Today is a wakeup call! First, this morning at 6 am Eastern time the New York Times publishes an article that the Federal Housing Finance Agency is planning to sue the Major US Banks over the Mortgage Crisis for Billions of Dollars! This of course is a major negative for the banking sector and will probably handcuff the industry while they wait and see what will happen. Which means hiring freezes and possibly even layoffs! Not a smart move. Then came 8:30 am, Nonfarm Payroll reports were not just worse than expected, they were horrific! Gold is climbing through the roof on the combination of both news items as the world’s largest economy is very ill. Heading into the Labor Day holiday here in the US will give the market a breather but the precious metals overall are will keep their safe haven status and may go even higher. However Palladium is a laggard and looking weak even though yesterday’s Auto Sales reports were in line with expectations. With the thin market environment and the base metals taking a beating Pd is will not keep pace with the rest of the group. Some are looking for QE3 on the recent news but what good is that when the government is fighting its own attempts at recovery as these law suits proceed? Crazy World.
--------We are closing at 4 PM today--------------
| DEC-Z | DEC-Z | Oct-V | DEC-Z |
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Gold | Silver | Platinum | Palladium |
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Last | 1,878.00 | 42.880 | 1,879.00 | 780.00 |
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Price Change | 48.90 | 3.24 | 26.10 | (10.40) |
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Current Low | 1,878.00 | 41.535 | 1,879.00 | 780.00 |
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Current High | 1,884.60 | 43.240 | 1,884.40 | 794.80 |
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EFP | 2.40/2.90 | .04/.09 | 2/6 | 1/5 |
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| Rhodium | 1,875.00 | Ruthenium | 175.00 |
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| Iridium | 1,100.00 |
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London PM Fixes: |
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AU | 1,875.25 | PT | 1,873.00 |
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PD | 785.00 |
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London AM Fixes: |
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AU | 1,854.00 | PT | 1,858.00 |
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PD | 786.00 | AG | 42.5000 |
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| Last | Low | High |
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EUR | 1.4232 | 1.4288 | 1.4233 |
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JPY | 76.71 | 76.97 | 76.72 |
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GBP | 1.6212 | 1.6254 | 1.6213 |
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Crude Oil -CME | 86.12 | Copper | 4.10 |
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*PLEASE NOTE THESE PRICES ARE FOR INDICATION ONLY CALL FOR QUOTES |
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Date | Time | Statistic | For | Actual | Forecast | Expects | Prior | Revised | |||||
2-Sep | 8:30 AM | Aug | Unch | 16K | 70K | 85K | 117K | ||||||
2-Sep | 8:30 AM | Nonfarm Private Payrolls | Aug | 17K | 55K | 110K | 156K | 154K | |||||
2-Sep | 8:30 AM | Aug | 9.10% | 9.20% | 9.10% | 9.10% | - | ||||||
2-Sep | 8:30 AM | Aug | -0.10% | 0.20% | 0.20% | 0.50% | 0.40% | ||||||
2-Sep | 8:30 AM | Aug | 34.2 | 34.3 | 34.3 | 34.3 | - | ||||||
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