The Fed Beige book triggered the negative sentiment yesterday on dim outlook for the US economy. With slow outlook on growth, little inflation and monetary tightening in China it painted a poor scenario for commodities. In the Asian hours copper took a beating which triggered a weakening in stock markets as well. This also acted as a catalyst as we have seen lately on the race for cash. Precious metals followed copper down the slippery slide and although “Safe Haven demand” remains strong it is not strong enough to withstand what appears to be more of a stagnating economy instead of weakening and inflating. Traders also have their ears to the ground waiting for concrete words of what the true strategy will be for the Greek crisis and the European malaise at large. Gold specifically looks like it has turned into bearish territory and may test more downward signals this day. Great caution is advised but still at these lower prices much of the precious group looks like a great bargain at Wal-Mart to physical consumers.
| 10/20/2011 10:32 | Last | %Change | Low | High |
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| Au- Dec | 1,623.60 | (1.42) | 1,607.90 | 1,646.50 |
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| Pt-Jan | 1,491.20 | (2.09) | 1,466.00 | 1,521.80 |
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| Pd-Dec | 596.45 | (1.96) | 580.50 | 609.50 |
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| Ag-Dec | 31.115 | (0.510) | 30.425 | 31.375 |
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| EFPs | Au 1/1.70 | Pt 2/6 | Pd 0/4 | Ag -3/3 |
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| London | AM | PM | Minor | PGMs |
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| Au | 1,629.00 | 1,620.00 | Rh | 1630 |
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| Pt | 1,490.00 | 1,490.00 | Ru | 150 |
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| Pd | 597.00 | 595.00 | Ir | 1100 |
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| Ag | 30.79 | DJI | 11,506.82 | 2.20 |
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| FX | Last | %Change | Low | High |
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| EUR | 1.3726 | (0.23) | 1.3670 | 1.3843 |
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| JPY | 76.97 | 0.24 | 76.64 | 77.09 |
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| GBP | 1.5725 | (0.28) | 1.5690 | 1.5803 |
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| CHF | 0.8952 | (0.83) | 0.8925 | 0.9083 |
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| Others | Last | %Change | Low | High |
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| Crude- Dec | 85.740 | (0.630) | 87.120 | 85.310 |
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| Copper-Dec | 3.1500 | (3.190) | 3.190 | 3.150 |
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| *THESE PRICES ARE FOR INDICATION ONLY CALL FOR QUOTES |
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Date | Time | Statistic | For | Actual | Forecast | Expects | Prior | Revised | ||||||
20-Oct | 8:30 AM | Initial Claims | 15-Oct | 403K | 400k | 403k | 409K | 404K | ||||||
20-Oct | 8:30 AM | Continuing Claims | 8-Oct | 3719K | 3700k | 3690k | 3694K | 3670K | ||||||
20-Oct | 10:00 AM | Existing Home Sales | Sep | 4.91M | 5.10M | 4.92M | 5.06M | 5.03M | ||||||
20-Oct | 10:00 AM | Philadelphia Fed | Oct | 8.7 | -5 | -8.8 | -17.5 | - | ||||||
20-Oct | 10:00 AM | Leading Indicators | Sep | 0.20% | 0.30% | 0.30% | 0.30% | - | ||||||
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