It is all about point of view. Simply put there is only one in the minds of investors and that is a tremendously negative sentiment about the ability of governments to deal with their fiscal responsibility. President Obama’s blame game yesterday did nothing to dissuade this attitude. In an environment where he could have used his positive people skills to motivate he went the other path and that was not well received and only sent the stock market deeper in the hole. Gold of course continues to sky rocket as the world is experiencing an economic meltdown of apocalyptic proportions. Even China which has been consistently held up as the next economic utopia is in fear of possible unrest due to continued inflation at 6.5% and slowing economic growth. Euro Zone crisis- Portugal, Ireland, Italy, Spain and Greece are not only in financial crisis but civil unrest has started as well. In the United Kingdom riots ensued across the land sparked by a police issue and possibly flamed by the poor economy as well. Brigands were brazenly looting and destroying private property. The world is sick with flu like symptoms and medicine is needed to cure the ills. But the public fears that there is none and gold will continue to rise. Platinum and palladium are doing better today after finally stopping and consolidating at the current level. But silver not so surprisingly has fallen. The investment public has decided silver is an industrial metal and not an option as a hedge against risk and has lost over 4 % from yesterday. This morning’s US numbers did not surprise but confirmed the persistence of the illness.
| DEC-Z | Sep-U | Oct-V | Sep-U | |||||||||
Gold | Silver | Platinum | Palladium | ||||||||||
Last | 1,740.10 | 37.93 | 1,746.10 | 737.50 | |||||||||
Price Change | 26.90 | (3.68) | 22.50 | 9.00 | |||||||||
Current Low | 1,740.10 | 37.62 | 1,746.60 | 737.80 | |||||||||
Current High | 1,782.50 | 39.66 | 1,748.10 | 739.95 | |||||||||
EFP | 2.40/2.90 | .01/.04 | 2/6 | 0/4 | |||||||||
London PM Fixes: |
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AU | 1,736.00 | PT | 1,734.00 |
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PD | 735.00 |
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London AM Fixes: |
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AU | 1,770.00 | PT | 1,723.00 |
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PD | 722.00 | AG | 38.360 |
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| RH | 1,875.00 | RU | 175.00 | |||||||||
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| IR | 1,100.00 | |||||||||
EUR | 1.4241 | 1.4288 | 1.4243 |
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JPY | 77.30 | 77.86 | 77.31 |
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GBP | 1.6298 | 1.6411 | 1.6302 |
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Copper | 4.01 | Crude | 82.24 |
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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 |
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9-Aug | 8:30 AM | Q2 | -0.30% | -0.60% | -0.60% | 1.80% | -0.60% |
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9-Aug | 8:30 AM | Unit Labor Costs | Q2 | 2.20% | 2.00% | 2.20% | 0.70% | 4.80% |
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9-Aug | 2:15 PM | FOMC Rate Decision | Aug | - | 0.25% | 0.25% | 0.25% | - |
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