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Recent Posts
Category Archives: all posts
Lest you think we’ve turned the corner. . . .
It’s Friday. And if its Friday, the FDIC announces another bank failure. In this case the 40th bank failure this year. At that rate about six per month. (But who’s counting?) Waukegan Savings Bank of Waukegan, Illinois. . . . … Continue reading
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On S. Korea’s recent 16 tonne gold purchase
South Korea has added 56 tonnes to its reserves since June of last year. Lee Jung, who heads up the Bank of Korea’s reserve investments division, told Financial Times that the purchases are “part of our long-term strategy and not … Continue reading
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US ISM – services improved to 52.6 in Jul, just above expectations of 52.5, vs 52.1 in Jun.
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US nonfarm payrolls +163k in Jul, above expectations of +100k, vs negative revised +64k in Jun; jobless rate ticks higher to 8.3%.
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Gold higher at 1599.15 (+9.82). Silver 27.271 (+0.106). Dollar easier. Euro better. Stocks called higher. Treasurys mostly lower.
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Operation Twist: New York Fed purchases $1.830 billion in Treasury coupons.
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Morning Snapshot
02-Aug (USAGOLD) — Gold has turned more defensive, falling back below $1600 after the ECB failed to live up to expectations set by Mario Draghi himself when he said last week that ” the ECB is ready to do whatever … Continue reading
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ECB left refi rates unchanged at 0.75%, in-line with expectations. Draghi presser underway. Expectations & risk of disappointment both high.
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BoE left base rate unchanged at 0.50%, in-line with expectations. QE steady at £375 bln. No statement.
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Gold higher at 1606.55 (+4.59). Silver 27.543 (+0.103). Dollar slips. Euro rebounds. Stocks called higher. Treasurys steady to lower.
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US Manufacturing ISM ticked up to 49.8 in Jul, below expectations of 50.0, vs 49.7 in Jun.
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US construction spending +0.4% in Jun, in-line with expectations, vs upward revised +1.6% in May.
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US Markit PMI – Manufacturing slipped to 51.4 in Jul, below market expectations of 51.8, vs 51.8 in Jun.
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US ADP payrolls survey +163k in Jul, above market expectations of +120k vs negative revised +172k in Jun.
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Gold lower at 1608.00 (-4.95). Silver 27.685 (-0.255). Dollar easier. Euro steady. Stocks called higher. Treasurys steady to lower.
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Operation Twist: New York Fed purchases $4.778 billion in Treasury coupons.
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US consumer confidence jumped to 65.9 in Jul, above expectations of 62.0, vs upward revised 62.7 in Jun.
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Chicago ISM rose to 53.7 in Jul, above expectations of 52.5, vs 52.9 in Jun.
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US S&P/Case-Shiller 20-City Home Price Index (nsa) rose 2.3% in May to 139.0, vs 135.9 in Apr.
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US Q2 ECI +0.5% q/q, in-line with expectations, vs +0.4% q/q in Q1; 1.7% y/y pace, down from 1.9% y/y in Q1.
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US personal income +0.5% in Jun, above expectations of +0.2%, vs positive revised +0.3% in May; PCE UNCH, vs negative revised -0.1% in May.
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Gold firm at 1625.37 (+4.17). Silver 28.264 (+0.164). Dollar soft. Euro better. Stocks called higher. Treasurys mostly higher.
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Operation Twist: New York Fed purchases $1.804 billion in Treasury coupons.
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A currency without a country — resurrecting a very old, but worthwhile post on the euro and EU
“The euro is like a bumblebee. This is a mystery of nature because it shouldn’t fly but instead it does. So the euro was a bumblebee that flew very well for several years. And now – and I think people … Continue reading
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US Treasury Secretary Geithner meeting separately with German FinMin Schäeuble and ECB president Draghi today. No announcement expected.
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Gold easier at 1616.81 (-5.89). Silver 27.61 (-0.11). Dollar firms. Euro slips. Stocks called mixed. Treasurys mostly higher.
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Morning Snapshot
27-Jul (USAGOLD) — Gold extended to new 5-week highs in early New York trading, spurred by a statement issued by German chancellor Merkel and French President Hollande that echoed yesterday’s comment by ECB President Draghi, that they are prepared to … Continue reading
Posted in Daily Market Report, Gold News, Gold Views, all posts
