 2010 11:00:00 -0600 20100609grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold lower as strong May export numbers out of China mitigate risk aversion, weighing on the dollar and lifting global stocks. Nonetheless, global concerns about a double dip recession have increased in recent weeks. Suddenly austerity measures and tax hikes seem all the rage. Even Germany has agreed to the largest austerity plan since WWII. Britain's new PM says the UK financial situation is "even worse than we thought" and warned of savage spending cuts. The Obama adminsistration has asked non-security agencies to cut 5% from their budgets. All this comes while economies continue to languish and every good Keynsian is calling for even more government spending. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold lower as strong May export numbers out of China mitigate risk aversion, weighing on the dollar and lifting global stocks. Gold lower as strong May export numbers out of China mitigate risk aversion, weighing on the dollar and lifting global stocks. Nonetheless, global concerns about a double dip recession have increased in recent weeks. Suddenly austerity measures and tax hikes seem all the rage. Even Germany has agreed to the largest austerity plan since WWII. Britain's new PM says the UK financial situation is "even worse than we thought" and warned of savage spending cuts. The Obama adminsistration has asked non-security agencies to cut 5% from their budgets. All this comes while economies continue to languish and every good Keynsian is calling for even more government spending. 3:45 gold, government, austerity, spending, budget no Tue, 08 Jun 2010 10:00:00 -0600 20100608grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold sets new record high against dollar, euro, Swiss franc and Sterling. EU FinMins agree on key mechanism for stabilization facility, but are still countining on significant IMF participation. IMF official acknowledges that they are "not properly resourced." That means they don't have the money. IMF's Boutros-Ghali calls for a doubling of SDR allocations, prompting some US Congressional Reps to draft a resolution in opposition of US participation in eurozone bailout. With Fed's dollar swap lines wide open, we're already up to our eyeballs in bailing out Europe. Data revealed SNB FX reserves surged by 194% in May as the central bank sought to support the EUR-CHF cross. Market quickly realized that level of direct intervention is not sustainable and cross plunged to new record lows. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold sets new record high against dollar, euro, Swiss franc and Sterling. Gold sets new record high against dollar, euro, Swiss franc and Sterling. EU FinMins agree on key mechanism for stabilization facility, but are still countining on significant IMF participation. IMF official acknowledges that they are "not properly resourced." That means they don't have the money. IMF's Boutros-Ghali calls for a doubling of SDR allocations, prompting some US Congressional Reps to draft a resolution in opposition of US participation in eurozone bailout. With Fed's dollar swap lines wide open, we're already up to our eyeballs in bailing out Europe. Data revealed SNB FX reserves surged by 194% in May as the central bank sought to support the EUR-CHF cross. Market quickly realized that level of direct intervention is not sustainable and cross plunged to new record lows. 3:30 gold, record, price no Fri, 04 Jun 2010 09:00:00 -0600 20100604grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold lower as euro plunges to new 4-yr lows on fresh troubles in Europe, boosting the dollar to new 1-yr highs. US nonfarm payrolls for May +430k, 411k of which were temporary government census jobs. Unemployment rate dips to 9.7%. Overall the jobs report was a disappointment and US stocks sold off broadly. Hungary reports previous administration "manipulated" and "lied" about economic data. HUF and EUR plunge as spreads widen and CDSs surge across Europe. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold wobbles on relative dollar strength as euro plunges to new 4-yr lows on fresh troubles in Europe. Gold lower as euro plunges to new 4-yr lows on fresh troubles in Europe, boosting the dollar to new 1-yr highs. US nonfarm payrolls for May +430k, 411k of which were temporary government census jobs. Unemployment rate dips to 9.7%. Overall the jobs report was a disappointment and US stocks sold off broadly. Hungary reports previous administration "manipulated" and "lied" about economic data. HUF and EUR plunge as spreads widen and CDSs surge across Europe. 3:30 gold, jobs, Hungary no Wed, 02 Jun 2010 11:00:00 -0600 20100602grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold lower as dollar and US equities start the day on firmer footing. EUR-USD probes back below 1.2200, giving back most of yesterday's CB intervention inspired gains. Focus remains on Europe, but plenty to be concerned about on our side of the pond. National debt crossed the $13 trillion threshold last week. WSJ says nearly half of the unemployed have been out of work for 6-mo or more, the highest reading since Labor Dept started keeping track in 1948. TED spread doubled in May, reflective of rising credit risks. A rising TED spread generally bodes ill for equities and May's dismal performance is evidence of that reality. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold lower as dollar and US equities start the day on firmer footing. Gold lower as dollar and US equities start the day on firmer footing. EUR-USD probes back below 1.2200, giving back most of yesterday's CB intervention inspired gains. Focus remains on Europe, but plenty to be concerned about on our side of the pond. National debt crossed the $13 trillion threshold last week. WSJ says nearly half of the unemployed have been out of work for 6-mo or more, the highest reading since Labor Dept started keeping track in 1948. TED spread doubled in May, reflective of rising credit risks. A rising TED spread generally bodes ill for equities and May's dismal performance is evidence of that reality. 2:31 gold, national, debt no Tue, 01 Jun 2010 11:00:00 -0600 20100601grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold higher as EUR-USD falls to new 4-year lows. Central banks intervened aggressively intraday to underpin the euro. The level of intervention is an acknowledgement by the central banks of the mounting risks in the EU. ECB looks to be shelving exit strategies. Fed is probably considering the same thing. French Budget Minister says France's AAA debt rating "could be a stretch." That comment sparked a resurgence in rumors of a French downgrade. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold higher as EUR-USD falls to new 4-year lows. Gold higher as EUR-USD falls to new 4-year lows. Central banks intervened aggressively intraday to underpin the euro. The level of intervention is an acknowledgement by the central banks of the mounting risks in the EU. ECB looks to be shelving exit strategies. Fed is probably considering the same thing. French Budget Minister says France's AAA debt rating "could be a stretch." That comment sparked a resurgence in rumors of a French downgrade. 2:39 gold, France, debt, rating, downgrade no Fri, 28 May 2010 09:00:00 -0600 20100528grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold softer as dollar rebounds. Stock market had a tough month in May, DOW down 8 percent. Equity liquidations may move into summer gold to take advantage of seasonal price trends. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold softer as dollar rebounds; stock market had a dreadful May. Gold softer as dollar rebounds. Stock market had a tough month in May, DOW down 8 percent. Equity liquidations may move into summer gold to take advantage of seasonal price trends. 2:54 gold, stock, market, DOW, seasonal no Thu, 27 May 2010 12:00:00 -0600 20100527grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold steady amid substantial currency market volatility. Report that China's SAFE was reviewing its eurobond holdings was downplayed by both the PBoC and SAFE. SAFE went so far as to say the report was "groundless." But to think SAFE hasn't taken a closer look at its $630 bln eurobond position, given the situation in Europe, is just plain silly. Sovereign creditors like China are stuck in a catch-22 situation, reluctant to start reducing exposure to eurozone debt, for fear of starting a selling frenzy, yet not wanting to be left holding the bag in the event of sovereign defaults. PIMCO's Bill Gross seems to belive a Greek default is inevitable, unable to come up with a scenario within the terms of the bailout that allows Greece to grow its way out of its debt crisis. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold steady amid substantial currency market volatility. Gold steady amid substantial currency market volatility. Report that China's SAFE was reviewing its eurobond holdings was downplayed by both the PBoC and SAFE. SAFE went so far as to say the report was "groundless." But to think SAFE hasn't taken a closer look at its $630 bln eurobond position, given the situation in Europe, is just plain silly. Sovereign creditors like China are stuck in a catch-22 situation, reluctant to start reducing exposure to eurozone debt, for fear of starting a selling frenzy, yet not wanting to be left holding the bag in the event of sovereign defaults. PIMCO's Bill Gross seems to belive a Greek default is inevitable, unable to come up with a scenario within the terms of the bailout that allows Greece to grow its way out of its debt crisis. 3:19 gold, China, SAFE, PIMCO no Wed, 26 May 2010 11:00:00 -0600 20100526grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold higher, bouyed by continued financial tensions in Europe and geopolitical tensions on the Korean penninsula. Good US durable goods orders and new homes sales in Apr. However, MBA reported that mortgage aps for new homes plunged last week to the lowest level in 13-yrs. Tax credits for home buyers simply borrow demand from the future. US national debt exceeds $13 trillion for the first time. PIMCO's Bill Gross says, "it may not be possible for a country to escape a debt crisis by reducing deficits." Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold higher, bouyed by continued financial tensions in Europe and geopolitical tensions on the Korean penninsula. Gold higher, bouyed by continued financial tensions in Europe and geopolitical tensions on the Korean penninsula. Good US durable goods orders and new homes sales in Apr. However, MBA reported that mortgage aps for new homes plunged last week to the lowest level in 13-yrs. Tax credits for home buyers simply borrow demand from the future. US national debt exceeds $13 trillion for the first time. PIMCO's Bill Gross says, "it may not be possible for a country to escape a debt crisis by reducing deficits." 3:41 gold, debt, Korea no Tue, 25 May 2010 12:00:00 -0600 20100525grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold higher, testing back above 1200. High volatilities in currencies in equities. EUR plunged below 1.22 as Bank of Spain moved to consolidate some operations of four shaky regional banks. Heightened geopolitical tensions on the Korean peninsula adding to risk aversion. Rumors that ECB was mulling a rate cut, seem unlikely with the central bank still hoping to prevent a rout in the euro. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold higher, testing back above $1200. Gold higher, testing back above $1200. High volatilities in currencies in equities. EUR plunged below 1.22 as Bank of Spain moved to consolidate some operations of four shaky regional banks. Heightened geopolitical tensions on the Korean peninsula adding to risk aversion. Rumors that ECB was mulling a rate cut, seem unlikely with the central bank still hoping to prevent a rout in the euro. 2:50 gold, Spain, Korea no Mon, 24 May 2010 12:00:00 -0600 20100524grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold higher in tandem with the dollar to start the week. EUR-USD tumbles back below 1.24, retracing 61.8% of last week's corrective bounce. Geithner will travel to Europe, most likely to present a united front against market volatility and nasty speculators. Only one US bank failure last week, but the FDIC's troubled banks list swelled to 775 in Q1. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold starts week high in tandem with dollar. Gold higher in tandem with the dollar to start the week. EUR-USD tumbles back below 1.24, retracing 61.8% of last week's corrective bounce. Geithner will travel to Europe, most likely to present a united front against market volatility and nasty speculators. Only one US bank failure last week, but the FDIC's troubled banks list swelled to 775 in Q1. 2:43 gold, FDIC, bank no Fri, 21 May 2010 08:00:00 -0600 20100521grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold rebounding from an overseas downside extension. Rising global uncertainty has led to extremely high volatility this week in all markets. The VIX has hit 1-yr highs. UBS risk index surged more than 100 pts this week and stands at 1.79 today, signaling strong and rising risk aversion. Bunds, Gilts, JGBs and US Treasuries have all benefited from flight to safety, but isn't it interesting that investors continue to view government paper as a safe-haven when their peers have been the root of the problem. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold steady, consolidating volatile week. Gold rebounding from an overseas downside extension. Rising global uncertainty has led to extremely high volatility this week in all markets. The VIX has hit 1-yr highs. UBS risk index surged more than 100 pts this week and stands at 1.79 today, signaling strong and rising risk aversion. Bunds, Gilts, JGBs and US Treasuries have all benefited from flight to safety, but isn't it interesting that investors continue to view government paper as a safe-haven when their peers have been the root of the problem. 2:51 gold, VIX, bonds no Wed, 19 May 2010 13:00:00 -0600 20100519grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold sharply lower amid high volatility in the currency markets stemming from rising intervention risks. Rumor that Greece planned to leave the EU was denied by Greek government spokesperson. Merkel says, "To make it clear, the euro is in danger." Government interventions sap investor confidence. Physical gold in your possession is one of the only assets that is not simultaneously someone else's liability. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold sharply lower amid high volatility in the currency markets. Gold sharply lower amid high volatility in the currency markets stemming from rising intervention risks. Rumor that Greece planned to leave the EU was denied by Greek government spokesperson. Merkel says, "To make it clear, the euro is in danger." Government interventions sap investor confidence. Physical gold in your possession is one of the only assets that is not simultaneously someone else's liability. 2:45 gold, EU, euro no Tue, 18 May 2010 09:00:00 -0600 20100518grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold corrects as euro regains 1.24, knocking the dollar off the recent highs. Euro rebounded despite a weaker than expected German investor confidence print for May. Perhaps it was the implied threat of direct intervention in euro by ECB's Kranjek that prompted today's short-covering. ECB Trichet called for a "quantum leap" in euro-area governance. Not sure if that's really possible without renegotiating Maastricht/Lisbon treaties, which may prove to be Pandora's box. Certainly citizens across the eurozone seem disinclined to relinquish even more sovereignty. UBS risk index surges to 0.9, from 0.7 yesterday. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold corrects as euro rebounds against dollar. Gold corrects as euro regains 1.24, knocking the dollar off the recent highs. Euro rebounded despite a weaker than expected German investor confidence print for May. Perhaps it was the implied threat of direct intervention in euro by ECB's Kranjek that prompted today's short-covering. ECB Trichet called for a "quantum leap" in euro-area governance. Not sure if that's really possible without renegotiating Maastricht/Lisbon treaties, which may prove to be Pandora's box. Certainly citizens across the eurozone seem disinclined to relinquish even more sovereignty. UBS risk index surges to 0.9, from 0.7 yesterday. 2:47 gold, ECB, euro, treaty no Fri, 14 May 2010 13:00:00 -0600 20100514grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold choppy after setting another new record high. Mass exodus from euro going into the European close. Dollar surges to 13-mo highs, weighing intraday on gold. However, gold is likely to continue benefitting from euro-flight. SNB draws another line in the sand at EUR-CHF 1.40, reportedly to defend sizable stops. All is not well in euroland less than a week into the mother of all bailouts. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold choppy after setting another new record high. Gold choppy after setting another new record high. Mass exodus from euro going into the European close. Dollar surges to 13-mo highs, weighing intraday on gold. However, gold is likely to continue benefitting from euro-flight. SNB draws another line in the sand at EUR-CHF 1.40, reportedly to defend sizable stops. All is not well in euroland less than a week into the mother of all bailouts. 2:17 gold, bailout, euro no Thu, 13 May 2010 08:00:00 -0600 20100513grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold reboundig from modest overseas corrective downticks. Markets continue to discounts odds of success for eurozone bailout. Faith in paper assets continues to erode. Euro pressures pre-bailout announcement low at 1.2521 as initial bailout relief succumbs to realization that debt monetization is a negative event for euro. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold remains firm after reaching new record high on erosion of faith in paper assets. Gold reboundig from modest overseas corrective downticks. Markets continue to discounts odds of success for eurozone bailout. Faith in paper assets continues to erode. Euro pressures pre-bailout announcement low at 1.2521 as initial bailout relief succumbs to realization that debt monetization is a negative event for euro. 2:19 gold, bailout, currency no Tue, 11 May 2010 10:00:00 -0600 20100511grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold surges to pressure the all-time high versus the dollar at 1226.30 on safe-haven buying. Persistent concerns in the eurozone prompt deeper retracements in euro and sterling. Dollar benefits as well, but rising skeptisism of fiat currencies has gold and greenback rising in tandem. Fannie Mae requests additional $8.4 bln in bailouts on the heels of last week's $10.6 bln plea from Freddie Mac. The two GSE's combined account for $8 trillion in taxpayer liabilities. That fact, combined with more than $120 bln in bailout funds already and the requests for more; one has to wonder how Fannie/Freddie avoided inclusion in financial regulatory reform legislation. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold surges within reach of the all-time U.S. high. Gold surges to pressure the all-time high versus the dollar at 1226.30 on safe-haven buying. Persistent concerns in the eurozone prompt deeper retracements in euro and sterling. Dollar benefits as well, but rising skeptisism of fiat currencies has gold and greenback rising in tandem. Fannie Mae requests additional $8.4 bln in bailouts on the heels of last week's $10.6 bln plea from Freddie Mac. The two GSE's combined account for $8 trillion in taxpayer liabilities. That fact, combined with more than $120 bln in bailout funds already and the requests for more; one has to wonder how Fannie/Freddie avoided inclusion in financial regulatory reform legislation. 3:01 gold, bailout, currency no Mon, 10 May 2010 10:00:00 -0600 20100510grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold lower after EU/IMF announced unprecedented market interventions to quell contagion fears on the Continent. EU/IMF bailout of the Europe is €750 bln. ECB will directly intervene in public and private debt markets. Fed re-establishes dollar swap lines with ECB, BoE, SNB and BoC. Huge volatility spike in global equities markets rattles investor confidence. Euro spikes initially as well, but markets quickly realize that massive debt monetization in a negative event for single currency. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold pauses after EU/IMF announced unprecedented market interventions to quell contagion fears on the Continent. Gold lower after EU/IMF announced unprecedented market interventions to quell contagion fears on the Continent. EU/IMF bailout of the Europe is €750 bln. ECB will directly intervene in public and private debt markets. Fed re-establishes dollar swap lines with ECB, BoE, SNB and BoC. Huge volatility spike in global equities markets rattles investor confidence. Euro spikes initially as well, but markets quickly realize that massive debt monetization in a negative event for single currency. 2:47 gold, contagion, intervention, market, EU no Thu, 06 May 2010 10:00:00 -0600 20100506grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold higher as euro resumes its collapse, and despite fresh 12-mo highs in the dollar. Contagion worries continue to swirl on the Continent and UK voters take to the polls in one of the most hotly contested general election in decades. Risks of a hung parliament in Britain are considerable. The UK faces its own monumental fiscal crisis. EU commission forecasts UK deficit at 12% of GDP for this year, the worst of all the EU nations, including Greece. Hung parliament would make it difficult to address this critical issue and increases the likelihood of a sovereign downgrade. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold higher as euro resumes its collapse, risk of hung parliament in Britain. Gold higher as euro resumes its collapse, and despite fresh 12-mo highs in the dollar. Contagion worries continue to swirl on the Continent and UK voters take to the polls in one of the most hotly contested general election in decades. Risks of a hung parliament in Britain are considerable. The UK faces its own monumental fiscal crisis. EU commission forecasts UK deficit at 12% of GDP for this year, the worst of all the EU nations, including Greece. Hung parliament would make it difficult to address this critical issue and increases the likelihood of a sovereign downgrade. 2:40 gold, Britain, parliament, contagion, UK no Wed, 05 May 2010 11:00:00 -0600 20100505grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold modestly higher, bouncing back from intraday dip on new 14-month euro lows and dollar strength. German chancellor Merkel suggests option of "orderly insolvency" in the Eurozone to limit market expectations of further bailouts for heavily indebted nation-states. If German parliament does not approve Greek bailout on Friday, the situation in Europe is likely to get considerably worse. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold modestly higher, bouncing back from intraday dip on new 14-month euro lows and dollar strength. Gold modestly higher, bouncing back from intraday dip on new 14-month euro lows and dollar strength. German chancellor Merkel suggests option of "orderly insolvency" in the Eurozone to limit market expectations of further bailouts for heavily indebted nation-states. If German parliament does not approve Greek bailout on Friday, the situation in Europe is likely to get considerably worse. 2:26 gold, Merkel, orderly, insolvency no Tue, 04 May 2010 12:00:00 -0600 20100504grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold sets new highs for the year and then retreats into the range. Greek bond spreads have widened out again today amid rising concerns about the likely success of the Greek bailout. The euro has fallen to new 12-mo lows, pushing the dollar to new 11-mo highs. Rewened contagion worries have hit US stocks, contributing to gold's intraday losses on deleveraging risks. Deleveraging usually occurs in the paper gold market, providing physical buying opportunities. Hearing early rumblings of supply concerns on the Continent amid aggressive European buying interest. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold spikes early to new 2010 highs, then pulls back on profit taking and surging dollar. Gold sets new highs for the year and then retreats into the range. Greek bond spreads have widened out again today amid rising concerns about the likely success of the Greek bailout. The euro has fallen to new 12-mo lows, pushing the dollar to new 11-mo highs. Rewened contagion worries have hit US stocks, contributing to gold's intraday losses on deleveraging risks. Deleveraging usually occurs in the paper gold market, providing physical buying opportunities. Hearing early rumblings of supply concerns on the Continent amid aggressive European buying interest. 2:38 gold, contagion, physical, paper, deleveraging no Mon, 03 May 2010 12:00:00 -0600 20100503grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold surges to new highs for the year as the euro slides in the wake of more assurances that a €110 bln bailout for Greece is at hand. Greek aid plan will activate on 07-May, but individual country contributions still must be approved by the various governements, including the German parliament. Some contributors to Greek aid face their own debt crisis. One has to wonder why a broke country would send money to Greece, unless there was an expectation that they would also get a bailout down the road. Counterparty and contagion risks continue to mount so the ECB has suspended rating requirements on Greek sovereign debt. Lenders of last resort - governements - seek to fill the void and stave off a liquidity crisis, creating price risks in the process. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold surges to new highs for the year. Gold surges to new highs for the year as the euro slides in the wake of more assurances that a €110 bln bailout for Greece is at hand. Greek aid plan will activate on 07-May, but individual country contributions still must be approved by the various governements, including the German parliament. Some contributors to Greek aid face their own debt crisis. One has to wonder why a broke country would send money to Greece, unless there was an expectation that they would also get a bailout down the road. Counterparty and contagion risks continue to mount so the ECB has suspended rating requirements on Greek sovereign debt. Lenders of last resort - governements - seek to fill the void and stave off a liquidity crisis, creating price risks in the process. 2:54 gold, Greek, bailout no Fri, 30 Apr 2010 10:00:00 -0600 20100430grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold jumps to new highs for the year as a rebound in the euro knocks the dollar off its recent highs. Talk that final decision on Greek bailout may come as soon as Saturday. EU spokesman that ongoing negotiations do not include any talk of making similar aid available to other eurozone countries. I don't believe that for a second. It would be irresponsible for EU officials to not discuss all potential outcomes of setting a bailout precedent. If Greece is too big to fail, so too then is Portugal. Certainly that is true for Spain and Italy. Perhaps this is the beginning of the much discussed global rebalancing. Tip the scales in your favor with a gold purchase. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold jumps to new highs for the year. Gold jumps to new highs for the year as a rebound in the euro knocks the dollar off its recent highs. Talk that final decision on Greek bailout may come as soon as Saturday. EU spokesman that ongoing negotiations do not include any talk of making similar aid available to other eurozone countries. I don't believe that for a second. It would be irresponsible for EU officials to not discuss all potential outcomes of setting a bailout precedent. If Greece is too big to fail, so too then is Portugal. Certainly that is true for Spain and Italy. Perhaps this is the beginning of the much discussed global rebalancing. Tip the scales in your favor with a gold purchase. 2:18 gold, bailout, rebalancing no Thu, 29 Apr 2010 12:00:00 -0600 20100429grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold steady amid lull in Greece/Eurozone crisis. Euro losses limited by expectation that Greek bailout will be forthcoming within the next several sessions. We've heard that before... Meanwhile, here in America bank failures continue to mount. While the FDIC has scaled back its forecast for bank failures this year, they are still expected to exceed last year's 140 shuttered institutions. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold consolidates near record highs, bank failures remain on radar. Gold steady amid lull in Greece/Eurozone crisis. Euro losses limited by expectation that Greek bailout will be forthcoming within the next several sessions. We've heard that before... Meanwhile, here in America bank failures continue to mount. While the FDIC has scaled back its forecast for bank failures this year, they are still expected to exceed last year's 140 shuttered institutions. 2:34 gold, bank, failure, FDIC no Wed, 28 Apr 2010 12:00:00 -0600 20100428grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold higher as euro falls to new 13-mo lows after Spain was downgraded. Flight to quality benefits dollar, but gold continues to attract a percentage of these safe haven flows as well. Gold sets new all-time highs against euro, Swiss franc and Sterling. EU/IMF talks with Greece continue. President's debt commission meets and characterizes US debt as being "like a cancer." Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold higher as S&P downgrades Spain. Gold higher as euro falls to new 13-mo lows after Spain was downgraded. Flight to quality benefits dollar, but gold continues to attract a percentage of these safe haven flows as well. Gold sets new all-time highs against euro, Swiss franc and Sterling. EU/IMF talks with Greece continue. President's debt commission meets and characterizes US debt as being "like a cancer." 2:53 gold, Spain, downgrade no Mon, 26 Apr 2010 12:00:00 -0600 20100426grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold modestly lower as the euro remains soft and the dollar underpinned. Questions remain about the amount and implementation of the Greek bailout. Merkel says Germany stands ready to help Greece "if necessary," but only if "certain conditions" are met. Merkel added that a Eurozone without Greece is not an option. Merkel will attempt to delay any real commitment to a Greek bailout until after the 09-May Westfalia election for fear for losing her coalition government's majority in the Bundesrat. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold modestly lower as euro remains soft vs dollar. Gold modestly lower as the euro remains soft and the dollar underpinned. Questions remain about the amount and implementation of the Greek bailout. Merkel says Germany stands ready to help Greece "if necessary," but only if "certain conditions" are met. Merkel added that a Eurozone without Greece is not an option. Merkel will attempt to delay any real commitment to a Greek bailout until after the 09-May Westfalia election for fear for losing her coalition government's majority in the Bundesrat. 2:34 gold, Merkel, bailout no Fri, 23 Apr 2010 12:00:00 -0600 20100423grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold jumps along with euro on news that Greece has requested activation of EU/IMF bailout mechanism. German FinMin says Germany stands ready to make its Greek aid contribution. And then said that ECB, EU commission and IMF must still agree that this is a last resort situation. Reuters has reported the Greece has just asked for the first tranche of IMF aid... another kick of the can down the road. Source tells me that negotiations of the "real" bailout could still take some time. All the while, the mounting debt crises in Spain, UK, Japan and US are being largely overlooked amid all the hubbub surrounding the tiny European nation. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold jumps with euro as Greece asks for activation of EU/IMF bailout mechanism. Gold jumps along with euro on news that Greece has requested activation of EU/IMF bailout mechanism. German FinMin says Germany stands ready to make its Greek aid contribution. And then said that ECB, EU commission and IMF must still agree that this is a last resort situation. Reuters has reported the Greece has just asked for the first tranche of IMF aid... another kick of the can down the road. Source tells me that negotiations of the "real" bailout could still take some time. All the while, the mounting debt crises in Spain, UK, Japan and US are being largely overlooked amid all the hubbub surrounding the tiny European nation. 2:53 gold, Greece, IMF, bailout no Thu, 22 Apr 2010 12:00:00 -0600 20100422grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold lower as risk aversion flows boost dollar. Euro falls to new 11-mo lows. EuroStat revises Greek deficit upward once again. Moody's downgrades Greece again. Spain 15-yr auction failed. Germany's 30-yr auction failed yesterday. Spreads and CDS premiums continue to surge across the eurozone. Belgian government collapses. Europe is unraveling. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold lower as Eurozone risk aversion boosts dollar. Gold lower as risk aversion flows boost dollar. Euro falls to new 11-mo lows. EuroStat revises Greek deficit upward once again. Moody's downgrades Greece again. Spain 15-yr auction failed. Germany's 30-yr auction failed yesterday. Spreads and CDS premiums continue to surge across the eurozone. Belgian government collapses. Europe is unraveling. 2:27 gold, euro, bonds no Wed, 21 Apr 2010 08:00:00 -0600 20100421grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold slightly lower as euro slides back toward the recent lows, boosting the dollar in the process. As EU and IMF officials meet in Athens with the Greeks, GGB/Bund spreads have surged well beyond 500bps. Further downgrades to Greek sovereign debt are widely expected as the market continues to price a default. IMF acknowledges in its GFSR that sovereign risk is the new threat to prolonging the financial crisis. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold remains soft as dollar firms vs. euro while Greek default is increasingly expected. Gold slightly lower as euro slides back toward the recent lows, boosting the dollar in the process. As EU and IMF officials meet in Athens with the Greeks, GGB/Bund spreads have surged well beyond 500bps. Further downgrades to Greek sovereign debt are widely expected as the market continues to price a default. IMF acknowledges in its GFSR that sovereign risk is the new threat to prolonging the financial crisis. 3:03 gold, Greek, bonds no Mon, 19 Apr 2010 13:00:00 -0600 20100419grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold remains defensive in the wake of Friday's sharp retreat. I don't agree with the logic that Paulson & Co -- the largest investor in the SPDR Gold Trust -- will experience of rash of redemptions because it was mentioned in the SEC complaint against Goldman Sachs. Additionally, both the technical and fundamental pictures for gold remain bullish. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold price steadies after last Friday's sharp selloff. Gold remains defensive in the wake of Friday's sharp retreat. I don't agree with the logic that Paulson & Co -- the largest investor in the SPDR Gold Trust -- will experience of rash of redemptions because it was mentioned in the SEC complaint against Goldman Sachs. Additionally, both the technical and fundamental pictures for gold remain bullish. 2:28 gold, Goldman, Sachs, Paulson no Fri, 16 Apr 2010 11:00:00 -0600 20100416grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold drops sharply. Profit taking and mounting concerns that China may look to cool its red-hot economy have weighed on commodities and stocks. Euro slips and Greek debt spreads widen as doubts about a bailout heighten once again. ECB's Stark highlights the risk that we may be entering the next phase of the crisis: A sovereign debt crisis. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold drops sharply; a spate of profit-taking that enables opporunistic buying ahead of a looming sovereign debt crisis. Gold drops sharply. Profit taking and mounting concerns that China may look to cool its red-hot economy have weighed on commodities and stocks. Euro slips and Greek debt spreads widen as doubts about a bailout heighten once again. ECB's Stark highlights the risk that we may be entering the next phase of the crisis: A sovereign debt crisis. 3:01 gold, sovereign, debt, crisis no Thu, 15 Apr 2010 11:00:00 -0600 20100415grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold bounces within range, despite firmer dollar. Hints that Greece may be looking to trigger EU aid mechanism. Bond market forcing Greece/EU hands with Greek 10yrs still 400+bps above German 10yrs. Mixed US data: Very strong Empire State index and good Philly Fed index. Mar industrial production and Feb TIC data disappoint. Surprise +24k initial jobless claims last week is very troubling. Solid Chinese data with a hint of inflation, just the circumstances that might trigger a revaluation of the RMB. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold drifts higher on global currency considerations. Gold bounces within range, despite firmer dollar. Hints that Greece may be looking to trigger EU aid mechanism. Bond market forcing Greece/EU hands with Greek 10yrs still 400+bps above German 10yrs. Mixed US data: Very strong Empire State index and good Philly Fed index. Mar industrial production and Feb TIC data disappoint. Surprise +24k initial jobless claims last week is very troubling. Solid Chinese data with a hint of inflation, just the circumstances that might trigger a revaluation of the RMB. 2:48 gold, China, revaluation, euro no Wed, 14 Apr 2010 09:00:00 -0600 20100414grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold firms, retracing a portion of yesterday's corrective downticks. Better than expected retail sales in Mar and no signs of inflation in the Mar CPI reading have boosted stocks. Pressuring is mounting on China to revalue the yuan. President Hu said a higher yuan would not solve trade imbalances, nor the high rate of unemployment in the US. China is likely to move on exchange rates when it is good and ready, probably when such a move is needed to cool its economy and check inflation. That could prove to be very good for gold. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold higher as pressure mounts on Chinese currency revaluation. Gold firms, retracing a portion of yesterday's corrective downticks. Better than expected retail sales in Mar and no signs of inflation in the Mar CPI reading have boosted stocks. Pressuring is mounting on China to revalue the yuan. President Hu said a higher yuan would not solve trade imbalances, nor the high rate of unemployment in the US. China is likely to move on exchange rates when it is good and ready, probably when such a move is needed to cool its economy and check inflation. That could prove to be very good for gold. 3:38 gold, China, yuan, revaluation, trade no Tue, 13 Apr 2010 10:00:00 -0600 20100413grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold under moderate corrective pressure amid a reduction in risk aversion this week, resulting from the weekend approval of a €30 bln EU bailout package for Greece. Greek short-term debt auctions were oversubscribed today, but rates are still 400+bp over comparable term US and German debt. France's FinMin thinks the Greek bailout will discourage other EU member nations from allowing their finances to deteriorate to a similar state. I don't see the logic in that statement. Soros places odds of an EU breakup at 50-50. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold under moderate corrective pressure after its strong rally. Gold under moderate corrective pressure amid a reduction in risk aversion this week, resulting from the weekend approval of a €30 bln EU bailout package for Greece. Greek short-term debt auctions were oversubscribed today, but rates are still 400+bp over comparable term US and German debt. France's FinMin thinks the Greek bailout will discourage other EU member nations from allowing their finances to deteriorate to a similar state. I don't see the logic in that statement. Soros places odds of an EU breakup at 50-50. 2:56 gold, Greece no Thu, 08 Apr 2010 11:00:00 -0600 20100408grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold higher, with new record highs against euro as Greek debt spreads continue to hit record highs as well. Greek situation may come to a head when spread reaches 500bp. Initial jobless claims +18k last week to 460k. Savings rate rises as people feel insecure about their future. Stock market may be reading increased savings as pent up demand for goods and services. An HBR article suggests money not spent is not going into liquid vehicles to be spent later, rather it is being used to pay down debt. "That's no harbinger of growth." Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold higher, setting new record high against euro. Gold higher, with new record highs against euro as Greek debt spreads continue to hit record highs as well. Greek situation may come to a head when spread reaches 500bp. Initial jobless claims +18k last week to 460k. Savings rate rises as people feel insecure about their future. Stock market may be reading increased savings as pent up demand for goods and services. An HBR article suggests money not spent is not going into liquid vehicles to be spent later, rather it is being used to pay down debt. "That's no harbinger of growth." 3:33 gold, savings no Wed, 07 Apr 2010 10:00:00 -0600 20100407grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold higher as the situation in Greece continues to deteriorate. Greece moves ever closer to a full-on liquidity crisis and potential default. Will EU/IMF hand be forced? If a bailout is forthcoming, will it survive the inevitable legal challenges? Gold will continue to benefit from mounting suspicions swirling around fiat currencies in general. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold sharply higher as Greece debt-crisis deteriorates. Gold higher as the situation in Greece continues to deteriorate. Greece moves ever closer to a full-on liquidity crisis and potential default. Will EU/IMF hand be forced? If a bailout is forthcoming, will it survive the inevitable legal challenges? Gold will continue to benefit from mounting suspicions swirling around fiat currencies in general. 2:25 gold, Greece, fiat, currency no Tue, 06 Apr 2010 11:00:00 -0600 20100406grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold higher, along with dollar, on renewed worries over Greek debt crisis. Rumors circulated earlier that Greece was looking to renegotiate terms of EU/IMF aid package to exclude the IMF. Without the IMF a bailout becomes rather unlikely, increasing the odds of a Greek default. MarketWatch reports that wealthy Greeks and companies are moving cash deposits to foreign-owned banks. Rising risk aversion may actually benefit this week's US debt auctions. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold up, Greek financial debt weighs on euro. Gold higher, along with dollar, on renewed worries over Greek debt crisis. Rumors circulated earlier that Greece was looking to renegotiate terms of EU/IMF aid package to exclude the IMF. Without the IMF a bailout becomes rather unlikely, increasing the odds of a Greek default. MarketWatch reports that wealthy Greeks and companies are moving cash deposits to foreign-owned banks. Rising risk aversion may actually benefit this week's US debt auctions. 3:00 gold, Greece, IMF, bailout no Mon, 05 Apr 2010 11:00:00 -0600 20100405grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold higher as oil surges to another new 17-mo highs. Other commodities continue to retrace the big 2008 sell-off as well. Commodity gains are being attributed to Friday's big jump in Mar nonfarm payrolls. While it was the biggest jobs gain in three years, it did come in below market expectations. It is too early to tell if labor markets have indeed turned the corner. When they do, it will be good for gold. Not just because of heightened inflation risks, but because as workers return to long-term gainful employment they will start investing again, mindful of how the traditional asset classes served them so poorly over the past decade. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold higher as commodities surge; economic fundamentals considered. Gold higher as oil surges to another new 17-mo highs. Other commodities continue to retrace the big 2008 sell-off as well. Commodity gains are being attributed to Friday's big jump in Mar nonfarm payrolls. While it was the biggest jobs gain in three years, it did come in below market expectations. It is too early to tell if labor markets have indeed turned the corner. When they do, it will be good for gold. Not just because of heightened inflation risks, but because as workers return to long-term gainful employment they will start investing again, mindful of how the traditional asset classes served them so poorly over the past decade. 2:50 gold, oil, commodities no Thu, 01 Apr 2010 10:00:00 -0600 20100401grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold sharply higher as dollar index retreats to its 20-day moving average and oil sets new 17-mo highs. Expectation of rising energy demand primarily out of Asia. US demand remains lackluster and stockpiles continue to grow due to a still weak economy. Rising energy prices create broader inflationary pressures that should help to underpin the gold market. On Friday, a significant increase in March nonfarm payrolls is still expected, largely due to hiring of census workers. However, Wednesday's disappointing ADP employment survey suggests a risk that payrolls will disappoint as well. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold sharply higher as oil reaches 17-month highs. Gold sharply higher as dollar index retreats to its 20-day moving average and oil sets new 17-mo highs. Expectation of rising energy demand primarily out of Asia. US demand remains lackluster and stockpiles continue to grow due to a still weak economy. Rising energy prices create broader inflationary pressures that should help to underpin the gold market. On Friday, a significant increase in March nonfarm payrolls is still expected, largely due to hiring of census workers. However, Wednesday's disappointing ADP employment survey suggests a risk that payrolls will disappoint as well. 2:52 gold, oil no Wed, 31 Mar 2010 10:00:00 -0600 20100331grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold higher as dollar sags and euro firms on month-end FX flows. Greece considers issuing Greek debt in dollars to get over the impending refunding hump. Denominating Greek debt in dollars is reflective of heightened concerns over the euro. ADP employment survey surprises with 23k job losses. March nonfarm payrolls are still expected to grow due to the addition of census workers to government payrolls, but unemployment remains sticky near 10%. The implications of persistent high un/under-employment are negative and far reaching. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold higher as dollar sags and euro firms on month-end FX flows. Gold higher as dollar sags and euro firms on month-end FX flows. Greece considers issuing Greek debt in dollars to get over the impending refunding hump. Denominating Greek debt in dollars is reflective of heightened concerns over the euro. ADP employment survey surprises with 23k job losses. March nonfarm payrolls are still expected to grow due to the addition of census workers to government payrolls, but unemployment remains sticky near 10%. The implications of persistent high un/under-employment are negative and far reaching. 3:09 gold, unemployment no Tue, 30 Mar 2010 10:00:00 -0600 20100330grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold under modest pressure as dollar catches a bid on better-than-expected consumer confidence in March. Yesterday's 7-yr Greek bond offering suggests that concerns about Greece's debt remain, despite promise of EU/IMF aid. Case/Shiller home price index declined in Jan for the fourth consecutive month. TARP COP head warns that half of commercial real estate mortgages will be underwater by year-end. Warns of considerable systemmic risks, particularly for mid-sized banks. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold under moderate pressure on better-than-expected consumer confidence data. Gold under modest pressure as dollar catches a bid on better-than-expected consumer confidence in March. Yesterday's 7-yr Greek bond offering suggests that concerns about Greece's debt remain, despite promise of EU/IMF aid. Case/Shiller home price index declined in Jan for the fourth consecutive month. TARP COP head warns that half of commercial real estate mortgages will be underwater by year-end. Warns of considerable systemmic risks, particularly for mid-sized banks. 3:08 gold, mortgage, underwater no Fri, 26 Mar 2010 11:05:00 -0600 20100326grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold higher as euro rebounds on latest word of a rescue package for Greece. FX markets aren't any more convinced this time around, just taking some profits. As investors flee the euro they are going back into dollars, but gold is capturing some of those flows as well. As investors recall why they fled the dollar in the first place, gold may benefit further. Social Security will pay out more than it takes in this year, far earlier than the CBO was previously expecting (2016). Latest CBO analysis of 2011 budget shows an additional $1.5 trillion in deficits over the next 10 years. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold higher as euro rebounds on latest word of a rescue package for Greece. Gold higher as euro rebounds on latest word of a rescue package for Greece. FX markets aren't any more convinced this time around, just taking some profits. As investors flee the euro they are going back into dollars, but gold is capturing some of those flows as well. As investors recall why they fled the dollar in the first place, gold may benefit further. Social Security will pay out more than it takes in this year, far earlier than the CBO was previously expecting (2016). Latest CBO analysis of 2011 budget shows an additional $1.5 trillion in deficits over the next 10 years. 3:39 gold, euro, Greece, Social, Security no Thu, 25 Mar 2010 10:00:00 -0600 20100325grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold slightly higher after euro extended losses overseas. EU summit commences, but FX market doesn't seem to be encouraged about a resolution for the Greek crisis. Merkel enters meeting in Brussels saying IMF and bilateral EU aid a last resort for Greece. Dubai government offers $9.5bn bailout for Dubai World. Bailout mentality remains alive and well due to persistent systemic risks. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold slightly higher as EU summit commences. Gold slightly higher after euro extended losses overseas. EU summit commences, but FX market doesn't seem to be encouraged about a resolution for the Greek crisis. Merkel enters meeting in Brussels saying IMF and bilateral EU aid a last resort for Greece. Dubai government offers $9.5bn bailout for Dubai World. Bailout mentality remains alive and well due to persistent systemic risks. 2:36 gold, IMF, EU, summit, Dubai no Tue, 23 Mar 2010 10:00:00 -0600 20100323grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold remains choppy as the Greek tragedy continues to play out in the FX and fixed income markets. As Greek debt spreads widened again and the euro fell within striking distance of 10-mo lows, Deutche Zeitung reported that Merkel and Sarkozy are now in favor of IMF aid for Greece. Probably just a continuation of the campaign to keep speculators off balance. Greek Deputy PM suggested that as long as Southern Europe remains "under fire," German exporters stand to benefit from weaker euro. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold choppy as currency drama remains center stage. Gold remains choppy as the Greek tragedy continues to play out in the FX and fixed income markets. As Greek debt spreads widened again and the euro fell within striking distance of 10-mo lows, Deutche Zeitung reported that Merkel and Sarkozy are now in favor of IMF aid for Greece. Probably just a continuation of the campaign to keep speculators off balance. Greek Deputy PM suggested that as long as Southern Europe remains "under fire," German exporters stand to benefit from weaker euro. 2:37 gold, IMF, Europe no Fri, 19 Mar 2010 10:00:00 -0600 20100319grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold consolidative as euro continues its slide toward the 10-month lows, underpinning the dollar. EU bailout for Greece has evaporated, hitting the euro. Central Banks confirmed as net buyers of gold in 2009, first time in more than 20-years. Fastest expansion of CB buying since 1964. Private investors should consider increasing their gold holdings for all the same reasons central banks are buying. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Central banks add gold reserves at fastest rate since 1964. Gold consolidative as euro continues its slide toward the 10-month lows, underpinning the dollar. EU bailout for Greece has evaporated, hitting the euro. Central Banks confirmed as net buyers of gold in 2009, first time in more than 20-years. Fastest expansion of CB buying since 1964. Private investors should consider increasing their gold holdings for all the same reasons central banks are buying. 2:45 gold, central, banks no Thu, 18 Mar 2010 11:27:00 -0600 20100318grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold off the intraday highs as euro comes under renewed pressure, boosting the dollar in the process. Recent talk that the EU had agreed upon a bailout plan for Greece has once again proven to be just that... talk. Germany can't find a way around the 'no bailout' clause in the Maastricht Treaty. IMF is once again the last best hope for preventing a Greek default. Greece says they won't default and don't need money, but without a backstop their borrowing costs are bound to rise. Continued false promises of such a backstop will likely embolden speculators. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold sideways as potential Greek default or bailout remain center stage. Gold off the intraday highs as euro comes under renewed pressure, boosting the dollar in the process. Recent talk that the EU had agreed upon a bailout plan for Greece has once again proven to be just that... talk. Germany can't find a way around the 'no bailout' clause in the Maastricht Treaty. IMF is once again the last best hope for preventing a Greek default. Greece says they won't default and don't need money, but without a backstop their borrowing costs are bound to rise. Continued false promises of such a backstop will likely embolden speculators. 2:29 gold, Greece, bailout, default no Wed, 17 Mar 2010 12:27:00 -0600 20100317grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold modestly lower following a soft Feb PPI report. Fed held steady on rates and maintained "exceptionally low/extended period" language. Slight upgrade to economic outlook and suggested that the labor market was stabilizing. Confirmed that agency and MBS purchases would end. No surprises, but FOMC assessment remains a far cry from encouraging. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD FOMC assessment far from encouraging. Gold modestly lower following a soft Feb PPI report. Fed held steady on rates and maintained "exceptionally low/extended period" language. Slight upgrade to economic outlook and suggested that the labor market was stabilizing. Confirmed that agency and MBS purchases would end. No surprises, but FOMC assessment remains a far cry from encouraging. 2:24 gold, Fed, FOMC no Tue, 16 Mar 2010 10:00:00 -0600 20100316grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold up sharply on short-covering ahead of the FOMC rate announcement. Buy stops triggered on the way up. Last week's news that EU members had reached an agreement on a Greek bailout seem to have been premature. Deep divisions on how to best handle the Greek crisis remain, with Germany still addamantly opposed to a bailout. Fed expected to hold steady on rates, maintaining "exceptionally low" and "extended period" mantra. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold sharply higher ahead of FOMC rate announcement. Gold up sharply on short-covering ahead of the FOMC rate announcement. Buy stops triggered on the way up. Last week's news that EU members had reached an agreement on a Greek bailout seem to have been premature. Deep divisions on how to best handle the Greek crisis remain, with Germany still addamantly opposed to a bailout. Fed expected to hold steady on rates, maintaining "exceptionally low" and "extended period" mantra. 2:46 gold, Fed, FOMC no Fri, 12 Mar 2010 09:00:00 -0600 20100312grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold steady after giving up overseas gains after Feb retail sales came in better than expected and boosted the dollar. Significant downward revision to Jan retail sales results in a net neutral report. Reuters article highlights recent record highs in gold vs euro and sterling, as well as remarkable resilience vs dollar. Mounting sovereign debt worries cited. S&P warned yesterday that US risks losing its AAA sovereign debt rating unless it moves to reign in fiscal spending. No ratings agency has ever downgraded or issued a warning against physical gold. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold steady; S&P warns of downgrade to U.S. AAA sovereign debt rating. Gold steady after giving up overseas gains after Feb retail sales came in better than expected and boosted the dollar. Significant downward revision to Jan retail sales results in a net neutral report. Reuters article highlights recent record highs in gold vs euro and sterling, as well as remarkable resilience vs dollar. Mounting sovereign debt worries cited. S&P warned yesterday that US risks losing its AAA sovereign debt rating unless it moves to reign in fiscal spending. No ratings agency has ever downgraded or issued a warning against physical gold. 2:43 gold, sovereign, debt, rating, downgrade no Wed, 10 Mar 2010 09:00:00 -0600 20100310grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold slightly higher as dollar gains continue to falter ahead of the recent highs. Euro stabilizes as Greece's PM continued his anti-speculator campaign in Washington. Apparently there was some buy-in from Geithner and Obama. A crackdown on speculators would limit the market's ability to hold governments accountable and punish them for unsound policy decisions. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Speculators punish those governments that fail to exercise monetary and fiscal restraint. Gold slightly higher as dollar gains continue to falter ahead of the recent highs. Euro stabilizes as Greece's PM continued his anti-speculator campaign in Washington. Apparently there was some buy-in from Geithner and Obama. A crackdown on speculators would limit the market's ability to hold governments accountable and punish them for unsound policy decisions. 2:12 gold, China, gold, reserves no Tue, 09 Mar 2010 09:00:00 -0600 20100309grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold remains soft as renewed euro weakness boosts the dollar toward the high end of the recent range. Fitch suggests that Portugal is still vulnerable to a downgrade despite the recent announcement of austerity measures. China's director of the State Administration of Foreign Exchange says gold is "not a bad asset" and that China would be prudent in adding gold to its reserve holdings. Initially interpreted as bearish for gold, Chinese actions up to this point suggest that they do in fact have a voracious appetite for gold. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold under pressure as dollar is buoyed by a weaker euro; Chinese gold demand is considered. Gold remains soft as renewed euro weakness boosts the dollar toward the high end of the recent range. Fitch suggests that Portugal is still vulnerable to a downgrade despite the recent announcement of austerity measures. China's director of the State Administration of Foreign Exchange says gold is "not a bad asset" and that China would be prudent in adding gold to its reserve holdings. Initially interpreted as bearish for gold, Chinese actions up to this point suggest that they do in fact have a voracious appetite for gold. 2:33 gold, China, gold, reserves no Mon, 08 Mar 2010 09:30:00 -0600 20100308grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold comes under pressure as dollar firms within the recent range. Treasury auctions $74 bln in Treasuries this week. Converns over demand amid perception that the Greek crisis is moderating. France's Sarkozy threatens those speculating against Greece. Specs may choose to test French and EU resolve. If there is in fact any. Conflicting comments out of China on fate of de-facto yuan peg to dollar. Yuan suppression is synonymous with dollar support. Absent Chinese support, long-term down trend in dollar may re-exert itself. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold soft, currency exchange rates under focus. Gold comes under pressure as dollar firms within the recent range. Treasury auctions $74 bln in Treasuries this week. Converns over demand amid perception that the Greek crisis is moderating. France's Sarkozy threatens those speculating against Greece. Specs may choose to test French and EU resolve. If there is in fact any. Conflicting comments out of China on fate of de-facto yuan peg to dollar. Yuan suppression is synonymous with dollar support. Absent Chinese support, long-term down trend in dollar may re-exert itself. 2:53 gold, currency, exchange, rate no Thu, 04 Mar 2010 09:30:00 -0600 20100304grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold slips as renewed weakness in euro and sterling puts a bid under the dollar. BoE and ECB hold steady on rates. ECB's Trichet talks exit strategy and voices opposition to IMF aid to Greece. Greek PM Papandreou meets with German Chancelor Merkel in Berlin on Friday. Market views this meeting hopefully, but Merkel has already said financial aid won't even be on the agenda. Latest €4.8 bln in Greek austerity measures, including tax hikes and wage cuts, are contributing to a tense mood. Many feel gold is headed to €900, which should keep gold in dollar terms underpinned as well. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold eases as dollar bounces on euro softness. Gold slips as renewed weakness in euro and sterling puts a bid under the dollar. BoE and ECB hold steady on rates. ECB's Trichet talks exit strategy and voices opposition to IMF aid to Greece. Greek PM Papandreou meets with German Chancelor Merkel in Berlin on Friday. Market views this meeting hopefully, but Merkel has already said financial aid won't even be on the agenda. Latest €4.8 bln in Greek austerity measures, including tax hikes and wage cuts, are contributing to a tense mood. Many feel gold is headed to €900, which should keep gold in dollar terms underpinned as well. 2:45 gold, euro, IMF, austerity no Tue, 02 Mar 2010 10:30:00 -0600 20100302grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold sharply higher as the dollar is capped by resistance. Euro and sterling remains soft and gold set new all-time highs against these currencies. More Greece bailout rumors, and denials from Germany. A lot of chatter about Soros' accumulation of large long gold position in the ETF and bets against both euro and pound. Are China and Soros buying ETFs because they can't find physicals in sufficient quantity? Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold sets new record highs in both British pound and euro prices. Gold sharply higher as the dollar is capped by resistance. Euro and sterling remains soft and gold set new all-time highs against these currencies. More Greece bailout rumors, and denials from Germany. A lot of chatter about Soros' accumulation of large long gold position in the ETF and bets against both euro and pound. Are China and Soros buying ETFs because they can't find physicals in sufficient quantity? 2:45 gold, Greece, UK, pound, euro no Mon, 01 Mar 2010 10:30:00 -0600 20100301grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold slightly higher, despite a firm dollar. The greenback has been boosted by a sharp drop in the British pound to new 9-mo lows. Concerns building over the possibility of a hung UK parliament and the implications for meaningful and necessary fiscal reform. Germany's Merkel denied the latest rumors of a Greek bailout, citing the EU's "no bailout clause." Merkel said the best way to help Greece is to make it clear that they must fulfill their duties. No indication however from Ms. Merkel on the likely implications to the EU, the euro dollar, or Greece itself if Greece is unable or disinclined to fulfill those "duties." Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold firmer, euro and British pound search for footing. Gold slightly higher, despite a firm dollar. The greenback has been boosted by a sharp drop in the British pound to new 9-mo lows. Concerns building over the possibility of a hung UK parliament and the implications for meaningful and necessary fiscal reform. Germany's Merkel denied the latest rumors of a Greek bailout, citing the EU's "no bailout clause." Merkel said the best way to help Greece is to make it clear that they must fulfill their duties. No indication however from Ms. Merkel on the likely implications to the EU, the euro dollar, or Greece itself if Greece is unable or disinclined to fulfill those "duties." 2:40 gold, Greece, UK, pound, euro no Fri, 26 Feb 2010 08:25:00 -0600 20100226grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold firmer as dollar backs off the recent highs. Euro remains soft amid continued uncertainty surrounding the Greek debt crisis. Some large German banks are shunning Greek bonds. ECB is reluctant to divulge the amount of Greek bonds on its balance sheet, deeming that number far too sensitive to release. All eyes yesterday were on the President's health care reform summit. The President's proposal is estimated to cost $950 bln. With the national debt already at a staggering $12.4 trillion, it's $950 bln we don't have. Reports are circulating that both India and China will be buying the remaining 191.3 tonnes of IMF gold. Could be a bidding war brewing. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold firmer, Euro remains soft amid uncertainty surrounding Greek debt crisis. Gold firmer as dollar backs off the recent highs. Euro remains soft amid continued uncertainty surrounding the Greek debt crisis. Some large German banks are shunning Greek bonds. ECB is reluctant to divulge the amount of Greek bonds on its balance sheet, deeming that number far too sensitive to release. All eyes yesterday were on the President's health care reform summit. The President's proposal is estimated to cost $950 bln. With the national debt already at a staggering $12.4 trillion, it's $950 bln we don't have. Reports are circulating that both India and China will be buying the remaining 191.3 tonnes of IMF gold. Could be a bidding war brewing. 2:45 gold, Greece, health care, summit no Wed, 24 Feb 2010 10:00:00 -0600 20100224grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold rebounds intraday, but remains lower on the day at this point. Much of Greece is on strike today. Greek protests of austerity measures turn violent. US issues fresh threats to Iran on its uranium enrichment program. Bernanke reiterates "exceptionally low rates for extended period" mantra before House Financial Services Committee. New home sales plunged 11.2% in Jan, well below market expectations. WSJ reports bank lending is contracting an an "epic pace". Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold choppy on geopolitical tensions. Gold rebounds intraday, but remains lower on the day at this point. Much of Greece is on strike today. Greek protests of austerity measures turn violent. US issues fresh threats to Iran on its uranium enrichment program. Bernanke reiterates "exceptionally low rates for extended period" mantra before House Financial Services Committee. New home sales plunged 11.2% in Jan, well below market expectations. WSJ reports bank lending is contracting an an "epic pace". 3:00 gold, geopolitical, tension no Tue, 23 Feb 2010 11:00:00 -0600 20100223grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold under pressure on rising risk aversion. US consumer confidence plunged to 46.0 in Feb, the lowest reading in 10 months. The Present Situation index is at its lowest level in 27-years. Stocks are under pressure as investors move back to the sidelines, pushing the dollar higher in the process. Congress contemplates borrowing and spending an additional $15 billion in stimulus -- couched as "job creation" -- while more than half a trillion of the original $787 billion stimulus remains to be spent. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold under pressure as consumer confidence in the U.S. economy plunges and stocks slide. Gold under pressure on rising risk aversion. US consumer confidence plunged to 46.0 in Feb, the lowest reading in 10 months. The Present Situation index is at its lowest level in 27-years. Stocks are under pressure as investors move back to the sidelines, pushing the dollar higher in the process. Congress contemplates borrowing and spending an additional $15 billion in stimulus -- couched as "job creation" -- while more than half a trillion of the original $787 billion stimulus remains to be spent. 2:34 gold, consumer, confidence no Mon, 22 Feb 2010 11:00:00 -0600 20100222grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold corrects after setting 4-week highs overseas. Euro remains under pressure amid continued uncertainty surrounding the Greek debt crisis. Dollar firms. Huge $200+ billion Treasury supply to be auctioned this week. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold in consolidation mode, Treasury to auction $200 billion in U.S. debt this week. Gold corrects after setting 4-week highs overseas. Euro remains under pressure amid continued uncertainty surrounding the Greek debt crisis. Dollar firms. Huge $200+ billion Treasury supply to be auctioned this week. 2:34 gold, treasuries, auction, debt no Fri, 19 Feb 2010 14:30:00 -0600 20100219grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold rises despite dollar gains stemming from Fed's surprise discount rate hike. Fed claims they are not tightening, but the bigger than expected jump in US PPI may have suggested to them that inflation pressures are building. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold springs higher despite surprise hike of Fed discount rate. Gold rises despite dollar gains stemming from Fed's surprise discount rate hike. Fed claims they are not tightening, but the bigger than expected jump in US PPI may have suggested to them that inflation pressures are building. 2:34 gold, Fed no Thu, 18 Feb 2010 11:30:00 -0600 20100218grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold rebounds from yesterday's late sell-off, discounting the latest talk of IMF gold sales. IMF plans to sell the remaining 191 tonnes of sales approved in Sep-09 in the open market. China and perhaps other central banks are believed to still have a strong desire to bolster their reserve holdings of gold. Perhaps the IMF gold sale hammer is simply being trotted out in response to this week's new all-time highs in gold versus the euro. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold sharply higher, shrugging off open-market phase of IMF sales. Gold rebounds from yesterday's late sell-off, discounting the latest talk of IMF gold sales. IMF plans to sell the remaining 191 tonnes of sales approved in Sep-09 in the open market. China and perhaps other central banks are believed to still have a strong desire to bolster their reserve holdings of gold. Perhaps the IMF gold sale hammer is simply being trotted out in response to this week's new all-time highs in gold versus the euro. 2:45 gold, IMF, sales no Wed, 17 Feb 2010 09:00:00 -0600 20100217grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold establishes a new 4-wk high. Dollar rebounds from dip, but gold maintains a bid. Continued uncertainty over the fate of Greece. Hints that EU may look for Greece to cede some sovereignty if they don't comply with austerity demands by 16-Mar. Looking increasingly like countries beside Greece may have used derivatives to mask the severity of their debt problems. Focus is on Italy initially. One has to wonder what counties outside the EU may be employing similar strategies. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold reaches 4-week high, ignoring greenback strength. Gold establishes a new 4-wk high. Dollar rebounds from dip, but gold maintains a bid. Continued uncertainty over the fate of Greece. Hints that EU may look for Greece to cede some sovereignty if they don't comply with austerity demands by 16-Mar. Looking increasingly like countries beside Greece may have used derivatives to mask the severity of their debt problems. Focus is on Italy initially. One has to wonder what counties outside the EU may be employing similar strategies. 2:46 gold, Greece, derivatives, debt no Tue, 16 Feb 2010 09:00:00 -0600 20100216grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold sharply higher amid continued uncertainty over Greece. EU's Juncker reassures that Greece won't be left to the "mercy of markets." No sense of urgency though. Juncker says Greek situation will be revisted in mid-March. Perhaps keeping the markets off-balance and focused on Greece is the plan, forestalling speculative attacks on more significant weak links within the EMU. Modest uptick in euro seem unsustainable, which may continue to underpin the dollar. Gold seems increasingly disinterested in lofty dollar levels. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold up sharply, investors seek safe haven from currency risk. Gold sharply higher amid continued uncertainty over Greece. EU's Juncker reassures that Greece won't be left to the "mercy of markets." No sense of urgency though. Juncker says Greek situation will be revisted in mid-March. Perhaps keeping the markets off-balance and focused on Greece is the plan, forestalling speculative attacks on more significant weak links within the EMU. Modest uptick in euro seem unsustainable, which may continue to underpin the dollar. Gold seems increasingly disinterested in lofty dollar levels. 2:37 gold, Greece no Fri, 12 Feb 2010 11:02:00 -0600 20100212grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold remains choppy amid continued uncertainty surrounding the EU's response (or lack there of) to the Greek sovereign debt crisis. Markets are holding the EU's feet to the fire, pushing the euro to new 9-mo lows and widening Greek CDS spreads once again. The Greek situation has promted closer examination of sovereign debt globally and it seems much of the industrialized world is in some stage of crisis. We're all essentially hurdling toward default. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold drifts on euro weakness as sovereign debt crisis looms. Gold remains choppy amid continued uncertainty surrounding the EU's response (or lack there of) to the Greek sovereign debt crisis. Markets are holding the EU's feet to the fire, pushing the euro to new 9-mo lows and widening Greek CDS spreads once again. The Greek situation has promted closer examination of sovereign debt globally and it seems much of the industrialized world is in some stage of crisis. We're all essentially hurdling toward default. 2:36 gold, sovereign, debt, crisis no Thu, 11 Feb 2010 09:02:00 -0600 20100211grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold higher, despite firmer dollar. Euro slides despite a plan to bailout Greece, most likely with EU member states providing loans to Greece. A strategy borrowed from the US playbook: The solution to a debt crisis is of course more debt. Iran claims to be "nuclear state." China orders SAFE and commerical banks to dump risky assets. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Euro slides despite plan to bailout Greece. Gold higher, despite firmer dollar. Euro slides despite a plan to bailout Greece, most likely with EU member states providing loans to Greece. A strategy borrowed from the US playbook: The solution to a debt crisis is of course more debt. Iran claims to be "nuclear state." China orders SAFE and commerical banks to dump risky assets. 2:47 gold, Greece, bailout, euro, dollar no Wed, 10 Feb 2010 12:10:00 -0600 20100210grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold choppy amid swirly rumors and counter rumors regarding EU bailout for Greece. Lisbon Treaty specifically prohibits bailouts, except in the case of extraordinary circumstances beyond the control of the troubled state. To suggest Greek policies of borrow and spend were beyond their control is disingenuous at best. We'll have to wait and see how the lawyers in Europe choose to define 'extraordinary circumstances.' Bernanke talks exit strategies. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold choppy amid Greek bailout rumors. Gold choppy amid swirly rumors and counter rumors regarding EU bailout for Greece. Lisbon Treaty specifically prohibits bailouts, except in the case of extraordinary circumstances beyond the control of the troubled state. To suggest Greek policies of borrow and spend were beyond their control is disingenuous at best. We'll have to wait and see how the lawyers in Europe choose to define 'extraordinary circumstances.' Bernanke talks exit strategies. 2:54 gold, Greek, bailout no Tue, 09 Feb 2010 09:30:00 -0600 20100209grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold higher as euro catches a tentative bid amid rumors of a possible EU led rescue of Greece. Euro has fallen more than 10% from Dec high. Dollar slips. Mortgage Bankers Assoc sells their DC HQ for about half what they paid for it and opt to rent moving forward. No comment on arrangements with creditors for the $30 million difference between the sale price and the balance on their note. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold stronger as euro firms on Greek bailout rumors. Gold higher as euro catches a tentative bid amid rumors of a possible EU led rescue of Greece. Euro has fallen more than 10% from Dec high. Dollar slips. Mortgage Bankers Assoc sells their DC HQ for about half what they paid for it and opt to rent moving forward. No comment on arrangements with creditors for the $30 million difference between the sale price and the balance on their note. 2:43 gold, euro no Mon, 08 Feb 2010 09:30:00 -0600 20100208grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold steady as euro stabilizes on assurances from G7 that swirling Eurozone debt crisis is under control. Uncertainty and skeptisism persists and is likely to keep volatility high. G7 pledges to continue stimulus. Geithner promises US will never lose AAA debt rating. Whether US is rated AAA or not, it still doesn't make Treasuries a good buy. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold steady, G7 pledges stimulus, U.S. AAA debt rating questioned. Gold steady as euro stabilizes on assurances from G7 that swirling Eurozone debt crisis is under control. Uncertainty and skeptisism persists and is likely to keep volatility high. G7 pledges to continue stimulus. Geithner promises US will never lose AAA debt rating. Whether US is rated AAA or not, it still doesn't make Treasuries a good buy. 2:51 gold, G7 no Fri, 05 Feb 2010 12:55:00 -0600 20100205grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold remains under pressure as the euro continues to slide, boosting the dollar in the process. Portugese lawmakers voted in favor of a finance law that may add to their already sizable deficit. SNB reportedly intervened aggressively to devalue the franc against the euro, ultimately with little success. Jan US payrolls fell 20k, but seasonally adjusted unemployment rate fell anyway -- to 9.7%. Big back month revisions. Employment picture remains grim. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold remains under pressure as dollar climbs on sliding euro. Gold remains under pressure as the euro continues to slide, boosting the dollar in the process. Portugese lawmakers voted in favor of a finance law that may add to their already sizable deficit. SNB reportedly intervened aggressively to devalue the franc against the euro, ultimately with little success. Jan US payrolls fell 20k, but seasonally adjusted unemployment rate fell anyway -- to 9.7%. Big back month revisions. Employment picture remains grim. 2:45 gold, dollar, euro, Swiss no Thu, 04 Feb 2010 11:55:00 -0600 20100204grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold tumbles as dollar surges after ECB fails to reassure in PIIGS. Silver trades below 200-day moving average, which may have sparked long liquidations in gold. US stocks are also down sharply with DJIA threatening to drop back below 10,000. This action can also weigh on gold initially as spooked investors move to the sidelines in all asset classes. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold tumbles as sliding Dow spooks investors, boosts dollar. Gold tumbles as dollar surges after ECB fails to reassure in PIIGS. Silver trades below 200-day moving average, which may have sparked long liquidations in gold. US stocks are also down sharply with DJIA threatening to drop back below 10,000. This action can also weigh on gold initially as spooked investors move to the sidelines in all asset classes. 2:29 gold, Dow, dollar no Wed, 03 Feb 2010 11:30:00 -0600 20100203grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold steady as dollar firms after overseas euro gains prove unsustainable. EU signs off on Greek measures to reduce debt from 12.7% of GDP to 3% of GDP by the end of 2012. Austerity measures in Greece are likely to lead to higher unemployment, wage freezes, tax hikes amid shrinking governement services and safety nets. Such moves sow the seeds of social unrest. We Americans must acknowledge that we are on a similar path. However, we have been able to forestall the inevitable only because we maintain the ability to print a limitless number of dollars. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold steady, Greece faces fiscal austerity. Gold steady as dollar firms after overseas euro gains prove unsustainable. EU signs off on Greek measures to reduce debt from 12.7% of GDP to 3% of GDP by the end of 2012. Austerity measures in Greece are likely to lead to higher unemployment, wage freezes, tax hikes amid shrinking governement services and safety nets. Such moves sow the seeds of social unrest. We Americans must acknowledge that we are on a similar path. However, we have been able to forestall the inevitable only because we maintain the ability to print a limitless number of dollars. 2:52 gold, Greece, budget no Tue, 02 Feb 2010 09:00:00 -0600 20100202grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold higher amid rising geopotical tensions in the Middle East and in the wake of yesterday's massive US budget proposal. Iran president threatens to deal a harsh blow to global arrogance on 11-Feb. US moves to bolster missile defense capabilities in the region, further heightening tensions. President Obama proposes a $3.8 trillion budget for FY2011. Despite tax increases and spending cuts, the proposal adds an additional $8.5 trillion in debt over the next decade. Budget includes an $867 million placeholder that is largely to cover the cost of a government wind-down of a large financial institution. That suggests that the government believes systemic risks persist. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold surges on geopolitical tensions and ballooning U.S. budget. Gold higher amid rising geopotical tensions in the Middle East and in the wake of yesterday's massive US budget proposal. Iran president threatens to deal a harsh blow to global arrogance on 11-Feb. US moves to bolster missile defense capabilities in the region, further heightening tensions. President Obama proposes a $3.8 trillion budget for FY2011. Despite tax increases and spending cuts, the proposal adds an additional $8.5 trillion in debt over the next decade. Budget includes an $867 million placeholder that is largely to cover the cost of a government wind-down of a large financial institution. That suggests that the government believes systemic risks persist. 3:48 gold, geopolitical, tension, budget no Fri, 29 Jan 2010 11:58:00 -0600 20100129grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold remains soft amid continued dollar strength. Stocks initially gained on good economic news. US Q4 advancd GDP surged 5.7%, well above market expectations. Good sentiment and PMI numbers, too. Yet stocks haven't been able to sustain gains. Dollar continues to benefit from uncertainty within the EU regarding the fate of the PIIGS nations. Concerns are mounting that if Greece is allowed to fail, the other PIIGS will fall like dominoes. Euro weakness is thwarting Pres Obama's SOTU pledge to double exports in 5-years. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold soft on firm dollar, GDP data. Gold remains soft amid continued dollar strength. Stocks initially gained on good economic news. US Q4 advancd GDP surged 5.7%, well above market expectations. Good sentiment and PMI numbers, too. Yet stocks haven't been able to sustain gains. Dollar continues to benefit from uncertainty within the EU regarding the fate of the PIIGS nations. Concerns are mounting that if Greece is allowed to fail, the other PIIGS will fall like dominoes. Euro weakness is thwarting Pres Obama's SOTU pledge to double exports in 5-years. 3:20 gold, GDP, exports no Thu, 28 Jan 2010 11:58:00 -0600 20100128grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold slides as dollar is boosted by sterling losses. S&P says UK banks are no longer among the "most stable and low-risk" in the world. Risk aversion flows out of stocks and into dollars is also weighing on gold. Senate approves $1.9 trillion hike to debt ceiling. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold remains in rangebound trade yet the U.S. national debt knows no bounds and continues to grow. Gold slides as dollar is boosted by sterling losses. S&P says UK banks are no longer among the "most stable and low-risk" in the world. Risk aversion flows out of stocks and into dollars is also weighing on gold. Senate approves $1.9 trillion hike to debt ceiling. 2:43 gold, national debt no Wed, 27 Jan 2010 09:58:00 -0600 20100127grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold lower within the recent range as dollar consolidates at high end of its recent range. Action packed day in Washington. Geithner testimony on AIG bailout scandal. Senate takes up $1.9 trillion hike to the debt ceiling and quashing of committee to study ways to reduce deficit. Then they consider reconfirming Ben Bernanke to second term as Fed Chairman. FOMC announces policy this afternoon. Fed reportedly considering a new benchmark interest rate, as they have lost control of Fed funds. Tonight, President Obama gives his first state of the union address. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Fed reportedly considering a new benchmark interest rate. Gold lower within the recent range as dollar consolidates at high end of its recent range. Action packed day in Washington. Geithner testimony on AIG bailout scandal. Senate takes up $1.9 trillion hike to the debt ceiling and quashing of committee to study ways to reduce deficit. Then they consider reconfirming Ben Bernanke to second term as Fed Chairman. FOMC announces policy this afternoon. Fed reportedly considering a new benchmark interest rate, as they have lost control of Fed funds. Tonight, President Obama gives his first state of the union address. 3:50 gold, Geithner, AIG, debt, ceiling, Bernanke, FOMC, interest rate no Tue, 26 Jan 2010 11:55:00 -0600 20100126grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold rebounds from overseas tests of the recent lows, spurred by weak home price data. China implemented the higher reserve requirements that were announced last week. China's repo rate surged, which weighed on Asian stocks and boosted the dollar. Dollar garnered additional support from yen weakness associated with the S&P downgrade of Japan's sovereign rating outlook to negative. FOMC convenes 2-day meeting today. No surprises expected. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold higher as weak housing data expected to keep Fed at soft policy stance. Gold rebounds from overseas tests of the recent lows, spurred by weak home price data. China implemented the higher reserve requirements that were announced last week. China's repo rate surged, which weighed on Asian stocks and boosted the dollar. Dollar garnered additional support from yen weakness associated with the S&P downgrade of Japan's sovereign rating outlook to negative. FOMC convenes 2-day meeting today. No surprises expected. 2:22 gold, housing, Fed no Mon, 25 Jan 2010 11:55:00 -0600 20100125grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold modestly higher as the dollar and US equities consolidate recent activity. The market continues to digest Pres Obama's regulatory recommendations for Wall St. Obama/Volcker plan is leading to uncertainty and uncertainty breeds market volatility. Bank failures for the year reached 9 last week, already more than cumulative failures in all of 2007. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Markets consolidate as January 2010 bank failures already exceed the total failed in 2007. Gold modestly higher as the dollar and US equities consolidate recent activity. The market continues to digest Pres Obama's regulatory recommendations for Wall St. Obama/Volcker plan is leading to uncertainty and uncertainty breeds market volatility. Bank failures for the year reached 9 last week, already more than cumulative failures in all of 2007. 2:37 gold, bank, failure, uncertainty no Fri, 22 Jan 2010 09:15:00 -0600 20100122grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold remains soft as dollar is bolsted by risk aversion flows. President's efforts to curtail bank risk taking has further spooked markets due to threat to bank allocations across a wide variety of asset classes. When the dust settles, investors will find that the fundamental picture for gold remains as strong as ever and a far better safe-haven asset than dollars. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Dollar gains on risk aversion, but gold a better choice. Gold remains soft as dollar is bolsted by risk aversion flows. President's efforts to curtail bank risk taking has further spooked markets due to threat to bank allocations across a wide variety of asset classes. When the dust settles, investors will find that the fundamental picture for gold remains as strong as ever and a far better safe-haven asset than dollars. 2:42 gold, dollar, risk no Thu, 21 Jan 2010 09:15:00 -0600 20100121grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold extends losses weighed by the dollar's push to 5-month highs. Continued weakness in the euro and concerns over Chinese efforts to cool its economy are prompting safe-haven flows into the greenback. Senate appears poised to raise debt ceiling by $1.9 trillion. The 5th hike in 2 years. The ever rising debt burden increases the likelihood that the government will seek to inflate. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Dollar reaches half-year high despite our deeply debt-ridden economy. Gold extends losses weighed by the dollar's push to 5-month highs. Continued weakness in the euro and concerns over Chinese efforts to cool its economy are prompting safe-haven flows into the greenback. Senate appears poised to raise debt ceiling by $1.9 trillion. The 5th hike in 2 years. The ever rising debt burden increases the likelihood that the government will seek to inflate. 2:50 gold, dollar, debt no Wed, 20 Jan 2010 11:50:00 -0600 20100120grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold sharply lower as euro losses accelerate. Mounting default risk for Greece drives the spread between Greek government bonds and the benchmark German bunds ever wider. However, there is nothing terribly attractive about being in dollars rather than euros... other than they aren't euros. Recent events shine an ever brighter spotlight on the deficiencies of fiat currencies. Making gold all the more attractive as an alternative. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold sharply lower on significantly higher dollar, foreign currency turmoil. Gold sharply lower as euro losses accelerate. Mounting default risk for Greece drives the spread between Greek government bonds and the benchmark German bunds ever wider. However, there is nothing terribly attractive about being in dollars rather than euros... other than they aren't euros. Recent events shine an ever brighter spotlight on the deficiencies of fiat currencies. Making gold all the more attractive as an alternative. 2:30 gold, dollar, currency weakness no Tue, 19 Jan 2010 09:15:00 -0600 20100119grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold slighty easier as a soft euro keeps the dollar underpinned. That has been tempered somewhat by Sterling strength due to M&A flows and rising expectations of a BoE tightening stemming from rising inflation. EU finance ministers continue to hold a hard line on accommodations for Greece. A well-connected market contact in Europe is leaning toward a Greek default, reminding me that Greece makes up just 2% of EU GDP. A bailout would just open the door to more bailouts. I was also reminded that California accounts for 13% of U.S. GDP and is the 9th largest economy in the world. Broke is broke; which is the bigger crisis in the making? Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold eases as impending Greek debt default pressures euro vs. dollar. Gold slighty easier as a soft euro keeps the dollar underpinned. That has been tempered somewhat by Sterling strength due to M&A flows and rising expectations of a BoE tightening stemming from rising inflation. EU finance ministers continue to hold a hard line on accommodations for Greece. A well-connected market contact in Europe is leaning toward a Greek default, reminding me that Greece makes up just 2% of EU GDP. A bailout would just open the door to more bailouts. I was also reminded that California accounts for 13% of U.S. GDP and is the 9th largest economy in the world. Broke is broke; which is the bigger crisis in the making? 3:24 gold, Greece, California no Fri, 15 Jan 2010 11:15:00 -0600 20100115grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold under pressure, weighed by an uptick in the dollar along with softer oil and stocks. Dollar is being helped by euro weakness amid rising worries over a sovereign default within the EMU. ECB's Trichet says the central bank, "won't change its collateral framework for the sake of any particular country." At the same time many are categorizing the notion that Greece will be allowed to fail as 'absurd.' Well what exactly is the course of action then? Without an answer, risk aversion within the Eurozone is mounting, which may heighten gold demand across the pond. Taken in conjunction with the currency risks here -- and in Japan for that matter -- stemming from our grim fiscal picture and it just further exposing the inherent weaknesses of fiat currency. Making gold shine all the brighter. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold softer on dollar uptick but heightend international currency risk looms around the corner. Gold under pressure, weighed by an uptick in the dollar along with softer oil and stocks. Dollar is being helped by euro weakness amid rising worries over a sovereign default within the EMU. ECB's Trichet says the central bank, "won't change its collateral framework for the sake of any particular country." At the same time many are categorizing the notion that Greece will be allowed to fail as 'absurd.' Well what exactly is the course of action then? Without an answer, risk aversion within the Eurozone is mounting, which may heighten gold demand across the pond. Taken in conjunction with the currency risks here -- and in Japan for that matter -- stemming from our grim fiscal picture and it just further exposing the inherent weaknesses of fiat currency. Making gold shine all the brighter. 2:46 gold, currency no Thu, 14 Jan 2010 10:15:00 -0600 20100114grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold modestly lower as choppy consolidative trading persists. Another round of less than encouraging economic data this morning further errodes recovery scenarios and investor confidence. RealtyTrac reported a 14% spike in Dec foreclosure filings. Total 2009 foreclosure filings were a record 2.8 million, up 21% vs 2008 and more than twice the 2007 total. Expectations are for 3 million foreclosure filings in 2010. Ad-hoc committee of experts says US must curb debt or risk a dollar crisis. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Consolidative trade in gold persists on grey economic data. Gold modestly lower as choppy consolidative trading persists. Another round of less than encouraging economic data this morning further errodes recovery scenarios and investor confidence. RealtyTrac reported a 14% spike in Dec foreclosure filings. Total 2009 foreclosure filings were a record 2.8 million, up 21% vs 2008 and more than twice the 2007 total. Expectations are for 3 million foreclosure filings in 2010. Ad-hoc committee of experts says US must curb debt or risk a dollar crisis. 2:29 gold, foreclosure no Wed, 13 Jan 2010 11:50:00 -0600 20100113grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold rebounds from intraday losses stemming from a larger than expected EIA crude inventory build. Oil prices took a hit and gold, at least initially, went along for the ride. Tighter monetary policy in China has some thinking it will curtail China's commodity buying spree. However, China's demand for gold is based on the sound principle of reserve diversification. The same thing many of our clients are seeking to achieve. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold market anticipates China's ultimate reserve policy. Gold rebounds from intraday losses stemming from a larger than expected EIA crude inventory build. Oil prices took a hit and gold, at least initially, went along for the ride. Tighter monetary policy in China has some thinking it will curtail China's commodity buying spree. However, China's demand for gold is based on the sound principle of reserve diversification. The same thing many of our clients are seeking to achieve. 2:11 gold, China no Tue, 12 Jan 2010 09:00:00 -0600 20100112grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold steady, constrained by an uptick in the dollar and softer oil. Market continues to digest last week's release of much weaker than expected Dec employment data. More than 600k Americans left the workforce last month, driving the workforce participation rate down to just 64.6%. The WSJ says many of the jobs lost in this recession simply aren't coming back. The AP reports that stimulus spending has had no impact on local unemployment rates. Evidence is mounting that when the recovery begins, it will be a jobless recovery. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold steady as unemployment data remains grim despite govt stimulus efforts. Gold steady, constrained by an uptick in the dollar and softer oil. Market continues to digest last week's release of much weaker than expected Dec employment data. More than 600k Americans left the workforce last month, driving the workforce participation rate down to just 64.6%. The WSJ says many of the jobs lost in this recession simply aren't coming back. The AP reports that stimulus spending has had no impact on local unemployment rates. Evidence is mounting that when the recovery begins, it will be a jobless recovery. 3:31 gold, unemployment, jobs, stimulus no Mon, 11 Jan 2010 13:00:00 -0600 20100111grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold surges higher on weaker dollar. New currency regimes in North Korea and Venezuela highlight risks of fiat currency. Venezuela devalues bolivar and institutes price contols. North Korean and Venezuelan policies are not all that far removed from those in the developed western economies. In fact, Nixon tried devaluation and wage/price controls in 1971 and it was a monumental failure. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold surges on international currency reforms/devaluations. Gold surges higher on weaker dollar. New currency regimes in North Korea and Venezuela highlight risks of fiat currency. Venezuela devalues bolivar and institutes price contols. North Korean and Venezuelan policies are not all that far removed from those in the developed western economies. In fact, Nixon tried devaluation and wage/price controls in 1971 and it was a monumental failure. 3:05 gold, currency, devaluation no Fri, 08 Jan 2010 10:00:00 -0600 20100108grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold choppy following downside Dec payrolls surprise. Nonfarm payrolls fell 85k. Unemployment remains at 10% thanks to an upside revision to Nov. Broader U6 measure of unemployment edged higher to 17.3%. Labor force participation rate falls to 5-yr low. Dollar, yields and stocks all slide on news. The still bleak jobs outlook does not bode well for 2010 economic recovery scenarios. Expect heightened discussion of second stimulus and more debt. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold choppy as dollar slides on bleak unemployment data. Gold choppy following downside Dec payrolls surprise. Nonfarm payrolls fell 85k. Unemployment remains at 10% thanks to an upside revision to Nov. Broader U6 measure of unemployment edged higher to 17.3%. Labor force participation rate falls to 5-yr low. Dollar, yields and stocks all slide on news. The still bleak jobs outlook does not bode well for 2010 economic recovery scenarios. Expect heightened discussion of second stimulus and more debt. 2:38 gold, unemployment no Wed, 06 Jan 2010 11:00:00 -0600 20100106grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold sharply higher as dollar gives up intraday gains. ECB's Stark says markets cannot assume the rest of EU will rescue Greece. Euro slipped on the statement initially, but gold held its ground despite that initial uptick in the dollar. No fiat currency provides adequate protection in the face of sovereign defaults. On top of the mounting federal debt burden, 2010 is expected to be a record year for muni issuance. One has to wonder where the global demand will come from to meet the staggering supply of debt. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD ECB's Stark says markets cannot assume EU will rescue Greece. Gold sharply higher as dollar gives up intraday gains. ECB's Stark says markets cannot assume the rest of EU will rescue Greece. Euro slipped on the statement initially, but gold held its ground despite that initial uptick in the dollar. No fiat currency provides adequate protection in the face of sovereign defaults. On top of the mounting federal debt burden, 2010 is expected to be a record year for muni issuance. One has to wonder where the global demand will come from to meet the staggering supply of debt. 2:31 gold, dollar, Euro, debt, Greece no Tue, 05 Jan 2010 10:10:00 -0600 20100105grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold higher, helped once again by firmer oil and a weaker dollar. Mixed economic data this morning: Factory orders in Nov were much better than expected, while NAR pending home sales index tumbled 16% in Oct. The housing market is far from healthy. Rumors are circulating that the Fed will continue buying MBS after March, in an effort to keep mortgage rates down in the face of troubling supply/demand realities in the Treasury market. It seems quantitative easing is going to continue, in which case there is little point in further discussion on "exit strategies." Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Pending home sales tumble 16 percent. Gold higher, helped once again by firmer oil and a weaker dollar. Mixed economic data this morning: Factory orders in Nov were much better than expected, while NAR pending home sales index tumbled 16% in Oct. The housing market is far from healthy. Rumors are circulating that the Fed will continue buying MBS after March, in an effort to keep mortgage rates down in the face of troubling supply/demand realities in the Treasury market. It seems quantitative easing is going to continue, in which case there is little point in further discussion on "exit strategies." 2:21 gold, home sales, mortgage no Mon, 04 Jan 2010 12:00:00 -0600 20100104grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold sharply higher, buoyed by a weaker dollar and firmer oil. PIMCO reduces exposure to US and UK debt, citing supply concerns and risk. California will reportedly seek $8 bln federal bailout to help close massive budget shortfall. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD PIMCO reduces exposure to US and UK debt, citing supply concerns and risk. Gold sharply higher, buoyed by a weaker dollar and firmer oil. PIMCO reduces exposure to US and UK debt, citing supply concerns and risk. California will reportedly seek $8 bln federal bailout to help close massive budget shortfall. 2:34 gold, dollar, oil, PIMCO, debt no Thu, 31 Dec 2009 12:00:00 -0600 2009grantMP3 http://www.usagold.com/rss_mm2009.xml http://www.usagold.com/cpmforum/ For 2009 podcasts, go here: http://www.usagold.com/rss_mm2009.xml Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD RSS location for 2009 podcasts. For 2009 podcasts, go here: http://www.usagold.com/rss_mm2009.xml gold no