Good Morning,
Comments
from the PBOC and a trifecta of positive U.S. economic data have gold
and silver trading relatively flat to yesterday’s close while platinum
and palladium are both up more than 1.5% on the day. Fears of a credit
crunch in the worlds
#2 economy triggered a flight to cash but the Chinese central bank
stepped in to lend some support by saying they would keep rates at
reasonable levels. As fears subsided gold made a push towards $1290 but
has given back those gains as a number of positive
domestic economic reports bring back those unwanted thoughts of QE
tapering. New Home sales gained for the third consecutive month, rising
2.1% to levels not seen since mid-2008. Consumer confidence is on the
rise as well according to The Conference Board’s
index that read 81.4 for the month of June, up from 74.3 in the
previous month. U.S. durable goods orders were up 3.6% in the month of
May. Have a great day!
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