Live London Gold News Wire

NEW in the last 5 minutes www.usagold.com --LIVE NEWS--
Rupee rises to 6-month high of 51.41/dollar	22:43 The Business Standard
Philippine central bank says peso remains competitive	22:41 Business Recorder, Pakistan
BoJ keeps Monetary Policy Unchanged, Yen Trades Higher	22:40 Daily FX
5 to 10 minutes old www.usagold.com --LIVE NEWS--
Pan Pacific sees H2 copper output up 12.4 pct y/y	22:38 Reuters - Industry, Materials & Utilities
Venturex Resources works to add value to Pilbara Copper Zinc Project	22:37 Proactiveinvestors - Australia
Rupee rises to near 6-month high of 51.41	22:37 The Hindu Business Line - Markets
Peregrine Trustee Turns to Currency Accounts	22:36 The Wall Street Journal - Market News
10 to 15 minutes old www.usagold.com --LIVE NEWS--
FOREX-Euro steady near 2-week high, yen firms on BOJ	22:34 Reuters - Economy
Gold fever?	22:31 ForexLive.com
NZ dollar gains as US employment figures loom	22:30 Scoop - Business
15 to 30 minutes old www.usagold.com --LIVE NEWS--
Economic Report: Bank of Japan stands pat despite pressure	22:27 MarketWatch
CBN plans N172bn treasury bill auction	22:25 Daily Trust
Rupee near 6-month high; reform moves boost	22:22 Reuters - Business
Israel's treasury plans to lower dairy prices	22:17 Ha'aretz - Business
Rupee may keep Gold on leash; grains seen mixed	22:16 The Hindu Business Line - News
30 minutes to 1 hour old www.usagold.com --LIVE NEWS--
Rupee at near 6-month high at 51.43/dollar	22:14 The Business Standard
India rupee at near 6-mth high	22:13 Business Times Online - Asia
Gold hits 11-month high, extends gains to fifth day	22:12 Business Times Online - World
Spot gold hits 11-mth high, extends gains to 5th day	22:11 The Economic Times - Markets
Busy Weekend In San Francisco To Pump Millions Into Economy	22:10 CBS San Francisco - Business
Rupee at near 6-month high	22:10 The Times of India - International Business
Federal Reserve open to linking rate hike to economic gauge	22:08 The Post and Courier, South Carolina - Business
Euro steady after ECB, BoE keep rates unchanged	22:07 The Economic Times - Forex
Rupee at near 6-month high; reform moves boost	22:07 The Economic Times - Forex
Bruce Williams: Collectible coins better bet than silver bars	22:05 Reading Eagle, Pennsylvania - Business
Bank of Japan keeps policy steady but cuts economic assessment	22:00 The Economic Times
September inflation eases to 3.6 pct y/y	21:57 ABS-CBNNEWS.COM - Business
BOJ stands pat, cuts economic view as recession risk looms	21:53 Reuters - Economy
Newly named tri-state economic agency official eyes more collaboration	21:48 Chicago Tribune - Business
Rupee opens at 51.36 per dollar	21:46 MoneyControl.com
Forex: USD/JPY drops to session lows post-BoJ	21:46 FXstreet - Forex News
1 to 2 hours old www.usagold.com --LIVE NEWS--
Taiwan’s GIO Optoelectronics Sues DBS Over Forex Trade Losses	21:44 Bloomberg - Regions
Fed's Bullard warns inflation won't ease US debt burden	21:43 Reuters.co.uk - Regulatory News
Soapbox: Recovery from economic crisis will take time, Romney not the answer	21:37 The Coloradoan, Colorado - Business
China maritime economy becomes new growth engine	21:34 China Daily - BizChina
BOJ keeps policy steady but cuts economic assessment	21:33 Reuters - Economy
Bourse falls for 4th straight session; rupee up	21:27 Sri Lanka Daily Mirror
Inflation is denting festive buying	21:20 Rediff.com - Business
Forex trading on EBS hits September low	21:20 FT.com
Investors turn wary over euro bank rally	21:20 FT.com
Euro hits two-week high on ECB rate hold	21:20 FT.com
Chinese firm offers $850m for copper miner	21:20 FT.com
US retail sales growth slows	21:20 FT.com
Germany’s respect for treaties won’t permit euro exit	21:20 FT.com
ECB close to urging use of bonds plan	21:20 FT.com
Rupee seen between 51.40-52.20/USD: Pramit Brahmbhatt	21:16 MoneyControl.com
IMF warns Pakistan economy deteriorating	21:13 The News International - Business
Fed Official Warns Inflation Can't Solve Debt Woes	21:11 The Wall Street Journal
Bullish on midcap cement & PSU banking space: ING	21:11 The Economic Times - Markets
Spain Resists ECB Bailout Despite Draghi’s Urgings	21:08 Economy Watch

Morning Snapshot

by Peter A. Grant

Oct 04, AM
(from USAGOLD.com) --

Gold remains well bid and has established a new high for the year at 1794.35, but important resistance at 1802.89 (08-Nov-11 high) has yet to be truly threatened. Yet, as Reuters reported this morning, "the supportive low interest rate environment and backdrop of further monetary stimulus made further price gains inevitable."

Inevitable indeed. We've pointed out many times in recent years that negative real interest rates and currency debasement due to expansive monetary policies are very supportive to gold. As evidenced by recent central bank actions, these are trends that are unlikely to turn around any time soon. Both the ECB and BoE held steady on rates today.

That Reuters article went on to quote Simon Weeks, director of precious metal sales at ScotiaMocatta, "The question is of when rather than if we break out." I'm inclined to agree with Mr. Weeks.

A weak nonfarm payrolls print tomorrow may prove to be the catalyst for a breakout, as it would up expectations that the Fed will have to do more than buy mortgage backed securities. There is already growing speculation that the Fed will resume buying Treasurys before year-end.

• US factory orders -5.2% in Aug, well below market expectations of -1.6%, vs negative revised +2.6% in Jul; inventories +0.6%.
• US initial jobless claims +4k to 367k for the week ended 29-Sep, below expectations of 370k, vs upward revised 363k in previous week.
• ECB holds refi rate steady at 0.75%, in line with expectations.
• BoE holds base rate steady at 0.5%, asset purchase target unchanged at £375 bln, in line with expectations.
• Russia CPI rises to 6.6% y/y in Sep, vs 5.9% y/y in Aug.
• Australia retail trade +0.2% in Aug, vs -0.8% in Jul.
• Hong Kong retail sales value +4.5% y/y in Aug, vs upward revised 3.9% y/y in Jul; volume +3.2% y/y.

Peter Grant is USAGOLD's resident economist and a well-known analyst globally in the forex and precious metals markets.

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

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