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Inflation at 0.8 pc in September year	17:32 The Dominion Post - Business
China keeps inflation down, exports up	17:30 TV3 News
Upbeat retail sales lift U.S. markets	17:30 Newsday.com - Business
10 to 15 minutes old www.usagold.com --LIVE NEWS--
US retail sales rise sharply	17:21 The West Australian - Business - World
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Update: US retail sales point to stronger economic growth	17:15 Business Times Online - World
Inflation eases in China, providing room for stimulus	17:14 LA Times
Biz Break: iPhone 5 drives economic boost, pushing stocks higher; Marissa Mayer building Yahoogle?	17:10 MercuryNews.com, California - Business
US retail sales jumped 1.1 percent in September	17:09 Journal Now, North Carolina - Business
Joe Biden's Theory About The Great Recession Just Doesn't Make Sense	17:08 Business Insider - Finance
Forex: AUD/USD, 1.0270-1.0200 key levels; RBA may bring them into play	17:07 FXstreet - Forex News
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Democrats to Obama: It's Still the Economy, Stupid	17:04 Business Week - Global Business
Economy Briefs: 2 from U.S. win economics prize for match-making	16:55 The Washington Times - Economy
U.S. retail sales jumped 1.1% in September	16:51 The News & Observer, North Carolina
Forex Flash: RBNZ rate reduction a risk scenario - Westpac	16:47 FXstreet - Forex News
Forex: AUD/NZD touches new 3-wk highs	16:47 FXstreet - Forex News
Euro falls vs dollar, hostage to Spain uncertainty	16:46 The Economic Times - Markets
Study portrays county nonprofits as economic force	16:45 Gainesville Sun, Florida - Local
Dampier Gold banks A$1M to advance Plutonic Dome	16:44 Proactiveinvestors - Australia
RI Foundation to invest $1M to boost economy	16:43 Ventura County Star, California
Pepperdine Study: Economy Improves Before Nearly All Presidential Elections	16:43 CBS Los Angeles
Williams plans Dacian Gold float	16:41 The West Australian - Business - World
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Rates on US Treasury bills rise at weekly auction	16:30 Yahoo! US - Business
Wall St rallies on Citigroup's earnings, retail sales	16:26 The Economic Times - Markets
ECB Focus : Interest rates could stay on hold for years	16:23 Daily Times - Business
Gold falls 1% as US data erodes stimulus hopes	16:23 Daily Times - Business
India inflation seen accelerating in Sept	16:23 Daily Times - Business
Tame China inflation takes pressure off policymakers	16:23 Daily Times - Business
US retail sales point to stronger eco growth	16:23 Daily Times - Business
Euro rises but held in range by Spain uncertainty	16:23 Daily Times - Business
SBP warns about fraudulent prize schemes in foreign currency	16:23 Daily Times - Business
NZ dollar gains after US retail sales growth	16:23 Business Spectator
Inflation lower than forecast	16:21 TVNZ - Business
Euro destroying EU, and Germany should save it: George Soros	16:21 The Economic Times - International Business
Forex: EUR/USD Finish Almost Flat With Sentiment Improving	16:19 SeekingAlpha - Macro View
US: Wall St rallies on Citigroup's earnings, retail sales	16:17 Business Times Online - Stock Markets
Dollar and precious metals at a glance	16:14 St. Paul Pioneer Press, Minnesota - Business
Recession-hit Greece needs hope to fight: Samaras	16:13 Business Spectator
US retail sales point to stronger growth	16:13 Gulf Times
Inflation rises in September quarter	16:11 TVNZ - Business
T-Bond Yields Dip Despite Stronger Retail Sales Data	16:10 Investors Business Daily - Investing
Inflation at lowest since 1999	16:10 TV3 News
Forex: NZD/USD gets hammered post-NZ inflation data	16:07 FXstreet - Forex News
Goal is to transform Portugal's economy, says Sec. of State	16:06 Reuters.co.uk - Latest Video News
Yen slips as euro-dollar trades flat	16:05 Channel NewsAsia - Business
Confident consumers give U.S. retail sales a lift	16:04 CBS.com - Moneywatch
Lincoln's 2013 MKZ Hybrid tops in fuel economy	16:04 Chicago Tribune - Business
'Recession-hit Greece needs hope to fight extremism'	16:04 The Economic Times
US Fed officials offer divergent views on inflation risks	16:04 The Economic Times
Euro destroying EU, and Germany should save it: Soros	16:03 Reuters - Comunicati stampa
US stocks rise on retail sales, Citi earnings	16:03 Business Recorder, Pakistan

Morning Snapshot

by Peter A. Grant

Oct 15, AM
(from USAGOLD.com) --

Gold has fallen to a new 4-week low at 1728.76 as corrective pressures that emerged last week persist. Essentially gold has returned to the level it was at when Fed chairman Bernanke announced QE3 on 13-Sep. Global growth concerns are ascendent once again, despite massive monetary stimulus from central banks around the world; amid a growing realization that monetary policy is not a panacea.

This is a sentiment reiterated by Bernanke in Tokyo over the weekend: "As I have said many times, however, monetary policy is not a panacea." And while the Fed is not likely dismayed by softer gold prices, US equities has also retraced all of their QE3 related gains. A weak stock market is a problem for the Fed as the diminished wealth effect that results tends to have negative impact on consumption; and consumption of course is the life blood of the US economy.

What does the Fed do from here? Well, I doubt they throw up their hands and say there's nothing more they can do. More growth risks and declines in stocks may well lead to an increasing expectation that QE3 will be expanded to include more outright Treasury purchases. We're arguably too far down the path to turn back now. So the best hope perhaps is that rather than back-track, we find a new path that will ultimately address some of the underlying fiscal problems that are the root causes of the economic malaise that we find ourselves in.

In that vein, Presidential candidate Mitt Romney has pledged to dump Fed chairman Ben Bernanke. The recent narrowing of Presidential race polls, in the wake of Romney's Denver debate performance, have raised the odds that he just might get that opportunity to sack Bernanke. That uptick in uncertainty is causing some short-term duress in the market.

Make no mistake though, a President Romney would be very unlikely to appoint a true monetary hawk to head the Fed. Instead, he would likely look for someone who would alter course gradually. That would likely mean that even under new leadership, the Fed's balance sheet would continue to grow for some time, although perhaps at a slower pace.

• US business inventories +0.6% in Aug, near expectations of +0.5%, vs +0.8% in Jul; sales +0.5%.
• Canada existing home sales surprise at +2.5% in Sep, on expectations of -5.0%; -15.1% y/y.
• US Empire State Index rebounded to -6.2 in Oct, below expectations of -5.0, vs -10.4 in Sep.
• US retail sales +1.1% in Sep, above expectations of +0.8%, vs positive revised +1.2% in Aug; ex-auto +1.1%.
• Turkey unemployment rate (nsa) rose to 8.4% in Jul, vs 8.0% in Jun.
• Switzerland PPI +0.3% m/m in Sep, vs +0.5% in Aug; +0.3% y/y.
• China CPI +1.9% y/y in Sep, vs +2.0% y/y in Aug.
• China PPI -3.6% y/y in Sep, vs -3.5% y/y in Aug.
• Japan industrial production (sa) revised down to -1.6% in Aug, vs -1.3% previously.

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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