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) Fri, 20 Nov 2009 09:34:00 -0600 Gold http://www.usagold.com/podcasts/pics/marketminute144.jpg 144 144 http://www.usagold.com/ en-us Copyright 2009 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 Fri, 20 Nov 2009 09:34:00 -0600 20091120grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold slightly lower, weighed by modest dollar gains associated with risk aversion. ECB's Trichet cites inflation worries and warns that banks have to wean themselves off of government stimulus. ECB tightens collateral standards. Obama administration is contemplating extending TARP. President warns that huge debt burden presents risks to confidence in the US and a double dip recession. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Obama warns massive debt burden presents risks to confidence in the US. Gold slightly lower, weighed by modest dollar gains associated with risk aversion. ECB's Trichet cites inflation worries and warns that banks have to wean themselves off of government stimulus. ECB tightens collateral standards. Obama administration is contemplating extending TARP. President warns that huge debt burden presents risks to confidence in the US and a double dip recession. 2:45 gold, dollar, debt, stimulus, TARP, recession no Wed, 18 Nov 2009 09:40:00 -0600 20091118grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold sets new all-time high at $1152.95 after a higher than expected Oct CPI reading. Housing starts crumbled 10.6% in Oct. US national debt cleared the $12 trillion level. Congress may have to raise the $12.1 trillion debt ceiling sooner rather than later. They risk spooking the Treasury market and our creditors due to the supply implications. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD US national debt, now over $12 trillion, nearing the $12.1 trillion debt ceiling. Gold sets new all-time high at $1152.95 after a higher than expected Oct CPI reading. Housing starts crumbled 10.6% in Oct. US national debt cleared the $12 trillion level. Congress may have to raise the $12.1 trillion debt ceiling sooner rather than later. They risk spooking the Treasury market and our creditors due to the supply implications. 2:26 gold, CPI, housing, debt, ceiling no Tue, 17 Nov 2009 11:09:00 -0600 20091117grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold recovering from intraday corrective downticks. Dollar is modestly firmer on efforts to talk the dollar higher. Bernanke says Fed is monitoring the dollar's value, but reiterated that interest rates would remain extremely low. ECB's Trichet says dollar strength is in the interest of US and entire international community, but believes key rates in Europe are appropriate. Without any actual policy to support the dollar, mere talk alone is destined to failure. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Without actual policy support talk of strong dollar destined to failure. Gold recovering from intraday corrective downticks. Dollar is modestly firmer on efforts to talk the dollar higher. Bernanke says Fed is monitoring the dollar's value, but reiterated that interest rates would remain extremely low. ECB's Trichet says dollar strength is in the interest of US and entire international community, but believes key rates in Europe are appropriate. Without any actual policy to support the dollar, mere talk alone is destined to failure. 2:50 gold, dollar, Fed, Bernanke no Mon, 16 Nov 2009 11:15:00 -0600 20091116grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold sets new record high at $1136.43. BlackRock's Hambro says central banks to be net buyers of gold for the first time in 2 decades. Hambro suggests China will not be able to sustain recent levels of gold production. Dollar pressures 15-month lows. Stock market is up big on a larger than expected jump in Oct retail sales. Retail sales gains are largely attributible to a big downward revision to Sep data. GM's $1.15 bln quarterly loss is being viewed as good news too. However, stock market volume remains weak on this rally. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold sets new highs as dollar pressures 15-month lows. Gold sets new record high at $1136.43. BlackRock's Hambro says central banks to be net buyers of gold for the first time in 2 decades. Hambro suggests China will not be able to sustain recent levels of gold production. Dollar pressures 15-month lows. Stock market is up big on a larger than expected jump in Oct retail sales. Retail sales gains are largely attributible to a big downward revision to Sep data. GM's $1.15 bln quarterly loss is being viewed as good news too. However, stock market volume remains weak on this rally. 3:09 gold, dollar, central banks, stock market no Fri, 13 Nov 2009 09:57:00 -0600 20091113grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold rebounds from recent corrective downticks. Dollar within range, but generally weak having set new 15-month lows earlier in the week. Sep trade deficit bigger than expected at $36.5 bln. Oct budget deficit widened more than expected to $176.4 bln. Interest payments alone in Oct were $22.8 bln, about 7% of total outlays. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Mounting supply of US debt may outstrip demand. Gold rebounds from recent corrective downticks. Dollar within range, but generally weak having set new 15-month lows earlier in the week. Sep trade deficit bigger than expected at $36.5 bln. Oct budget deficit widened more than expected to $176.4 bln. Interest payments alone in Oct were $22.8 bln, about 7% of total outlays. 2:51 gold, dollar, trade, budget, deficit, debt no Thu, 12 Nov 2009 10:05:00 -0600 20091112grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold softens after seting another all-time high at $1122.64. Dollar boosted slightly on euro weakness associated with disappointing industrial production data. Better than expected US initial claims data is somewhat encouraging, but claims remain above 500k and continuing claims were 5.63M after benefits were extended by as much as 20-weeks. RealtyTrac reports foreclosures over 300k in Oct, the 8th consecutive month. Nearly a third of all real estate transactions in Q3 were distressed. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Despite stock market gains reality of broader economy troubling. Gold softens after seting another all-time high at $1122.64. Dollar boosted slightly on euro weakness associated with disappointing industrial production data. Better than expected US initial claims data is somewhat encouraging, but claims remain above 500k and continuing claims were 5.63M after benefits were extended by as much as 20-weeks. RealtyTrac reports foreclosures over 300k in Oct, the 8th consecutive month. Nearly a third of all real estate transactions in Q3 were distressed. 2:24 gold, dollar, unemployment, housing, foreclosures no Wed, 11 Nov 2009 09:36:00 -0600 20091111grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold sets a new all-time high at $1118.40 as the dollar slides to a new 15-month low. Sterling falls as well amid continued worries over a possible sovereign debt downgrade and dovish comments by BoE's King. Merkel believes worst days of the financial crisis may still be ahead for Germany. Bid under oil is helping to support gold. Platts says China crude imports in Oct jumped nearly 20% y/y and refined products surged 43.2% y/y. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Sterling falls amid worries over possible UK sovereign debt downgrade. Gold sets a new all-time high at $1118.40 as the dollar slides to a new 15-month low. Sterling falls as well amid continued worries over a possible sovereign debt downgrade and dovish comments by BoE's King. Merkel believes worst days of the financial crisis may still be ahead for Germany. Bid under oil is helping to support gold. Platts says China crude imports in Oct jumped nearly 20% y/y and refined products surged 43.2% y/y. 2:44 gold, dollar, pound, sterling, UK, debt, downgrade no Tue, 10 Nov 2009 09:11:00 -0600 20091110grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold stabilizes somewhat at firm levels. The dollar gained a little ground in earlier trading as the GBP took a hit from a Fitch warning on UK soveriegn debt. CDS spreads on UK debt jumped on the news. Default risk on Japanese debt remains elevated as well. While CDS spreads on US debt remain below last year's record highs, the debt situation in the US continues to deteriorate. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Default risks increasing as debt burdens rise and government receipts fall. Gold stabilizes somewhat at firm levels. The dollar gained a little ground in earlier trading as the GBP took a hit from a Fitch warning on UK soveriegn debt. CDS spreads on UK debt jumped on the news. Default risk on Japanese debt remains elevated as well. While CDS spreads on US debt remain below last year's record highs, the debt situation in the US continues to deteriorate. 2:52 gold, dollar, debt, default, risks no Mon, 09 Nov 2009 10:41:00 -0600 20091109grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold establishes a new record high above $1,110.95. Dollar continues to fall after G20 failed to do anything construed as supportive. G20 did pledge to maintain stimulus, which is broadly unsupportive to all fiat currencies. IMF report at G20 reiterates concern that dollar has become the funding currency of a new carry trade that is financing global asset bubbles. Oil is near $80 bbl on dollar weakness and distruptions in the Gulf of Mexico associated with hurricane Ida. Regulators closed 5 more banks on Friday, bring the total bank failures for the year to 120. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Dollar continues to fall after G20 maintains stimulus. Gold establishes a new record high above $1,110.95. Dollar continues to fall after G20 failed to do anything construed as supportive. G20 did pledge to maintain stimulus, which is broadly unsupportive to all fiat currencies. IMF report at G20 reiterates concern that dollar has become the funding currency of a new carry trade that is financing global asset bubbles. Oil is near $80 bbl on dollar weakness and distruptions in the Gulf of Mexico associated with hurricane Ida. Regulators closed 5 more banks on Friday, bring the total bank failures for the year to 120. 2:14 gold, dollar, G20, bank failures no Fri, 06 Nov 2009 09:20:00 -0600 20091106grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold establishes a new record high above $1,100. Dollar weakens following a worse than expected payrolls number. Oct nonfarm payrolls fell a larger than expected 190k, pushing the unemployment rate to 10.2%. The broader U6 measure of unemployment now stands at 17.5%. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold establishes a new record high above $1,100. Gold establishes a new record high above $1,100. Dollar weakens following a worse than expected payrolls number. Oct nonfarm payrolls fell a larger than expected 190k, pushing the unemployment rate to 10.2%. The broader U6 measure of unemployment now stands at 17.5%. 3:04 gold, price, record, high, unemployment no Thu, 05 Nov 2009 10:37:00 -0600 20091105grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold steady, but softer dollar suggests the downside is limited. Fed, ECB, BoE all hold steady on rates. Fed trims agency debt porchases, but BoE expanded their asset purchase program to £200 bln. Treasury announced record $81 bln quarterly refunding. Mounting worries over JGBs may be helping to support demand for US Treasuries. However, Japan is one of the largest buyers of our debt, second only to China. If the Japanese debt market implodes, the impact could be devastating here in the US and globally. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD There are mounting worries over the Japanese debt market. Gold steady, but softer dollar suggests the downside is limited. Fed, ECB, BoE all hold steady on rates. Fed trims agency debt porchases, but BoE expanded their asset purchase program to £200 bln. Treasury announced record $81 bln quarterly refunding. Mounting worries over JGBs may be helping to support demand for US Treasuries. However, Japan is one of the largest buyers of our debt, second only to China. If the Japanese debt market implodes, the impact could be devastating here in the US and globally. 2:53 gold, Fed, rates, Japan, debt, market no Wed, 04 Nov 2009 10:25:00 -0600 20091104grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold surges to yet another new all-time high. The ease at which the market absorbed the 200 tonne IMF gold sale to India is still the talk of the market. Indians, because of their cultural affinity toward gold, are some of the most shrewdly price concious shoppers/investors in the market. That the RBI saw value at an average price of $1045 says a lot. Over a two-week period in the first month of CBGA III, the IMF has sold half of allowed total. Well above the 150 tonnes in official sector sales that occurred in the entire last year of CBGA II. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD That India saw value in gold at an average price of $1045 says a lot. Gold surges to yet another new all-time high. The ease at which the market absorbed the 200 tonne IMF gold sale to India is still the talk of the market. Indians, because of their cultural affinity toward gold, are some of the most shrewdly price concious shoppers/investors in the market. That the RBI saw value at an average price of $1045 says a lot. Over a two-week period in the first month of CBGA III, the IMF has sold half of allowed total. Well above the 150 tonnes in official sector sales that occurred in the entire last year of CBGA II. 2:21 gold, price, record, high, IMF, India no Tue, 03 Nov 2009 09:59:00 -0600 20091103grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold surges to new all-time highs, spurred by news that the IMF sold 200 tonnes of gold to India over the previous two weeks with little impact on price. Concerns over systemmic risks continue to grow after UK Treasury provided another £31.1 bln in bailouts to RBS and Lloyds Bank. Gold gains, despite safe-haven flows into the dollar, are seen as impressive. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold spurred to new all-time highs by news of IMF gold sale to India. Gold surges to new all-time highs, spurred by news that the IMF sold 200 tonnes of gold to India over the previous two weeks with little impact on price. Concerns over systemmic risks continue to grow after UK Treasury provided another £31.1 bln in bailouts to RBS and Lloyds Bank. Gold gains, despite safe-haven flows into the dollar, are seen as impressive. 2:02 gold, IMF, India no Mon, 02 Nov 2009 09:32:00 -0600 20091102grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold sharply higher on heightened systemmic risk worries. 9 more bank failures over the weekend. CIT Group also filed for bankruptcy late Sunday night. Common share holders are likely wiped out and chances of taxpayers recouping $2.33 bln in bailout money is slim. Banking analyst Mayo says Citi Group is likely to report a $10 bln Q4 loss. Dollar index drops back below 76 adding heightened risk appetite impetus to the rally. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD CIT Group bankruptcy Sunday fifth largest in U.S. history. Gold sharply higher on heightened systemmic risk worries. 9 more bank failures over the weekend. CIT Group also filed for bankruptcy late Sunday night. Common share holders are likely wiped out and chances of taxpayers recouping $2.33 bln in bailout money is slim. Banking analyst Mayo says Citi Group is likely to report a $10 bln Q4 loss. Dollar index drops back below 76 adding heightened risk appetite impetus to the rally. 2:25 gold, dollar, bank failures, CIT, Citi no Fri, 30 Oct 2009 10:47:00 -0600 20091030grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold under modest pressure as exuberence in the Q3 GDP growth wanes. Dollar is edging higher. White House says $787 bln stimulus has saved or created 650k jobs. With $150 bln in stimulus spent thus far, that works out to $230k per job saved/created. We taxpayers are getting rather dismal return on the massive number of our dollars being spent. Risk that government drives us even deeper into debt, driving the dollar to new lows in the process. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold under modest pressure as exuberence in the Q3 GDP growth wanes. Gold under modest pressure as exuberence in the Q3 GDP growth wanes. Dollar is edging higher. White House says $787 bln stimulus has saved or created 650k jobs. With $150 bln in stimulus spent thus far, that works out to $230k per job saved/created. We taxpayers are getting rather dismal return on the massive number of our dollars being spent. Risk that government drives us even deeper into debt, driving the dollar to new lows in the process. 3:34 gold, dollar, stimulus, unemployment no Thu, 29 Oct 2009 10:00:00 -0600 20091029grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold gains as risk aversion trades of the last two days are reversed on a better than expected Q3 GDP number. Is 3.5% growth really indicative of a healthy economy, or is it a mirage generated by massive government deficit spending? Edmunds says C4C resulted in relatively few additional car sales. Edmunds analysis suggests taxpayers payed $24,000 per clunker. Senate reaches deal to extend expand homebuyer's tax credit. Census reports number of vacant homes rose to 18.8 million in Q3. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Is 3.5% growth a mirage generated by massive government deficit spending? Gold gains as risk aversion trades of the last two days are reversed on a better than expected Q3 GDP number. Is 3.5% growth really indicative of a healthy economy, or is it a mirage generated by massive government deficit spending? Edmunds says C4C resulted in relatively few additional car sales. Edmunds analysis suggests taxpayers payed $24,000 per clunker. Senate reaches deal to extend expand homebuyer's tax credit. Census reports number of vacant homes rose to 18.8 million in Q3. 3:14 gold, GDP, clunkers, housing no Wed, 28 Oct 2009 07:22:00 -0600 20091028grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold extends corrective losses as the dollar gains on risk aversion flows into the dollar. Yesterday's weaker than expected Oct consumer confidence is just the latest indication that talk of economic recovery may have been over-hyped. Mounting worries over systemmic risks are also driving investors to the sidelines and back into cash. However, after further consideration these investors are likely to once again come to the conclustion that the dollar is no-longer the safe-haven it once was. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Weakening consumer confidence is latest indication economic recovery over-hyped. Gold extends corrective losses as the dollar gains on risk aversion flows into the dollar. Yesterday's weaker than expected Oct consumer confidence is just the latest indication that talk of economic recovery may have been over-hyped. Mounting worries over systemmic risks are also driving investors to the sidelines and back into cash. However, after further consideration these investors are likely to once again come to the conclustion that the dollar is no-longer the safe-haven it once was. 2:46 gold, dollar, recovery no Mon, 26 Oct 2009 09:09:00 -0600 20091026grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold firmer within the recent range, supported by continued weakness in the dollar and stronger oil. The 100 bank failures milestone was exceeded over the weekend. There have been 106 bank failures so far this year, more than 4-times the 25 bank failures reported in 2008. The FDIC reserve ratio is now approximately 0.22%, wel below the 1.15% Congressional mandate. FDIC continues to seek a bailout from the very banks it regulates. Or FDIC could seek a bailout from the taxpayer (via Treasury), the very depositors it purports to protect. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD 106 bank failures so far this year, more than 4-times the 25 in 2008. Gold firmer within the recent range, supported by continued weakness in the dollar and stronger oil. The 100 bank failures milestone was exceeded over the weekend. There have been 106 bank failures so far this year, more than 4-times the 25 bank failures reported in 2008. The FDIC reserve ratio is now approximately 0.22%, wel below the 1.15% Congressional mandate. FDIC continues to seek a bailout from the very banks it regulates. Or FDIC could seek a bailout from the taxpayer (via Treasury), the very depositors it purports to protect. 2:57 gold, bank failures, FDIC no Fri, 23 Oct 2009 10:47:00 -0600 20091023grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold choppy following better than expected existing home sales. However, gold remains resilient near the all-time highs. The dollar remains fundamentally and technically weak, which is a primary driver for gold. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold remains resilient near the all-time highs. Gold choppy following better than expected existing home sales. However, gold remains resilient near the all-time highs. The dollar remains fundamentally and technically weak, which is a primary driver for gold. 2:12 gold, dollar no Thu, 22 Oct 2009 09:21:00 -0600 20091022grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold remains range bound, but continued weakness in the dollar seen as supportive. Euro 1.50 likely to increase European protests over currency strength (dollar weakness). "Fireworks" likely at next month's G20 meeting. Better than expected Sep leading indicators tempered by initial jobless claims jump and cautionary tone of Beige Book. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Euro at $1.50 likely to increase European protests over currency strength. Gold remains range bound, but continued weakness in the dollar seen as supportive. Euro 1.50 likely to increase European protests over currency strength (dollar weakness). "Fireworks" likely at next month's G20 meeting. Better than expected Sep leading indicators tempered by initial jobless claims jump and cautionary tone of Beige Book. 3:04 gold, dollar, euro, G20 no Wed, 21 Oct 2009 10:10:00 -0600 20091021grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold consolidative as dollar remains soft. Euro trades with a 1.50 handle for the first time since Aug-08. Concerns rise following soft housing starts data that home prices may come under renewed pressure once $8k tax credit ends. MetroStudy sees home prices falling in 342 of 381 markets over the next year. Fiserve predicts an 11.3% drop in median home values by Jun-10. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Euro trades with a 1.50 handle for the first time since Aug-08. Gold consolidative as dollar remains soft. Euro trades with a 1.50 handle for the first time since Aug-08. Concerns rise following soft housing starts data that home prices may come under renewed pressure once $8k tax credit ends. MetroStudy sees home prices falling in 342 of 381 markets over the next year. Fiserve predicts an 11.3% drop in median home values by Jun-10. 3:15 gold, dollar, euro, housing no Tue, 20 Oct 2009 09:53:00 -0600 20091020grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold slightly lower after recent gains stalled shy of the $1070.60 all-time high. Dollar remains weak, eking out another new 14-mo low overseas. Oil remains firm on demand expectations. Deutche Bank analyst thinks oil could reach $175/bbl by 2016. Greenlight Capital's Einhorn lambasts US policy and says he decided that "holding gold is better than holding cash." Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold slightly lower after recent gains stalled shy of the all-time high. Gold slightly lower after recent gains stalled shy of the $1070.60 all-time high. Dollar remains weak, eking out another new 14-mo low overseas. Oil remains firm on demand expectations. Deutche Bank analyst thinks oil could reach $175/bbl by 2016. Greenlight Capital's Einhorn lambasts US policy and says he decided that "holding gold is better than holding cash." 2:15 gold, dollar, oil no Mon, 19 Oct 2009 11:34:00 -0600 20091019grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold slightly higher, underpinned by continued weakness in the dollar and fresh oil gains. Crude nears $80 bbl on rising optimism about a global recovery and the implications for increased energy demands. Barron's article calls for Fed to hike by 200bp. Fed looks to dispell tightening rumors. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Fed looks to dispell tightening rumors. Gold slightly higher, underpinned by continued weakness in the dollar and fresh oil gains. Crude nears $80 bbl on rising optimism about a global recovery and the implications for increased energy demands. Barron's article calls for Fed to hike by 200bp. Fed looks to dispell tightening rumors. 2:21 gold, crude, oil, Fed no Fri, 16 Oct 2009 09:01:00 -0600 20091016grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold retreats on dollar bounce and slightly easier oil. Yesterday's decline in initial jobless claims is encouraging, but there were still more than half-a-million new claims filed last week and continuing claims remain sticky around 6 million. Foreclosures are on the rise as lenders work through backlog of delinquencies following the lapse of foreclosure moratoriums. RealtyTrac says more than 925k borrowers received some sort of foreclosure notice in Q3, up 23% from a year ago. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Economy remains dicey as home foreclosures mount. Gold retreats on dollar bounce and slightly easier oil. Yesterday's decline in initial jobless claims is encouraging, but there were still more than half-a-million new claims filed last week and continuing claims remain sticky around 6 million. Foreclosures are on the rise as lenders work through backlog of delinquencies following the lapse of foreclosure moratoriums. RealtyTrac says more than 925k borrowers received some sort of foreclosure notice in Q3, up 23% from a year ago. 2:28 gold, foreclosure no Thu, 15 Oct 2009 09:01:00 -0600 20091015grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold retreated on modest dollar bounce ahead of heavy economic calendar. Post-releases, dominant trends seem to be reexerting themselves. DJIA 10,000 is big news, but adjusted for inflation over last 10 years it's a less-than-impressive 7500. When Dow first cracked 10,000 in 1999 it took 30oz of gold to buy the Dow, today it takes less than 10oz. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold is gaining value as measured against Dow 10,000. Gold retreated on modest dollar bounce ahead of heavy economic calendar. Post-releases, dominant trends seem to be reexerting themselves. DJIA 10,000 is big news, but adjusted for inflation over last 10 years it's a less-than-impressive 7500. When Dow first cracked 10,000 in 1999 it took 30oz of gold to buy the Dow, today it takes less than 10oz. 2:31 gold, DJIA, Dow no Wed, 14 Oct 2009 09:42:00 -0600 20091014grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold sets another new record high overseas before retreating into the range. New 14-month lows in the dollar and a new high for the year in oil supports. A weak, but better than expected Sep US retail sales figure along with some positive earning news have boosted stocks taking some of the intraday shine off of gold. Even as DJIA approaches 10,000, disturbing undercurrents in the economy remain troubling. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Even as DJIA approaches 10,000, undercurrents in the economy remain troubling. Gold sets another new record high overseas before retreating into the range. New 14-month lows in the dollar and a new high for the year in oil supports. A weak, but better than expected Sep US retail sales figure along with some positive earning news have boosted stocks taking some of the intraday shine off of gold. Even as DJIA approaches 10,000, disturbing undercurrents in the economy remain troubling. 1:59 gold, dollar, oil, economy no Tue, 13 Oct 2009 12:35:00 -0600 20091013grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold sets another new all-time high, underpinned by continued weakness in the dollar. Firmer oil is supportive as well. The new German government is expecting their "massive" budget defict to lead to spending cuts and higher taxes. Germany's budget gap is 3.7% of GDP, ours is nearly 10%. When will US come to a similar conclusion that exploding debt and deficits are simply unsustainable. That Congress is already talking about a VAT tax and a new tax on financial conditions is an early indication that they are more inclined to tax than reign in out of control spending. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD When will US realize that exploding debt and deficits are simply unsustainable. Gold sets another new all-time high, underpinned by continued weakness in the dollar. Firmer oil is supportive as well. The new German government is expecting their "massive" budget defict to lead to spending cuts and higher taxes. Germany's budget gap is 3.7% of GDP, ours is nearly 10%. When will US come to a similar conclusion that exploding debt and deficits are simply unsustainable. That Congress is already talking about a VAT tax and a new tax on financial conditions is an early indication that they are more inclined to tax than reign in out of control spending. 3:09 gold, dollar, deficit, debt, taxes no Mon, 12 Oct 2009 12:41:00 -0600 20091012grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold remains firm on continued dollar weakness. FT reports that both politics and economics are pushing the dollar in the same direction. Bloomberg says dollar has reached a breaking point. Best US can hope for is to avoid a collapse of the currency and instead manage a gradual and systemmatic devaluation. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gradual devaluation of the dollar is the best US can hope for. Gold remains firm on continued dollar weakness. FT reports that both politics and economics are pushing the dollar in the same direction. Bloomberg says dollar has reached a breaking point. Best US can hope for is to avoid a collapse of the currency and instead manage a gradual and systemmatic devaluation. 2:14 gold, dollar, devaluation no Fri, 09 Oct 2009 09:33:00 -0600 20091009grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold modestly lower on a slightly better dollar, but a new all-time high was established in the yellow metal this week at 1061.40. Undercurrent of job losses, bank failures, a rising debt burden, hints of further bailouts and stimulus, conspire to suggest that indications of economic recovery may just be a mirage. FHA may need a taxpayer bailout. Congress considers borrowing more housing market demand from the future by extending or expanding $8000 first-time homebuyer tax credit. In coming weeks, Congress will also take up Treasury Sec Geithners request to raise the debt ceiling. This may prove to be the next big trigger that perpetuates the strong bull market in gold. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Indications of economic recovery may just be a mirage. Gold modestly lower on a slightly better dollar, but a new all-time high was established in the yellow metal this week at 1061.40. Undercurrent of job losses, bank failures, a rising debt burden, hints of further bailouts and stimulus, conspire to suggest that indications of economic recovery may just be a mirage. FHA may need a taxpayer bailout. Congress considers borrowing more housing market demand from the future by extending or expanding $8000 first-time homebuyer tax credit. In coming weeks, Congress will also take up Treasury Sec Geithners request to raise the debt ceiling. This may prove to be the next big trigger that perpetuates the strong bull market in gold. 3:55 gold, price, record, high, dollar, recovery, FHA, Geithner no Wed, 07 Oct 2009 10:30:00 -0600 20091007grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold remains well bid after setting another record high at 1048.22 overseas. The dollar has stabilized somewhat as countries alleged to be conspiring to oust the dollar as the currency for oil transactions denied the accusations. The Telegraph reported that the end of dollar hegemony began when China issued sovereign debt priced in yuan last month. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold remains well bid after setting another record high overseas. Gold remains well bid after setting another record high at 1048.22 overseas. The dollar has stabilized somewhat as countries alleged to be conspiring to oust the dollar as the currency for oil transactions denied the accusations. The Telegraph reported that the end of dollar hegemony began when China issued sovereign debt priced in yuan last month. 2:46 gold, price, record, high, dollar, oil, transactions, China, yuan no Tue, 06 Oct 2009 09:31:00 -0600 20091006grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold surges to new all-time highs as dollar is hit on news that it may get evicted as currency of choice for oil transactions. Proposed basket of currencies for oil deals reported to included gold. Stiglitz warns of 'irrational exuberance' in stocks. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold price surges to new record high. Gold surges to new all-time highs as dollar is hit on news that it may get evicted as currency of choice for oil transactions. Proposed basket of currencies for oil deals reported to included gold. Stiglitz warns of 'irrational exuberance' in stocks. 2:27 gold, price, record, high, dollar, oil, transactions, Stiglitz, stocks no Mon, 05 Oct 2009 09:07:00 -0600 20091005grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold higher as the dollar fails to sustain last week's gains. Growing concerns over jobless recovery and/or double-dip recession. Hints that G7 would seek to support the dollar proved unfounded. G7 pledged further stimulus instead, hardly a recipe for a stronger dollar. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Hints that G7 would seek to support the dollar proved unfounded. Gold higher as the dollar fails to sustain last week's gains. Growing concerns over jobless recovery and/or double-dip recession. Hints that G7 would seek to support the dollar proved unfounded. G7 pledged further stimulus instead, hardly a recipe for a stronger dollar. 2:13 gold, dollar, recession, recovery, unemployment, G7 no Fri, 02 Oct 2009 08:00:00 -0600 20091002grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold lower, weighed by a firmer dollar and weaker oil, amid rising risk aversion. Signs of an improving economy seem to be dimming. Nonfarm payrolls for Sep fell a larger than expected 263k, pushing the unemployment rate to 9.8%. GM and Chrysler sales in Sep fell 45% and 42% respectively after Aug Cash4Clunkers boost. GM drops Saturn brand. Chrysler may not survive another year. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Signs of an improving economy seem to be dimming. Gold lower, weighed by a firmer dollar and weaker oil, amid rising risk aversion. Signs of an improving economy seem to be dimming. Nonfarm payrolls for Sep fell a larger than expected 263k, pushing the unemployment rate to 9.8%. GM and Chrysler sales in Sep fell 45% and 42% respectively after Aug Cash4Clunkers boost. GM drops Saturn brand. Chrysler may not survive another year. 3:30 gold, dollar, economy, recovery, unemployment no Wed, 30 Sep 2009 12:30:00 -0600 20090930grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold regains $1,000, spurred by a softer dollar and firmer oil. Upward revision to final Q2 GDP is tempered by another bleak ADP jobs survey and a surprise drop in Chicago PMI for Sep. Senate votes on bailout for US Postal Service. IMF forecasts $1.5 trillion in banking industry write-downs still to be taken by the end of 2010. Technical outlook for gold is looking strong. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Technical outlook for gold is looking strong. Gold regains $1,000, spurred by a softer dollar and firmer oil. Upward revision to final Q2 GDP is tempered by another bleak ADP jobs survey and a surprise drop in Chicago PMI for Sep. Senate votes on bailout for US Postal Service. IMF forecasts $1.5 trillion in banking industry write-downs still to be taken by the end of 2010. Technical outlook for gold is looking strong. 2:21 gold, dollar, economic, data no Tue, 29 Sep 2009 09:50:00 -0600 20090929grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold steady, holding the low end of the recent range. Jim Rickards, director of market intelligence for Omnis, believes the Fed is looking to devalue the dollar by half over the next 14-years. This is consistent with our belief that the Fed is more likely than not to attempt to inflate our way out of debt. If we are indeed on the cusp of a 14-year dollar devaluation, that suggests that there are at least 14-years left in the bull market for gold. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD The Fed is more likely than not to attempt to inflate our way out of debt. Gold steady, holding the low end of the recent range. Jim Rickards, director of market intelligence for Omnis, believes the Fed is looking to devalue the dollar by half over the next 14-years. This is consistent with our belief that the Fed is more likely than not to attempt to inflate our way out of debt. If we are indeed on the cusp of a 14-year dollar devaluation, that suggests that there are at least 14-years left in the bull market for gold. 3:35 gold, Fed, dollar, devaluation, inflation no Mon, 28 Sep 2009 09:22:00 -0600 20090928grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold modestly lower as the market consolidates last week's losses. Little real substance comes out of G20. Borrow and consume mentality in US and creditor nations' reliance on those consumers remains deeply entrenched. It will be difficult to break the cycle with just words as actual policies of the individual countries seem to be in direct conflict with the stated goals of the G20. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Little of real substance comes out of G20 meeting. Gold modestly lower as the market consolidates last week's losses. Little real substance comes out of G20. Borrow and consume mentality in US and creditor nations' reliance on those consumers remains deeply entrenched. It will be difficult to break the cycle with just words as actual policies of the individual countries seem to be in direct conflict with the stated goals of the G20. 2:54 gold, G20 no Thu, 24 Sep 2009 10:25:00 -0600 20090924grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold sharply lower as weak existing home sales for Aug triggers risk aversion flows out of stocks and into the dollar. BoE warns that hints of recovery in the UK may be a "false dawn." The fact that the Fed reiterated its intention to keep interest rates near 0% for an extended period suggests that the Fed has its own doubts about the US economy's ability to stand on its own. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold sharply lower as risk aversion triggers flows out of stocks and into the dollar. Gold sharply lower as weak existing home sales for Aug triggers risk aversion flows out of stocks and into the dollar. BoE warns that hints of recovery in the UK may be a "false dawn." The fact that the Fed reiterated its intention to keep interest rates near 0% for an extended period suggests that the Fed has its own doubts about the US economy's ability to stand on its own. 2:16 gold, dollar, Fed, economy, recovery no Wed, 23 Sep 2009 09:53:00 -0600 20090923grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold lower ahead of FOMC policy announcement, despite continued weakness in the dollar. FOMC expected to hold steady on rates, but there are reports circulating that they have begun talks with primary dealers on future reverse repos to drain liquidity. Fed does not want to send a premature signal to the market that they are on the verge of tightening. G20 summit begins tomorrow in Pittsburgh amid conflicting priorities and agendas. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold lower ahead of FOMC policy announcement. Gold lower ahead of FOMC policy announcement, despite continued weakness in the dollar. FOMC expected to hold steady on rates, but there are reports circulating that they have begun talks with primary dealers on future reverse repos to drain liquidity. Fed does not want to send a premature signal to the market that they are on the verge of tightening. G20 summit begins tomorrow in Pittsburgh amid conflicting priorities and agendas. 2:22 gold, dollar, FOMC, interest, rates, G20 no Tue, 22 Sep 2009 09:48:00 -0600 20090922grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold sharply higher as market shrugs off IMF gold sale worries. Dollar falls to new 12-month lows amid speculation that G20 will seek to address global imbalances by encouraging the rise of currencies other than the dollar. FOMC begins 2-day meeting and while economic outlook may improve, rates are expected to be left near 0%. A new global carry trade may be emerging, but this time the dollar (rather than the yen) is the short-side of the trade. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold sharply higher as market shrugs off IMF gold sale worries. Gold sharply higher as market shrugs off IMF gold sale worries. Dollar falls to new 12-month lows amid speculation that G20 will seek to address global imbalances by encouraging the rise of currencies other than the dollar. FOMC begins 2-day meeting and while economic outlook may improve, rates are expected to be left near 0%. A new global carry trade may be emerging, but this time the dollar (rather than the yen) is the short-side of the trade. 2:53 gold, dollar, IMF, G20, FOMC, carry trade no Mon, 21 Sep 2009 10:03:00 -0600 20090921grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold softer weighed by renewed talk of IMF gold sales, a firmer dollar and softer oil. IMF executive board approved sale of 403.3 tonnes of gold on Friday. IMF will seek to limit impact on gold market by being transparent and likely by offering tonnage to the official sector. Headlines this morning suggest China may have an interest in buying entire lot to reduce dollar exposure. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD IMF executive board has approved sale of 403.3 tonnes of gold. Gold softer weighed by renewed talk of IMF gold sales, a firmer dollar and softer oil. IMF executive board approved sale of 403.3 tonnes of gold on Friday. IMF will seek to limit impact on gold market by being transparent and likely by offering tonnage to the official sector. Headlines this morning suggest China may have an interest in buying entire lot to reduce dollar exposure. 2:28 gold, dollar, IMF, sales, China no Fri, 18 Sep 2009 09:06:00 -0600 20090918grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold steady, showing good resilience in the face of a modest bounce in the dollar. Dollar gains are at least partially attributable to Sterling losses associated with worries surrounding Lloyds bank. NYU economist Roubini worries over timing and sequencing of exit strategies. Risk of protracted/renewed recession if accomodations are removed to early. Inflation and asset bubble risk if governments wait too long to implement exit strategies. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Risk of inflation and asset bubbles if governments wait too long to implement exit strategies. Gold steady, showing good resilience in the face of a modest bounce in the dollar. Dollar gains are at least partially attributable to Sterling losses associated with worries surrounding Lloyds bank. NYU economist Roubini worries over timing and sequencing of exit strategies. Risk of protracted/renewed recession if accomodations are removed to early. Inflation and asset bubble risk if governments wait too long to implement exit strategies. 2:48 gold, dollar, pound, sterling, Lloyds, inflation, Roubini, exit, strategy no Thu, 17 Sep 2009 14:11:00 -0600 20090917grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold sets new 18-month highs as the dollar continues its slide. This latest rally in gold is completely different than last year's rally. Today we are seeing good steady buying interest, minus the frenzy we saw 11-months ago. That suggests to me that this latest push above $1,000 may just have legs. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold sets new 18-month highs as the dollar continues its slide. Gold sets new 18-month highs as the dollar continues its slide. This latest rally in gold is completely different than last year's rally. Today we are seeing good steady buying interest, minus the frenzy we saw 11-months ago. That suggests to me that this latest push above $1,000 may just have legs. 2:12 gold, dollar no Wed, 16 Sep 2009 11:34:00 -0600 20090916grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold sets new 18-month highs as dollar pressures 12-month lows. Bernanke says recession may be "technically" over, but concedes economy to remain weak and unemployment high for "some time." OECD expects high unemployment in industrialized countries for years. Survey shows 61% of US workers are living paycheck to paycheck, up substantially in recent years. This presents considerable risk for a double-dip recession. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Bernanke concedes economy to remain weak and unemployment high for "some time." Gold sets new 18-month highs as dollar pressures 12-month lows. Bernanke says recession may be "technically" over, but concedes economy to remain weak and unemployment high for "some time." OECD expects high unemployment in industrialized countries for years. Survey shows 61% of US workers are living paycheck to paycheck, up substantially in recent years. This presents considerable risk for a double-dip recession. 3:08 gold, dollar, Bernanke, economy, recession, unemployment no Tue, 15 Sep 2009 10:08:00 -0600 20090915grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold slightly lower as a more stable (but still weak) US dollar limits the upside this week. Good retail sales data for Aug, boosted largely by Cash-for-Clunkers, boosts stocks and oil. Higher than expected Aug PPI, reflective of rising price risks. US/China trade tensions escalating. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD US/China trade tensions escalating. Gold slightly lower as a more stable (but still weak) US dollar limits the upside this week. Good retail sales data for Aug, boosted largely by Cash-for-Clunkers, boosts stocks and oil. Higher than expected Aug PPI, reflective of rising price risks. US/China trade tensions escalating. 2:51 gold, dollar, China, trade, tensions no Mon, 14 Sep 2009 13:07:00 -0600 20090914grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold lower as dollar bounces amid much congratulatory back slapping on the 1-yr anniversary of the Lehman Bros collapse. While we may have averted a complete financial melt-down, I think we've merely succeeded in kicking the can firther down the road. Stiglitz says, "The problems are worse than they were in 2007 before the crisis." Roubini: "The financial system is severely damaged, and it's not just the banks." Rogers: "How can the solution for debt and consumption be more debt and more consumption?" Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Financial system crisis has just been postponed. Gold lower as dollar bounces amid much congratulatory back slapping on the 1-yr anniversary of the Lehman Bros collapse. While we may have averted a complete financial melt-down, I think we've merely succeeded in kicking the can firther down the road. Stiglitz says, "The problems are worse than they were in 2007 before the crisis." Roubini: "The financial system is severely damaged, and it's not just the banks." Rogers: "How can the solution for debt and consumption be more debt and more consumption?" 2:13 gold, dollar, financial, system, crisis no Fri, 11 Sep 2009 10:48:00 -0600 20090911grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold higher as the dollar extends recent losses and traders that shorted the yellow metal earlier in the week seek to cover ahead of the weekend. A daily/weekly close above $1,000 would be a bullish event. The greenback is getting hit on all fronts, but the commodity currencies are leading as trillions in stimulus dollars, pounds, yuan and other currencies chase the same hard assets. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold higher as the dollar extends recent losses. Gold higher as the dollar extends recent losses and traders that shorted the yellow metal earlier in the week seek to cover ahead of the weekend. A daily/weekly close above $1,000 would be a bullish event. The greenback is getting hit on all fronts, but the commodity currencies are leading as trillions in stimulus dollars, pounds, yuan and other currencies chase the same hard assets. 2:46 gold, dollar no Thu, 10 Sep 2009 11:06:00 -0600 20090910grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold little changed, recovering from earlier corrective losses. Dollar continues to pressure 11-month lows. Having recommended that its citizens buy gold and silver, the government of China has a vested interest in supporting those markets. Given China's massive currency reserves and a well documented predisposition to buy gold anyway, this theory makes perfect sense. Accumulating hard assets is good for China, supporting prices with government purchases that would probably be made anyway is good for both China and its individual investors. The likely loser in this scenario is the already weakened US dollar. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD China has a vested interest in supporting gold and silver. Gold little changed, recovering from earlier corrective losses. Dollar continues to pressure 11-month lows. Having recommended that its citizens buy gold and silver, the government of China has a vested interest in supporting those markets. Given China's massive currency reserves and a well documented predisposition to buy gold anyway, this theory makes perfect sense. Accumulating hard assets is good for China, supporting prices with government purchases that would probably be made anyway is good for both China and its individual investors. The likely loser in this scenario is the already weakened US dollar. 2:20 gold, dollar, China, currency, reserves, prices no Wed, 09 Sep 2009 09:40:00 -0600 20090909grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold remains generally well bid, consolidating the latest tests above $1,000. Chinese government officially is encouraging its citizenry to buy physical gold and silver. With a population of 1.3 billion, if the government efforts are even marginally successful, the impact on the price of gold could be substantial. Barrick Gold Corp looks to offer $4.04 bln in new shares to raise capital to buy back its gold hedges. This is a huge bet on continued price appreciation of gold. However, mining shares have inherent weaknesses when compared to the actual gold. Choose the metal, not the miner. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Chinese government encouraging its citizens to buy physical gold and silver. Gold remains generally well bid, consolidating the latest tests above $1,000. Chinese government officially is encouraging its citizenry to buy physical gold and silver. With a population of 1.3 billion, if the government efforts are even marginally successful, the impact on the price of gold could be substantial. Barrick Gold Corp looks to offer $4.04 bln in new shares to raise capital to buy back its gold hedges. This is a huge bet on continued price appreciation of gold. However, mining shares have inherent weaknesses when compared to the actual gold. Choose the metal, not the miner. 3:37 gold, China, Barrick, mining, shares no Tue, 08 Sep 2009 09:22:00 -0600 20090908grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold pops above $1,000, establishing new highs for the year and is trading at levels not seen since Mar-2009. The sharp drop in the dollar is the primary driver. China expresses alarm over US dollar printing. Analysts feel 28-year rally in bonds may be over. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold above $1,000 as dollar drops sharply. Gold pops above $1,000, establishing new highs for the year and is trading at levels not seen since Mar-2009. The sharp drop in the dollar is the primary driver. China expresses alarm over US dollar printing. Analysts feel 28-year rally in bonds may be over. 2:16 gold, dollar, China, bonds no Fri, 04 Sep 2009 09:06:00 -0600 20090904grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold stabilizes ahead of the holiday weekend and in the wake of impressive gains earlier in the week. Unemployment jumped to 9.7% in Aug a new 26-yr high, with U6 now at 16.8%. The ongoing rise in unemployment dims the prospects for economic recovery. Tax receipts will continue to decline as more people simultaneously access government programs. Housing stands to come under renewed pressure. WSJ reports that FHA is in danger of violating federally mandated reserve requirements as defaults continue to rise. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Ongoing rise in unemployment dims prospect for economic recovery. Gold stabilizes ahead of the holiday weekend and in the wake of impressive gains earlier in the week. Unemployment jumped to 9.7% in Aug a new 26-yr high, with U6 now at 16.8%. The ongoing rise in unemployment dims the prospects for economic recovery. Tax receipts will continue to decline as more people simultaneously access government programs. Housing stands to come under renewed pressure. WSJ reports that FHA is in danger of violating federally mandated reserve requirements as defaults continue to rise. 3:20 gold, unemployment, U6, recovery, FHA no Thu, 03 Sep 2009 11:23:00 -0600 20090903grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold extends to the upside, establishing new 7-month highs. Little to prevent renewed probes above $1,000. Dollar remains underpinned, indicative of ongoing safe-haven flows. Bonds lower on supply concerns. PIMCO's Bill Gross thinks Fed's QE ops will continue. Higher than expected initial jobless claims last week reflective of unemployment's stubbornness. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD There is little to prevent gold probing above $1,000. Gold extends to the upside, establishing new 7-month highs. Little to prevent renewed probes above $1,000. Dollar remains underpinned, indicative of ongoing safe-haven flows. Bonds lower on supply concerns. PIMCO's Bill Gross thinks Fed's QE ops will continue. Higher than expected initial jobless claims last week reflective of unemployment's stubbornness. 2:28 gold, dollar, Fed, quantitative, easing no Wed, 02 Sep 2009 10:01:00 -0600 20090902grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold sharply higher after violating the upper limits of the symmetrical triangle pattern. Dollar steady and Treasuries firmer, suggesting flight to quality amid stock market jitters. A very long-term dollar chart is posted on News & Views page of our website www.usagold.com. The downtrend in the greenback extends back to 1898, but since the end of WWII, US money supply has increased by 5,938%. Purchasing power of the dollar has eroded to just 8% of a dollar in 1800. Meanwhile the melt value of a $1 gold coin at $47.16 has 600 times more purchasing power than that paper dollar from 1800. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold escapes upper limits of the symmetrical triangle pattern. Gold sharply higher after violating the upper limits of the symmetrical triangle pattern. Dollar steady and Treasuries firmer, suggesting flight to quality amid stock market jitters. A very long-term dollar chart is posted on News & Views page of our website www.usagold.com. The downtrend in the greenback extends back to 1898, but since the end of WWII, US money supply has increased by 5,938%. Purchasing power of the dollar has eroded to just 8% of a dollar in 1800. Meanwhile the melt value of a $1 gold coin at $47.16 has 600 times more purchasing power than that paper dollar from 1800. 2:52 gold, dollar, stock market, triangle, pattern no Tue, 01 Sep 2009 10:23:00 -0600 20090901grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold firmer, despite firmer dollar. Higher oil helps to underpin the yellow metal. Global stocks stabilize, but Wall St fails to sustain early gains stemming from some positive economic data. Investment banks very concerned over reports that Chinese SOE can unilaterally terminate derivatives contracts, highlighting counterparty risk in the $600 trillion global derivatives market. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Chinese SOE may unilaterally terminate derivatives contracts. Gold firmer, despite firmer dollar. Higher oil helps to underpin the yellow metal. Global stocks stabilize, but Wall St fails to sustain early gains stemming from some positive economic data. Investment banks very concerned over reports that Chinese SOE can unilaterally terminate derivatives contracts, highlighting counterparty risk in the $600 trillion global derivatives market. 3:07 gold, Chinese, SOE, derivatives, contracts, market no Mon, 31 Aug 2009 10:39:00 -0600 20090831grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold lower, but recovering from steeper losses earlier in the session. Heightened risk aversion initially boosted the dollar when the Shanghai Composite took a beating. Bloomberg op-ed likens dollar to Disney dollars. Developing nations continue to push for an alternative to the dollar which should continue to weigh on the greenback. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Push for alternative global currency should continue to weigh on dollar. Gold lower, but recovering from steeper losses earlier in the session. Heightened risk aversion initially boosted the dollar when the Shanghai Composite took a beating. Bloomberg op-ed likens dollar to Disney dollars. Developing nations continue to push for an alternative to the dollar which should continue to weigh on the greenback. 2:37 gold, dollar, Shanghai, stock market, alternative, global, currency no Fri, 28 Aug 2009 11:01:00 -0600 20090828grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold firmer on soft dollar and higher oil. FDIC reports that they added 111 banks to their list of "problem banks," an increase of 36%. Over the same period, the FDIC insurance fund was drawn down by 20%. FDIC insurance fund now amounts to just 4.5% of the total assets at risk on the "problem bank" list. Sweden's Riksbank becomes the first central bank with a negative interest rate on deposits. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD FDIC adds 111 banks to their list of "problem banks." Gold firmer on soft dollar and higher oil. FDIC reports that they added 111 banks to their list of "problem banks," an increase of 36%. Over the same period, the FDIC insurance fund was drawn down by 20%. FDIC insurance fund now amounts to just 4.5% of the total assets at risk on the "problem bank" list. Sweden's Riksbank becomes the first central bank with a negative interest rate on deposits. 2:56 gold, FDIC, insurance, fund, banks no Thu, 27 Aug 2009 11:04:00 -0600 20090827grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold steady on more mixed economic news, continuing to consolidate within the symmetrical triangle pattern. Q2 GDP unrevised at -1.0%. Initial claims -10k to 570k. Consolidative trading may extend through Labor Day holiday weekend. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold continuing to consolidate within symmetrical triangle pattern. Gold steady on more mixed economic news, continuing to consolidate within the symmetrical triangle pattern. Q2 GDP unrevised at -1.0%. Initial claims -10k to 570k. Consolidative trading may extend through Labor Day holiday weekend. 2:29 gold, consolidative, trading, triangle, pattern no Wed, 26 Aug 2009 09:39:00 -0600 20090826grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold slightly lower, but showing good resilience in the face of solid dollar gains. Another round of generally positive US economic data, but stock market reaction has been muted thus far. WGC says central bank gold sales were probably just 144 tonnes, vs 500 tonnes of allowed sales. CBs were in fact net buyers of gold in Q2-09. Tightening supply and continued robust investment demand bode well for the well established uptrend in the price of gold. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Tightening supply and robust investment demand bode well for gold price. Gold slightly lower, but showing good resilience in the face of solid dollar gains. Another round of generally positive US economic data, but stock market reaction has been muted thus far. WGC says central bank gold sales were probably just 144 tonnes, vs 500 tonnes of allowed sales. CBs were in fact net buyers of gold in Q2-09. Tightening supply and continued robust investment demand bode well for the well established uptrend in the price of gold. 3:29 gold, dollar, WGC, central bank, sales no Tue, 25 Aug 2009 10:37:00 -0600 20090825grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold firmer as dollar slumps. Good housing data and consumer confidence reading boost stocks once again. Bernanke reappointed to second term as Fed Chairman. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Good housing data and consumer confidence reading boost stocks. Gold firmer as dollar slumps. Good housing data and consumer confidence reading boost stocks once again. Bernanke reappointed to second term as Fed Chairman. 2:29 gold, stock market, stocks, Bernanke, Fed no Mon, 24 Aug 2009 09:40:00 -0600 20090824grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold steady, along with dollar and oil. Light economic calendar. Eyes on the stock market, following solid gains on Friday and follow-through gains overseas today on rosy picture by Bernanke and better than expected housing data. Obama administration conceded after the close on Friday that 10-year budget deficit forecast was way too low. They bumped it by more than 28% from $7.1 trillion to $9 trillion. Treasury market is already concerned about supply and another $109 bln in 2s, 5s and 7-year notes will be auctioned this week. Roubini hints at policymaker's conundrum in outlining risks for double-dip recession. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Obama administration concedes 10-year budget deficit forecast was too low. Gold steady, along with dollar and oil. Light economic calendar. Eyes on the stock market, following solid gains on Friday and follow-through gains overseas today on rosy picture by Bernanke and better than expected housing data. Obama administration conceded after the close on Friday that 10-year budget deficit forecast was way too low. They bumped it by more than 28% from $7.1 trillion to $9 trillion. Treasury market is already concerned about supply and another $109 bln in 2s, 5s and 7-year notes will be auctioned this week. Roubini hints at policymaker's conundrum in outlining risks for double-dip recession. 3:08 gold, stock market, Obama, administration, deficit, recession no Fri, 21 Aug 2009 09:49:00 -0600 20090821grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold surges as the dollar drops back toward 11-month lows established. The greenback is being hit by euro strength stemming from better than expected Eurozone PMI data. WSJ reports that the bank crisis may be entering a new stage as small/medium banks succumb to toxic assets purchased from other banks. Could add significantly to the 77 bank failures already seen this year. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Bank crisis may be entering a new stage. Gold surges as the dollar drops back toward 11-month lows established. The greenback is being hit by euro strength stemming from better than expected Eurozone PMI data. WSJ reports that the bank crisis may be entering a new stage as small/medium banks succumb to toxic assets purchased from other banks. Could add significantly to the 77 bank failures already seen this year. 3:05 gold, dollar, bank, crisis, failures no Thu, 20 Aug 2009 12:11:00 -0600 20090820grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold remains confined to the narrowing range. Charts that illustrate the symmetrical triangle I discussed earlier in the week are posted on the News & Views page at our website www.usagold.com. A bigger than expected jump in initial jobless claims to 576k severely tempers positive leading indicators and Philly Fed data. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold remains confined to narrowing range characteristic of past breakouts. Gold remains confined to the narrowing range. Charts that illustrate the symmetrical triangle I discussed earlier in the week are posted on the News & Views page at our website www.usagold.com. A bigger than expected jump in initial jobless claims to 576k severely tempers positive leading indicators and Philly Fed data. 2:37 gold, range, breakout, gains no Wed, 19 Aug 2009 10:03:00 -0600 20090819grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold surges in early NY trading. A corresonding jump in Treasuries (and CHF) is suggestive of flight to quality. The Shanghai Composite Index has reentered a bear market based on a more than 20% retracement of the last 10-months of gains. Hints from the Chinese government that they would be looking to reign in lending for the remainder of the year may have played a role in the collapse of the stock market. This may well give Washington pause when it comes to our own so-called "exit strategies." Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold surge in early NY trading suggestive of a flight to quality. Gold surges in early NY trading. A corresonding jump in Treasuries (and CHF) is suggestive of flight to quality. The Shanghai Composite Index has reentered a bear market based on a more than 20% retracement of the last 10-months of gains. Hints from the Chinese government that they would be looking to reign in lending for the remainder of the year may have played a role in the collapse of the stock market. This may well give Washington pause when it comes to our own so-called "exit strategies." 2:46 gold, Shanghai, Chinese, stock market, collapse no Tue, 18 Aug 2009 14:14:00 -0600 20090818grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold slightly higher as recent dollar gains fail to clear near term resistance. Recent higher highs and higher lows technically favorable. Medium term, gold remains consolidative within a narrowing range. Zimbabwe dollar has collapsed due to viral inflation that resulted from central bank printing currency to fund government spending. Transactions in Zimbabwe are now being conducted in ZAR and USD. Given the outlook for USD, Zimbabwe may have simply gone from the fire into the frying pan. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Zimbabwe dollar has collapsed due to viral inflation. Gold slightly higher as recent dollar gains fail to clear near term resistance. Recent higher highs and higher lows technically favorable. Medium term, gold remains consolidative within a narrowing range. Zimbabwe dollar has collapsed due to viral inflation that resulted from central bank printing currency to fund government spending. Transactions in Zimbabwe are now being conducted in ZAR and USD. Given the outlook for USD, Zimbabwe may have simply gone from the fire into the frying pan. 2:57 gold, dollar, Zimbabwe, inflation, currency no Mon, 17 Aug 2009 12:23:00 -0600 20090817grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold sharply lower as waning investor confidence hits global stocks. Risk aversion boosts the dollar. Mid-August slump is typical and often kick-starts seasonal demand usually seen going into year-end. Five more bank failures last week, brings total number of failures this year to 77. Rising percentage drain on FDIC deposit insurance fund is troubling. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Five more bank failures last week brings total this year to 77. Gold sharply lower as waning investor confidence hits global stocks. Risk aversion boosts the dollar. Mid-August slump is typical and often kick-starts seasonal demand usually seen going into year-end. Five more bank failures last week, brings total number of failures this year to 77. Rising percentage drain on FDIC deposit insurance fund is troubling. 2:58 gold, FDIC, bank, failure no Fri, 14 Aug 2009 11:31:00 -0600 20090814grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold lower, weighed by sharply lower oil prices. Weak industrial production and capacity utilization does not bode well for a recovery and consequently expectations for energy demand have been tempered. U Michigan consumer sentiment for Aug came in well below market expectations. A tentative US consumer does not bode well for economic recovery, either domestically or globally. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Sharply lower oil prices weighs on gold. Gold lower, weighed by sharply lower oil prices. Weak industrial production and capacity utilization does not bode well for a recovery and consequently expectations for energy demand have been tempered. U Michigan consumer sentiment for Aug came in well below market expectations. A tentative US consumer does not bode well for economic recovery, either domestically or globally. 2:40 gold, oil, recovery, consumer, sentiment no Thu, 13 Aug 2009 09:04:00 -0600 20090813grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold rebounds as dollar fails to sustain recent gains. Higher oil helps to support gold. US retail sales for July fell more than expected. US initial jobless claims jumped 4k to 558k. RealtyTrac reports US home foreclosures were up 7% in July, a 32% y/y increase and a new record. Fed held rates steady yesterday. Says they will wind down $300 bln Tsy buy-back plan by Oct, but this is not the end of quantitative easing. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold rebounds as dollar fails to sustain recent gains. Gold rebounds as dollar fails to sustain recent gains. Higher oil helps to support gold. US retail sales for July fell more than expected. US initial jobless claims jumped 4k to 558k. RealtyTrac reports US home foreclosures were up 7% in July, a 32% y/y increase and a new record. Fed held rates steady yesterday. Says they will wind down $300 bln Tsy buy-back plan by Oct, but this is not the end of quantitative easing. 3:04 gold, dollar, Fed, quantitative, easing no Wed, 12 Aug 2009 10:43:00 -0600 20090812grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold steady as markets await this afternoon's FOMC policy statement. Global trade has collapsed over the past year. IMF reports exports have fallen by 36%. Global shipping is in crisis as a result. The temptation to devalue currency to revive exports is undoubtedly growing. Raising the risk that a cycle of competitive currency devaluations will ensue. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Global trade collapse raises risk of currency devaluations. Gold steady as markets await this afternoon's FOMC policy statement. Global trade has collapsed over the past year. IMF reports exports have fallen by 36%. Global shipping is in crisis as a result. The temptation to devalue currency to revive exports is undoubtedly growing. Raising the risk that a cycle of competitive currency devaluations will ensue. 2:55 gold, FOMC, currency, devaluations, trade, exports no Tue, 11 Aug 2009 09:56:00 -0600 20090811grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold lower, weighed by dollar firmness as the FOMC convenes. The deficit grew by $181B in July to $1.3T. Not surprising given the 21% increaase in spending and the 17% decline in revenues. With total debt nearing $11.7T, the $12.1T debt ceiling may come into play as soon as Oct. Tsy Sec Geithner has asked Congress to raise the debt ceiling citing the importance that investors here and around the world maintain confidence. Given the massive supply of debt already being foisted on the market, that confidence is already wavering. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD FOMC meets while debt approaches $12.1 trillion ceiling. Gold lower, weighed by dollar firmness as the FOMC convenes. The deficit grew by $181B in July to $1.3T. Not surprising given the 21% increaase in spending and the 17% decline in revenues. With total debt nearing $11.7T, the $12.1T debt ceiling may come into play as soon as Oct. Tsy Sec Geithner has asked Congress to raise the debt ceiling citing the importance that investors here and around the world maintain confidence. Given the massive supply of debt already being foisted on the market, that confidence is already wavering. 3:04 gold, dollar, FOMC, deficit, debt, ceiling no Mon, 10 Aug 2009 09:58:00 -0600 20090810grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold lower, weighed by dollar firmness and falling ETF interest. FOMC meets this week and is expected to focus on the developing commercial real estate crisis. Better than expected July payrolls may allow greater emphasis on "exit strategy." Talk that Fed may allow $300 bln Trsy purchase plan to expire, but extensions/expansions of TSLF and TALF. Fed funds futures continue to price in a rate hike by year end, but still seems unlikely. Huge $75 bln quarterly refunding this week. Another new record. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD FOMC meeting to focus on real estate crisis. Gold lower, weighed by dollar firmness and falling ETF interest. FOMC meets this week and is expected to focus on the developing commercial real estate crisis. Better than expected July payrolls may allow greater emphasis on "exit strategy." Talk that Fed may allow $300 bln Trsy purchase plan to expire, but extensions/expansions of TSLF and TALF. Fed funds futures continue to price in a rate hike by year end, but still seems unlikely. Huge $75 bln quarterly refunding this week. Another new record. 2:32 gold, ETF, Fed, FOMC no Fri, 07 Aug 2009 10:40:00 -0600 20090807grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold modestly lower in choppy trading stemming from a better than expected payrolls report for July and news of a new Central Bank Gold Agreement. A firmer dollar is weighing on gold as well. New CBGA reduces maximum annual sales by 20% to 400 tonnes. Central banks have fallen well shy of max sales for years. New CBGA recognizes IMF's desire to sell 403 tonnes and says it can be accomplished within the new agreement. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD A new central bank agreement on gold. Gold modestly lower in choppy trading stemming from a better than expected payrolls report for July and news of a new Central Bank Gold Agreement. A firmer dollar is weighing on gold as well. New CBGA reduces maximum annual sales by 20% to 400 tonnes. Central banks have fallen well shy of max sales for years. New CBGA recognizes IMF's desire to sell 403 tonnes and says it can be accomplished within the new agreement. 2:32 gold, CBGA, central bank, agreement, IMF no Thu, 06 Aug 2009 10:59:00 -0600 20090806grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold firmer, despite firmness in the dollar. Positive seasonal factors for gold may be taking hold. Most of gold's annual gains tend to occur in the last five-months of the year. WGC expects Indian buying to be good this year. Softness in the rupee may prompt Indian buyers to make their purchase sooner rather than later. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold firmer on seasonal factors despite stronger dollar. Gold firmer, despite firmness in the dollar. Positive seasonal factors for gold may be taking hold. Most of gold's annual gains tend to occur in the last five-months of the year. WGC expects Indian buying to be good this year. Softness in the rupee may prompt Indian buyers to make their purchase sooner rather than later. 2:29 gold, seasonal, factors, WGC, Indian, buying no Wed, 05 Aug 2009 10:54:00 -0600 20090805grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold modestly lower, weighed by a bounce in the dollar and sharply lower stocks. July ADP employment survey weaker than expected. Market has sense of unease as we approach one-year anniversary of Fannie/Freddie/Lehman collapse. Regulators acknowledge GSEs won't be able to pay back bailout funds. Moodys says Fannie/Freddie may be "wound down." GMAC reports $2B Q2 loss and CFO says they don't have a "clear answer" for how they will meet new capital requirement of $5.6B mandated by stress test by 09-Nov. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Approaching the anniversary of Fannie/Freddie/Lehman collapse. Gold modestly lower, weighed by a bounce in the dollar and sharply lower stocks. July ADP employment survey weaker than expected. Market has sense of unease as we approach one-year anniversary of Fannie/Freddie/Lehman collapse. Regulators acknowledge GSEs won't be able to pay back bailout funds. Moodys says Fannie/Freddie may be "wound down." GMAC reports $2B Q2 loss and CFO says they don't have a "clear answer" for how they will meet new capital requirement of $5.6B mandated by stress test by 09-Nov. 3:32 gold, Fannie, Freddie, GSE, GMAC no Tue, 04 Aug 2009 09:50:00 -0600 20090804grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold rebounds from modest overseas downticks to move higher on the day, underpinned by dollar weakness. "Increased risk appetite" is also being cited. Jonathan Kosares suggests "inflation" can easily be substituted for "increased risk appetite." Perhaps the market is recalibrating risk and coming to the conclusion that the dollar is not the place to be. US tax revenues expected to decline by 18% this year, the largest decline since the great depression. With spending continuing to accelerate and tax revenues dwindling, it doesn't take an accounting degree to calculate the implications. More borrowing, even bigger deficits and the possibility of tax hikes. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Inflation is another name for increased risk appetite. Gold rebounds from modest overseas downticks to move higher on the day, underpinned by dollar weakness. "Increased risk appetite" is also being cited. Jonathan Kosares suggests "inflation" can easily be substituted for "increased risk appetite." Perhaps the market is recalibrating risk and coming to the conclusion that the dollar is not the place to be. US tax revenues expected to decline by 18% this year, the largest decline since the great depression. With spending continuing to accelerate and tax revenues dwindling, it doesn't take an accounting degree to calculate the implications. More borrowing, even bigger deficits and the possibility of tax hikes. 3:26 gold, market, inflation, risk, tax no Mon, 03 Aug 2009 09:52:00 -0600 20090803grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold remains well bid in the wake of solid gains late last week. Five more bank failures last week raises the total number of federally insured banks to collapse to 69. As of Q1, 305 banks are on the FDIC troubled institutions list. Systemic risks mount on rising loan defaults. Wilbur Ross says Americans are just as in-debt as ever, but now it's the government holding the note rather than the banks. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Five more bank failures argue for gold to diversify your portfolio. Gold remains well bid in the wake of solid gains late last week. Five more bank failures last week raises the total number of federally insured banks to collapse to 69. As of Q1, 305 banks are on the FDIC troubled institutions list. Systemic risks mount on rising loan defaults. Wilbur Ross says Americans are just as in-debt as ever, but now it's the government holding the note rather than the banks. 3:02 gold, market, bullion, dollar, bank, failure no Fri, 31 Jul 2009 12:36:00 -0600 20090731grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold surges as heightened risk appetite drives flows into commodities. Dollar index tumbles to new lows for the year. Q2 GDP -1.0%. Q1 GDP revised down to -6.4%. Strong physical demand from India noted on the recent dip, suggesting the low end of the range is protected. Funds taking advantage of well defined risk. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Strong physical gold demand from India. Gold surges as heightened risk appetite drives flows into commodities. Dollar index tumbles to new lows for the year. Q2 GDP -1.0%. Q1 GDP revised down to -6.4%. Strong physical demand from India noted on the recent dip, suggesting the low end of the range is protected. Funds taking advantage of well defined risk. 2:59 gold, market, bullion, dollar, commodities, GDP no Thu, 30 Jul 2009 11:11:00 -0600 20090730grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold higher as recent dollar gains falter and oil rebounds sharply. Much higher than expected initial jobless claims for last week, temper good earnings news. Nonetheless optimism about an economic recovery seems to be back on the rise, resulting in increased appetite for risk. IMF official hints gold sale may take place off market. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Oil price rises sharply, IMF discusses off-market gold sales. Gold higher as recent dollar gains falter and oil rebounds sharply. Much higher than expected initial jobless claims for last week, temper good earnings news. Nonetheless optimism about an economic recovery seems to be back on the rise, resulting in increased appetite for risk. IMF official hints gold sale may take place off market. 3:28 gold, market, bullion, dollar, IMF no Wed, 29 Jul 2009 11:38:00 -0600 20090729grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold continues to slide on rising risk aversion resulting in flows back into the dollar and Treasuries. Oil continues to slide. Treasury Secretary says he's going to sustain and reinforce trends in current account deficit and savings rate. Current account gap has shrunk as a result of the collapse in oil prices and reduced consumption of goods largely produced overseas. As for savings, every policy currently in place actually disincentivizes saving. The savings rate is primarily being driven by uncertainty and fear. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Paper savings is at risk of inflation, despite Treasury-speak. Gold continues to slide on rising risk aversion resulting in flows back into the dollar and Treasuries. Oil continues to slide. Treasury Secretary says he's going to sustain and reinforce trends in current account deficit and savings rate. Current account gap has shrunk as a result of the collapse in oil prices and reduced consumption of goods largely produced overseas. As for savings, every policy currently in place actually disincentivizes saving. The savings rate is primarily being driven by uncertainty and fear. 4:37 gold, market, bullion, dollar, IMF no Tue, 28 Jul 2009 10:04:00 -0600 20090728grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold slides as soft earnings news hits stocks, driving flows back into dollars and Treasuries. Dollar bounces and Treasuries are higher at the long end of the curve, despite record new supply hitting the market this week. China expresses concern over the security of its assets. Geithner pledges sustainable deficits by 2013, essentially admitting that current debt load is unsustainable. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD China worries about value of dollar and U.S. IOUs. Gold slides as soft earnings news hits stocks, driving flows back into dollars and Treasuries. Dollar bounces and Treasuries are higher at the long end of the curve, despite record new supply hitting the market this week. China expresses concern over the security of its assets. Geithner pledges sustainable deficits by 2013, essentially admitting that current debt load is unsustainable. 2:55 gold, market, bullion, dollar, Geithner, China no Mon, 27 Jul 2009 10:04:00 -0600 20090727grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold higher as dollar pressures lows for the year. Bernanke says he supports Treasury's "strong dollar policy." Of course current monetary policy is the antithesis of "strong dollar policy." Bernanke on goodwill tour for Fed. Bernanke says unemployment to exceed 10% and remain high even after US exits recession. Would be "several years" before US is back on track. Seven Treasury auctions totalling in excess of $200 bln. Concerns that supply will overwhelm demand and drive interest rates higher, widening the gap with Fed funds and putting Bernanke's feet to the fire. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Bernanke provides lip service to strong dollar policy. Gold higher as dollar pressures lows for the year. Bernanke says he supports Treasury's "strong dollar policy." Of course current monetary policy is the antithesis of "strong dollar policy." Bernanke on goodwill tour for Fed. Bernanke says unemployment to exceed 10% and remain high even after US exits recession. Would be "several years" before US is back on track. Seven Treasury auctions totalling in excess of $200 bln. Concerns that supply will overwhelm demand and drive interest rates higher, widening the gap with Fed funds and putting Bernanke's feet to the fire. 3:12 gold, market, bullion, dollar, Bernanke, Treasury no Thu, 23 Jul 2009 15:28:00 -0600 20090723grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold little changed, but relatively well bid. DJIA moves above 9000, but higher than expected initial claims keeps concerns focused on jobs, which may prove a limiting factor for shares. Massive Treasury offering of $205 bln scheduled for tomorrow, indicative of ongoing refunding needs as the national debt continues to swell. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Dow crosses 9000 amid soaring national debt. Gold little changed, but relatively well bid. DJIA moves above 9000, but higher than expected initial claims keeps concerns focused on jobs, which may prove a limiting factor for shares. Massive Treasury offering of $205 bln scheduled for tomorrow, indicative of ongoing refunding needs as the national debt continues to swell. 2:29 gold, DJIA, Treasury, debt no Wed, 22 Jul 2009 12:13:00 -0600 20090722grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold slighty easier. Dollar gets a modest boost after Fed Chairman Bernanke attempted to dispell concerns about rising inflation risks. Bernanke remains concerned about rising unemployment. Bernanke questioned on 2200% increase in central bank swap arrangements. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Bernanke talks down inflation risk, questioned over cental bank swap arrangements. Gold slighty easier. Dollar gets a modest boost after Fed Chairman Bernanke attempted to dispell concerns about rising inflation risks. Bernanke remains concerned about rising unemployment. Bernanke questioned on 2200% increase in central bank swap arrangements. 3:32 gold, Fed, Bernanke, central bank no Tue, 21 Jul 2009 09:51:00 -0600 20090721grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold remains well bid in the wake of yesterday's solid gains. A soft dollar and firm oil continue to underpin the yellow metal. Market awaits Bernanke monetary policy testimony. Bernanke writes WSJ op-ed giving thumbnail sketch of some 'exit strategy' options, but is adamant that loose policy will prevail for an "extended period." Neil Barofsky, special inspector general for TARP, will also testify today and will tell a House committee that, 'The total potential federal government support could reach up to $23.7 trillion.' That number is virtually unfathomable, but apparently reflects the maximum exposure to the taxpayer of all extrordinary measures employed and proposed thus far. Perhaps it's somewhat misleading and a treasury official says total spending has been less than $2 trillion thus far. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Federal Governement bailout support may reach $23 trillion. Gold remains well bid in the wake of yesterday's solid gains. A soft dollar and firm oil continue to underpin the yellow metal. Market awaits Bernanke monetary policy testimony. Bernanke writes WSJ op-ed giving thumbnail sketch of some 'exit strategy' options, but is adamant that loose policy will prevail for an "extended period." Neil Barofsky, special inspector general for TARP, will also testify today and will tell a House committee that, 'The total potential federal government support could reach up to $23.7 trillion.' That number is virtually unfathomable, but apparently reflects the maximum exposure to the taxpayer of all extrordinary measures employed and proposed thus far. Perhaps it's somewhat misleading and a treasury official says total spending has been less than $2 trillion thus far. 3:31 gold, Fed, Bernanke, Barofsky no Mon, 20 Jul 2009 10:42:00 -0600 20090720grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold is sharply higher, spurred by a weaker dollar ahead of this week's semi-annual testiimony by Fed Chairman Bernanke on monetary policy. Funds reportedly buying gold. Firmer oil increasing the inflation hedge appeal of gold. Will Bernanke detail 'exit strategies' before Congress? I'm guessing he does all he can to avoid detail, or he risks undoing any limited benefits derived from loose and expansive monetary policty thus far. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Use gold to diversify your portfolio. Gold is sharply higher, spurred by a weaker dollar ahead of this week's semi-annual testiimony by Fed Chairman Bernanke on monetary policy. Funds reportedly buying gold. Firmer oil increasing the inflation hedge appeal of gold. Will Bernanke detail 'exit strategies' before Congress? I'm guessing he does all he can to avoid detail, or he risks undoing any limited benefits derived from loose and expansive monetary policty thus far. 3:25 gold, Fed, Bernanke, Congress no Fri, 17 Jul 2009 13:57:00 -0600 20090717grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold modestly firmer at the upper end of this weeks range. Softer dollar and firmer oil help to support. Bernanke advice to Japan during its liquidity trap may give some clues as to the path we are presently going down. In my opinion, the tug-of-war between inflation and deflation, I believe inflation ultimately wins out because Bernanke has the power (via the printing press), and apparently the predisposition to make it so. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Federal Reserve defeats deflation through printing press. Gold modestly firmer at the upper end of this weeks range. Softer dollar and firmer oil help to support. Bernanke advice to Japan during its liquidity trap may give some clues as to the path we are presently going down. In my opinion, the tug-of-war between inflation and deflation, I believe inflation ultimately wins out because Bernanke has the power (via the printing press), and apparently the predisposition to make it so. 3:15 gold, Bernanke, inflation, deflation, printing press no Thu, 16 Jul 2009 09:37:00 -0600 20090716grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold is fairly steady, maintaining gains in the face of yesterday's solid gains. Better than expected initial claims may be playing into rising concerns about inflation. RealtyTrac reports record 1.9 mln foreclosure filings in H1-09 and citing rising unemployment as the primary driver. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold gains amid record foreclosures. Gold is fairly steady, maintaining gains in the face of yesterday's solid gains. Better than expected initial claims may be playing into rising concerns about inflation. RealtyTrac reports record 1.9 mln foreclosure filings in H1-09 and citing rising unemployment as the primary driver. 2:39 gold, foreclosure, unemployment no Wed, 15 Jul 2009 13:44:00 -0600 20090715grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold is sharply higher, spurred by a weaker dollar, hints of inflation and rising expectations of additional stimulus. Capacity utilization falls to new record low of 68%. With nearly a third of US industrial capacity idled, the implications for employment are quite dire. Mort Zuckerman says the economy is in much worse shape that you may think, largely based on the fact that employment is far worse than the headline 9.5% unemployment figure. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Dollar weakens as further stimulus is expected. Gold is sharply higher, spurred by a weaker dollar, hints of inflation and rising expectations of additional stimulus. Capacity utilization falls to new record low of 68%. With nearly a third of US industrial capacity idled, the implications for employment are quite dire. Mort Zuckerman says the economy is in much worse shape that you may think, largely based on the fact that employment is far worse than the headline 9.5% unemployment figure. 3:46 gold, stimulus, unemployment no Tue, 14 Jul 2009 12:59:00 -0600 20090714grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold is firmer on indication of rising inflation at the wholesale level. Rising systemic concerns, centered on worries over CIT Group failure or bailout, are helping to bolster gold as well. CBO says debt could exceed 60% of GDP next year and 100% of GDP by 2023. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD U.S. debt could exceed 60% of GDP next year. Gold is firmer on indication of rising inflation at the wholesale level. Rising systemic concerns, centered on worries over CIT Group failure or bailout, are helping to bolster gold as well. CBO says debt could exceed 60% of GDP next year and 100% of GDP by 2023. 3:15 gold, GDP, bailout no Mon, 13 Jul 2009 11:29:00 -0600 20090713grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold is lower weighed by a firmer dollar and the inability of oil to gain any traction on an intraday uptick. Waning confidence in an economic recovery continues. Larry Summers doesn't think the worst is over. Central bankers returning to gold and the dollar. Yet, our central bank continues to pile up increasingly dubious assets on its balance sheet. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Larry Summers thinks the worst is not over. Gold is lower weighed by a firmer dollar and the inability of oil to gain any traction on an intraday uptick. Waning confidence in an economic recovery continues. Larry Summers doesn't think the worst is over. Central bankers returning to gold and the dollar. Yet, our central bank continues to pile up increasingly dubious assets on its balance sheet. 3:45 gold, Summers, oil no Fri, 10 Jul 2009 11:51:00 -0600 20090710grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold is lower as choppy trading has prevailed in most markets for much of the week. Despite initial expectations, there have been some more exciting currency related comments out of the G8. Speaking before an audiance that included US President Obama and UK PM Brown, China's representative made a rather official call for currency reform. French President Sarkozy weighed in in favor of a multi-monetary system as well. Calls for an end to dollar hegemony certainly don't seem to be losing any momentum. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD China calls for currency reform at G8. Gold is lower as choppy trading has prevailed in most markets for much of the week. Despite initial expectations, there have been some more exciting currency related comments out of the G8. Speaking before an audiance that included US President Obama and UK PM Brown, China's representative made a rather official call for currency reform. French President Sarkozy weighed in in favor of a multi-monetary system as well. Calls for an end to dollar hegemony certainly don't seem to be losing any momentum. 2:14 gold, G8, China, Sarkozy no Thu, 09 Jul 2009 11:52:00 -0600 20090709grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold is firmer, underpinned by retracment of recent dollar gains and higher oil. News that South African gold output was down 10.5% y/y in May also seen as supportive. Rumors that G8 statement will include reference to currencies to the effect that member nations will seek to promote a stable monetary system and not engage in competitive currency devaluation. I would argue the system is pretty unstable as it is and that currency devaluations are ongoing. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD South African gold mining declines by ten percent. Gold is firmer, underpinned by retracment of recent dollar gains and higher oil. News that South African gold output was down 10.5% y/y in May also seen as supportive. Rumors that G8 statement will include reference to currencies to the effect that member nations will seek to promote a stable monetary system and not engage in competitive currency devaluation. I would argue the system is pretty unstable as it is and that currency devaluations are ongoing. 3:37 gold, G8, currency, devaluation no Wed, 08 Jul 2009 14:16:00 -0600 20090708grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold is lower, weighed by firmer dollar and softer oil. Dollar got a boost from G8's failure to mention currencies in their draft communique. Oil weighed by larger than expected EIA gasoline and distillates inventory builds. The market interpreted lax demand for fuel as an indication we're still in a broad economic malaise. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD A broad economic malaise. Gold is lower, weighed by firmer dollar and softer oil. Dollar got a boost from G8's failure to mention currencies in their draft communique. Oil weighed by larger than expected EIA gasoline and distillates inventory builds. The market interpreted lax demand for fuel as an indication we're still in a broad economic malaise. 2:22 gold, G8, communique no Tue, 07 Jul 2009 13:43:00 -0600 20090707grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold is up slightly in otherwise choppy trade, currently trading at $928. G8 Summit starts tomorrow. It was rumored that the dollar reserve currency status was going to be a primary topic of discussion, but that has been abondoned China has no immediate benefit to undermining the dollar's status as the reserve currency at this time. As China completes its diversification away from dollars, this will move from rumor to reality. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD China considers diversification away from dollars. Gold is up slightly in otherwise choppy trade, currently trading at $928. G8 Summit starts tomorrow. It was rumored that the dollar reserve currency status was going to be a primary topic of discussion, but that has been abondoned China has no immediate benefit to undermining the dollar's status as the reserve currency at this time. As China completes its diversification away from dollars, this will move from rumor to reality. 3:23 gold, G8, reserve, currency, China no Mon, 06 Jul 2009 13:48:00 -0600 20090706grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold is slightly lower today currently down $6 to $924. Oil is weaker because of dampened demand due to economic weakness. Gold and stocks have historically been negatively correlated, although recently have been moving in the same direction. When they decouple, which will benefit? Hard to make the case for stocks given the current economic climate, and the spectre of inflation. It appears that gold is best poised to move bullish. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Comparing gold and stocks. Gold is slightly lower today currently down $6 to $924. Oil is weaker because of dampened demand due to economic weakness. Gold and stocks have historically been negatively correlated, although recently have been moving in the same direction. When they decouple, which will benefit? Hard to make the case for stocks given the current economic climate, and the spectre of inflation. It appears that gold is best poised to move bullish. 4:10 gold, oil, stocks no Thu, 02 Jul 2009 12:02:00 -0600 20090702grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold lower, down $10 on the day, trading in the $930 range. Non-Farm payrolls showed a loss of 467,000 jobs, versus an expected loss of 325,000. Unemployment rate hits 9.5%. Bank of England is being urged to further ramp up quantitative easing efforts to stimulate economy. Monetary stimulus continues to be largely ineffective in stoking economic recovery, and weighs on the long term value of all currencies. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Monetary stimulus weighs on the long term value of all currencies. Gold lower, down $10 on the day, trading in the $930 range. Non-Farm payrolls showed a loss of 467,000 jobs, versus an expected loss of 325,000. Unemployment rate hits 9.5%. Bank of England is being urged to further ramp up quantitative easing efforts to stimulate economy. Monetary stimulus continues to be largely ineffective in stoking economic recovery, and weighs on the long term value of all currencies. 4:03 gold, quantitative, easing, stimulus no Tue, 30 Jun 2009 12:59:00 -0600 20090630grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold mostly lower on weaker than expected consumer confidence numbers. Weaker consumer confidence diminishes appetite for risk, supporting an upside move in the dollar. It is unlikely that the classification of the dollar as a safe haven asset can persist indefinitely, given the current US economic policy. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Weaker consumer confidence diminishes appetite for risk. Gold mostly lower on weaker than expected consumer confidence numbers. Weaker consumer confidence diminishes appetite for risk, supporting an upside move in the dollar. It is unlikely that the classification of the dollar as a safe haven asset can persist indefinitely, given the current US economic policy. 3:00 gold, safe, haven, consumer, confidence no Mon, 29 Jun 2009 14:04:00 -0600 20090629grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold up $2, largely unchanged on the day China and Brazil seeking to trade in local currencies, rather than in the US Dollar. Potentially negative dollar events loom. Summer Doldrums are here, with the market having a quiet tone. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Summer Doldrums are here. Gold up $2, largely unchanged on the day China and Brazil seeking to trade in local currencies, rather than in the US Dollar. Potentially negative dollar events loom. Summer Doldrums are here, with the market having a quiet tone. 3:16 gold, Summer, doldrums no Fri, 26 Jun 2009 10:48:00 -0600 20090626grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold higher as dollar retreats within its range. EUR and CHF boosted by economic data. Renewed calls from China for super-sovereign reserve alternative to the dollar. Greenspan expresses concern about inflation. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Greenspan expresses concern about inflation. Gold higher as dollar retreats within its range. EUR and CHF boosted by economic data. Renewed calls from China for super-sovereign reserve alternative to the dollar. Greenspan expresses concern about inflation. 3:26 gold, Greenspan no Thu, 25 Jun 2009 10:35:00 -0600 20090625grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold higher, despite firmer dollar. SNB intervenes to halt CHF gains, particularly against the euro. Makes gold more attractive as a safe-haven. FOMC meeting yesterday offered little change in policy statement, although failure to mention 'exit stratetgies' may give pause to further rate hike speculation. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Using gold to diversify your portfolio. Gold higher, despite firmer dollar. SNB intervenes to halt CHF gains, particularly against the euro. Makes gold more attractive as a safe-haven. FOMC meeting yesterday offered little change in policy statement, although failure to mention 'exit stratetgies' may give pause to further rate hike speculation. 3:06 gold, FOMC, policy no Wed, 24 Jun 2009 09:20:00 -0600 20090624grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold surges in early-NY trading. Dollar slips within its range. Focus on FOMC policy statement this afternoon. Likely indication that a rate hike is not in the offing anytime soon. Possible upward revisions to unemployment and CPI forecasts. OECD revises growth forecasts higher to -4.1% for 2009. Still a bad number and well below World Bank's downward growth revisions from earlier in the week. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold surges in early-NY trading. Gold surges in early-NY trading. Dollar slips within its range. Focus on FOMC policy statement this afternoon. Likely indication that a rate hike is not in the offing anytime soon. Possible upward revisions to unemployment and CPI forecasts. OECD revises growth forecasts higher to -4.1% for 2009. Still a bad number and well below World Bank's downward growth revisions from earlier in the week. 3:13 gold, OECD, FOMC, statement no Tue, 23 Jun 2009 09:45:00 -0600 20090623grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold steady, underpinned somewhat by softer dollar and a bounce in oil. Consolidative trading likely as traders await the outcome of Fed FOMC meeting. No significant policy shift expected. May see some definitive statement to quell rate hike speculation. Exit strategies may get mention. Fed is willing to concede some level of inflation in favor of economic growth and employment. The risk Fed runs is that they wait too long to implement exit strategies and hyper-inflation results. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Fed accepts inflation in favor of economic growth and employment. Gold steady, underpinned somewhat by softer dollar and a bounce in oil. Consolidative trading likely as traders await the outcome of Fed FOMC meeting. No significant policy shift expected. May see some definitive statement to quell rate hike speculation. Exit strategies may get mention. Fed is willing to concede some level of inflation in favor of economic growth and employment. The risk Fed runs is that they wait too long to implement exit strategies and hyper-inflation results. 2:36 gold, Fed, inflation no Mon, 22 Jun 2009 10:27:00 -0600 20090622grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold weaker as downward revision of global GDP forecasts from World Bank. Inflation risks reduced. Oil and US stocks lower as risk aversion flows back into treasuries bolster the dollar. IMF chief economist suggests "fairly substantial adjustments in the dollar" necessary for sustained recovery. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gloomy outlook from World Bank and IMF. Gold weaker as downward revision of global GDP forecasts from World Bank. Inflation risks reduced. Oil and US stocks lower as risk aversion flows back into treasuries bolster the dollar. IMF chief economist suggests "fairly substantial adjustments in the dollar" necessary for sustained recovery. 3:10 gold, IMF, World Bank no Fri, 19 Jun 2009 10:12:00 -0600 20090619grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold firmer within the range, bolstered by softer dollar and bonds, along with firmer oil. No market reaction to Congressional approval for IMF reps to approve IMF gold sales. Whether our IMF reps actually vote our critical shares in the affirmative remains to be seen. If IMF gold sales do actually occur, the official sector is likely to readily absorb the 403 tonnes and they never see the open market. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Congress approves IMF gold sales. Gold firmer within the range, bolstered by softer dollar and bonds, along with firmer oil. No market reaction to Congressional approval for IMF reps to approve IMF gold sales. Whether our IMF reps actually vote our critical shares in the affirmative remains to be seen. If IMF gold sales do actually occur, the official sector is likely to readily absorb the 403 tonnes and they never see the open market. 3:06 gold, IMF, Congress, gold, sales no Thu, 18 Jun 2009 11:04:00 -0600 20090618grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold steady along with dollar and oil. Treasuries under pressure. Initial jobless claims +3k to 608k. Better than expected Philly Fed index. SNB holds steady on rates, but warns that they will continue to take "firm action" to prevent CHF appreciation. Extrordinary measures to keep the CHF in check detracts from Switzerland's stable, reliable and private image as a banking center. This makes gold all the more attractive as a store of wealth. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Swiss National Bank keeps franc on short leash. Gold steady along with dollar and oil. Treasuries under pressure. Initial jobless claims +3k to 608k. Better than expected Philly Fed index. SNB holds steady on rates, but warns that they will continue to take "firm action" to prevent CHF appreciation. Extrordinary measures to keep the CHF in check detracts from Switzerland's stable, reliable and private image as a banking center. This makes gold all the more attractive as a store of wealth. 3:26 gold, Swiss, franc, gold, Switzerland no Wed, 17 Jun 2009 11:09:00 -0600 20090617grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold steady as dollars trades with its recent range. Bond market seems to be setting the tone these days. Bonds rallied on below expecations CPI, which pushed dollar lower within the range and bolstered gold somewhat. Fed looks to curtail speculation about a rate hike. How they do this poses some problems for the Fed. An unequivical statement could hamstring the Fed when it comes to fighting future inflation. Ultimately going back on such a statement would further erode confidence in the Fed. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Anticipating the Fed policy statement. Gold steady as dollars trades with its recent range. Bond market seems to be setting the tone these days. Bonds rallied on below expecations CPI, which pushed dollar lower within the range and bolstered gold somewhat. Fed looks to curtail speculation about a rate hike. How they do this poses some problems for the Fed. An unequivical statement could hamstring the Fed when it comes to fighting future inflation. Ultimately going back on such a statement would further erode confidence in the Fed. 3:04 gold, Fed, statement, CPI no Tue, 16 Jun 2009 09:58:00 -0600 20090616grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold rebounds as dollar comes under selling pressure and oil moves higher. German ZEW rose to its highest level in 3 years, rallying the EUR, which hit the dollar. At BRIC meeting Russian President resumed his calls for a new global reserve currency. Mixed messages from BRIC nations likely to increase as they seek concessions from America and greater influence in the rest of the world. This will lead to increased volatility in global markets and prompt nations to continue to seek shelter in real money -- gold. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD BRIC nations seek new global currency to replace dollar. Gold rebounds as dollar comes under selling pressure and oil moves higher. German ZEW rose to its highest level in 3 years, rallying the EUR, which hit the dollar. At BRIC meeting Russian President resumed his calls for a new global reserve currency. Mixed messages from BRIC nations likely to increase as they seek concessions from America and greater influence in the rest of the world. This will lead to increased volatility in global markets and prompt nations to continue to seek shelter in real money -- gold. 2:46 gold, BRIC, reserve, global, currency no Mon, 15 Jun 2009 10:58:00 -0600 20090615grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold lower. Dollar and treasuries supported by comments out of G8. Focus on signs of recovery and indication that exit strategies are being considered. Russia Finance Minister says they don't look to significantly change the structure of their investments. US TIC data for Apr shows a net capital outflow of $53.2 bln, which included net sales of US long-maturity securites by China, Japan and Russia. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD G8 comments support dollar and Treasuries. Gold lower. Dollar and treasuries supported by comments out of G8. Focus on signs of recovery and indication that exit strategies are being considered. Russia Finance Minister says they don't look to significantly change the structure of their investments. US TIC data for Apr shows a net capital outflow of $53.2 bln, which included net sales of US long-maturity securites by China, Japan and Russia. 3:09 gold, G8, Treasuries no Fri, 12 Jun 2009 10:30:00 -0600 20090612grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold lower, weighed by bounce in dollar and softer oil. Comments from Japan Finance Minister boost bonds, knocking yields off highs and supports greenback. As second largest holder of US debt, Fin Min may just be talking his position. WSJ reports that Fed does not have intention to significantly increase Quantitative Easing ops. Jim Grant says Fed is engaged in "vast experiment in moral hazard" and uses the words "toxic assets" in reference to US Treasuries. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD James Grant compares U.S. Treasuries to toxic assets. Gold lower, weighed by bounce in dollar and softer oil. Comments from Japan Finance Minister boost bonds, knocking yields off highs and supports greenback. As second largest holder of US debt, Fin Min may just be talking his position. WSJ reports that Fed does not have intention to significantly increase Quantitative Easing ops. Jim Grant says Fed is engaged in "vast experiment in moral hazard" and uses the words "toxic assets" in reference to US Treasuries. 3:14 gold, James, Grant, toxic, Treasuries no Thu, 11 Jun 2009 10:14:00 -0600 20090611grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold lower, weighed by another bounce in the dollar within its recent range. The dollar is bolstered by a decent bid cover for yesterday's 10-year note auction, but the 3.99% award rate is very troubling. It is obvious that the market is demanding a higher yield to move the massive amount of US paper. Rep. Kirk (IL-R) returned from China with a very different message than Tsy Sec Geithner came back with. Kirk said that the Chinese are very concerned about the dollar and their Treasury investment. At the end of a recent interview Rep Kirk reveals that China is looking to buy $80 bln worth of gold. This is consistent with the ongoing desire of China to diversify their reserve holdings. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Congressman Kirk says China wants another $80 billion in gold reserves. Gold lower, weighed by another bounce in the dollar within its recent range. The dollar is bolstered by a decent bid cover for yesterday's 10-year note auction, but the 3.99% award rate is very troubling. It is obvious that the market is demanding a higher yield to move the massive amount of US paper. Rep. Kirk (IL-R) returned from China with a very different message than Tsy Sec Geithner came back with. Kirk said that the Chinese are very concerned about the dollar and their Treasury investment. At the end of a recent interview Rep Kirk reveals that China is looking to buy $80 bln worth of gold. This is consistent with the ongoing desire of China to diversify their reserve holdings. 3:53 gold, Kirk, China, $80 billion, reserves no Wed, 10 Jun 2009 10:07:00 -0600 20090610grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold higher on weaker dollar and oil at another new 8-month high. Russia announces that they will sell US Treasuries and buy IMF bonds. China has said that they are interested in an IMF bond purchase of as much as $50 bln. Yields surged on the news in expecation of reduced Treasury demand ahead of today's $19 bln 10-year and tomorrow's $11 bln 30-year auctions. Immediate impact on yields and the dollar make sense, but this news also lends credence to the mounting calls for an alternative reserve currency. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Russia to diversify out of dollar reserves. Gold higher on weaker dollar and oil at another new 8-month high. Russia announces that they will sell US Treasuries and buy IMF bonds. China has said that they are interested in an IMF bond purchase of as much as $50 bln. Yields surged on the news in expecation of reduced Treasury demand ahead of today's $19 bln 10-year and tomorrow's $11 bln 30-year auctions. Immediate impact on yields and the dollar make sense, but this news also lends credence to the mounting calls for an alternative reserve currency. 3:12 gold, Russia, IMF, bonds, diversify, reserves no Tue, 09 Jun 2009 10:42:00 -0600 20090609grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold firmer as dollar retraces some of its recent gains and oil moves back above $69 bbl. Expectations of growing energy demand. Chinese drivers bought 1.12 million new cars in May. Other commodities are up too on heightened demand expectations. Commodities are also being bought as a hedge against a declining dollar and the expected inflation that will result. Recipe for a commodity boom similar to last year. Gold is the classic hedge and is far more liquid and practical for the individual investor. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD China driving a commodity boom, oil at $69 per barrel. Gold firmer as dollar retraces some of its recent gains and oil moves back above $69 bbl. Expectations of growing energy demand. Chinese drivers bought 1.12 million new cars in May. Other commodities are up too on heightened demand expectations. Commodities are also being bought as a hedge against a declining dollar and the expected inflation that will result. Recipe for a commodity boom similar to last year. Gold is the classic hedge and is far more liquid and practical for the individual investor. 2:10 gold, commodities, oil, barrel no Mon, 08 Jun 2009 10:51:00 -0600 20090608grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold lower weighed by a firmer dollar. Follow-through dollar losses from slower pace of job losses in May. Fed funds futures show chance of a rate hike by year-end, but that seems unlikely. Dollar gets further boost on rising risk aversion as political turmoil in UK and Ireland downgrade weighs on Sterling and euro, respectively. Many calls over the weekend for a reserve currency alternative to the dollar, which makes recent dollar gains suspect. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold lower weighed by a firmer dollar against pound and euro. Gold lower weighed by a firmer dollar. Follow-through dollar losses from slower pace of job losses in May. Fed funds futures show chance of a rate hike by year-end, but that seems unlikely. Dollar gets further boost on rising risk aversion as political turmoil in UK and Ireland downgrade weighs on Sterling and euro, respectively. Many calls over the weekend for a reserve currency alternative to the dollar, which makes recent dollar gains suspect. 3:42 gold, dollar, pound, euro no Fri, 05 Jun 2009 09:06:00 -0600 20090605grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold lower on better than expected payrolls data for May. Payrolls dropped by just 345k, significantly beating market expectation. Unemployment rate surged to 9.4%, above market expectations, and still on pace for double digits this year. Broader measures of unemployment are already well into double digits, reaching 16.4% in May. Seventeenth consecutive monthlly decline in payrolls ties the record. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Unemployment rate surges to 9.4%. Gold lower on better than expected payrolls data for May. Payrolls dropped by just 345k, significantly beating market expectation. Unemployment rate surged to 9.4%, above market expectations, and still on pace for double digits this year. Broader measures of unemployment are already well into double digits, reaching 16.4% in May. Seventeenth consecutive monthlly decline in payrolls ties the record. 3:28 gold, payrolls, unemployment no Thu, 04 Jun 2009 10:19:00 -0600 20090604grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold higher, rebounding from yesterday's intraday losses. Dollar stabilizes. Oil higher on Goldman Sachs upward revision to year-end forecast. BoE holds steady on rates. BoC holds steady on rates and warns on rapid rise of C$. Canada looking more attractive than US Treasuries. ECB holds steady on rates and confirms they will buy EUR60 in covered bonds. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold higher as central banks hold stead on interest rates. Gold higher, rebounding from yesterday's intraday losses. Dollar stabilizes. Oil higher on Goldman Sachs upward revision to year-end forecast. BoE holds steady on rates. BoC holds steady on rates and warns on rapid rise of C$. Canada looking more attractive than US Treasuries. ECB holds steady on rates and confirms they will buy EUR60 in covered bonds. 3:42 gold, central banks, rates no Wed, 03 Jun 2009 10:57:00 -0600 20090603grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold lower, weighed by corrective bounce in dollar and softer oil. Reuters article reports that Asian central bank demand for US Treasuries will not be dampened by downgrade of US debt. I don't believe that for a second. PIMCO's Bill Gross highlights dollar risk. Bernanke acknowledges "concerns about large Federal deficits" as reason yields are rising. Fed may address the oversupply of Treasuries and waning demand by ramping up quantitative easing operations. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Bill Gross of PIMCO highlights dollar risk. Gold lower, weighed by corrective bounce in dollar and softer oil. Reuters article reports that Asian central bank demand for US Treasuries will not be dampened by downgrade of US debt. I don't believe that for a second. PIMCO's Bill Gross highlights dollar risk. Bernanke acknowledges "concerns about large Federal deficits" as reason yields are rising. Fed may address the oversupply of Treasuries and waning demand by ramping up quantitative easing operations. 3:19 gold, Gross, PIMCO no Tue, 02 Jun 2009 10:58:00 -0600 20090602grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold higher, underpinned by renewed losses in the dollar. Increasing conviction that the worst is over in global economic crisis is hastening the exit from the "safe-haven" dollar. Or perhaps it merely a shift in the perception of where the risk lies. Growing deficits in the US, along with increasing problems with funding that debt, amid worries of a sovereign debt down-grade are all causes for concern. Diminished demand, along with a growing supply of dollars does not bode well for the outlook. On the other hand, demand for gold is on the rise, while supply continues to tighten. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Contrasting the supply and demand of dollars versus gold. Gold higher, underpinned by renewed losses in the dollar. Increasing conviction that the worst is over in global economic crisis is hastening the exit from the "safe-haven" dollar. Or perhaps it merely a shift in the perception of where the risk lies. Growing deficits in the US, along with increasing problems with funding that debt, amid worries of a sovereign debt down-grade are all causes for concern. Diminished demand, along with a growing supply of dollars does not bode well for the outlook. On the other hand, demand for gold is on the rise, while supply continues to tighten. 2:33 gold, supply, demand no Mon, 01 Jun 2009 11:08:00 -0600 20090601grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold higher, underpinned by continued dollar weakness and gains in oil. China announced manufacturing grew in May, igniting fresh speculation about an economic recovery and rising energy demand. GM declares it is bankrupt. US will drop another $30 bln on GM to get them through bankruptcy. GM to close 11 plants and idle 3, suggesting US unemployment rate could reach double digits sooner rather than later. US personal income up in Apr, largely on stimulus, but PCE falls. Savings rate reaches 50-year high. Is it more prudent to save in dollars, or more prudent to save in gold. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD GM declares it is bankrupt. Gold higher, underpinned by continued dollar weakness and gains in oil. China announced manufacturing grew in May, igniting fresh speculation about an economic recovery and rising energy demand. GM declares it is bankrupt. US will drop another $30 bln on GM to get them through bankruptcy. GM to close 11 plants and idle 3, suggesting US unemployment rate could reach double digits sooner rather than later. US personal income up in Apr, largely on stimulus, but PCE falls. Savings rate reaches 50-year high. Is it more prudent to save in dollars, or more prudent to save in gold. 4:03 gold, GM, bankrupt, General Motors no Fri, 29 May 2009 10:59:00 -0600 20090529grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold higher, underpinned by firmer oil and a weaker dollar, again. Dollar concerns primarily centered on swelling debt issuance and deficits. Commodity currencies leading the charge higher against the greenback. Mounting currency risk is driving demand for tangible assets which is supportive to commodity currencies, but weighs on the currencies of net commodity consumers like the US. Gold is the ideal way to participate in what may prove to be a re-emerging commodities bull market, while simultaneously protecting against currency and price risks. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold higher, underpinned by firmer oil. Gold higher, underpinned by firmer oil and a weaker dollar, again. Dollar concerns primarily centered on swelling debt issuance and deficits. Commodity currencies leading the charge higher against the greenback. Mounting currency risk is driving demand for tangible assets which is supportive to commodity currencies, but weighs on the currencies of net commodity consumers like the US. Gold is the ideal way to participate in what may prove to be a re-emerging commodities bull market, while simultaneously protecting against currency and price risks. 4:03 gold, commodities no Thu, 28 May 2009 09:41:00 -0600 20090528grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold higher, underpinned by firmer oil and a weaker dollar, particularly against the euro. Euro boosted by surprise downtick in German unemployment and improving Eurozone sentiment. US initial claims for week ended 23-May fell 13k, but weekly claims remain well over 600k. People receiving state unemployment benefits surged 110k to a record 6.79M. Trend in employment remains extremely troubling. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Trends in unemployment remains extremely troubling. Gold higher, underpinned by firmer oil and a weaker dollar, particularly against the euro. Euro boosted by surprise downtick in German unemployment and improving Eurozone sentiment. US initial claims for week ended 23-May fell 13k, but weekly claims remain well over 600k. People receiving state unemployment benefits surged 110k to a record 6.79M. Trend in employment remains extremely troubling. 3:44 gold, unemployment no Wed, 27 May 2009 10:17:00 -0600 20090527grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold steady. Existing homes sales for Apr better than expected. Home prices for Mar fell 2.2%, down 18.7% y/y and down 19.1% in Q1. Prices weighed by growing oversupply, tight credit and rising interest rates. DP reports that a new wave of foreclosures is about to hit as even those with good credit histories are forced out of their homes due to unemployment. Moody's expects 60% of foreclosures this year to be triggered by unemployment, up from 29% last year. As long as we remain mired in the declining home value/unemployment cycle, the road to recovery appears to be a long and painful one. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Moodys expects 60% of home foreclosures from unemployment in 2009. Gold steady. Existing homes sales for Apr better than expected. Home prices for Mar fell 2.2%, down 18.7% y/y and down 19.1% in Q1. Prices weighed by growing oversupply, tight credit and rising interest rates. DP reports that a new wave of foreclosures is about to hit as even those with good credit histories are forced out of their homes due to unemployment. Moody's expects 60% of foreclosures this year to be triggered by unemployment, up from 29% last year. As long as we remain mired in the declining home value/unemployment cycle, the road to recovery appears to be a long and painful one. 4:05 gold, unemployment, foreclosure no Tue, 26 May 2009 09:11:00 -0600 20090526grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold lower on dollar bounce. Dollar gains on safe-haven buying resulting from heightened geopolitical tensions on the Korean peninsula. North Korea test detonated a nuclear device and test fired a number of short-range missiles into the Sea of Japan. Iran dismissed talks on its nuclear program with other nations and will be watching U.S. and global reaction to the North Korean tests. Gold is a critical hedge against geopolitical risks. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Nuclear geopolitical risk rises on North Korean tests and Iranian talk. Gold lower on dollar bounce. Dollar gains on safe-haven buying resulting from heightened geopolitical tensions on the Korean peninsula. North Korea test detonated a nuclear device and test fired a number of short-range missiles into the Sea of Japan. Iran dismissed talks on its nuclear program with other nations and will be watching U.S. and global reaction to the North Korean tests. Gold is a critical hedge against geopolitical risks. 2:55 gold, nuclear, North Korea, Iran, geopolitical risk no Fri, 22 May 2009 10:11:00 -0600 20090522grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold surges to new 9-week highs on continued dollar weakness. Geithner reiterates 'strong dollar policy' despite dollar index's slide to new lows for the year and close proximity to all-time lows. Dollar falls against euro and even the British Pound. A true strong dollar policy must be supported by actual policy. Running massive deficits and printing dollars to buy your own debt does not make for a strong dollar. The classic hedge against a falling dollar and the inflation that is likely to result is gold. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Running massive deficits and printing dollars to buy your own debt does not make for a strong dollar. Gold surges to new 9-week highs on continued dollar weakness. Geithner reiterates 'strong dollar policy' despite dollar index's slide to new lows for the year and close proximity to all-time lows. Dollar falls against euro and even the British Pound. A true strong dollar policy must be supported by actual policy. Running massive deficits and printing dollars to buy your own debt does not make for a strong dollar. The classic hedge against a falling dollar and the inflation that is likely to result is gold. 2:59 gold, strong, dollar, policy, index no Thu, 21 May 2009 10:31:00 -0600 20090521grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold steady after extending gains overseas. Dollar finds support at expense of GBP. Sterling falls on S&P downgrade of UK outlook to negative and hinted they may lose AAA credit rating. US is also at risk of losing their AAA rating. Nations that issue fiat currency maintain the ability to turn on the printing presses and inflate debt away. That temptation grows stronger as debt funding becomes increasingly difficult. Gold is the ideal hedge against a world that may soon be awash in currency. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold is the ideal hedge against a world that may soon be awash in currency. Gold steady after extending gains overseas. Dollar finds support at expense of GBP. Sterling falls on S&P downgrade of UK outlook to negative and hinted they may lose AAA credit rating. US is also at risk of losing their AAA rating. Nations that issue fiat currency maintain the ability to turn on the printing presses and inflate debt away. That temptation grows stronger as debt funding becomes increasingly difficult. Gold is the ideal hedge against a world that may soon be awash in currency. 2:44 gold, AAA, credit, rating, index no Wed, 20 May 2009 10:43:00 -0600 20090520grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold higher. Dollar falls to new 5-month lows. California votes down ballot initiatives to narrow massive budget. California is a microcosm of the broader US. CA seeks federal guarantee of their debt. Legislation proposed that US guarantee all state and muni issuances. Who guarantees US debt? No guarantee needed when you can print an endless supply of dollars. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD California seeks federal guarantee of its massive budget debt. Gold higher. Dollar falls to new 5-month lows. California votes down ballot initiatives to narrow massive budget. California is a microcosm of the broader US. CA seeks federal guarantee of their debt. Legislation proposed that US guarantee all state and muni issuances. Who guarantees US debt? No guarantee needed when you can print an endless supply of dollars. 3:52 gold, California, debt no Tue, 19 May 2009 09:48:00 -0600 20090519grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold modestly higher. Stocks give up pre-open gains on weaker than expected Apr housing starts. FDIC reports that more banks have failed already this year than failed in all of 2008. FDIC is looking for emergency assessment to shore up depleting insurance fund. Plan places greater burden on larger banks, which have been primary beneficiaries of government largess. Robbing Peter to pay Paul. WSJ cites growing risk to small to midsize banks from souring commercial real estate loans. Gold is classic hedge against systemic risks. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD FDIC reports that more banks have failed already this year than in all of 2008. Gold modestly higher. Stocks give up pre-open gains on weaker than expected Apr housing starts. FDIC reports that more banks have failed already this year than failed in all of 2008. FDIC is looking for emergency assessment to shore up depleting insurance fund. Plan places greater burden on larger banks, which have been primary beneficiaries of government largess. Robbing Peter to pay Paul. WSJ cites growing risk to small to midsize banks from souring commercial real estate loans. Gold is classic hedge against systemic risks. 3:20 gold, FDIC, bank, failure no Mon, 18 May 2009 10:56:00 -0600 20090518grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold pressured by higher stocks. A lot of housing market data out this week. The burst of the housing bubble was the flash point of the current economic crisis. True recovery is unlikely until housing at least stabilizes. NAHB index: Is rebound sustainable. Apr Housing starts tomorrow. Increased new home starts adds to oversupply. Mortgage rates remain sticky around 5%, thwarting recovery in housing. Still systemic risks in banking. Fannie Mae net worth below zero, draws $6.1 bln in new capital from Treasury. Treasury bubble bursting? Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Fannie Mae net worth below zero, draws $6.1 bln in new capital from Treasury. Gold pressured by higher stocks. A lot of housing market data out this week. The burst of the housing bubble was the flash point of the current economic crisis. True recovery is unlikely until housing at least stabilizes. NAHB index: Is rebound sustainable. Apr Housing starts tomorrow. Increased new home starts adds to oversupply. Mortgage rates remain sticky around 5%, thwarting recovery in housing. Still systemic risks in banking. Fannie Mae net worth below zero, draws $6.1 bln in new capital from Treasury. Treasury bubble bursting? 3:40 gold, housing, bubble, Fannie Mae no Fri, 15 May 2009 09:56:00 -0600 20090515grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold higher. US CPI for Apr unch, but core up 0.3%. Risk of deflation remote. Eurozone Q1 GDP -2.5% q/q. Eurozone core inflation accelerates to 1.8% y/y. Prices stubborn in relation to economic contraction. US personal savings rate surges. Would you rather be saving dollars or saving gold? Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD US personal savings rate surges. Gold higher. US CPI for Apr unch, but core up 0.3%. Risk of deflation remote. Eurozone Q1 GDP -2.5% q/q. Eurozone core inflation accelerates to 1.8% y/y. Prices stubborn in relation to economic contraction. US personal savings rate surges. Would you rather be saving dollars or saving gold? 3:25 gold, savings no Thu, 14 May 2009 10:40:00 -0600 20090514grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold little changed. US initial jobless claims jump 32k for week ended 09-May. PPI for Apr higher than expected, suggesting we should still be paying attention to price risks. A case in point is oil above $60 bbl earlier this week for the first time in 6-months. USAGOLD Private Reserve special. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Producer price index higher than expected. Gold little changed. US initial jobless claims jump 32k for week ended 09-May. PPI for Apr higher than expected, suggesting we should still be paying attention to price risks. A case in point is oil above $60 bbl earlier this week for the first time in 6-months. USAGOLD Private Reserve special. 2:42 gold, PPI no Wed, 13 May 2009 09:45:00 -0600 20090513grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold lower after setting fresh 6-week highs overseas. US faced with losing AAA credit rating. Report shows that Social Security and Medicare will be bankrupt sooner than expected. Japan oposition party says they will avoid dollar denominated US debt instruments if elected. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Report shows that Social Security and Medicare will be bankrupt sooner than expected. Gold lower after setting fresh 6-week highs overseas. US faced with losing AAA credit rating. Report shows that Social Security and Medicare will be bankrupt sooner than expected. Japan oposition party says they will avoid dollar denominated US debt instruments if elected. 3:38 gold, Social Security, Medicare no Tue, 12 May 2009 09:25:00 -0600 20090512grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold higher. Dollar continues to look vulnerable. Jim Rogers predicts "currency crisis." US will attempt to manage decline in dollar, but there is a risk that they are unsuccessful. Gold provides an effective hedge. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Jim Rogers predicts currency crisis. Gold higher. Dollar continues to look vulnerable. Jim Rogers predicts "currency crisis." US will attempt to manage decline in dollar, but there is a risk that they are unsuccessful. Gold provides an effective hedge. 3:08 gold, Jim Rogers, crisis no Mon, 11 May 2009 13:41:00 -0600 20090511grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold flat from Friday. Stocks under pressure, backing away from 8500 level. Suggestion that market has reached peak of bear market rally. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Stocks flirt with bear market rally. Gold flat from Friday. Stocks under pressure, backing away from 8500 level. Suggestion that market has reached peak of bear market rally. 3:28 gold, stock, market, rally no Fri, 08 May 2009 11:32:00 -0600 20090508grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold slighty lower on Employment numbers. Layoffs slow to 539,000, beat expectations of 620,000, stocks respond to the upside. Unemployment rate at 8.9%, highest level since 1983. Demand for gold up because of inflation concerns. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Demand for gold up because of inflation concerns. Gold slighty lower on Employment numbers. Layoffs slow to 539,000, beat expectations of 620,000, stocks respond to the upside. Unemployment rate at 8.9%, highest level since 1983. Demand for gold up because of inflation concerns. 3:28 gold, unemployment, layoffs no Thu, 07 May 2009 11:22:00 -0600 20090507grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold slighty higher as market digests ECB rate cut. FT reports European Central Bank sales cost $40 Bln in potential profits. FT suggests Euro sales will be lower this year, than any other year in the last decade. FT also reports that emerging economy demand for gold is rapidly growing - The landscape for gold has changed. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Financial Times reports emerging economy demand for gold is rapidly growing. Gold slighty higher as market digests ECB rate cut. FT reports European Central Bank sales cost $40 Bln in potential profits. FT suggests Euro sales will be lower this year, than any other year in the last decade. FT also reports that emerging economy demand for gold is rapidly growing - The landscape for gold has changed. 3:33 gold, emerging, economy no Wed, 06 May 2009 08:42:00 -0600 20090506grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold higher on growing inflation concerns. ADP employment report better than expected. Stocks like the news, but bonds fall on diminished risk aversion. Gold likely to fare well, whether economy is in recovery or whether there is another shoe out there waiting to drop. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold higher on growing inflation concerns. Gold higher on growing inflation concerns. ADP employment report better than expected. Stocks like the news, but bonds fall on diminished risk aversion. Gold likely to fare well, whether economy is in recovery or whether there is another shoe out there waiting to drop. 2:48 gold, inflation, economy, recovery no Tue, 05 May 2009 09:13:00 -0600 20090505grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold adds to recent gains. Dollar weighed by heightened risk appetite. Employment remains big US data risk event. Unemployment rate likely to reach 9% when April employment report comes out on Friday. WSJ reports that banks needing to raise capital has grown to 10 of 19. Rise in risk appetite presents some troubles for large auction of US shorter-term debt today. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Unemployment rate likely to reach 9%. Gold adds to recent gains. Dollar weighed by heightened risk appetite. Employment remains big US data risk event. Unemployment rate likely to reach 9% when April employment report comes out on Friday. WSJ reports that banks needing to raise capital has grown to 10 of 19. Rise in risk appetite presents some troubles for large auction of US shorter-term debt today. 3:44 gold, employment, banks, capital no Mon, 04 May 2009 09:58:00 -0600 20090504grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold surges back above $900. Stocks rally on better than expected housing and construction data. Bank stress test results delayed until Thursday. Citi and BofA reportedly will need to raise an additional $10 bln each. Congressionally mandated debt ceiling expected to be exceeded in H2-09. Interest rates continue to edge higher. NY Fed in market buying treasuries. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Gold surges above $900 as bank stress tests delayed. Gold surges back above $900. Stocks rally on better than expected housing and construction data. Bank stress test results delayed until Thursday. Citi and BofA reportedly will need to raise an additional $10 bln each. Congressionally mandated debt ceiling expected to be exceeded in H2-09. Interest rates continue to edge higher. NY Fed in market buying treasuries. 2:44 gold, stress, test, banks no Fri, 01 May 2009 11:09:00 -0600 20090501grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold little changed. Holidays in Asia and Europe. Chrysler bankruptcy. Hedge funds and speculators blamed, but what about Chrysler? CDSs. Auto-industry is metephor for broader economy. Market uncertainty means volatility and wise investors should protect themselves with gold. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Chrysler bankruptcy. Gold little changed. Holidays in Asia and Europe. Chrysler bankruptcy. Hedge funds and speculators blamed, but what about Chrysler? CDSs. Auto-industry is metephor for broader economy. Market uncertainty means volatility and wise investors should protect themselves with gold. 3:28 gold, Chrysler, bankruptcy no Thu, 30 Apr 2009 09:12:00 -0600 20090430grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold lower, weighed by higher stocks. Stocks viewed Fed policy statement as indication recession was easing. Reality is that Fed comment on economy was extremely tepid. Better than expected US initial jobless claims, but worse than expected personal income and PCE. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Worse than expected personal income. Gold lower, weighed by higher stocks. Stocks viewed Fed policy statement as indication recession was easing. Reality is that Fed comment on economy was extremely tepid. Better than expected US initial jobless claims, but worse than expected personal income and PCE. 3:39 gold, recession, income no Wed, 29 Apr 2009 09:47:00 -0600 20090429grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold higher. Dollar lower on diminished risk aversion and improved confidence in Europe. FOMC policy announcement today. Fed funds target to remain unchanged at 0%, but Fed study suggest appropriate interest rate should be -5%. Room for additional quantitative easing. Look for something more subtle this time around like expansion of TALF. Stress-tests show 6 of 19 banks will need to raise capital. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD FOMC fed funds target to remain unchanged at 0%. Gold higher. Dollar lower on diminished risk aversion and improved confidence in Europe. FOMC policy announcement today. Fed funds target to remain unchanged at 0%, but Fed study suggest appropriate interest rate should be -5%. Room for additional quantitative easing. Look for something more subtle this time around like expansion of TALF. Stress-tests show 6 of 19 banks will need to raise capital. 3:33 gold, FOMC, TALF no Tue, 28 Apr 2009 09:30:00 -0600 20090428grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold lower. Market reassesses gold as a hedge against possible swine flu pandemic. Market reconsiders short-term implications of China's surge in gold reserve holdings. Citi and BofA will be required to raise more capital. Case-Shiller index shows home prices continue to fall. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD China announces surge in gold reserve holdings. Gold lower. Market reassesses gold as a hedge against possible swine flu pandemic. Market reconsiders short-term implications of China's surge in gold reserve holdings. Citi and BofA will be required to raise more capital. Case-Shiller index shows home prices continue to fall. 3:06 gold, China, reserve, swine flu no Mon, 27 Apr 2009 09:30:00 -0600 20090427grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold lower Dollar firmer on risk aversion flows into US Treasuries. Concerns about swine flu outbreak. Record 2-year, 5-year, 7-year auctions this week. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Concerns about swine flu outbreak. Gold lower Dollar firmer on risk aversion flows into US Treasuries. Concerns about swine flu outbreak. Record 2-year, 5-year, 7-year auctions this week. 2:53 gold, swine flu no Fri, 24 Apr 2009 09:32:00 -0600 20090424grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold higher. Weaker dollar ahead of Treasury stress test assumptions. Stress tests pose market risk. China grows gold reserves by 75.7% in last 6-years. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD China grows gold reserves by 76%. Gold higher. Weaker dollar ahead of Treasury stress test assumptions. Stress tests pose market risk. China grows gold reserves by 75.7% in last 6-years. 2:53 gold, China, reserves no Thu, 23 Apr 2009 09:10:00 -0600 20090423grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold higher. Stocks higher. Weakness in dollar. US initial jobless claims +27k. Growing concerns about US debt issuance. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Growing concerns about US debt issuance. Gold higher. Stocks higher. Weakness in dollar. US initial jobless claims +27k. Growing concerns about US debt issuance. 2:30 gold, debt no Wed, 22 Apr 2009 10:03:00 -0600 20090422grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold higher, stocks lower. UK DMO announces 220 bln pound gilt issuance. Growing concerns about US debt issuance. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Growing concerns about UK debt issuance. Gold higher, stocks lower. UK DMO announces 220 bln pound gilt issuance. Growing concerns about US debt issuance. 3:25 gold, debt no Tue, 21 Apr 2009 10:27:00 -0600 20090421grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold higher, stocks lower. Geithner to testify on TARP. Barofsky to testify on TARP and call for bank accountability. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Geithner to testify on TARP. Gold higher, stocks lower. Geithner to testify on TARP. Barofsky to testify on TARP and call for bank accountability. 2:47 gold, Geithner, TARP no Mon, 20 Apr 2009 10:24:00 -0600 20090420grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold higher, stocks lower. BofA lower despite better than expected earnings. Bank stress tests. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD BofA lower despite better than expected earnings. Gold higher, stocks lower. BofA lower despite better than expected earnings. Bank stress tests. 2:05 gold, BofA no Fri, 17 Apr 2009 09:33:00 -0600 20090417grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Reduced risk aversion. Stocks up on earnings. Good gold interest from India. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Good gold interest from India. Reduced risk aversion. Stocks up on earnings. Good gold interest from India. 3:15 gold, India no Thu, 16 Apr 2009 08:59:00 -0600 20090416grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Gold price. Initial jobless claims. Housing starts. China reserve diversification. Inflation. Copper imports. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD China reserve diversification. Gold price. Initial jobless claims. Housing starts. China reserve diversification. Inflation. Copper imports. 3:15 gold, copper no Wed, 15 Apr 2009 09:14:00 -0600 20090415grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ US Empire State Index, US CPI, UBS, Tax Day, Massive US debt. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD US Empire State Index, US CPI, UBS, Tax Day, Massive US debt. US Empire State Index, US CPI, UBS, Tax Day, Massive US debt. 3:29 gold, Empire, State, CPI, Tax day no Tue, 14 Apr 2009 09:38:00 -0600 20090414grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ US Retail Sales for March, US CPI for March, North Korea geopolitical tensions. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD North Korea geopolitical tensions. US Retail Sales for March, US CPI for March, North Korea geopolitical tensions. 3:22 gold, North Korea no Thu, 09 Apr 2009 09:38:00 -0600 20090409grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ Rising stock prices keep gold well contained within the recent range. Japan announces new stimulus plan, boosting stocks. US banks passing federally mandated 'stress tests,' but may still further bailouts. Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD Japan announces new stimulus plan, boosting stocks. Rising stock prices keep gold well contained within the recent range. Japan announces new stimulus plan, boosting stocks. US banks passing federally mandated 'stress tests,' but may still further bailouts. 2:28 gold, Japan, stimulus no Thu, 02 Apr 2009 09:38:00 -0600 20090402grantMP3 http://www.usagold.com/dailyquotes.html http://www.usagold.com/cpmforum/ A daily brief of news, analysis and trends affecting the gold market by Peter Grant and USAGOLD. To speak with a broker about gold coins and bullion call TOLL FREE 800-869-5115 Ext. 100 or visit www.usagold.com Gold Market Report pgrant@usagold.com (Pete Grant) USAGOLD FASB allows a more lenient interpretation of mark-to-market accounting. Gold above $900. A daily brief of news, analysis and trends affecting the gold market by Peter Grant and USAGOLD. To speak with a broker about gold coins and bullion call TOLL FREE 800-869-5115 Ext. 100 or visit www.usagold.com 1:45 gold, FASB, mark-to-market, accounting no