Congressional leaders are scheduled to meet at the White House today for

Congressional leaders are scheduled to meet at the White House today for last minute talks over the fiscal cliff. At this point, it’s probably safe to assume that nothing in the way of a significant fix to the impending economic doom is within reach. Perhaps we could have assumed that a long time ago but hope is a powerful concept. Nonetheless, the talks in Washington remain a focal point as the year draws to a close. Chicago PMI and pending home sales are the only economic reports on tap for today. The precious complex is starting the day in negative territory and with few market participants it could be a choppy trading session. Have a great weekend!

Today’s batch of economic data will probably do little in the way of pushing

Today’s batch of economic data will probably do little in the way of pushing investor sentiment in either direction simply because improving jobless claims, more confident consumers and more home sales won’t matter if the country can’t avoid the Fiscal Cliff. The President and Congress were kind enough to cut short their Holiday break in a last ditch effort to strike a deal. Will it be a case of too little too late? We’ll find out in a matter of days. The uncertainty amid thin trading conditions has many market participants hesitant to place any significant bets. The “wait and see” approach seems to be the flavor of the month. To make matters even more interesting, Mr. Geithner has informed Congress that the debt ceiling will be reached as soon as Monday. U.S. initial jobless claims fell 12,000 to 350,000. Consumer confidence numbers and home sales data will be released a little later. The precious complex is mixed this morning. Palladium is the big mover having reached the $700 level, up more than 1% on the day.

Have a great day!

With just a few trading days left in 2012 the fiscal cliff remains at the forefront

With just a few trading days left in 2012 the fiscal cliff remains at the forefront of investor concern. The President is apparently cutting his vacation short in a last minute attempt to strike a deal with the GOP over spending cuts and tax increases before the end of the year. With little on tap for economic reports and with many market participants on extended Holiday schedules, thin trading conditions are expected for the remainder of the week. The sole economic report released today came in the form of the S&P/Case-Shiller home price index which indicated that the housing market is continuing to improve. The index showed an increase of .7% for the month of October. Recent sell-offs in the precious complex have given rise to some bargain hunting opportunities. Plaitnum, palladium, gold and silver are all in positive territory to start the day. Have a great day!

 

I don’t know what is less surprising, the fact that the world has not come to an end

I don’t know what is less surprising, the fact that the world has not come to an end or that John Boehner’s “Plan B” didn’t make it to his own party’s approval process. The long liquidation that has permeated the market as of late seems to have been tempered for the time being…at least in gold and silver. Platinum and palladium remain under pressure. Where there was once growing hope of a fiscal cliff solution there is now an aura of uncertainty hanging in the air. Will this uncertainty be enough to keep the longs from continuing to square up the books ahead of the year end and choppy trading conditions that lay ahead? That remains to be seen. However, with the likelihood of the country going off the deep end of the cliff continuing to grow it could make sense to park assets in the precious complex to protect against the longer and more drawn-out apocalypse that awaits us in 2013. Late last night it was reported that the House Speaker was unable to garner enough republican support for “Plan B”, the plan to extend Bush era tax cuts for everyone except those making more than $1 million a year. Our fearless leaders have decided to reconvene after the holiday…apparently economic collapse is not as important as turkey and stuffing. Have a great weekend!

It appears as though an agreement on the policies that threaten to

It appears as though an agreement on the policies that threaten to hurtle us over the so-called fiscal cliff will come down to the wire (Dec. 31^st). Lawmakers appear worlds apart on the economic philosophy of the situation and you know talks can’t be going well when said lawmakers argue about whether or not they should work through the Holidays! Market angst continues to grow as the number of trading days continues to dwindle and despite recent and relatively positive economic data. The latest of which being a reading on November CPI that showed a decline of .3%. Overnight, it was reported that Chinese manufacturing is showing signs of recovery and while that supported Asian markets it seems to have turned into a moot  point ahead of U.S. market open. The precious complex is mixed this morning following yesterday’s sell-off. Palladium is the big mover so far having pushed back to the $700, 1.27% up on the open. Have a great day!

 

Australian Silver Koalas have been struck annually since 2007 by the Perth Mint.

2013 1 oz Silver Koala 

Australian Silver Koalas have been struck annually since 2007 by the Perth Mint. The British Royal Mint established the Perth Mint as a branch facility in 1899 to refine and strike gold recovered from nearby deposits. Ownership was transferred to the State Government of Western Australia in 1970. The coins are struck in four sizes: 1 kilo, 10 ounces, one ounce and half an ounce. The one ounce format is the best seller and is one of the few bullion coins in the world that has both a silver bullion investor and coin collector following. The design bears a portrait of Queen Elizabeth II, which is mandatory on all legal tender Australian coinage. The reverse depicts an image of a koala, Australia’s cuddliest marsupial. The design of the koala used on the coin's reverse changes each year.  An adult Koala sitting in the crook of a tree is shown on the 2013 coin. All bullion coins from the Perth Mint are presented in protective acrylic capsules to help preserve the finish.

•  Seventh year of issue
•  Popular one troy ounce format
•  99.9% pure silver
•  Reverse design changes each year helps maintain interest in the series
•  Exceptionally high quality strike
•  Date: 2013
•  Diameter: 40.6 mm
•  Thickness: 4 mm
•  Mint: Perth
•  Grade: Brilliant Uncirculated
•  Coinns come in clear plastic protective capsule

Markets are awaiting the conclusion of this week’s FOMC meeting

Markets are awaiting the conclusion of this week’s FOMC meeting which will culminate in a much anticipated announcement from the U.S. economic brain trust at 12:30 this afternoon. The fate of Operation Twist is the main topic of interest as the Fed’s swap of short-term bonds for longer-term bonds may turn into outright purchases of $45 billion worth of Treasuries, per month, starting in the new year. That’s because, unlike dollars, short-term bonds aren’t easily made out of thin air AND THE Fed is running out of them. These bond purchases would be on top of the billions in mortgage-backed securities the Fed is already buying on a monthly basis. On the fiscal cliff front, the end would most certainly justify the means but to what extent either side of the aisle is willing to alter their means continues to be a point of contention among lawmakers. There’s plenty of finger pointing to make finger-pointers happy but as we move ever closer to the end of 2012, the citizenry of this country will get ever more impatient. For now, there’s still time…however little it may be. The precious complex is in positive territory this morning but look for things to get a bit choppier ahead of the announcement. Chairman Bernanke will explain the events of the meeting at a 2:15 pm ET news conference. Have a great day!

Friday’s Non-Farm Payrolls left much to be desired and any sell-of

Friday’s Non-Farm Payrolls left much to be desired and any sell-off, under the pretense of an improving jobs picture, has been met with support to the upside in early trading today. The precious complex is in positive territory this morning with gold and palladium up more than .5% and platinum and silver up roughly 1%. The U.S. created 146,000 new jobs in the month of November, according to the governments calculation, and unemployment fell to 7.7%. That would seem like good news if you choose to ignore the piece of the iceberg that lays just below the surface…the labor force participation rate, which dropped to 63.6%. That would equate to 350,000 people who simply gave up looking for a job! Across the pond, the Eurozone continues to add uncertainty to the markets and this time it isn’t Greece or Spain. Italy’s Prime Minister, Mario Monti, has announced he plans on resigning after the country’s government agrees on a budget. There’s not much else on tap for the start of the week, other than the normal fiscal cliff shenanigans. The Federal Reserve will meet this week to discuss the strategy of Operation Twist. This will culminate in the usual Wednesday afternoon announcement of what the Fed plans to do to crush the U.S. Dollar even more. Have a great day!

For nearly 2,000 years, Britannia has been the symbol of Great Britain …

 

2013 1 oz Silver Britannia. For nearly 2,000 years, Britannia has been the symbol of Great Britain … as universally loved and admired by Queen Elizabeth II and her subjects as Lady Liberty is with us. And for the first time in history, the British Royal Mint is striking the exquisite new 2013 Silver Britannia in one full ounce of .999 PURE SILVER.

The Silver Britannia is the same size and silver weight as the U.S. Silver Eagle … and now, it’s the same silver purity.  But there’s a huge difference.  The Silver Britannia is struck to exacting standards and is issued in a much smaller edition, making it an exclusive and seldom-seen masterpiece.


• One Ounce 99.9% Pure Silver
• Legal Tender £2 Coin
• Struck at the World-Famous British Royal Mint
• Original Brilliant Uncirculated Condition

The markets remain rather subdued after Fridays sell off

The markets remain rather subdued after Fridays sell off, with silver being the only real mover this morning.  Chinese PMI rose marginally from 50.2 to 50.6, missing Bloomberg’s projection 50.8 by a hair. The major countries in the Euro zone also released their PMI #’s today, with most coming in on par with or slightly below the projections.  This had a positive effect on the equities and commodity markets in the early morning which was curbed rather quickly when the US ISM # was released.  Coming in at 49.5, it was 1.9 points lower than expectations which makes it the lowest since July 2009.  This is important # because it is the first read of the month on the strength of the US economy.  As expected this has had a negative effect on global equities markets and has also begun to put pressure on some of the commodities.  Looking further out, the real mover this week should be ADP report on Wednesday and the unemployment #’s on Friday.  As this will be the first read since the election, we will likely see quite a bit of trading ahead of the number.  Technically gold and silver look rather bearish in the near term, while the long term view remain bullish due to the supporting fundamental case.  It seems selloffs are to be bought as a rally above 1726 and 34.50 may trigger a break out to test 1750 and 35.  Platinum and palladium remain relatively strong with palladium fairing out the best.  In the near term the technicals for palladium look slightly bullish, while platinum looks to be well supported around the $1580 level.  Good luck this week.