The COMEX December gold futures contract closed down $4.60 Wednesday at $1373.00, trading between $1368.70 and $1381.00
November 24, p.m. excerpts: (from RTTNews) -- Thanksgiving Day holidayGold prices edged down amid a firm dollar, as investors cautiously shifted to more risky assets following a batch of mostly positive economic data from the US. Data released this morning revealed initial jobless claims unexpectedly fell last week, and a gauge of consumer sentiment was revised upwards. However, orders for US-made durable goods and sales of new homes dropped...more
(from Xinhua) -- The U.S. Commerce Department announced Wednesday that the year-over-year rate for core personal consumption expenditures in October, which exclude food and energy, added a record low of 0.9%. The poor reading fed into growing concerns that inflation is stabilizing at a level too low for the comfort of the Fed, but also offered investors less reason to purchase bullion as a hedge against inflation. Traders noted that the market was also hammered by investors' profit-taking ahead of the Thanksgiving holiday...more
(from Bloomberg) -- Yesterday, gold jumped 1.6% after North Korea fired artillery at a South Korean island and the euro plunged on concern that Europe's debt crisis may spread. But the euro was little changed against the dollar today, and Asian stocks pared losses after the U.S. sent an aircraft carrier to take part in exercises off the Korean Peninsula. "Gold is giving back some of the flight-to-safety bid," commented Frank Lesh, trader at FuturePath Trading LLC. "The Korean conflict hasn’t erupted into something bigger yet, and the euro has stabilized."...more
(from Dow Jones) -- The most actively traded contract, for December delivery, settled down 0.3% on the Comex. But gold prices are unlikely to see meaningful declines as concerns about Europe's sovereign-debt contagion and recent tensions between North and South Korea remain with the market. "The Korean tension and the euro-zone problems will keep a floor under gold prices, so look for any selling to be shallow and brief," said Matt Zeman, head of trading at LaSalle Futures in Chicago...more
(from Marketwatch) -- Embattled Irish Prime Minister Brian Cowen on Wednesday detailed €15 billion worth of tax hikes and spending cuts designed to slash Ireland's budget deficit over the next four years as the government negotiates a rescue package with the European Union and the IMF. Seen as a prerequisite for receiving EU-IMF aid, the plan aims to cut the deficit from more than 11% of gross domestic product, excluding the cost of its massive bank bailout plan, to 3% by 2014. Including the bailouts, this year’s deficit is estimated at around a third of Irish GDP...more
(from TheStreet) -- Investors are now turning more of their focus to the problems in Spain and Portugal. The interest rates the countries must pay in order to borrow money from the debt market rose again Tuesday, with the yields on the 10-year Treasury 7.02% for Portugal and 4.93% for Spain. Portugal's economy, like Ireland's and Greece's, is much smaller, but if Spain were to be frozen out of the debt markets, some analysts worry a bailout wouldn't be enough...more
The more PM's jumps the better - the higher PM's JUMP UP TO FLY ~<:-)
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