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NEW in the last 5 minutes www.usagold.com --LIVE NEWS--
Gold extends losses to 7-mth low in third day of decline	19:34 Business Times Online - World
Australian dollar hits one-week low	19:33 Business Spectator
Gold drops sharply	19:32 UPI - International Intelligence
Dependence on oilsands could hurt Canada's economy: report	19:32 Vancouver Sun
5 to 10 minutes old www.usagold.com --LIVE NEWS--
Finance Ministry official to TheMarker: Gloom over Israeli economy is unjustified	19:28 Ha'aretz - Business
10 to 15 minutes old www.usagold.com --LIVE NEWS--
AOFM sells $1bn of Treasury notes	19:23 Business Spectator
15 to 30 minutes old www.usagold.com --LIVE NEWS--
Forex Flash: USD/CAD targets 1.03; support firm at 1.0050/1.0100 - TDS	19:13 FXstreet - Forex News
Coeur d'Alene Confirms It Will Acquire Orko Silver	19:09 The Motley Fool
Data: Conference Board January China Leading Economic Index +1% to 253.4 (vs. +0.4% in December at 251.1)	19:07 ForexLive.com
30 minutes to 1 hour old www.usagold.com --LIVE NEWS--
Merkel says euro rate ‘normal'	19:03 The Nation - Business
Euro MPs back plans to freeze pollution credits	19:03 The Nation - Business
Malaysia economy grows 6.4pc in fourth quarter	19:03 The Nation - Business
China CB Leading Economic Index 1 in Jan	19:03 FXstreet - Forex News
The Conference Board Leading Economic Index® for China Increases in January	19:01 PR Newswire (Press Release) - Entertainment & Media
Incoming data: Conference Board January China Leading Economic Index at 0200GMT	18:57 ForexLive.com
Wholesale inflation still mild despite increase	18:54 HeraldNet, Washington - Business
Bank seizes gear at Arlington, Marysville Gold's Gyms	18:54 HeraldNet, Washington - Business
In The Strange Case Of Gold's Regular Morning Mugging	18:51 Zero Hedge
Is It Time To Buy Gold Via GLD?	18:38 SeekingAlpha - Macro View
Americans in Poll See Housing Market Boosting Economic Growth	18:36 Bloomberg - Regions
1 to 2 hours old www.usagold.com --LIVE NEWS--
Gold bugs 'obliterated' by good news	18:24 InvestmentNews.com
Forex Flash: Chances of tapering QE has risen materially - Nomura	18:23 FXstreet - Forex News
Japan posts record 1.63 trillion yen trade deficit in January	18:22 Asahi Shimbun - Business
EMERGING MARKETS-Latam currencies slip on Europe woes, Fed minutes	18:19 Reuters - Economy
Iran economy far from collapse as sanctions tighten	18:17 GMA News - Economy
Gold languishes near seven-month low on Fed worries	18:12 MoneyControl.com
Gold And Silver Lose Glitter After Fed Minutes	18:08 Investors Business Daily - Investing
Government to ban gold imports from Thailand	18:08 The Times of India
US outlook on demand, prices grows more bullish - TSI survey	18:06 Steel Business Briefing
Moody's bullish on China GDP growth	18:05 China.org.cn - Economy
The True Silver Mining Cost - What Does It REALLY Cost To Mine Silver?	17:58 SeekingAlpha - Macro View
Justin Amash, Bill Huizenga tops among Michigan congressmen on environmental, economic scorecards	17:50 Grand Rapids Press, Michigan
Ceramic Fuel Cells to light up into Belgian renewable energy market	17:50 Proactiveinvestors - Australia
Einhorn Adds Short Bets as Markets Rally Amid Economic Slump	17:48 Bloomberg - Markets - Funds
Forex: EUR/JPY still above 124.00 for third week	17:43 FXstreet - Forex News
Forex: Yen retains weaker tone on BoJ candidates headline	17:43 FXstreet - Forex News
That Old Jalopy is Gold	17:41 The Wall Street Journal - Europe Edition
Mexico's Sanchez says central bank must be vigilant on inflation	17:36 Reuters - Bonds News
2 to 4 hours old www.usagold.com --LIVE NEWS--
Monti’s Market Votes Worthless as Berlusconi Gains: Euro Credit	17:31 Bloomberg - Markets
Rio’s Mongolia Copper Dream Awakens 20-Year-Old Nightmare	17:31 Bloomberg - Markets
King Pulls Out Stops to Make Economy Stronger in Carney Handover	17:27 Bloomberg - Economy
Americans for Prosperity lauds Bill Huizenga, Justin Amash on 'economic freedom' scorecard	17:25 Grand Rapids Press, Michigan - Business
Dollar down on US stimulus concerns	17:20 WA Today - Markets
Stokley Towles, Partner Who Reshaped Brown Brothers Harriman, Dies at 77	17:14 Bloomberg - Industries
Japan manufacturers' mood set to turn optimistic as yen falls	17:14 Business Times Online - Asia
Forex: EUR/USD pressed against fresh 1-month lows	17:12 FXstreet - Forex News
Forex Flash: Fed risks rise QE tapered off sooner - Standard Chartered	17:12 FXstreet - Forex News
Gold: That's All She Wrote	17:07 SeekingAlpha - Macro View
PH economy's 'weakness' is agriculture, says think tank	17:06 ABS-CBNnews.com - Business
When It Comes To Gold, Stick To The Facts	16:57 SeekingAlpha - Macro View

Gold Back on the Defensive

by Peter A. Grant

Feb 19, AM
(from USAGOLD.com) --

Gold is back on the defensive, having suffered some technical damage last week and further weighed by a generally firm dollar. With Asian investors filtering back after the long Lunar New Year holiday, market watchers are looking intently for any uptick in physical buying.

Throughout this long consolidative period, those physical buyers in the East have been a pretty reliable source of support for the gold market. While there was some interest at these levels overseas, selling in the paper market is once again pushing gold back toward Friday's low.

In the wake of the weekend G20 summit, the yen is back under pressure. The head of FX strategy at UBS now thinks the British pound may be queued up for debasement as well. "In our view the pound seems clearly at risk of following the yen and suffering the next large scale devaluation for a major currency," said Mansoor Mohi-uddin. Sterling fell to a new 7-month low against the dollar and a 16-month low against the euro today.

So despite the best efforts of the G7 and G20, the term "currency war" remains on the tip of everyone's tongue. Weakness in the yen and sterling is contributing to dollar strength, which is then weighing on the yellow metal.

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Gold Back on the Defensive