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Morning Snapshotby Peter A. Grant
Oct 16, AM 
Gold is rebounding, spurred by a weaker dollar and renewed optimism that Spain will soon request a bailout. We've heard that before. But while things might look brighter on the Spanish front, there are reports circulating that troika talks with Greece have broken down.According to Bloomberg: A second meeting between the heads of the EU-IMF troika mission in Athens and Greek Labour Minister Yiannis Vroutsis on Tuesday afternoon ended abruptly a few minutes ago, after the two sides hit deadlock for the second time in the same day. The euro has backed off its highs on the news, but gold has proven more resilient. The small gap left on Monday at 1749.15/1752.18 is likely to be a short-term attraction and a decisive push through this area would ease pressure on the downside. • US Total Net TIC Flows rose to $91.4 bln in Aug, vs upward revised $74.0 bln in Jul. • US NAHB homebuilder index ticked up to 41 in Oct, in line with expectations, vs 40 in Sep. • US industrial production +0.4% in Sep, on expectations of +0.3%, vs negative revised -1.4% in Aug; cap use 78.3%. • US CPI +0.6% in Sep, above expectations of +0.5%, vs +0.6 in Aug; core +0.1%, +2.0% y/y. • UK CPI Core +2.1% y/y in Sep, vs +2.1% y/y in Aug. • UK retail price index +0.5% m/m in Sep, vs +0.4% in Aug. • UK PPI - Input (nsa) -0.2% m/m in Sep, vs negative revised +1.9% in Aug; -1.2% y/y. • UK PPI - Output (nsa) +0.5% m/m in Sep, vs +0.5% in Aug; +2.5% y/y. • Eurozone CPI +0.7% m/m in Sep, on expectations of 0.8%, vs +0.4% in Aug; +2.6% y/y. Core +1.5% y/y. • Germany ZEW economic sentiment improved to -11.5 in Oct, above expectations of -15.0, vs -18.2 in Sep. Current situation 10.0. • New Zealand Q3 CPI +0.3% q/q, vs +0.3% in Q2. Peter Grant is USAGOLD's resident economist and a well-known analyst globally in the forex and precious metals markets. NEWSLETTER SIGN-UP 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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Tuesday October 16
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