Italian debt is downgraded, Greece continues to stumble

Italian debt is downgraded, Greece continues to stumble and the European Union is under pressure. It seems like this should be bullish for gold. However it ends up that it is bearish for Europe. It also appears that gold is being sold in Europe to buy either US dollars or US equities. This the best explanation I can come up with for the recent drift down for the group overall. Still the prices do not totally collapse because there is plenty of interest in the US markets to buoy the group from further declines and they are continuing to claw their way higher. The precious metals remains the safe haven asset from the seemingly never ending global recession. Today’s Housing numbers were lower than expected but Permits were much higher giving a mixed outlook for the future of the US economy. Overall the malaise will not be going away soon so for the long term metals will continue still shine.

	DEC-Z	DEC-Z	Oct-V	DEC-Z
9/20/2011	Gold	Silver	Platinum	Palladium
Last	1,802.30	39.925	1,782.10	717.20
Price Change	23.40	1.94	10.10	5.10
Current Low	1,802.40	39.230	1,783.00	717.10
Current High	1,806.40	40.025	1,788.00	724.00
EFP	2/3	.05/.10	2/6	1/5
	Rhodium	1,850.00	Ruthenium	175.00
			Iridium	1,100.00
London PM Fixes:
AU	1,799.00	PT	1,774.00
PD	717.00
London AM Fixes:
AU	1,792.00	PT	1,782.00
PD	718.00	AG	39.1800
	Last	Low	High
EUR	1.3659	1.3744	1.3662
JPY	76.57	76.76	76.58
GBP	1.5689	1.5735	1.5690
Crude Oil -CME	86.15	Copper	3.75
*PLEASE NOTE THESE PRICES ARE FOR INDICATION ONLY CALL FOR QUOTES

 

Date	Time	Statistic	For	Actual	Forecast	Expects	Prior	Revised
20-Sep	8:30 AM	Housing Starts	Aug	571K	575K	590K	604K	-
20-Sep	8:30 AM	Building Permits	Aug	620K	575K	585K	601K	597K
20-Sep	2:15 PM	FOMC Rate Decision	Sep	-	0.25%	NA	0.25%	-