Fundamentally, it's hard to get a grip on where the precious metals are going for more than the next 24 hours. News flies hot and heavy. Today's "yes" is tomorrow's "no." One day at a time, as the saying goes.
Worry is already starting to ripple through the female population of the United States regarding holiday shopping, with a super majority saying that they are considering curtailing their retail-buying activities for Christmas because of the uncertainty in Washington. This sort of fear is rational and is already affecting big ticket item producers... Read more
discuss what is real and what is not.
It doesn't matter inside the gates of Eden.
- Bob Dylan, Gates Of Eden
As if precious metals traders did not have enough to think about given the economy and the Fed, the princes and princesses inside the gates of Washington have handed us another grenade to play with.
The volatility we have seen this week is due 100% to the lack of constructive dialogue and conciliation in the American capital. What can we make of this fundamentally? We can be cynical and say that a damaged U.S. economy - one losing $300 million... Read more
Gold and silver fought off the best efforts today of profit-takers who looked to cash in on yesterday's sharp rise in prices. The metals are about even or dealing with a small loss with an hour to go in afternoon trading.
A softer-than-anticipated report of U.S. services sector vigor helped gold stage a rebound. The Institute for Supply Management's (ISM) non-manufacturing purchasing managers' index fell to 54.4 in September from 58.6 in August, missing forecasts of 57.0.
The weaker economic data renewed hopes that the Federal will be forced to delay winding down the $85 billion-a-... Read more
"Come on people, smile on your brother..."
The Youngbloods, "Get Together"
Bargain hunting, short covering and some safe-haven buying snuck back into the precious markets today, driving gold up around $30. Silver is up 2.8%. The dollar also fell against major currencies, most notably the euro.
Equities retreated in New York as well as on the European and Tokyo exchanges although they rose in Shanghai. Crude oil shot up on the dollar's decline.
The two sides in the struggle over the budget and attendant government... Read more