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Morning Snapshotby Peter A. Grant
Sep 24, AM 
Gold is under modest corrective pressure to begin the week as rising global growth concerns offset the massive — and in some instances open-ended — quantitative measures being offered up by the world's major central banks. According to the International Business Times: Global rating agency Standard & Poor’s (S&P) Monday cut the economic growth forecast for the Asia Pacific countries, including China and India, citing the slowdown in China, euro zone troubles and a slower-than-expected recovery in the U.S. BBC News is reporting that the IMF will cut its global growth forecast next month. As I suggested last week, the Fed, ECB, BoJ et al are pushing on a rope; trying to create inflation while waning global growth and stubbornly high joblessness are creating deflationary pressures. Which might win this epic battle? Well, if the central banks are truly committed to their goals, their ability to create an unlimited amount of fiat currency certainly has the potential to carry the day. And if this is the path they're on — as it appears to be — you're going to want some gold to hedge your exposure to those debased currencies. • US Chicago Fed National Activity index slumped to -0.87 in Aug, vs positive revised -0.12 in Jul. • Germany Ifo Business Climate unexpectedly fell to 101.4 in Sep, below expectations of 102.0, vs 102.3 in Aug. • Germany Ifo Expectations fell in Sep to 93.2, below expectations of 94.6, vs 94.2 in Aug; Current Assessment falls to 110.3 from 111.1 in Aug. • Taiwan unemployment rate (sa) steady at 4.3% in Aug. • Taiwan industrial output rebounds to +1.9% y/y in Aug, vs upward revised +0.1% y/y in Jul. • Singapore CPI ticks lower to +3.9% y/y in Aug, vs +4.0% 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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Monday September 24
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