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US dollar at session high vs yen on officials' comments to G20	17:58 Business Times Online - World
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Business briefs: Dollar Menu not boosting McDonald's sales	17:56 Monterey County Herald, California - News
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IBM blames weaker yen for poor performance	17:32 The Star Online
Global forex market	17:32 The Star Online
Treasury uses tax levels to woo US groups	17:24 FT.com - Companies A-Z
European Capital Limited veröffentlicht 2012 Nettobetriebsergebnis von Euro 21 Millionen und Reingewinn von Euro 78 Millionen	17:20 PR Newswire (Press Release) - Financial Services
Gold prices expected to rebound, says PHD Chamber	17:20 Indian Express
Realty may fall on gold crash	17:19 The Times of India
Yen weakens as G20 backs Japan's stimulus	17:17 Channel NewsAsia - Business
Exploring the effects of a change in global economic pressure as China's growth is squeezed.	17:13 Sydney Morning Herald - Business
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Gold and oil futures gain	17:02 Proactive Investors - Australia
Giving Up on Gold	17:01 Investing Daily
US Treasury bond market at a glance	17:00 St. Paul Pioneer Press, Minnesota - Business
Gold: Losing its charm? Prices have plunged, but many are keeping the faith	16:54 FT.com
Boston lockdown: Muted economic impact	16:51 CBS.com
Old name for a new currency	16:49 FT.com - Comment & Analysis - Letters
Gold's Big Crash Ignites Global Retail Interest	16:45 Investors Business Daily - Investing
McDonald's fails to boost sales with Dollar Menu	16:44 Boston Herald - National
Hedge funds plowed into gold even as market looked vulnerable	16:43 Reuters - Energy
Poland may not be ready for euro for dozen years: minister	16:41 EUbusiness.com
Eastern Platinum stops funding its only producing mine	16:34 Reuters.co.uk - Regulatory News
Pension funds dig in heels on Barrick Gold bonus for co-chairman	16:32 The Globe and Mail
Economic review: Consumer prices steady in March, inflation eases	16:31 Vancouver Sun
Gold prices expected to rebound: PHD Chamber	16:28 The Economic Times - Markets
How Badly Did Friday’s Manhunt Lockdown Hurt Boston’s Economy?	16:26 TIME - Blogs - Curious Capitalist
These Crushed Gold Stocks Are Poised to Profit From a Gold Rebound	16:23 The Motley Fool
'Speculators raise gold longs after sharp sell-off'	16:21 The Economic Times - Markets
Will Richard Evans be three-times lucky with his bet on gold?	16:21 The Globe and Mail
Barrick rebellion: With gold miner’s stock in the dumps, investors push back	16:18 Financial Post
Former Chancellor Reed: World needs students able to learn and re-learn	16:10 Palm Beach Post, Florida - State
2 to 4 hours old www.usagold.com --LIVE NEWS--
European Capital Limited boekt een nettobedrijfsresultaat van 21 miljoen euro en een nettowinst van 78 miljoen euro over 2012	16:05 PR Newswire (Press Release) - General Business
Rekindle co-operatives to ignite economy’s take off	16:04 Daily Monitor - Business
How precious is gold?	15:53 euronews.net - Business
Gold claws back ground as Asian buyers step in	15:49 South China Morning Post - Commodities
Caught in the yen current	15:47 South China Morning Post - Economy
Yen falls after comments backing Abenomics	15:46 FT.com
Gold’s fall a long time in the making	15:46 FT.com
Weekly inflation decreases 0.54pc	15:46 Pakistan Observer - Business
Pakistan’s economy performed well in 2012: UN report	15:46 Pakistan Observer - Business
Firms eye price rises in response to weaker yen	15:43 Japan Today - Business
McDonald’s latest earnings show why inflation isn’t the problem in the economy right now	15:37 Washington Post: Ezra Klein (Weblog)
Gold posts heavy weekly loss, outlook seen volatile	15:35 The Economic Times
The Largest Sell-Off In Gold Since The 1980s	15:29 SeekingAlpha - Macro View
At G20, Flaherty still has his economic bragging rights	15:27 Financial Post
Session Recap: Fitch hurts the Pound and the Dollar advanced in the day	15:25 FXstreet - Forex News
WisdomTree India Earnings Fund Breaks Above 200-Day Moving Average - Bullish For EPI	15:16 The MetroWest Daily News, Massachusetts - Business
Lynas bullish despite slump in rare-earth prices	15:16 The Age
Is Gold Money?	15:15 Wall Street Pit

Gold's Fundamentals Have Not Changed

by Peter A. Grant

Apr 18, AM
(from USAGOLD.com) --

Gold traded briefly back above the $1400 level in early New York trading, before retreating back into the range. The market continues to be underpinned by considerable physical interest, both in Asia and here in the U.S.

The U.S. Mint is reporting sales of 147,000 ounces in April thus far, with two more weeks left in the month. Some sources are saying the Mint sold 63,500 ounces on Wednesday alone! That's more than they sold in the entire month of March. The U.S. Mint should easily exceed the high water market for the year set in January at 150,000.

Regardless of the big paper driven sell-off that began last Friday, the underlying fundamentals have not really changed. The G-7 economies are moribund at best and recessionary at worst. The central banks of these nations continue to respond with super-easy monetary policy and extraordinary accommodations at best.

A Time magazine article on gold's fall said, "let’s not mistake yesterday’s decline for the end of the gold bull run. [T]he issues confronting traditional currency have not been resolved." Truer words were never spoken; as clearly the debasement of the world's major currencies is an ongoing phenomenon.

Investor and author John Mauldin said earlier this week in his Things That Make You Go Hmmm... newsletter: "[T]he era of fiat currencies is approaching yet another 'end point' due to the way such funny money is being abused by governments and central banks." Mauldin goes on to add, "The only real viable alternative is gold."

While Cyprus is reportedly considering selling at least a portion of it's gold reserves to help finance its bailout, central banks in general remain net buyers of physical gold as part of a broad reserve asset diversification strategy that is unlikely to end any time soon. There is some concern out there that other sovereigns may be pressured to sell gold reserves under duress. Recall however that back in the summer of 2011, when the Greek crisis was in full swing, the Bank of Greece managed to scrape together enough money from somewhere to actually add to its gold reserves.

I don't believe meaningful central bank gold sales are a legitimate risk. If Cyprus does sell 10 tonnes of gold, it will never see the open market. Rather it will most likely be snapped up by one of the many gold hungry sovereigns.

Over the last couple days the yellow metal seems to be trying to form a base. While further tests of the downside can not be preclude, given the size of the paper market relative to the physical market. Conservatively, there are 100 paper ounces of gold out there for every ounce of the real thing. Yet physical buyers have largely been viewing the recent drop has a huge gift courtesy of that paper market. Our phones have been ringing off the hook and I have yet to process a single purchase order, where a client is selling.

Understandably, some clients want to have a conversation about recent price action and timing. However, since the drop began last Friday, they have all been buyers and I view that as perhaps the strongest indicator of 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's Fundamentals Have Not Changed