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5 to 10 minutes old www.usagold.com --LIVE NEWS--
Rise in retail sales may help lift UK out of recession	20:10 The Scottish Herald - Business
10 to 15 minutes old www.usagold.com --LIVE NEWS--
Why Europe must do more to save its currency union	20:09 china.org.cn - Economy
Ipswitch Launches WhatsUp Gold v16	20:07 PR Newswire (Press Release) - General Business
Forex: GBP/USD bearish while below 1.6065 – V.Bednarik	20:05 FXstreet - Forex News
Peru currency likely to gain strength in 2013	20:05 ArabNews - Economy
Ohio's largest banks, Key, Huntington and Fifth Third, boast bright spots despite lukewarm economy	20:05 The Plain Dealer, Ohio - Business
15 to 30 minutes old www.usagold.com --LIVE NEWS--
Kentor Gold to increase production while reducing costs at Murchison	20:02 Proactiveinvestors - Australia
METALS-Copper steadies after China, U.S. data	19:58 Reuters - Industry, Materials & Utilities
Economic talk focuses on SRS, military	19:58 Augusta Chronicle, Georgia
Hero to see good sales due to low inflation	19:57 Jakarta Post - Business
Hong Kong Dollar Touches HK$7.75 Per Dollar, Strong End of Peg	19:56 Bloomberg - Regions
General Mining Corporation poised to start Western Australia gold drilling	19:52 Proactiveinvestors - Australia
Australian dollar lower ahead of EU summit news	19:50 Business Spectator
30 minutes to 1 hour old www.usagold.com --LIVE NEWS--
China Growth Suggests Economy on the Mend	19:49 Business Week - Daily Briefing
Skilled youth can be made economy pillar	19:47 The Nation - Business
China's economy slows further	19:47 The Nation - Business
Oil prices drop as China economy slows	19:47 The Nation - Business
Nikkei continues bullish streak on weak yen, BOJ easing hopes	19:45 Reuters - Economy
Dollar down awaiting news from EU summit	19:40 The Age
Chinese Economy Looking Better	19:39 Forbes.com
Gold Set for Second Weekly Drop as Data Damp Stimulus Outlook	19:36 Bloomberg - Regions
Dispute With China Hits Japan's Economy Hard	19:31 Business Week - BW Magazine
The War Over Economic Facts	19:31 Business Week - BW Magazine
China's economy 'may have bottomed out in Q3'	19:29 China Daily - BizChina
Obama touts economy as Romney focuses on final debate	19:27 The Washington Post
Forex Flash: NZD/USD should end the week in the 0.8140/0.8240 range - BNZ	19:25 FXstreet - Forex News
Mobile revolution, economy trip up tech giants	19:25 Reuters - Economy
1 to 2 hours old www.usagold.com --LIVE NEWS--
China’s economy slows but data hints at rebound	19:15 Trinidad & Tobago Guardian Online - Business
Australian Dollar Outlook - 19/10/2012	19:06 IBTimes.co.uk - Economy
Statement by the Euro area Heads of State or Government on Greece	19:05 FXstreet - Forex News
Forex Flash: Risks are skewed towards JPY weakness - Nomura	19:05 FXstreet - Forex News
Economy 'may have bottomed out in Q3'	18:59 china.org.cn - Economy
Gold holds above $1,740, euro summit eyed	18:56 The Business Standard
Aussie Set for Weekly Gain on Signs of Improving Economy	18:56 Bloomberg - Regions
PRECIOUS-Gold holds above $1,740, euro summit eyed	18:55 Reuters - Economy
Euro leaders welcome progress made by Greece, Troika	18:55 ForexLive.com
Bank's Miles says broader policy needed to boost economy	18:54 Reuters.co.uk - Business & Finance
NYMEX-Crude holds above $92 on Canada-US pipeline closure	18:53 Reuters - Energy
Gregory J. Wilcox: More Slow Growth on the Horizon for San Fernando Valley Economy	18:49 Daily News, L.A.
Sky Wagers 1-Euro Fee Boost to Become ‘Normal’ Pay-TV Operator	18:48 Bloomberg - Industries
Bank's Miles says broader policy needed to boost economy - paper	18:48 Yahoo! UK & Ireland
Japanese Stocks Swing From Gains, Losses as Yen Weakens	18:46 Bloomberg - Markets - Stocks
Commissioner leaves state economic agency	18:38 Minneapolis Star Tribune - Business
China's economy slows for 7th straight quarter	18:37 The Times of India - International Business
Forex: AUD/USD has double failure above 1.04	18:35 FXstreet - Forex News
Middle Island Resources adds to landholdings near Samira gold mine	18:32 Proactiveinvestors - Australia
Elizabeth Warren targets Scott Brown as Roe threat	18:29 UPI - Health Business
Forex Flash: Dovish RBA hints at more cuts - Standard Chartered	18:25 FXstreet - Forex News
Forex: USD/JPY maintains positive bias, resistance at 79.65	18:25 FXstreet - Forex News
Business Digest: China shows signs economic recovery taking shape	18:24 Austin American-Statesman, Texas

Gold Closes the Gap

by Peter A. Grant

Oct 18, AM
(from USAGOLD.com) --

Gold has returned to a defensive posture after closing the upside gap at 1752.18 yesterday, weighed by better than expected Chinese economic data. Chinese industrial output, retail sales and fixed cumulative investment all posted strong gains in September, which somewhat diminishes the likelihood of further PBoC accommodations.

Better than expected US leading indicators and significant jump in the Philly Fed index suggest a brighter economic picture here in America as well. However, there was a marked jump in initial jobless claims last week, which erased the distorted drop from the previous week...and then some...

With the fiscal cliff looming, President Obama is reportedly prepared to play hardball with Congressional Republicans, perhaps at the risk of yet another downgrade to US sovereign debt. Scott Mather of Pimco says, “The U.S. will get downgraded, it’s a question of when.”

The euro has retreated modestly as EU leaders begin a two-day summit in Brussels, amid doubts that they are any closer to resolving the eurozone crisis. The Bank of Spain reported today that the ratio of bad loans held by Spanish banks has climbed for a 17th consecutive month, reaching a record 10.5% of total lending. The market continues to eagerly await the Rajoy governments official request for a bailout, while continuing to wonder what he's waiting for.

Additionally, nearly half of the workers in Greece are expected to go on strike and bring that troubled economy to a complete standstill. Workers are increasingly upset over the governments ongoing efforts to cut spending to meet the requirements for their bailouts. "Just once, the government ought to reject the troika's absurd demands," Yannis Panagopoulos, head of the striking GSEE private sector union, told Reuters. Naturally, there would be repercussions for such a rejection.

• US leading indicators +0.6% in Sep, above expectations of +0.2%, vs negative revised -0.4% in Aug.
• US Philly Fed index jumped to 5.7 in Oct, well above expectations of 0.0 vs -1.9 in Sep.
• US initial jobless claims +46k to 388k for the week ended 13-Oct, vs upward revised 342k in the previous week.
• UK retail sales +0.6% m/m in Sep, above expectations of +0.5%, vs positive revised -0.1% in Aug; +2.5% y/y.
• China Q3 GDP dips to 7.4% y/y, vs 7.6% y/y in Q2.
• China industrial output +9.2% y/y in Sep, vs +8.9% y/y in Aug; cumulative +10.0% y/y.
• China retail sales +14.2% y/y in Sep, vs +13.2% y/y in Aug.
• China fixed investment (cumulative) +20.5% y/y in Sep, vs +20.2% y/y in Aug.
• Hong Kong unemployment rate (sa) ticks higher to 3.3% in Sep, vs 3.2% in Aug.

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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