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NEW in the last 5 minutes www.usagold.com --LIVE NEWS--
Dollar at Risk as Sentiment Firms Before Consumer Confidence Data	02:09 Daily FX
ISEQ unchanged- Focus on Irish inflation	02:07 Business World
Forex Prices at 09:00	02:06 MoneyAM
IIP will not impact policy; RBI eyes inflation: HSBC	02:05 MoneyControl.com
Sell MCX Gold below Rs 31350; SL Rs 31430: Dani Commodities	02:05 MoneyControl.com
Forex: GBP/USD jumps to 1.6067	02:05 FXstreet - Forex News
5 to 10 minutes old www.usagold.com --LIVE NEWS--
Sept inflation at 9.73 per cent: Government	02:04 The Economic Times - Economy
10 to 15 minutes old www.usagold.com --LIVE NEWS--
Euro Yo-Yo’s On Spain Downgrade And Finland Comments	01:58 ForexPros.com
SGD Rallies On Unchanged MAS; S'pore Avoids Recession	01:58 ForexPros.com
Eatables keep inflation near double digit	01:57 The Statesman - Business
High eatable prices keep inflation near double digit in Sept	01:56 Deccan Herald - Business
Forex: EUR/JPY rallies on European opening	01:55 FXstreet - Forex News
Forex Flash: JPM, Wells Fargo earnings release ahead of NY open – Deutsche Bank	01:55 FXstreet - Forex News
Forex: EUR/USD eyes 1.2980 on bailout rumours	01:55 FXstreet - Forex News
15 to 30 minutes old www.usagold.com --LIVE NEWS--
Japanese Companies’ Yen for Overseas M&A	01:53 WSJ: Deal Journal (Weblog)
Currency hedge funds head for EM returns	01:52 FT.com - FTfm
China economy to dodge hard landing: IMF	01:51 Channel NewsAsia - Business
Retail inflation comes ahead of WPI: Will it become the more widely watched price measure?	01:48 The Economic Times
Sylvania Platinum sees group earnings slide	01:45 InvestEgate (Company Announcements) - Company Announcements
Germany 'risks entering recession' say think tanks	01:44 Engaged Investor
Announcing the Opening of Dollar Shop in Atlanta, GA	01:43 Yahoo! US - Business - Press Releases
ECB will not bow to market pressure: Benoit Coeure	01:40 The Economic Times
Iran's forex reserves are in good position: Hosseini	01:40 The Economic Times
30 minutes to 1 hour old www.usagold.com --LIVE NEWS--
ECB will not bow to market pressure, says Benoit Coeure	01:37 The Economic Times - International Business
Iran's forex reserves are in good position: Shamseddin Hosseini	01:37 The Economic Times - International Business
Mr. Global Economy - Health Check - with Fullermoney	01:37 Proactiveinvestors
Forex: AUD/USD flat, Chinese data eyed	01:35 FXstreet - Forex News
Euro rises to session high versus dollar	01:32 Reuters - Economy
Economy seems to have turned the corner: Rangarajan	01:32 The Economic Times - Markets
Coeure: ECB will not bow to market pressure	01:32 Reuters.co.uk - Business & Finance
SNAPSHOT-India stocks, bonds, rupee, swaps, call at 0700 GMT	01:30 Reuters - Industries - Technology, Media & Telecoms
Gold futures rise to Rs 31,358 per 10 gm	01:26 The Hindu Business Line - News
Gold futures rise marginally on global cues	01:25 The Business Standard
Iran's economy takes a battering	01:25 Mail & Guardian Online - Business
Forex: USD/CHF establishing daily minimums at 0.9325	01:25 FXstreet - Forex News
Coeure: ECB will not bow to market pressure - paper	01:22 Reuters - Economy
Flaws in treasury bill Tender — Bankers	01:22 Zimbabwe Independent - Business
Gold futures price marginally up on global cues	01:22 Indian Express - Business
PH sells P128-B in retail treasury bonds so far	01:18 ABS-CBNNEWS.COM - Business
Japan cuts economic view again	01:17 RTE - Business
Singapore's Economy Contracts, but Residents Unfazed	01:15 CNBC.com
Silver up marginally on higher global cues	01:15 The Business Standard
PM Economic Adviser sees pick-up in industrial output	01:15 MoneyControl.com
Forex: USD/JPY back to flat	01:15 FXstreet - Forex News
Driver Of Economic Growth Slows As Exports of U.S. Goods Fall	01:14 SeekingAlpha - Macro View
Escama Studio Promotes ‘Global Economic Development Though Sustainable Fashion’ at the Social Enterprise World Forum in Rio de Janeiro	01:12 Business Wire (Press Release)
Turkish central bank says minimum one week funding to be 6bn lira	01:12 Business Recorder, Pakistan
1 to 2 hours old www.usagold.com --LIVE NEWS--
How to protect your portfolio from inflation	01:07 TrustNet - Unit Trust & OEIC News - Research
German Bunds Advance Before Euro-Region Industrial Output Report	01:07 Bloomberg - Germany
South Korean won may rise against yen	01:03 ArabNews - Economy

Morning Snapshot

by Peter A. Grant

Oct 11, AM
(from USAGOLD.com) --

Gold is rebounding after being under pressure for four consecutive sessions. Gold seems to have readopted a tight correlation with the euro as the recent rise in global growth risks dampened risk appetite.

The euro is better today, even though S&P downgraded Spain two-notches to BBB-, with a negative outlook. With the 5th largest economy in the eurozone just a tick above junk status, the Spanish government continues to waffle on whether it will make a formal bailout request or not. The euro may have caught a bid based on an expectation that the latest downgrade will force Rajoy's hand, and that request for aid will be forthcoming.

Additionally, there is a growing sense that the troika is on the verge of giving Greece more time, perhaps an additional two-years, to meet the tough budget requirements of its bailout agreement. The IMF's Christine Lagarde was making this case today, after the fund's bleak World Economic Outlook revealed a rather severe negative revision for Greece. The IMF now believes the Greek economy will shrink by 6% this year and an additional 4% in 2013. Previous expectations had been for a contraction of 4.8% in 2012 and flat growth next year.

Good news for the euro, only in the sense that a Spanish bailout and deferred austerity for Greece would be yet another kick of the can down the road. Yet we all know that the continued failure to resolve the underlying imbalances will lead to a monumental problem at the end of that road.

There was seemingly some more good news on the US jobs front today, with a 30k drop in initial jobless claims last week. That resulted in a print of 339,000 new claims, a four-year low. However, the unexpected big drop apparently came from just one state, presumed to be California, and is thought to be associated with "seasonal adjustment challenges" according to Jim O'Sullivan, Chief US Economist at High Frequency Economics. O'Sullivan added, "While the drop is almost certainly exaggerated, the trend in claims looks flat at worst." And a flat trend in claims is hardly cause for celebration.

• US import prices +1.1% in Sep, above expectations of +0.7%; exports +0.8%.
• US trade deficit widened to -$44.2 bln in Aug, near expectations of -$44.0 bln, vs revised -$42.5 bln.
• US initial jobless claims -30k to 339k in the week ended 06-Oct, well below expectations of 370k, vs upward revised 369k in previous week.
• Canada new home price index +0.2% in Aug; +2.4% y/y.
• Canada merchandise trade balance -C$1.3 bln in Aug, well inside expectations of -C$2.0 bln on plunging imports, vs revised -C$2.5 bln in Jul.
• Sep Consumer Price Index (Y/Y): Germany 2.0%. France 1.8%. Spain 3.4%. Sweden 0.4%. Hungary 6.6%. Portugal 2.9%. Ireland 1.6%.
• Greece unemployment rate 25.1% in Jul, vs upward revised 24.8% in Jun.
• South Korea PPI +1.0% y/y in Sep, vs +0.3% in Aug.
• Japan machinery orders x-Elec&Ship -3.3% m/m in Aug, vs +4.6% in Jul.
• Japan consumer confidence index (sa) slipped to 40.1 in Sep, vs 40.5 in Aug.
• Australia unemployment rate rose to 5.4% in Sep, vs 5.1% in Aug.
• BoK cut repo rate 25bps to 2.75%, in line with expectations.
• Indonesia Central Bank holds steady on rates at 5.75%, in line with expectations.

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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