Spot prices

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Tuesday, August 23, 2011

New Home sales number dropped for the third month in a row

New Home sales number dropped for the third month in a row. This confirms the weakness in the US economy. People though forget this is a report of the past not the future so will things turn around? The biggest concern which has driven precious metals is the injection of more money into the system by the Fed. They are calling it the Jackson Hole effect. So precious metals are truly up on the perceived oncoming devaluation or debasement of the US dollar via Operation Twist. Oddly enough the injection of money into the system has not helped the economy. Why will they do it again? It will be on Friday when Bernanke speaks that we will better see the direction. I have said this before and I say it again. The definition of insanity is doing the same thing over and over again and expecting a different outcome.

Overnight though the gold made new highs and some commented that it was driven by buying out of Vietnam where the government is planning on restricting future purchases of the metal. Meanwhile the Shanghai Exchange raised their gold margins which added some downward pressure. We are currently lower than yesterday but that can change at any moment as volatility remains high.

DEC-Z

Sep-U

Oct-V

Sep-U

8/23/2011 10:35

Gold

Silver

Platinum

Palladium

Last

1,878.40

43.10

1,887.00

763.60

Price Change

(13.50)

(0.51)

(18.70)

(1.50)

Current Low

1,878.50

42.58

1,888.30

763.90

Current High

1,917.90

44.28

1,918.50

767.25

EFP

2.40/2.90

.01/.04

2/6

0/4

London PM Fixes:

AU

1,876.00

PT

1,886.00

PD

762.00

London AM Fixes:

AU

1,886.50

PT

1,899.00

PD

764.00

AG

42.880

RH

1,875.00

RU

175.00

IR

1,100.00

EUR

1.4399

1.4500

1.4401

JPY

76.52

76.94

76.54

GBP

1.6524

1.6573

1.6528

Copper

4.00

Crude

*PLEASE NOTE THESE PRICES ARE FOR INDICATION ONLY CALL FOR QUOTES

Date

Time

Statistic

For

Actual

Forecast

Expects

Prior

Revised

23-Aug

10:00 AM

New Home Sales

Jul

298K

300K

310K

312K

-

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