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NEW in the last 5 minutes www.usagold.com --LIVE NEWS--
Iran currency rates blacked out online as rial suffers	22:17 Zawya
China boosts economic diplomacy	22:16 Asia News Network
White, silver top vehicle colors for 2012	22:16 Berkshire Eagle Online, Massachusetts - Today's Headlines
Market sinks amid gloomy outlook on global economy	22:16 Berkshire Eagle Online, Massachusetts - Today's Headlines
Economic uncertainty hurts business travel	22:15 The Post and Courier, South Carolina - Business
5 to 10 minutes old www.usagold.com --LIVE NEWS--
Dollar index back over 80 after a month	22:14 MarketWatch
Global economic slowdown deepens –IMF	22:12 Daily Trust
Rates rise at weekly Treasury auction	22:11 Richmond Times-Dispatch, Virginia - Business
New stadium will be economic driver, although country teeters on recession	22:11 Richmond Times-Dispatch, Virginia - Business
10 to 15 minutes old www.usagold.com --LIVE NEWS--
Asia Markets: Dollar index back over 80 after a month	22:05 MarketWatch
15 to 30 minutes old www.usagold.com --LIVE NEWS--
Forex: USD/INR inching toward 53.00 (with bullish scope) - Insignia	22:03 FXstreet - Forex News
Finance leaders to address global economic threats	22:03 Associated Press - Business
East Penn plans multimillion-dollar manufacturing plant	22:02 Reading Eagle, Pennsylvania - Business
The whiff of a euro going up in smoke	22:01 WA Today - Business - World
White, silver are top vehicle colors in 2012	22:01 The Sun Herald, Mississippi - Business
Geithner Discussed Economy, Trade Barriers With India	22:00 Bloomberg - Economy
Chinese govt strengthening economic ties with Pakistan	22:00 Pakistan Observer - Business
Italy, Pakistan enjoy close economic ties: Envoy	22:00 Pakistan Observer - Business
Won Leads Drop in Asian Currencies as Reports Highlight Slowdown	21:56 Bloomberg - Markets
Inflation measure rings the change	21:56 Stuff.co.nz
Crude down in Asia on global economic worries	21:55 GMA News - Economy
China Economy Remained Weak In Third Quarter	21:54 Forbes.com
Forex: EUR/GBP unable to break above 0.81	21:53 FXstreet - Forex News
FOREX-Euro slips near 200-day average as risk sentiment hurt	21:52 Reuters.co.uk - Currencies - US Dollar
30 minutes to 1 hour old www.usagold.com --LIVE NEWS--
Rupee opens at 52.95 per dollar	21:43 MoneyControl.com
Gold investment could double on economic woes - Coutts	21:43 The Business Standard
ECB's Visco: talk of euro breakup reflects doubts on crisis efforts	21:41 Reuters - Economy
Brent falls below $114 as sluggish economy outweighs supply risk	21:40 Reuters - Energy
ECB’s Visco says reason we talk about risk of euro breakup	21:40 ForexLive.com
Euro hit after IMF cuts growth forecast	21:38 FT.com
M&S outperforms on bullish broker note	21:38 FT.com
Treasury becomes Ireland’s biggest casualty	21:38 FT.com
Cyprus must pay price for joining euro	21:38 FT.com
King signals inflation not primary focus	21:38 FT.com
Warning on economy despite Q3 growth	21:38 FT.com
IMF forecast leaves chancellor in a fix	21:38 FT.com
SM Investments Seeks to Price 7-Year Dollar Bond to Yield Around 4.625% - Term Sheet	21:37 Fox Business - Industries
Expects rupee to open weak around 52.80/USD:Manis Thanawala	21:33 MoneyControl.com
Forex Flash: Upbeat Australian jobs figures expected; BoK to cut rates again - Standard Chartered	21:23 FXstreet - Forex News
1 to 2 hours old www.usagold.com --LIVE NEWS--
Taiwan's Ma pledges greater effort to fix economy	21:20 The Boston Globe - Business
Civil Bank's gold loan	21:16 Himalayan Times - Business
Strong dollar, festival buying may cap gold’s fall	21:14 The Hindu Business Line - News
Dollar Wins its Biggest Rally Against Euro in Nearly Three Months	21:07 Daily FX
US Treasury head lauds India's economic reforms	21:06 Asia News Network
Japan economy shaky as island spat hits business	21:06 Houston Chronicle, Texas
Gold steady but pressured by dollar, growth worries	21:03 MoneyControl.com
Forex: EUR/AUD breaks below 1.26 to 5-day lows on Euro weakness	21:03 FXstreet - Forex News
Forex: GBP/JPY moving sideways around 125.00	21:03 FXstreet - Forex News
Grenada defaults on US-dollar bond	21:00 Trinidad & Tobago Guardian Online - Business
INDIA PRESS-Wal-Mart aims to lower India retail prices 10-15 pct - Economic Times	20:59 Reuters - Consumer Goods & Retail

Morning Snapshot

by Peter A. Grant

Oct 09, AM
(from USAGOLD.com) --

Gold continues to consolidate below the $1800 level as risk-off sentiment prevails in the wake of rising growth risks in Asia and persistent uncertainty on Europe. I think the market also remains a little perplexed by Friday's much better than expected US unemployment rate.

Regarding the latter: John Mauldin did a very thorough examination of the NFP report in his Thoughts from the Frontline newsletter. I like his analysis for a couple reasons: First of all, he echoes some of my own snap analysis from Friday in noting that, "the entire drop in the headline unemployment rate is from the increase in part-time workers. That such significant numbers of people can only find part-time work is not a sign of a strong and growing economy. It is however completely consistent with a flat, lackluster economy." Secondly, Mauldin dismisses any notion that the data where manipulated for political purposes.

In Spain, it's becoming increasingly clear that Rajoy's government will not reach its deficit targets. Despite €100 bln in tax hikes and spending cuts, the continued contraction in the economy is thwarting efforts to narrow the budget gap. While Rajoy continues to delay on an official bailout request, eurozone policymakers are instead considering allowing Spain to ease the pace of their austerity measures. Of course, that would likely prompt other troubled periphery nations to seek similar consideration.

German Chancellor Merkel is visiting Greece today, where she got a rather hostile reception, even as she pledged German support to keep Greece in the eurozone. The Greek economy however has been decimated by 5-years of recession and an unemployment rate near 25%. Germany is perceived by many as the driver behind harsh austerity measures in exchange for €200 bln in bailouts thus far. Bailouts that have done little to rectify the dire economic condition.

I did a pretty thorough examination of the heightened growth concerns in Asia in yesterday's DMR. The takeaway of course is that if Asia — and particularly China — sputters along with the US, Europe and Japan, there is the risk of another global recession and intensified deflationary pressures. That in turn would likely lead to an even bigger monetary policy response, which could push gold to new all-time highs.

• US IBD/TIPP Economic Optimism Index rose to 54.0 in Oct, vs 51.8 in Sep.
• UK Industrial Production -0.5% m/m in Aug, in line with expectations, vs negative revised +2.8% in Jul; -1.2% y/y.
• UK Manufacturing Production -1.1% m/m in Aug, vs negative revised +3.1% in Jul; -1.2% 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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