The market is certainly fickle and looking for any news

The market is certainly fickle and looking for any news that may be relevant. This morning gold was actually down. Then at 8 am there was a live interview with Fed President Charles Evans. He intimated that he recommends strong accommodation which intimates injection of more money. Gold took off $30 while he was speaking. Of course this doesn’t mean that this is the general agreement at the Fed but we will see when the Fed minutes are released at 2 pm today. Consumer Confidence was released this morning, the lowest number since 2009 at 44.5, another bullish factor for gold. The rest of the precious metals group is following along as a signal of the continued expectation of the devaluation of the dollar. The bull remains well fed.

			DEC-Z		DEC-Z		Oct-V			DEC-Z
8/30/2011			Gold		Silver		Platinum			Palladium
Last			1,827.70		41.420		1,843.00			764.00
Price Change			36.10		2.010		18.00			8.25
Current Low			1,827.80		40.455		1,843.90			763.95
Current High			1,835.00		41.730		1,847.40			771.50
EFP			2.40/2.90		.04/.09		2/6			1/5
			Rhodium		1,875.00		Ruthenium			175.00
							Iridium			1,100.00
London PM Fixes:
AU			1,825.00		PT		1,840.00
PD			767.00
London AM Fixes:
AU			1,791.00		PT		1,830.00
PD			757.00		AG		40.9000
			Last		Low		High
EUR			1.4424		1.4533		1.4425
JPY			76.70		76.98		76.74
GBP			1.6278		1.6420		1.6283
Crude Oil -CME			87.38		Copper		4.15
*PLEASE NOTE THESE PRICES ARE FOR INDICATION ONLY CALL FOR QUOTES
Date	Time	Statistic		For		Actual		Forecast	Expects		Prior	Revised
30-Aug	10:00 AM	Consumer Confidence		Aug		44.5		50	52		59.5	-
30-Aug	2:00 PM	FOMC Minutes		Aug. 9		-		-	-		-	-

Precious metals are under pressure in the New York market today

Precious metals are under pressure in the New York market today. It is a London Holiday and with the lack of direction from Bernanke on Friday the QE3 enthusiast seem to have given up. The US dollar remains firm against the Euro but still off its best of 1.4463. But the big news and maybe the driver is that the “talk” of late is that the stock market is undervalued and gold is overdone. It sure seems that is what is going on this morning as the Dow Jones is up 175 points. Still don’t count the bull down yet, it may just be taking a breather, remember all the world’s woes still remain in place. Oddly enough Hurricane Irene came through the East Coast causing billions in damage but luckily not as deadly as it may have been. This kind of damage will spur the economy as construction and repair is now not just a discretionary spend but a mandatory one. This is one silver lining.

	DEC-Z	Sep-U	Oct-V	Sep-U
8/29/2011	Gold	Silver	Platinum	Palladium
Last	1,789.10	40.660	1,823.30	754.30
Price Change	(8.20)	(0.710)	(3.60)	(2.05)
Current Low	1,789.40	40.425	1,824.10	755.00
Current High	1,841.50	41.800	1,847.50	760.50
EFP	2.40/2.90	.00/.04	2/6	0/4
	Rhodium	1,875.00	Ruthenium	175.00
			Iridium	1,100.00
London PM Fixes:		LONDON HOLIDAY
AU	-	PT	-
PD	-
London AM Fixes:
AU	-	PT	-
PD	-	AG	-
	Last	Low	High
EUR	1.4518	1.4550	1.4521
JPY	76.93	76.98	76.93
GBP	1.6404	1.6435	1.6407
Crude Oil -CME	87.00	Copper	4.08
*PLEASE NOTE THESE PRICES ARE FOR INDICATION ONLY CALL FOR QUOTES

Precious metals collapse

The effect of the earthquake in Virginia were small compared to the effect of the recent sell off in Gold at this moment down $79. The gold ETF lost 798,000 ounces yesterday. More and more the market is starting to disbelieve that the Fed will make any moves to inject money in to the system hence inflationary pressure being removed has created an opening for a correction to come in. In today’s report from Dennis Gartman he illustrates the 1980 gold bubble versus the current market which indicates we may be in for a move down to the 1650 level sooner than later. The rest of the precious are following gold’s lead as well. True to form silver is the biggest loser so far and where it will end is not so clear for this extremely volatile white metal. Today’s Durable Goods number was the first bit of positive news to hit the wires for the US economy acting as additional grease to today’s slippery slope. Oh, one other interesting fact this year’s first six month imports of gold jewelry by volume equals only one month of imports in 2005….makes you wonder. (Courtesy of GFMS)

	DEC-Z	Sep-U	Oct-V	Sep-U
8/24/2011 10:26	Gold	Silver	Platinum	Palladium
Last	1,774.80	40.44	1,837.00	751.60
Price Change	(86.50)	(4.37)	(43.10)	(12.80)
Current Low	1,774.90	39.91	1,837.40	751.75
Current High	1,856.80	42.49	1,884.70	765.25
EFP	2.40/2.90	.01/.04	2/6	0/4
London PM Fixes:
AU	1,770.00	PT	1,865.00
PD	759.00
London AM Fixes:
AU	1,850.00	PT	1,870.00
PD	762.00	AG	42.080
	RH	1,875.00	RU	175.00
			IR	1,100.00
EUR	1.4456	1.4482	1.4457
JPY	76.61	76.87	76.62
GBP	1.6424	1.6534	1.6426
Copper	4.03	Crude
*PLEASE NOTE THESE PRICES ARE FOR INDICATION ONLY CALL FOR QUOTES