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US $35 bln 2-yr auction awarded at record low 0.220% on strong 4.0 bid cover (second best on record); indirect bid 30.9%.
Jul 24th, 2012 11:23 by News
Operation Twist: New York Fed purchases $1.810 billion in Treasury coupons
Jul 24th, 2012 09:45 by News
US FHFA Home Price Index rose 0.8% in May to 188.1, vs negative revised 186.6 in Apr.
Jul 24th, 2012 08:15 by News
Richmond Fed Index -17 in Jul, well below market expectations of -1, vs -3 in Jun.
Jul 24th, 2012 08:12 by News
US Markit Manufacturing PMI – Flash slipped to 51.8 in Jul, below market expectations of 52.0, vs 52.5 in Jun.
Jul 24th, 2012 07:11 by News
Gold easier at 1573.83 (-2.86). Silver 26.826 (-0.217). Dollar bid. Euro lower. Stocks called lower. Treasurys mixed.
Jul 24th, 2012 06:45 by News
Operation Twist: New York Fed purchases $4.779 billion in Treasury coupons.
Jul 23rd, 2012 09:47 by News
Operation Twist: New York Fed sells $7.930 billion in Treasury coupons.
Jul 20th, 2012 10:17 by News
Gold lower at 1576.00 (-7.90). Silver 26.915 (-0.382). Dollar better. Euro lower. Stocks called lower. Treasurys mostly higher.
Jul 20th, 2012 06:50 by News
Morning Snapshot
Jul 19th, 2012 11:12 by News


19-Jul (USAGOLD) — Gold is well bid today, underpinned by heightened Mideast tensions and a corresponding rise in oil prices. Additionally, another round of disappointing US economic data has once again revived hopes of additional Fed measures to support the languishing economy. Nonetheless, the yellow metal continues to struggle ahead of $1600.

Initial jobless claims, existing home sales, LEI and the Philly Fed index all missed expectations, prompting at least Goldman Sachs (but likely others) to revise their GDP forecast lower once again. Amid continued Fed opaqueness on the prospect of QE3, even the slightest hint of a weaker economy reinvigorates the QE3 crowd; essentially turning a negative into a positive, in the sense that bad data can cause stocks to rise as expectations of Fed action is heightened. Today’s data where significantly more than a ‘slight hint’…

Probes above the 20- and 50-day moving averages this week are somewhat encouraging to the technical picture, but a convincing move back above $1600 is likely needed to prompt short-covering. More significant resistance is marked by the early-July highs at 1623.54/1624.64, which corresponds closely with the 100-day moving average.

• US Philly Fed index improved to -12.9 in Jul, but was below expectations of -8.0, vs -16.6 in Jun.
• US leading indicators -0.3% in Jun, on expectations of -0.1%, vs upward revised +0.4% in May.
• US existing home sales tumbled 5.4% to 4.37 mln in Jun, below market expectations of 4.62 mln, vs upward revised 4.62 mln in May.
• US initial jobless claims +34k to 386k for the week ended 14-Jul, above expectations of 365k, vs upward revised 352k in the previous week.
• Canada wholesale trade +0.9% in May, on expectations of +0.2%, vs +1.2% in Apr.
• Switzerland trade balance CHF2.25 bln in Jun, vs CHF2.52 bln in May.
• Eurozone current account (sa) €10.9 bln in May, vs upward revised €5.5 bln in Apr.
• Italy industrial orders (sa) +1.7% m/m in May, vs positive revised -1.8% in Apr; -9.4% y/y.
• UK retail sales +0.1% m/m in Jun, vs positive revised +1.5% in May; 1.6% y/y, down from negative revised 2.1% y/y in May.
• Japan All-Industry Index (sa) -0.3% m/m in May, vs +0.1% in Apr.
• Japan Leading Index (revised) -0.4% in May, vs +0.3% previously. Coincident index (revised) unchanged at -1.2%.
• Hong Kong unemployment rate (sa) steady at 3.2% in Jun.

Operation Twist: New York Fed purchases $1.804 billion in Treasury coupons.
Jul 19th, 2012 10:36 by News
US Philly Fed index improved to -12.9 in Jul, but was below expectations of -8.0, vs -16.6 in Jun.
Jul 19th, 2012 09:20 by News
US leading indicators -0.3% in Jun, on expectations of -0.1%, vs upward revised +0.4% in May.
Jul 19th, 2012 09:17 by News
US existing home sales tumbled 5.4% to 4.37 mln in Jun, below market expectations of 4.62 mln, vs upward revised 4.62 mln in May.
Jul 19th, 2012 09:15 by News
US initial jobless claims +34k to 386k for the week ended 14-Jul, above expectations of 365k, vs upward revised 352k in the previous week.
Jul 19th, 2012 06:42 by News
Gold higher at 1590.93 (+17.23). Silver 27.567 (+0.412). Dollar slips. Euro better. Stocks called higher. Treasurys mostly lower.
Jul 19th, 2012 06:39 by News
Operation Twist: New York Fed purchases $4.714 billion in Treasury coupons.
Jul 18th, 2012 11:43 by News
The Daily Market Report
Jul 18th, 2012 11:32 by News

Gold Consolidates Amid Reluctance on More QE


18-Jul (USAGOLD) — Gold fell again and then rebounded after Fed chairman Bernanke regurgitated yesterday’s Senate testimony before the House Financial Services Committee today. During questioning, Bernanke reiterated that, “It is certainly possible that we will take additional action if we conclude we’re not making progress toward higher levels of employment.” However, hints of additional Fed accommodations remain quite opaque as Bernanke seems rather dedicated to the notion that Congress needs to act to rectify the fiscal train-wreck that is coming, rather than simply relying on the Fed to bailout the Federal government.

Now the Federal Reserve is not supposed to be a political body, but Bernanke seems to be playing a little politics nonetheless. Surely he must know that Congress isn’t going to do anything meaningful on the fiscal side before the November elections. And unless one party or the other takes control of both chambers of Congress and the Presidency, nothing meaningful is likely to be done even after the election. Treasury Secretary Geithner also made note of this political disfunction in the US, warning that the impending fiscal cliff and the drag resulting from the European crisis are likely to have a devastating impact on the US economy.

As for Europe, the IMF further escalated pressure on the ECB to act because the “euro area crisis has reached a new and critical stage.” After negatively revising its growth projections yesterday, the IMF is now expressing heightened concern about deflation in Europe and is encouraging the ECB to both cut rates and embark on the quantitative easing path blazed by the BoJ, Fed and BoE.

While über-accommodative monetary policies have done little to relieve global debt crises, the latest IMF urgings to do more of the same are reflective of just how limited a toolbox the central banks have at this juncture. Yet, given the reluctance of politicians around the world to inflict fiscal pain on their constituents — for fear that said constituents will oust them at the next opportunity — the central banks will likely be forced to act ultimately. When that happens, or perhaps more accurately when the market acknowledges this is the likely outcome, gold will resume its long-term uptrend.

US housing starts +6.9% to 760k in Jun, above market expectations of 735k, vs upward revised 711k in May.
Jul 18th, 2012 06:50 by News
Gold lower at 1576.50 (-7.71). Silver 27.032 (-0.29). Dollar better. Euro easier. Stocks called lower. Treasurys mostly higher.
Jul 18th, 2012 06:28 by News
The New Depression: The Breakdown of the Paper Money Economy
Jul 17th, 2012 15:10 by MK

by Richard Duncan

“When we broke the link between money and gold, this removed all constraints on credit creation. This explosion of credit created the world we live in, but it now seems that credit cannot expand any further because the private sector is incapable of repaying the debt it has already, and if credit begins to contract, there’s a very real danger that we will collapse into a new Great Depression. . .If this credit bubble pops, the depression could be so severe that I don’t think our civilization could survive it.”

Link

BoC leaves policy rate unchanged at 1.0%, in-line with expectations.
Jul 17th, 2012 07:39 by News
US industrial production +0.4% in Jun, above expectations of +0.3%, vs negative revised -0.2% in May; cap use 78.9%.
Jul 17th, 2012 07:37 by News
US Total Net TIC Flows +$101.7 bln in May, vs upward revised -$8.2 bln in Apr; long-term sec purchases (ex-swap) +$55.0 bln.
Jul 17th, 2012 07:32 by News
Canada manufacturing shipments -0.4% m/m in May, well below expectations of +0.7%, vs negative revised -1.1% in Apr.
Jul 17th, 2012 06:50 by News
US CPI unch in Jun, just above market expectations of -0.1%, vs -0.3% in May; core +0.2%, in-line.
Jul 17th, 2012 06:46 by News
Gold easier at 1588.41 (-2.04). Silver 27.28 (-0.03). Dollar lower. Euro little changed. Stocks called higher. Treasurys mixed.
Jul 17th, 2012 06:32 by News
Operation Twist: New York Fed purchases $1.843 billion in Treasury coupons
Jul 16th, 2012 09:34 by News
US business inventories +0.3% in May, above market expectations of +0.2% vs negative revised +0.3% Apr.
Jul 16th, 2012 08:49 by News
US retail sales -0.5% in Jun, well below expectations of +0.1%, vs -0.2% in May.
Jul 16th, 2012 07:32 by News


Author key: MK - Michael J. Kosares; GC - George Cooper; PG - Peter A. Grant; JK - Jonathan Kosares; RS - Randal Strauss. [see also 12 yrs of Discussion Archives]


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