First, and foremost, our thoughts and prayers go out to everyone who has been impacted by Hurricane Sandy.

First, and foremost, our thoughts and prayers go out to everyone who has been impacted by Hurricane Sandy. There are still some dangerous conditions out there so be safe and we wish you a speedy recovery!

 

While New York City, and much of the Northeastern U.S., forges ahead with clean-up efforts financial markets in Lower Manhattan reopened today following a two day closure. The PGM complex managed to hold itself together amid thin/choppy trading conditions over the first two days of the week. Given that it’s the last day of the month and markets are just now opening for the week it could prove to be an active day across the financial landscape as many look to square the books. Gold is trading roughly $6 higher at $1718 in early trading but the big movers are silver (up 1.1% to $32.165), platinum (up 1.18% to 1572) and palladium (up 1.70% to $606.30).  Across the pond, data from Eurostat showed the regions unemployment reached 11.6% in September. However, the euro is holding pretty steady at the moment, currently up .2% to $1.2992. Here in the U.S. there is not much on tap for the day but investors will continue to digest earnings reports and prepare themselves for Friday’s October unemployment numbers, the last reading before Election Day! Have a great day!

Consumer and government spending helped U.S. 3rd quarter GDP reach 2%

Consumer and government spending helped U.S. 3^rd quarter GDP reach 2%, up from 1.3% in Q2 and higher than the expected 1.7% economists were expecting. However, it doesn’t appear this better-than-expected reading is anything to get very excited about as annualized GDP stands at 1.74% in 2012 vs. 1.8% at the same time last year and both exports and business investment were the anchors holding back growth. It’s like getting a C+ on an exam…at the end of the day it’s still a C. Let’s not forget that these numbers can be, and usually are, revised but that revision won’t come until after the election. After a sell-off in overnight sessions the precious metals complex has rebounded back toward yesterday’s closing levels. Gold once again found a cushion around the $1700 level and is now up .13% at $1715 in early morning trading. Silver is up  .33% and trading above yesterday’s close, now at $32.18. Platinum reached as low as $1545 overnight after closing Thursday’s session at $1568.8 but has since regained some ground and is currently trading at $1566. Palladium is trading just shy of flat to yesterday’s close. Have a great day!

 

Yesterday’s better-than-expected report on U.S. new home sales helped support the greenback

Yesterday’s better-than-expected report on U.S. new home sales helped support the greenback which gave way to more pressure on the precious metals complex. Those who were able to catch the falling knife have been rewarded with a nice rebound in early trading this morning. Gold closed at $1701.60 after a brief visit below the psychological level of $1700 but has since clawed its way back to the tune of more than $10 dollars as the yellow metal is currently trading at $1715. Silver is up more than 1.5% at $32.145 after closing Wednesday’s session at $31.620. Platinum and palladium are both up more than $10 from yesterday’s close at $1576 and $604 respectively. U.S. initial jobless claims fell to 369,000 from last week’s 392,000. U.S. durable goods orders also showed signs of improvement, rising 9.9% and beating expectations of just a 7.1% bump. Across the pond, UK GDP growth came in at 1% in the third quarter as the 2012 Olympics helped pull the country out of recession.  Have a great day!

The week started off with a bit of weakness in the precious metals complex overnight.

The week started off with a bit of weakness in the precious metals complex overnight. We have since retraced most of those losses leaving PT, PD and AU all near Fridays close, while AG is trading up 0.8%. Platinum and gold seem to have found support at their 50 DMA’s ( $1604.44 & $1722 respectively). Palladium momentarily breached its 100 DMA ($619.82) but has since recovered and seems to be supported there in the near term. All eyes will be on the third and final presidential debate tonight, followed by the Chinese PMI tomorrow, then the FOMC meeting mins and US Q3 GDP later this week.

Overnight reports showed Chinese GDP grew at 7.4% in the third quarter of 2012

Overnight reports showed Chinese GDP grew at 7.4% in the third quarter of 2012 and while that’s relatively in-line with expectations it’s still moving in the wrong direction. However, retail sales, industrial output and fixed asset investments in the world’s #2 economy were shown to have improved. Considering that, up until this global economic crisis, China had enjoyed consistent growth around 10% a year, the China piece to the puzzle remains uncertain at best. The EU summit begins today as leaders from the region put forth efforts to further unify the union and hopefully start moving toward growth and prosperity. Yesterday’s news that Moody’s did not change Spain’s credit rating has led many to believe that the country will tap the ESM-ATM which has seemingly eased concerns of euro area instability. Although, there is that Greece situation! US initial jobless claims “unexpectedly” rose 46,000 to 388,000, the highest level in four months. The “surprising” news came just a week after reports showed a drop in first time jobless claims. However, those numbers were apparently missing data from a large state…has anyone seen Jack Welch? The collective of the day’s events and the resulting modest pessimistic sentiment have weighed on the precious complex this morning. Left on tap for today, the Philly Fed Business Outlook set for release at 10:00 am ET. Have a great day!

Upbeat housing data and better-than-expected corporate earnings

Upbeat housing data and better-than-expected corporate earnings would seemingly lend to bullish sentiment this morning but it feels as if markets are waiting for the other shoe to drop. Reports that housing starts and building permits are at 4-year highs certainly bodes well for our domestic economic picture but the global economic situation is a bit more clouded and perhaps investors are awaiting tomorrows GDP data out of the world’s #2 economy, China, before making any decisions ahead of the U.S. election. Across the pond, Moody’s didn’t cut Spain’s credit rating which boosted benchmark 10-year bond prices and pushed yields down to 5.53%. This helped the euro breach the $1.30 level, now $1.3125. Gold and silver remain relatively unchanged from yesterday’s close with gold trading modestly higher at $1749 and silver up just .2% at $33.030. The PGM complex continues to see support from the situation in South Africa.  Platinum is currently up more than 1% at $1665 while palladium is up nearly 1% as well at $645. Have a great day!

A week dominated by global growth concerns is coming to an en

A week dominated by global growth concerns is coming to an end with the precious metals under pressure early in U.S. trading. Gold saw little action in the overnight sessions and opened relatively unchanged from yesterday’s close of $1770. The yellow metal now trades .1% lower at $1768 while silver is down nearly 1% to $33.79. The PGM’s are in the red as well with platinum currently trading nearly 1% lower at $1676 and palladium down ~.5% to $648.25. This morning’s report on producer prices showed greater than expected increase but inflation remains flat. UofM’s consumer sentiment report is due at 9:55 am ET and given recent upbeat jobs data it is no surprise that the index is expected to notch up .2 points to 78.5. The rest of the day will see investors taking in third-quarter earnings as they also look to position themselves for next week’s deluge of reports and events, to include the second presidential debate. Have a great day and a better weekend!

While Felix Baumgartner jumped from a capsule 128,000 feet in the air

While Felix Baumgartner jumped from a capsule 128,000 feet in the air and while he may have hurtled to the earth at greater than the speed of sound, his record breaking journey seems less perilous than The United States’ impending “Wile E. Coyote” fall off the fiscal cliff scheduled for 2013. However, those concerns appear second to the global growth concerns that continue to weigh on investor sentiment at the moment. Economic data out of China in the overnight session showed inflation of 1.9% in September while trade surplus numbers were better than expected. The somewhat positive news will likely be brushed off as the more important measure of China’s status, third-quarter GDP, will be reported later this week. Not much seems to have changed across the pond in Europe. Spain continues to delay what many seem to feel is the inevitable (a bailout) and Greece looks for more money. U.S. retail sales data was up 1.1% for the month of September on the back of >$4/gallon gasoline. The Empire States manufacturing index remains in negative territory but improved to -6.2 from -10.4. The precious metals complex continues its downtrend from last week with all the metals in the red this morning. Gold is trading at $1745, down .8% while silver is down nearly 1.5% to $33.15. Platinum is trading at $1640, down more than 1% while palladium is down slightly to $636.25. Have a great day!

A week dominated by global growth concerns is coming to an end

A week dominated by global growth concerns is coming to an end with the precious metals under pressure early in U.S. trading. Gold saw little action in the overnight sessions and opened relatively unchanged from yesterday’s close of $1770. The yellow metal now trades .1% lower at $1768 while silver is down  nearly 1% to $33.79. The PGM’s are in the red as well with platinum currently trading nearly 1% lower at $1676 and palladium down ~.5% to $648.25. This morning’s report on producer prices showed greater than expected increase but inflation remains flat. UofM’s consumer sentiment report is due at 9:55 am ET and given recent upbeat jobs data it is no surprise that the index is expected to notch up .2 points to 78.5. The rest of the day will see investors taking in third-quarter earnings as they also look to position themselves for next week’s deluge of reports and events, to include the second presidential debate. Have a great day and a better weekend!

Silver Christmas rounds make a perfect holiday gift that will be cherished forever.

Silver Christmas rounds make a perfect holiday gift that will be cherished forever. Each round is struck from 1 troy ounce of .999 pure silver. These beautifully struck festive rounds measure 39mm in diameter and are hallmark stamped for their exact weight and purity. Each round is encapsulated in a clear plastic holder and comes in a gift box as seen.

Credit rater S&P downgraded Spain

Credit rater S&P downgraded Spain on Wednesday to BBB- citing rising tensions among then countries regional economies and uncertainty about the recapitalization of the Spanish banking sector. The country is widely believed to need at least 60 million but has access to at least €100 million to get the job done. Prime Minister Rajoy has been able to avoid a bailout and the conditions that may come along with such assistance but the latest blow to the country’s credit rating could force his hand. The EUR is up .67% to $1.2932 and has lent support to the precious complex as gold is up .25% to $1770 in the early session while the rest of the metals find themselves in positive territory as well.  The latest U.S. unemployment filings are making the jobs picture look rosier as the number of people filing for the first-time dropped 30,000 to 339,000. This is the first jobless claims report since last week’s head-scratcher that showed the unemployment rate fell to 7.8%.  Have a great day!

Global growth concerns are weighing on the precious metals complex this morning

Global growth concerns are weighing on the precious metals complex this morning as the onslaught of pessimistic forecasts continue. This time it was Alcoa underlining slowing growth in China, the world’s #2 economy, by reducing demand forecasts for the country as the aluminum producer kicked-off the third-quarter earnings season on Tuesday. The latest blow to investor sentiment came just days after the World Bank cut China’s GDP growth forecast to 7.7% from 8.2% in May. To put it in perspective, the Chinese economy was growing at a rate of 10.4% in 2010 and 9.3% just last year. The IMF on Tuesday said global growth may come in at just 3.3% this year. Later today the Fed will release the Beige Book (2:00 PM ET) but traders aren’t expecting the report to turn any frowns upside down. Have a great day!

Friday’s seemingly positive U.S. unemployment report and a weakening outlook on

Friday’s seemingly positive U.S. unemployment report and a weakening outlook on economic growth in Asia, in the overnight session, have pressured the precious metals complex lower. However, the impending fiscal cliff and the worsening situation in South Africa could provide some cushion to the downside for the metals.  We ended last week with a report that showed U.S. non-farm payrolls added 114,000  jobs while the unemployment rate fell to 7.8%. The fact that the economy needs to grow 250,000 or so jobs per month, to keep up with population growth, seemed not to matter and the unemployment rate made investors feel a little less uncertain. Gold, which was flirting with the psychological level of $1800 closed Friday at $1780 and is now trading even lower in the early part of the session. The yellow metal is currently trading at $1773 while silver trades at $33.975…down from Friday’s close of $34.572. According to The World Bank, outlook for growth in Asia was knocked down .4% to 7.2% and concerns surrounding Europe could further weaken GDP growth for Asia through next year. Platinum for January delivery closed Friday’s session at $1707 and has now fallen through the $1700 level…currently trading at $1692. Palladium is down more than 1% and currently trades at $655. However, the escalating situation in South Africa could provide support as the threat of strikes spill over from the mining sector to other industries throughout the country. The South African Municipal Workers Union (SAMWU) has filed a notice to strike while a trucking strike has delayed fuel deliveries around Johannesburg. On Friday, Anglo American Platinum fired 12,000 striking workers.  It’s been reported that 23% of miners in the country are on strike. Have a great day!

The precious complex pushed higher yesterday, fueled by the ECB bond buying program

The precious complex pushed higher yesterday, fueled by the ECB bond buying program and the deteriorating situation in  South Africa. Gold rallied and closed Thursday’s session at $1796.5 as comments from ECB President Mario Draghi indicate that the bond buying program is in place and ready to begin Outright Money Transaction. Platinum closed Thursday’s session at $1725.10 as strikes continue to spread across the mining industry in South Africa.  However, risk assets now find themselves under pressure as the U.S. Non-Farm Payroll data, releases at 8:30 am this morning, showed employment in the world’s #1 economy remains weak. The economy created just 114,000 jobs in September, only modestly better than the 96,000 jobs created in the month prior. The unemployment rate did drop to 7.8% but most likely due to more people giving up the job search than people getting back to work. Gold was once flirting with $1800 but now trades ~.75% lower on the day…currently at $1784. Platinum for January delivery reached as high as $1734.5 but now trades at $1715. Have a great day!

You can twist the numbers any which way but the jobs picture here in the U.S. remains stagnant

You can twist the numbers any which way but the jobs picture here in the U.S. remains stagnant at best. Sure, ADP private sector job’s numbers  were better than expected - I can also call my day successful if the only goal was to get out of bed in the morning. The fact remains that with the election season upon us and with the economy barreling towards the fiscal cliff, hiring could remain cautious until the outcome of those aforementioned issues are defined. Initial jobless claims, reported this morning, increased by 4,000 and the previous week was shown to have increased by 4,000 more than initially thought! Today’s activities will likely be the result of investors positioning themselves ahead of the non-farm payroll data set to be released tomorrow. At 2:00 PM ET, the Fed will release the minutes from the meeting that resulted in a third round of quantitative easing. While the minutes won’t reveal what type of illegal substances the Fed members were smoking, it could give investors a better understanding of why the central bank thinks it’s a good idea to buy $40 billion in mortgage debt per month...with no end in sight. Across the pond, both the Bank of England and the ECB left rates unchanged. Investors are no doubt eyeing Mario Draghi’s comments from earlier today but hope alone seems to be enough to calm concerns surrounding Spain…for now. The question remains, when will they start buying bonds? The PGM complex is supported for the time being as the situation in South Africa drags on. Platinum is up more than .5% having breached the $1700 mark…currently trading at $1706. In the other precious metals, gold opened relatively unchanged from yesterday’s close but proceeded to move higher in the early session. The yellow metal has hit as high as $1797 but has since fallen to roughly mid-range at $1788. Have a great day!

If concerns about the devaluing of U.S. currency weren’t already fully apparent

If concerns about the devaluing of U.S. currency weren’t already fully apparent, after the roll-out of QE Infinity, then Chicago Fed Chairman, Charles Evans’ rhetoric on Monday served as the bolding, italicizing and highlighting of the monster otherwise known as Inflation. The non-voting member of the Fed expressed his belief that the Fed can take even further measures to boost growth in the currently sluggish U.S. economy. Evan’s words were enough for gold to breach $1790, leaving many scratching their heads. However, the yellow metal came under some pressure as markets realized that Evans’ epiphany wasn’t exactly a new revelation and Chairman Bernanke’s comments, later in the day, offered nothing new either. Gold is currently trading around $1779. Today, European market focus remains on Spain as a Moody’s assessment of Spain’s banking sector has many believing it’s a question of “when” rather than “if” the indebted country will take a bailout. U.S. markets received support following a strong reading from the Institute of Supply Management’s index that came in at 51.5, indicating the manufacturing sector in the U.S. has bucked the three-month trend of contraction. Today will bring about U.S. auto sales data for the month of September while the focus will shift to Jobs for the last half of the week. The stand-off between Anglo and striking miners at the company’s Rustenburg operation continues to support the PGM complex. Anglo says attendance at the mine remains below 20% and that striking miners had until today to appear for disciplinary hearings or face dismissal. Platinum is currently trading at $1682…up roughly $20 from Monday’s open. Have a great day!

As we kick-off the 4th and final quarter of 2012 market sentiment seems rather positive this morning

As we kick-off the 4^th and final quarter of 2012 market sentiment seems rather positive this morning despite evidence of continued struggles for global economic growth. The Chinese Government’s official manufacturing index came in at 49.8. While that’s an improvement from the previous months 49.2, it still indicates that the sector is contracting and with export orders dropping it doesn’t appear the sector will improve much in the near future. This development has further supported hopes of a China stimulus play but with the country on holiday for Golden Week central bank action in the country may not occur until after leadership changes occur at the upcoming congress. While last week’s events in Spain were relatively in line with expectations, concerns about the region persist as manufacturing and employment data, released earlier today, showed the regions PMI came in at 46.1 while unemployment reached 11.4%. Here in the U.S., Jobs are the theme of the week as private sector employment (Wednesday) and initial jobless claims (Thursday) will prime investors for the big show – Non-Farm Payrolls – on Friday. The last reading showed only 96,000 jobs were created. Gold experienced some selling on the back of Chinese data overnight but is regaining some lost ground currently trading at $1770. Platinum is off slightly, trading at $1667, and continues to be supported by the on-goings in South Africa. Striking miners at Anglo’s Rustenburg facility are now facing disciplinary actions as the mine tries to get workers back to work. It’s estimated that nearly 75,000 workers are idle across the mining industry in South Africa. Have a great day!

Silver Rounds Monster Box 500 (Timber Wolf Design)

Silver Rounds Monster Box 500 (Timber Wolf Design)

 

Silver Rounds Monster Box 500 (Timber Wolf Design)

Each box contains 500 silver rounds (500 ounces). The rounds are packed in 20 coin rolls (25 rolls per box). Each round measures 39mm in diameter and contains one ounce of .999 fine silver. They are hallmarked stamped with their exact weight and purity. These rounds are guaranteed brand new, mint fresh and have never been offered to the public before. Buying mint direct in bulk saves you money and gives you the flexibility of selling just a few rounds at a time.

These rounds are privately struck in the United States and are not affiliated with or endorsed by the Royal Canadian Mint.

. Guaranteed fast delivery by insured mail

. Struck in .999 pure silver supplied by Heraeus