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Managing inflation alone not enough for growth: Stevens	20:59 Business Spectator
Bank of England Warns of Global Currency Wars	20:58 Mish's Global Economic Trend Analysis (Weblog)
Forex: GBP/JPY bears defending 132.50	20:58 FXstreet - Forex News
Rate of Inflation Likely Up in November	20:57 IBTimes.co.uk - Economy
Euro slips in Asian trade	20:55 The News International - Business
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China's economy to surpass U.S. by 2030	20:54 CNN - Business
Inflation likely picked up in November	20:53 The Times of India - Indicators
BoE’s King warns of growing currency competition	20:52 South China Morning Post - Money
Rupee opens at 54.40 per dollar	20:52 MoneyControl.com
India inflation likely picked up in Nov	20:51 Reuters - Business
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Phoenix Gold's maiden Ore Reserve exceeds 550,000 gold ounces	20:42 Proactiveinvestors - Australia
Sales of American Eagle gold coins soar	20:40 FT.com
Italy’s political uncertainty hits euro	20:40 FT.com
US Treasury to sell last of AIG stake	20:40 FT.com
Japan enters recession before election	20:40 FT.com
BoE governor warns of currency wars	20:40 FT.com
Donnie Yen on His Kung Fu Film, ‘Dragon’	20:33 WSJ: China Real Time Report (Weblog)
Indochine Mining targets high grade gold at Papua New Guinea project	20:32 Proactiveinvestors - Australia
Rupee touches record low against dollar	20:31 The News International - Business
30 minutes to 1 hour old www.usagold.com --LIVE NEWS--
Rail commuters disrupted as thieves steal 'poor man's gold'	20:28 ABC Online - Business
Business confidence continues to erode	20:25 ABC Online
China November loans slow but economic recovery on track	20:23 Yahoo! UK & Ireland
China Nov loans slow but economic recovery on track	20:22 Reuters - Economy
FOREX-Euro steadies off 2-week low, Fed next focus	20:22 Reuters - Economy
Rupee seen between 54.25-54.65/USD: Vikram Nanivadekar	20:22 MoneyControl.com
Dollar’s weakness may cap gains in Gold	20:18 The Hindu Business Line - News
'Dollar Menu' sparks McDonald's rebound	20:13 Chicago Tribune
Interbulk profits hit by euro crisis	20:12 The Scottish Herald - Business
US intelligence: China to be top economy by 2030	20:09 China Economic Review
China's November trade weakened by global economy	20:09 China Economic Review
Won Breaks 1,080 Barrier Against Dollar	20:05 The Chosun Ilbo - Article List
Bond Expectations Push Gold Futures Higher	20:04 The Ledger, Florida - Business
Corazon Mining secures land access agreement for WA gold, copper project	20:02 Proactiveinvestors - Australia
1 to 2 hours old www.usagold.com --LIVE NEWS--
Forex Flash: USD outlook negative - ANZ	19:58 FXstreet - Forex News
China to be top economy by 2030, report says	19:56 Minneapolis Star Tribune - Business
India Anti-Inflation Dividend From Retail Seen Delayed: Economy	19:54 Bloomberg - Regions
Bank of England chief warns of forex war: WSJ	19:53 MarketWatch
Forex: AUD/JPY bears appear after Oz data; still neutral	19:38 FXstreet - Forex News
Strategic Summits Present New Business and Investment Opportunities in Myanmar, the Last Economic Tiger in Asia	19:32 Business Wire (Press Release)
Economic sector indicators for the first 11 months of 2012	19:28 InfoMongolia.com - Business & Economics
Forex: AUD/USD weaker post NAB confidence; risk still to the upside	19:28 FXstreet - Forex News
Rox Resources finds up to 32.9% copper in rock chip sampling at Bonya	19:12 Proactiveinvestors - Australia
Forex: AUD/NZD at fresh 1-month low and key Fibo level	19:08 FXstreet - Forex News
Treasury poised to sever ties with AIG	19:07 The Washington Post
AIM-listed Biofutures takes over Platinum Nanochem in £80.8m deal	19:05 The Star Online
Gold Halts Three-Day Advance Before Fed Meeting; ETPs Set Record	19:05 Bloomberg - Markets - Commodities
2 to 4 hours old www.usagold.com --LIVE NEWS--
Bush Treasury Official to Head IIF	18:58 The Motley Fool
Forex Flash: Australian fundamentals point to lower interest rates - NAB	18:58 FXstreet - Forex News
S. Korea may tighten rules on forex derivatives	18:55 The Star Online
Japanese sign of mild recession	18:55 The Star Online

Gold Snaps Back From Early Losses

by Peter A. Grant

Dec 06, AM
(from USAGOLD.com) --

Gold snapped back from an early sell-off to regain the $1700 level. The yellow metal initially fell to a new 4-week low at 1683.60 after better than expected headline data in the November nonfarm payrolls report tempered expectations of further Fed accommodations. Nonfarm payrolls rose a better than expected 146k and the unemployment rate dropped to 7.7%.

However, after closer examination of the data, it became evident that this wasn't a great jobs report after all. Back month revisions showed there were 49k fewer jobs in the past two-months than previously reported. Additionally, the labor force contracted by 540k, perhaps reflecting renewed pessimism about finding a job. Additionally, the University of Michigan consumer sentiment index tumbled to 74.5, its lowest reading since August. It was a huge miss, given that expectations where 82.8.

The mixed bag of data and ongoing concerns about the fiscal cliff and debt ceiling made the early sell-off in gold a pretty appealing buying opportunity. The range low at 1672.68 (04-Nov) remains intact, as focus now turns to next week's FOMC meeting. There are pretty high expectations that the Fed will announce it intends to restart outright Treasury purchases after Operation Twist concludes at the end of the year.

If we drop over the fiscal cliff at the end of the year as well, and it looks like another recession is in the offing, the Fed would likely step up and heap additional accommodations of some sort on top of that even. More debt, more dollar, more QE; these are some of the key factors that have driven gold markedly higher over the last dozen years. With no sign that this is going to end any time soon, I would offer that the long-term underlying uptrend in gold isn't going to end any time soon either.

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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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