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US consumer spending up	19:08 Gulf Daily News - Business
Chandler, Barr spar over economy and job creation	19:06 The Oklahoman
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US economy may skirt direct hit from Hurricane Sandy	19:00 The Star Online
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Forex: AUD/USD bearish below 1.0410 – V.Bednarik	18:36 FXstreet - Forex News
Empire Resources snares gold project in WA, same geology as Granny Smith mine	18:35 Proactiveinvestors - North America
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Yuan at highest value in 19 years versus US dollar	18:05 China.org.cn - Markets
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Sandy Hits Oil Prices; May Damage Economy: Expert	17:55 Fox Business - Economy
open market forex rates on 29/10/2012	17:52 The Nation - Business
US consumer spending picks up	17:52 The Nation - Business
German inflation steady at 2.0pc in Oct	17:52 The Nation - Business
Dollar stays below 80 yen ahead of BoJ meeting	17:52 The Nation - Business
Gold holds near $1,710 on global growth concerns	17:52 The Nation - Business
Consumer spending, income up	17:44 Augusta Chronicle, Georgia
Consumer spending up 0.8% in September	17:42 HeraldNet, Washington - Business
Storm unlikely to damage U.S. economy, analysts say	17:42 HeraldNet, Washington - Business
Forex: USD/JPY finds light pre-BOJ buying interest	17:38 FXstreet - Forex News
Sandy unlikely to hurt economy, analysts say	17:36 The Fay Observer - Business
Treasury: Financial system operating with no problem	17:36 CBS.com - Moneywatch
How super storm Sandy will hit the US economy	17:34 Stuff.co.nz
Breathtakingly generous in time of economic austerity	17:31 The Irish Times - Business
Australian Dollar Outlook - 30/10/2012	17:28 IBTimes.co.uk - Economy
Forex Flash: BoJ easing is on the way - Standard Chartered	17:28 FXstreet - Forex News
CBA chairman remains bearish	17:18 The West Australian - Business - National
Blackham Resources' Matilda drilling continues to intersect gold mineralisation	17:16 Proactiveinvestors - Australia
Counterparties: The Sandy economy	17:16 Reuters - Felix Salmon
Economy expected to weather Sandy, economists predict	17:12 Chicago Sun-Times - Business
2 to 4 hours old www.usagold.com --LIVE NEWS--
UK emerges from double-dip recession	17:00 Pensions Age - Features
Today In Commodities: More Upside For The Dollar?	16:59 SeekingAlpha - Macro View
Cazaly Resources to take major stake in Kimberley copper project	16:56 Proactiveinvestors - Australia
Sandy unlikely to damage U.S. economy, analysts say	16:45 Las Vegas Sun - Business
SunGard's AvantGard Treasury and Payments Solutions and Services Earn SWIFTReady …	16:41 Yahoo! US - Business - Press Releases
Hurricane Sandy's Economic Impact Likely To Be Immense	16:40 NPR - U.S.
€133bn in gold says take federal auditing seriously	16:38 FT.com - Comment & Analysis - Letters
Yen on the Defensive as BOJ Policy Decision Nears	16:35 CNBC.com - Currencies
China's economy to rebound in Q4: CISA	16:33 China.org.cn - Business
Presenteeism on the Rise as Employees Show Fatigue From a Slow- to No-Hire Economy	16:33 PR Newswire (Press Release) - General Business
US consumer spending picked up in September	16:31 Middle East North Africa Financial Network
Forex: EUR/USD flat around 1.2900	16:28 FXstreet - Forex News
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Rand weakens on euro fears	16:26 IOL - Markets - South Africa

Gold Consolidates Ahead of Storm and Election

by Peter A. Grant

Oct 29, AM
(from USAGOLD.com) --

Gold is narrowly confined as Hurricane Sandy bears down on the Eastern seaboard. Price discovery in the gold market largely occurs in the paper market. The NYSE and the COMEX floors are closed today, although electronic trading is taking place. Nonetheless, the storm is expected to keep volumes pretty light for the next couple days. The fast-approaching US election may be sapping volume as well.

However, late last week the London Bullion Market Association (LBMA) reported a sharp rise in daily clearing volume in the month of September, citing "the continued economic uncertainty in the Eurozone and US, the end of the holiday period and the start of the Indian festival season." This demand resulted in solid price gains through the end of Q3, but the inability of the market to push through the $1800 barrier amid mounting global growth risks netted a corrective/consolidative tone in October. Setbacks in the price of gold have been attracting good buying interest in the physical gold market; both from investors and from sovereigns.

As for the elections implications for gold: America's debt burden is likely to continue growing no matter whom wins election next week. While their may be some differences in the pace of that accumulation, that is more a function of Congress than the who sits in the Oval Office. By most accounts, the Republican party will maintain control of the House and odds seem to favor that Democrats will hold control of the Senate. In other words, where real differences can be made, the status quo is likely to prevail.

While there might be a change in leadership at the Fed in the offing, if Congress remains divided, there is little hope for any meaningful change on this fiscal side of the equation. That probably means a new Fed chairman would have to continue using the monetary tools at his or her disposal to fulfill the central bank's dual mandate of price stability and full employment. That may mean that monetary policy may not get any easier...but it is certainly unlikely to get any tighter any time soon. And that reality should continue to underpin the gold market.

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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Daily Gold Market Report

Gold Consolidates Ahead of Storm and Election