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NEW in the last 5 minutes www.usagold.com --LIVE NEWS--
GDP stagnant as consumer spending hits post-crash low	17:32 The Irish Times - Business
Investor faith in crippled Irish economy not yet shaken	17:32 The Irish Times - Business
5 to 10 minutes old www.usagold.com --LIVE NEWS--
Proposed currency restructuring, not friendly for physically challenged – DWAN	17:26 Vanguard, Nigeria - Business
NZ dollar gains on GDP growth	17:26 Business Spectator
Canadian Convertibles Plus Fund Announces Pricing of Treasury Offering	17:26 PR Newswire (Press Release) - Financial Services
10 to 15 minutes old www.usagold.com --LIVE NEWS--
Gold Bulls Extend Streak as Prices Jump on Stimulus: Commodities	17:21 Bloomberg - Markets
The Diminishing Effects of Gas Price Spikes on the Economy	17:20 oilprice.com
15 to 30 minutes old www.usagold.com --LIVE NEWS--
FOREX-Euro stung by weak data, gives USD a bit of reprieve	17:19 Reuters.co.uk - Currencies - US Dollar
U.S. economy hobbled by weak hiring, manufacturing	17:17 MercuryNews.com, California - Business
Forex: AUD/NZD decline threatens test of trendline support	17:16 FXstreet - Forex News
Inflation Fears Are Back Again	17:11 The Motley Fool
Economic figures worrying; stocks mixed	17:10 Newsday.com - Business
Inflation eases but savers still fear ‘silent erosion’	17:06 What Investment
30 minutes to 1 hour old www.usagold.com --LIVE NEWS--
Dollar higher on stronger offshore data	17:02 WA Today - Business - National
Stronger dollar takes toll on Oracle	17:00 FT.com - IT
News Summary: Japan posts $9.6B August trade deficit as exports shrink	16:57 The Washington Post
Forex: EUR/JPY testing supply at 101.50/60; space to run either way	16:56 FXstreet - Forex News
For some Americans, recession-withered wealth is returning	16:56 The Star-Ledger, New Jersey - Business
UNL indicator says Nebraska economy to see year-end improvement	16:55 Omaha World-Herald, Nebraska - Money
Grain futures drop on weak economic data	16:47 UPI - Health Business
Gold stalls as equities falter	16:47 UPI - Health Business
Drought blamed for Index that shows rural economy still in decline	16:45 Omaha World-Herald, Nebraska - Money
Drought hurts rural economy in 10 states	16:44 Ventura County Star, California
News Summary: Japan Aug. trade deficit is $9.6B	16:41 Whittier Daily News, California - Business
Mantega says Brazil’s economy resilient	16:40 FT.com - World
Can Amazon turn out-of-print books into gold?	16:39 MarketWatch
New low for US inflation-protected debt	16:36 FT.com - Markets
Forex: USD/JPY bulls eye 77.90 - FXWW	16:36 FXstreet - Forex News
1 to 2 hours old www.usagold.com --LIVE NEWS--
China's economy like Bolt: Swan	16:31 SBS - Banking
Euro business activity gloomiest in three years	16:29 Sydney Morning Herald - Business
Eurozone business activity gloomiest in three years	16:25 The Age
Humala stalls as gold fever revisits Peru	16:16 FT.com - Global Economy
Global economic concerns push S&P Index lower for another day	16:15 The Star-Ledger, New Jersey - Business
Economic woes hurt indexes	16:12 Minneapolis Star Tribune - Business
Most stocks fall on concern over global economic slowdown	16:09 San Diego Daily Transcript - Finance
Harry Reid Is Forcing Scott Brown To Debate Elizabeth Warren	16:06 Business Insider - Finance
Oil drop reflects reality of global economy	16:06 The Daily Advertiser, Louisiana - Business
Forex Flash: Choppy, consolidating markets to end the week - NAB	16:06 FXstreet - Forex News
Treasury fund fails to boost mortgage total	16:04 FT.com - UK
Australia Dollar Drops Versus U.S. Peer on China Factory Slump	15:56 Bloomberg - Australia & New Zealand
Forex: EUR/USD: 5-week rally stalls out as risk appetite sours	15:56 FXstreet - Forex News
QE3 Is Strong Medicine for Dr. Copper	15:55 Money Morning
Yen higher, euro back below US$1.30 level	15:49 Channel NewsAsia - Business
Stalled trade, Japan and China row harm world economy: OECD	15:48 Daily Times - Business
Gold retreats from 6-1/2-mth high	15:48 Daily Times - Business
ECB’s Coeure sees no signs that eurozone needs QE	15:48 Daily Times - Business
Euro struggles as economic growth worries persist	15:48 Daily Times - Business
Forex reserves rise to $14.864bn	15:48 Daily Times - Business
Census: Md. women earn 86 cents for every dollar paid men	15:44 Baltimore Sun - Real Estate
China vows ongoing support to resolve euro crisis	15:40 EUbusiness.com

Morning Snapshot

by Peter A. Grant

Sep 20, AM
(from USAGOLD.com) --

Gold remains defensive in the wake of yesterday's sharp sell-off in oil, that springs from disappointing global growth prospects. Chinese PMI for September came in at 47.8, the 11th consecutive monthly contraction in manufacturing activity.

US Markit flash manufacturing PMI came in at 51.5 for September, unchanged from August. Markit reported that the data reflects the slowest rise in manufacturing output in three years. Stating simply in a tweet: Stagnation. While the September Philly Fed index was higher then expected, LEI fell 0.1% in August.

The harsh realities of the data are indicative of the challenge faced by global central banks, pushing on the other end of the rope with their über-easy monetary policy. I suppose this is exactly why the ECB and the Fed at least went with open-ended accommodations. While the BoJ and BoE haven't gone open-ended yet, they've pretty consistently been upping their asset purchase targets, so they may as well...

It is the central banks open-ended pledge to create inflation, the should continue to provide an underpinning for the gold market.

• US leading indicators -0.1% in Aug, in-line with expectations, vs positive revised +0.5% in Jul.
• US Philly Fed Index rose tp -1.9 in Sep, above market expectations of -4.0, vs -7.1 in Aug.
• US Markit Manufacturing PMI - Flash 51.5 in Sep, vs 51.5 in Aug.
• Germany PPI +0.5% m/m in Aug; +1.6% y/y, above expectations of +1.3%, vs +0.9% in Jul.
• Eurozone Markit Composite PMI - Flash fell to 45.9 in Sep, below expectations of 46.8, vs 46.3 in Aug; Services 46.0.
• UK Retail Sales -0.2% m/m in Aug, on expectations of -0.3%, vs +0.3% in Jul; +2.7% y/y.
• New Zealand Q2 GDP +0.6% q/q, vs negative revised 1.0% in Q1.
• Japan Exports-CC -5.8% y/y in Aug, vs -8.1% in Jul; imports -5.4% y/y.
• Japan All-Industry Index (sa) -0.6% m/m in Jul, vs +0.2% in Jun.
• China Foreign Direct Investment -1.4% y/y in Aug, vs -8.7% in Jul.
• China HSBC/Markit Manufacturing PMI - Flash 47.8 in Sep, vs 47.6 in Jul.
• Taiwan Central Bank holds discount rate steady at 1.875%, in-line with expectations.
• Taiwan unemployment rate (sa) steady at 4.3%.
• Hong Kong CPI (Composite) jumped to 3.7% y/y in Aug, vs 1.6% in Jul.

Peter Grant is USAGOLD's resident economist and a well-known analyst globally in the forex and precious metals markets.

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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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