Live London Gold News Wire

5 to 10 minutes old www.usagold.com --LIVE NEWS--
Gold, crude oil seen under pressure on ceasefire over Gaza standoff	20:43 The Hindu Business Line - News
INDIA PRESS-Former Cairn India exec, Warburg to launch energy company - Economic Times	20:41 Reuters - Economy
10 to 15 minutes old www.usagold.com --LIVE NEWS--
Diaoyu tension takes toll on Japan's economy	20:40 Asia News Network
15 to 30 minutes old www.usagold.com --LIVE NEWS--
Euro Finance Chiefs not holding press conf after meeting	20:34 ForexLive.com
Yen climbs after BoJ rejects call to ease	20:29 FT.com
EU budget: the trillion-euro split	20:29 FT.com
Bernanke bearish on fiscal cliff	20:29 FT.com
Australia welcomes move to count Aus$ as reserve currency	20:28 The West Australian - Business - National
Silver Trade Drops 30% on China Bourse as Industrial Demand Ebbs	20:28 Bloomberg - Markets
Parent of Akron’s Sterling Jewelers reports record earnings per share	20:26 Akron Beacon Journal, Ohio - Business
AOFM sells $600m of Treasury notes	20:24 Business Spectator
Economic Scene: Year-End Fiscal Debate Is Chance to Address Inequality	20:23 The New York Times - Technology
Recession hit Georgia hard	20:21 Augusta Chronicle, Georgia
UBS remains tactically bullish on markets	20:20 MoneyControl.com
30 minutes to 1 hour old www.usagold.com --LIVE NEWS--
Analyst: Spa improvements show Reno's Silver Legacy's back in game	20:17 Reno Gazette-Journal, Nevada - Local Business
S'pore inflation likely eased slightly in October: poll	20:17 Business Times Online
INDIA PRESS-Bharti Group in talks to buy stake in DB Realty unit - Economic Times	20:14 Reuters - Consumer Goods & Retail
Letter of the Day: Brown's bad bet	20:09 Press Democrat - Sports
No Long John Silver with the UAE's help	20:01 Mena Report - Economy & Trade
JGBs edge lower as weaker yen helps lift equities	20:01 Reuters - Economy
FOREX-Yen falls broadly, euro pins hope on deal for Greece	20:01 Reuters - Economy
Forex: AUD/USD maintains offered stance below 1.04	20:00 FXstreet - Forex News
US fiscal cliff may hamper M'sian economy, says economist	19:59 Asia News Network
Asian markets up on US hopes, weak yen helps Tokyo	19:56 Channel NewsAsia - Business
Rupee likely to open flat: Manis Thanawala	19:50 MoneyControl.com
Forex: USD/JPY stalling the surge around the 82 figure	19:50 FXstreet - Forex News
1 to 2 hours old www.usagold.com --LIVE NEWS--
China remains 'engine' in global economy	19:49 China Daily - BizChina
Diaoyu tension hurts Japan's economy	19:39 China Daily - BizChina
Gold Little Changed After One-Week High as ETPs Climb to Record	19:37 Bloomberg - Markets
RBI seeks alternative to dollar as reserve option	19:36 The Economic Times
IMF plan no signal of bigger reserve role for Aussie dollar: RBA	19:33 Business Times Online - World
Japan Suffers Biggest Trade Deficit Since 1979	19:31 CNBC.com - Asia
Forex Flash: AUD/USD should hit +1.04 on Greek deal - NAB	19:30 FXstreet - Forex News
Japan logs 4th straight monthly trade deficit in October as exports from Europe, China drop	19:27 The Washington Post
FOREX: Ringgit Opens Little Changed Against US Dollar	19:23 Bernama - Malaysian National News Agency - Markets
Japan logs 4th straight trade deficit in Oct.	19:20 Minneapolis Star Tribune - Business
Remember 'Charlie Brown Thanksgiving’?	19:19 MarketWatch
Japan trade deficit narrows less than expected	19:19 MarketWatch
China: CB Leading Economic Index (Oct): 1.5	19:09 FXstreet - Forex News
Asian markets up on US hopes, euro eases	19:06 The News International - Business
Gold steady	19:06 The News International - Business
Economy has ‘limited tax ability’	19:03 Irish Examiner
The Conference Board Leading Economic Index® for China Rises Sharply in October	19:01 PR Newswire (Press Release) - General Business
Forex: JPY bears smell blood	18:59 FXstreet - Forex News
New Zealand economy – pockets of optimism	18:58 Scoop - Business
2 to 4 hours old www.usagold.com --LIVE NEWS--
Forex Flash: French downgrade to remove structural support from the SNB? - Nomura	18:49 FXstreet - Forex News
Japan Stocks Ride Yen To Fresh Gains	18:49 Fox Business - Industries
Japan posts worst October trade data in three decades	18:42 Japan Today - Business
Dollar steady after overnight drop	18:41 WA Today - Markets
Japan's October trade deficit nearly doubles to US$6.7b	18:36 Channel NewsAsia - Business

Bernanke Grasps the Obvious...

by Peter A. Grant

Nov 20, AM
(from USAGOLD.com) --

Gold has retreated from recent tests of the upside, leaving the highs from the past couple of weeks at 1737.64/1738.35 intact. The pullack comes amid rumors of an Israeli/Hamas cease fire, which has caused oil to retrace all of yesterday's gains.

While the ebb and flow of tensions in the Middle East may continue to hold short-term sway over markets, the underlying fundamentals for gold remains constructive. The US continues to edge closer to the fiscal cliff and its debt ceiling and Europe remains a mess. Meanwhile the central banks of the industrialized world continue to ply their über-accommodative monetary policies, even as the central banks in the developing world buy gold as a hedge against their exposure to the debasing currencies of the industrialized nations.

Fed chairman Ben Bernanke said in a speech today that the US will continue to face many headwinds to growth, but the fiscal cliff is the most immediate danger. He warned that the Fed doesn't have the tools to fully offset a drop over the fiscal cliff, which would likely push the US back into recession. He acknowledged that "the federal budget is on an unsustainable path," yet urged Congress to raise the debt ceiling in order to "avoid any possibility of a catastrophic default on the nation's Treasury securities and other obligations."

Treasury Secretary Geithner said in a recent Bloomberg interview that the debt ceiling should simply be eliminated. Given that the US has never failed to reach — and ultimately exceed — every debt ceiling ever established, a debt ceiling of infinity would be troubling beyond words.

As noted in yesterday's report, the damage may have already been done. A Wall Street Journal survey released yesterday shows that planned spending by major corporations has fallen off a cliff. This reality was also reflected in the October durable goods miss and soft capacity utilization.

If we do go over the cliff, things will almost assuredly get worse. So while there is incentive for Congress to come together and reach some sort of bi-partisan compromise to avert economic catastrophe, that deal would likely be nothing more than another 'kick of the can' down the road.

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.

Gold dealers index of gold coin images - popular investments

USAGOLD Bulletin Board

Just released!
The all new Third Edition

Chapters

Reviews

Preview

Order

The Third Edition of this classic how-to details gold's rising prominence in the global financial arena and offers insights as to what this surprising and historic shift in sentiment might mean to the gold market of the future. It also suggests practical guidelines for adding gold to your portfolio drawing from the author's nearly 40 years experience in the gold business.

"Highly recommended!"
The Midwest Book Review

1-800-869-5115
Marie, Extension #106

Looking for the right
gold firm?

Competitive rates
Safe, quick delivery
Zero complaints at BBB
Friendly, professional service
Recognized industry leader

You just found it.

USAGOLD
Celebrating our 39th year
in the gold business.

Seven reasons
high-net worth gold
investors choose
USAGOLD

Video Roundtable:

Fundamentals pave way
for gold breakout

Precious Metals Trading and Storage Program
Competition for the ETFs
with a delivery option

Gold's Secular Bull Market
Past, Present and Future

A timeline for history buffs

P.O. Box 460009
Denver, Colorado 80246-0009

1-800-869-5115 (US)
00-800-8720-8720 (EU)

303-399-6759 (Fax)

[email protected]

Office Hours

6:00am - 7:00pm
(U.S. Mountain Time)
Monday - Friday

American Numismatic Association
Member since 1975

Industry Council for Tangible Assets

zero complaints

Tuesday November 20
website support: [email protected]
Site Map - Privacy - Disclaimer
The USAGOLD logo and stylized gold coin pile are trademarks of Michael J. Kosares.
© 1997-2012 Michael J. Kosares / USAGOLD All Rights Reserved

Daily Gold Market Report

Bernanke Grasps the Obvious...