Gold was down again somewhat severely today essentially on technical selling, lack of physical buying and no safe-haven demand.
We did not experience a completely news-free day, nor did we see any drama in either the economic news coming out of the U.S. nor from the crisis in Ukraine/Crimea.
In the fourth quarter, the American economy expanded faster than previously estimated and new claims for unemployment assistance dropped to nearly a four-month low last week. Gross domestic product expanded at a 2.6% annual rate, the Commerce Department said today, up from the 2.4% rate it reported... Read more
The biggest news of the day may well have been technical, insofar as the 1300 support level did not hold in afternoon trading today. More on that in our other areas below and on today's video.
In fundamentals news, Philadelphia Fed president Charles Plosser told CNBC that the Fed's stance had not changed, regardless of what the market has said. He believes Yellen's statement was clear. Any course changes will indeed be data driven.
Plosser is one of our favorite Fed annoyances, speaking not only out of turn but out of both sides of his mouth. He is a fiscal hawk and sometimes forgets... Read more
News was slim today and so it was cause to say "meh."
Unless you're around young hipsters or old Yiddish-speakers, you'll need a definition. It's a verbal shrug of the shoulders used when nothing about a particular event or experience makes much of an impression.
Short-covering was tepid, unenthusiastic, although strong enough to stop the previous few days' slide. (A good thing for gold bulls.)
Gold was swimming against a strong current today. U.S. consumer sentiment hit a six-year high.
The Conference Board's index of U.S. consumer confidence jumped to 82.3 in March, up... Read more
There are many experts out there today explaining that the reason gold took a hit today is because they have read some special meaning into Janet Yellen's post-FOMC press conference last week. That's pure hogwash.
Uncertainty? Maybe. Perhaps not the clearest message ever sent by the new "more transparent" Fed, but is that group pointed toward a rate hike? It would come as a major league surprise if unemployment stays above 6.5% and inflation somehow sticks below the ridiculous 2% threshold.
However, we will grant the experts one thing: right now, the unemployment numbers can't be... Read more