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Gold up sharply as dollar, stocks slide	15:30 Yahoo! India
Financial market gyrations underline economy's vulnerability	15:26 Japan Today - Business
Retailers Opt Out of Multibillion-Dollar Settlement	15:25 Women's Wear Daily
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Hewlett-Packard, Dollar Tree, Pacific Sunwear, The Buckle	15:15 The Kansas City Star
Investors worry about Fed’s next move, but reduced bond purchases would mean stronger economy	15:12 The Washington Post
Jobs, housing data show economy has some muscle	15:07 Yahoo! US - Business
NZ dollar bounces back from lows	15:06 TVNZ - Business
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China to relax forex rules for SEZ firms	15:04 Business Times Online - World (Premium)
UN sees slow global economic growth this year	15:04 Business Times Online - World (Premium)
Vehicle policies help ease inflation to 1.5% in April	15:03 Business Times Online - Premium - Top Stories
Singapore economy basks in a rare burst of sunshine	15:03 Business Times Online - Premium - Top Stories
1.55b euro extension opens at Rotterdam port	15:02 Business Times Online - Transport
Gold Pops as Equities Slide (Update 1)	14:59 MercuryNews.com, California - Financial Markets
Molton Brown announces Ugo Monye as ambassador for new Sport collection	14:53 UKPRwire (Press Release)
Copper pipe factory in the works for Jacksonville	14:50 The Florida Times-Union - Business
Investors, Beware Of The Other Bull Market	14:47 iStockAnalyst.com
Sagtani Exim launches IFB Titan-Gold AC	14:47 Himalayan Times - Business
British economy returns to growth in first quarter	14:42 The Economic Times
Bullish Two Hundred Day Moving Average Cross - VVUS	14:39 The Street - Markets
Veris Gold Corp. provides strategic outlook and corporate overview	14:37 PR Newswire (Press Release) - Financial Services
NZ dollar bounces back from lows after Bernanke overreaction	14:35 Scoop - Business
Germany hopes efforts on euro-youth jobs will help its image	14:34 The Globe and Mail
Stocks end lower after bumpy trading day, investors reassess Fed worries, China economy	14:33 The Washington Post
Egypt central bank keeps currency price steady	14:33 Gulf Today - Business - Regional
World economy set for weak recovery: UN	14:33 Business Spectator - Economy
Gov. Brown keeps pressing climate change crusade	14:32 Press Democrat - Columnists
Gold Rallies as Stock Markets Crash, Nikkei Falls 7.3%	14:31 The Market Oracle - The Market Oracle
Gold Bullion Rallies Despite "Losing US Fed Prop" as Stock Markets Sink	14:31 The Market Oracle - The Market Oracle
Gold Bugs Army - Dollar Indices Pricing Research Rubbish?	14:31 The Market Oracle - The Market Oracle
UN sees weak economic recovery this year	14:24 Middle East North Africa Financial Network
U.S. Bogus GDP Economic Growth Statistics - More Government Manipulation	14:22 The Market Oracle - Politics & Social
Dollar, markets tumble	14:18 Sydney Morning Herald - Business
Jobless Claims Drop as U.S. Consumer Comfort Climbs: Economy	14:16 Bloomberg - Economy
Volatility Index for 10-Year Treasury Options Begun by CBOE, CME	14:16 Bloomberg - Markets - Bonds
FOREX-Dollar, euro slump vs yen on stock losses, China data	14:15 Reuters - Economy
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Are Gold Prices Near a Bottom?	14:11 The Market Oracle - The Market Oracle
Dollar And Precious Metals At A Glance	14:09 The Street - Markets
VPY Makes Bullish Cross Above Critical Moving Average	14:09 The Street - Markets

Gold Rebounds as Stocks Wobble

by Peter A. Grant

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

Gold jumped higher in overseas trading, spurred by a sharp drop in Asian stocks on concerns that the Chinese economy is slowing. Further weight was added to equities as it appears the European economy will contract again in Q2.

China's HSBC flash PMI fell to 49.6 in May. It was the first sub-50 print, signalling contraction, in seven months. Amid concerns that the recovery in China is slowing, Japan's Nikkei 225 index plunged more than 7 percent. It was the biggest one day drop in two-years.

The Nikkei has surged this year with the implementation on Abenomics, but another day like today and the Nikkei will be dangerously close to bear market territory. While one might argue that a correction was due, it will be interesting to see if Abe and Kuroda allow the correction to run it's course or if they come up with some new "arrow" to underpin shares.

News out of Europe wasn't much better: PMI data for the eurozone as a whole, and its two biggest economies, remain firmly entrenched at levels signaling the contraction continues. An FT article today said "the broad-based downturn in France remained fierce."

The second release of Q1 GDP data for the UK confirmed a tepid 0.6% annual growth rate. While BoE governor designate Carney has been understandably vague with regard to his policy plans, given the pending transition, it is widely expected that he will increase asset purchases in an effort to boost the moribund British economy.

As for monetary policy, Fed chairman pretty much toed the line yesterday...except when he didn't. After reading a statement that pretty much reiterated his well established contingent policy position, he said during questioning that the pace of Fed bond buying could slow "in the next few meetings" if the economy improves. This caught the market off guard; everyone latched on to the "in the next few meetings" and ignored the contingency. The dollar jumped and stocks and gold slid.

It's unclear whether this was a slip-up on Bernanke's part, or if he made a deliberate attempt to mimick his predecessor Alan Greenspan. The former Fed chairman was the master of opaqueness, talking in circles during testimony, delivering mixed messages that left everyone thoroughly confused. Maybe this whole clarity thing just isn't working for Bernanke anymore.

I think the dovish gist of the written statement stands. I too stand by my assessment: The Fed isn't going to tighten as long as Bernanke is at the helm, unless of course there is such a miraculous recovery that it becomes glaringly obvious that the Fed needs to reign in its über-accommodative stance. That seems unlikely to happen any time soon.

Here's the question I'll leave you with: After absolutely trillions employed globally in the form of stimulus, bailouts and central bank accommodations, this is all we can muster?

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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 Rebounds as Stocks Wobble