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Depreciating yen to make effect felt on Taiwan firms	19:46 Asia News Network
Fiscal cliff casts shadow on economy	19:46 Minneapolis Star Tribune - Business
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China’s Coral Reefs Deteriorates At Expense of Booming Economy – Study	19:42 IBTimes.co.uk - Science
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'Sharing economy' lets micro-entrepreneurs share resources, but conflicts with regulatory laws	19:33 St. Petersburg Times, Florida
Forex: EUR/USD below 1.3250 waiting for a 'fiscal cliff' outcome, what else?	19:21 FXstreet - Forex News
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US strike threat casts shadow over economy	19:19 Stuff.co.nz
Nikkei Hits New 2012 High Again as Yen Falls	19:12 The Wall Street Journal - Market News
Aussie Study Blames China’s Economic Boom for 80% Shrinkage in Coral Reefs the Past 3 Decades	19:12 IBTimes.co.uk - Science
‘Nigeria to Maintain Positive Macro-Economic Indices in 2013’	19:06 ThisDay Live
Government Will Not Let Up In Stimulating Economy	19:04 Bernama - Malaysian National News Agency - Business News List
‘FG Should Create Economic Regulator for Airlines’	18:56 ThisDay Live
Dollar at 8-month low against shekel	18:56 Ha'aretz - Business
1 to 2 hours old www.usagold.com --LIVE NEWS--
FOREX: Ringgit Marginally Lower Against US Dollar	18:48 Bernama - Malaysian National News Agency - Markets
Gold Set to Snap Four-Week Losing Streak on U.S. Budget Impasse	18:48 Bloomberg - Latin America
Full theaters bring gold to silver screen	18:44 The Seattle Times - Business & Technology
Yen slides	18:40 The Nation - Business
1393kg gold imported in 5 months	18:40 The Nation - Business
Possible dock strike could cripple 14 key U.S. ports, hurt economy	18:35 The Washington Post
Indonesia economy	18:35 The Peninsula - Business
Palladium Futures Reach 9-Month High	18:31 The Wall Street Journal - Europe Edition
Gold inches down, but on track for best weekly gain since Nov	18:25 MoneyControl.com
India PM calls 8pc economic growth ‘ambitious’ goal	18:15 The Peninsula - Business
Hong Kong economy to grow	18:15 The Peninsula - Business
Japan voters back new PM cabinet, economy top priority	18:15 MoneyControl.com
Consumers uncertain about economy, index says	18:12 Deseret Morning News, Utah
Dollar edges down on fiscal-cliff flip-flop	18:11 MarketWatch
Korea Won Set for Weekly Gain as Improving Economy Spurs Inflows	18:10 Bloomberg - Markets - Currencies
Rethinking Gold Asset Allocations For 2013	18:08 SeekingAlpha - Macro View
'Disease Burden Links Ecology to Economic Growth'	18:07 Economist's View (Weblog)
International third-level students worth €900m to economy	18:07 Irish Examiner
Forex: USD/JPY shooting up above 86.50 on extreme overbought readings	18:01 FXstreet - Forex News
The economy in 2012	17:59 SBS - Banking
Obama holds talks on economy deal	17:51 Express & Star - Business
Japanese Stocks Rise as Economic Data Fans Stimulus Bets	17:50 Bloomberg - Japan
2 to 4 hours old www.usagold.com --LIVE NEWS--
Japan data affirms weak economy	17:48 BBC - Asia
Asian Stocks Rise as Japan Consumer Prices Fall	17:43 Bloomberg - Markets
Here's What's Behind The Collapse Of The Japanese Yen — The Biggest Economic Story In The World	17:33 Business Insider - Finance
FOREX-Yen drops to lows vs dollar, euro in early Asian trade	17:27 Reuters - Economy
Aussie Touches 20-Month High Against Yen on BOJ Stimulus Bets	17:26 Bloomberg - Australia & New Zealand
Japan Nov retail sales rise 1.3% y/y	17:25 Business Times Online - Asia
Gold Bulls Strongest Since August as Funds Retreat: Commodities	17:22 Bloomberg - Markets - Funds
Oil Heads for Biggest Weekly Gain Since August on Budget Talks	17:21 Bloomberg - Regions
Japan Nov retail sales rise 1.3 pct year/year	17:18 Reuters - Consumer Goods & Retail
The Philippines’ delayed economic take-off has yet to benefit most of the poor, say critics	17:17 FT.com - Global Economy
Labor Market, Housing in U.S. Strengthen Into 2013: Economy	17:13 Bloomberg - Industries
Euro, Yen Shared the Hot Seat in Bumpy 2012	17:12 The Wall Street Journal
Green economy and China 'key for business'	17:08 The Irish Times - Business
Economy Briefs: Pew Survey finds increase in e-reading, paper drops	17:05 The Washington Times - Economy
Japan Stock Futures Rise as Yen Weakens on Stimulus Bets	17:00 Bloomberg - Japan
Japan Consumer Prices Slide as Abe Vows to Spur Economic Growth	16:59 Bloomberg

Gold Dives Deeper into Range

by Peter A. Grant

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

Gold came under renewed selling pressure on Thursday, weighed by a bigger than expected upward revision to U.S. Q3 GDP, which diminished the yellow metal's appeal as a safe-haven. Gold fell to a new four month low, pushing below the 200-day moving average and leaving the market fully entrenched in the lower half of the $400 dollar range that has dominated for the past year.

The third report for U.S. Q3 GDP came in at 3.1%, on expectations of 2.8% and 2.7% previously. With Fed QE now tied to employment, better than expected economic growth raises the possibility that the Fed may be able to remove extraordinary accommodations ahead of schedule. Right now, Fed central tendencies suggest the potential for the jobless rate to dip below the targeted 6.5% level sometime in 2015.

We've seen these kinds of so-called "green shoots" in the past (remember the "recovery summer" of 2010?) only to have harsh reality settle back over markets. With the fiscal cliff still looming and our national debt near the $16.4 trillion ceiling, there's plenty to still be worried about on the recovery front. The Fed has already committed to $85 bln in asset purchases per month beginning in January, so their balance sheet is headed toward $4 trillion. Even if we were to reach 6.5% unemployment in say late 2014, that balance sheet would be well in excess of $4 trillion by then.

As a result of this debasement, the dollar has come under pressure, dropping to new eight-month lows against the euro. The dollar index has fallen back to 79.00, levels not seen since mid-October. While the dollar and gold have become correlated in recent weeks, the more traditional relationship tends to be inverse. Once the short term speculators are flushed out of the paper market, we anticipate that gold will rebound. Physical buyers have already been taking advantage of these lower prices We've seen this play-out time and time again throughout the secular bull market.

Note: I will be on holiday beginning 21-Dec. This page will not be updated in my absence. Please see our Breaking Gold News page for updates. Merry Christmas and Happy New Year to all.

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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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Gold Dives Deeper into Range