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Morning Snapshotby Peter A. Grant
Sep 20, AM 
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. NEWSLETTER SIGN-UP 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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Thursday September 20
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