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LME ASIAN WRAP: Copper price up; Chinese demand remains a worry	21:59 Metal Bulletin
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MarksJarvis: Nearing record high, market sees growing disconnect with tepid economy	21:50 Chicago Tribune - Business
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Weak Yen Sends Korean Exports into Tailspin	21:47 The Chosun Ilbo - Business
Moa Takes Gold At the Helsinki Beer Awards	21:46 Scoop - Business
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Forex Flash: Buy USD/THB targeting 29.70 - ANZ	21:40 FXstreet - Forex News
Treasury forced to defend strategy on deficit	21:40 Belfast Telegraph
Big firms continuing to defy the recession	21:40 Belfast Telegraph
Gold rebounds 1 percent but outlook clouded by ETFs, dollar	21:37 Reuters - Business
UK currency warning for independent Scotland	21:35 Middle East North Africa Financial Network
Australian: Inflation 0.4% in March quarter	21:35 Business Times Online - World
TABLE-Vietnam April annual inflation at 6.61 pct y/y-govt	21:33 Reuters - Industries - Technology, Media & Telecoms
Japanese investors sell foreign currency trusts	21:30 Sydney Morning Herald - Business
Rate-cut pressure on ECB as eurozone output dips again	21:30 Belfast Telegraph
30 minutes to 1 hour old www.usagold.com --LIVE NEWS--
TASE rises on bullish winds from Europe	21:27 Ha'aretz - Business
Gold Resumes Climb as Physical Purchases Temper Drop in Holdings	21:26 Bloomberg - Markets
Japanese investors sell off foreign currency trusts	21:24 The Age
Forex: GBP/USD still forming possible “bear flag” on daily chart	21:20 FXstreet - Forex News
Forex Flash: Expecting a cut in ECB rates for May/June - RBS	21:20 FXstreet - Forex News
Australian dollar rebounds after inflation fall	21:19 Business Spectator - Economy
Australian inflation 0.4% in March quarter	21:19 The West Australian - Business - National
Inside Merkel's Bet on the Euro's Future	21:17 The Wall Street Journal - Market News
Thais Flock to Japan as Weak Yen Means Bargains: Southeast Asia	21:17 Bloomberg - Industries - Retail
$A falls after subdued inflation data	21:13 WA Today - Business - National
Nikkei vaults to nearly 5-year highs, aided by weak yen, strong U.S. earnings	21:10 Reuters - Noticias de Mercados
Nikkei hits nearly 5-year highs on soft yen, robust US earnings	21:09 The Business Standard
Rubber Advances as Yen Near 100 Per Dollar Boosts Appeal	21:06 Bloomberg - Markets
Sterling: the Currency That's Most Like Rocky?	21:06 CNBC.com - Asia
Scott Bittle and Jean Johnson: Is Growth the Best Measure of a Good Economy?	21:05 The Huffington Post
U.S. Mint Runs Out of Smallest American Eagle Gold Coin	21:04 Bloomberg - Industries
Gold extends gains, up 0.25% on global cues	21:04 The Asian Age - Business
Taruga Gold intersects wide gold zones in Niger	21:00 Proactive Investors - Australia
1 to 2 hours old www.usagold.com --LIVE NEWS--
Quake hardly jolts China's economy	20:57 China Daily - BizChina
Australian treasurer Swan: Inflation is contained	20:55 ForexLive.com
Economic Scene: Solutions Remain Elusive After Financial Crisis	20:55 The New York Times - Technology
Forex Flash: China’s economy less about exports and more about domestic services - Rabobank	20:50 FXstreet - Forex News
Michael Pascoe Inflation lower than it looks	20:50 Sydney Morning Herald - Business
Brent holds above $100, weak economic outlook cap gains	20:49 Reuters - Energy
Gold crash: Mumbai-based jeweller asked to pay up Rs 4k cr	20:47 The Economic Times - Economy
Local Market Eyes Inflation Data	20:46 Scoop - Business
Inflation lower than it looks	20:44 WA Today - Comment and Analysis
Hill End Gold study is positive for Hargraves gold project in NSW	20:40 Proactive Investors - Australia
Australia's inflation rate subdued	20:39 Stuff.co.nz
GCC dollar bond issues to hit $37bn	20:34 Gulf Daily News - Business
Economic Report: Australian inflation rises less than expected	20:31 MarketWatch
Forex: AUD/JPY still range bound after Aussie CPI data disappoints	20:30 FXstreet - Forex News
Treasury to intervene to help business starved of credit	20:29 ITV News - Business
CORRECTED - Gold down on stronger dollar, ETF outflows	20:27 Yahoo! India
Pak economy output dim in last five years	20:23 The Nation - Business
Amnesty schemes cause Rs 15b loss to exchequer	20:23 The Nation - Business
U.S gold futures rebound 1 percent after …	20:22 Yahoo! India

Gold is a Great Deflation Hedge Too

by Peter A. Grant

Apr 23, AM
(from USAGOLD.com) --

Gold has come under selling pressure as rising global growth concerns pressure commodities and push the dollar higher. The yellow metal has slipped back toward $1400, but remains confined to yesterday's trading range.

Weaker than expected PMI prints out of China, Europe and the U.S. have all heightened concerns that key global economies are slowing once again. This has added additional pressure to already soft commodities markets. While gold is more money than commodity in most investors' minds, the yellow metal is a component in the vast majority of commodity funds. Investors selling commodity funds are invariably selling gold as well, even though that might not be their intent.
Slowing economic activity will create additional deflationary pressures, which have already been mounting, and which will likely lead to additional central bank easing. The BoJ is already throwing everything and the kitchen sink at their deflation problem, while there is a growing expectation that the ECB will cut rates in May or June amid deteriorating growth prospects.

German chancellor Merkel said yesterday that members of the eurozone needed to be prepared to cede sovereignty. 'To Germany' was the unspoken tag line to those comments. Nonetheless, at least Spanish PM Rajoy seems to be on board, saying that giving up sovereignty to the bloc (which of course is dominated by Germany) is crucial to secure the future.

Rajoy also warned that the European economy is going to be worse than forecast this year. The ECB is already predicting -0.5% GDP this year and -0.9% next year. With unemployment already at record highs in some eurozone countries and the growth outlook deteriorating, things in the EU may be about to get really dicey indeed. And a 25 bp rate cut is probably not going to turn that around.

Some investors in paper gold, that bought primarily as an inflation hedge, may be jumping ship as deflation appears to be the more pronounced risk at this point. However, physical gold owners are very aware that the yellow metal is an effective hedge against all the "ations," including deflation. This is evidenced by gold stellar performance during the Great Depression, as well as the more recent Great Recession.

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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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