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London Gold Market Report from Ben Traynor, BullionVault Friday 5 April 2013, 07:30 EST
Gold’s Fall “Exaggerated”, Another Big Move Down “Will Need to Break Through Big Support Level”
U.S. DOLLAR gold prices climbed back towards $1556 per ounce Friday morning in London, the level that was until yesterday’s falls the 2013 low, as stocks and commodities fell ahead of the release of monthly US jobs data.
Gold in Sterling climbed back above £1020 an ounce, up [...] Yes, it’s that time again, folks. Jobs Friday, when for one ever-so-brief moment the interests of Wall Street, Washington and Main Street are all aligned on one thing: Jobs. A fresh update on the U.S. employment situation for February hits the wires at 8:30 a.m. New York time, offering one of the most important snapshots on how the economy fared last month. Economists polled by Dow Jones Newswires expect 160,000 new jobs [...] Global economy: Central bankers gone wild Let’s start with the US Federal Reserve, which did something that it’s never done before: It tied its actions to actual, concrete numbers in the economy. The Fed said it would keep stimulating the weak US economy until the nation’s unemployment rate fell to 6.5 percent (it’s now at 7.7 percent). It will also keep interest rates historically low as long as inflation in the US [...] Weekly jobless claims fell to their lowest level in four years, while the U.S. trade deficit widened and import prices rose more than expected, according to economic numbers released Thursday. The number of Americans seeking unemployment aid plummeted to 339,000 last week, the lowest level in more than four years. The sharp drop offered a hopeful sign that the job market could pick up…. http://www.cnbc.com/id/49371146 This is just getting stupid. After expectations of [...] We are about to experience the Euro Exit Crisis. Mish Shedlock and I have a private bet as to whether Italy or Spain will exit first—he says Italy, I say Spain. But either way, it’s gonna pretty much suck. The whole point of exiting the eurozone is because a country no longer has the money to finance its continuing operations. Insofar as Spain, Greece and possibly Italy, that moment will arrive shortly—possibly [...] The wait for the first “euro exit” could soon be over From Gonazalo Lira: We are about to experience the Euro Exit Crisis. Mish Shedlock and I have a private bet as to whether Italy or Spain will exit first — he says Italy, I say Spain. But either way, it’s gonna pretty much suck. The whole point of exiting the eurozone is because a country no longer has the money to finance its [...] THE EMPLOYMENT SITUATION — JUNE 2012 Nonfarm payroll employment continued to edge up in June (+80,000), and the Household Survey Data The number of unemployed persons (12.7 million) was essentially unchanged Among the [...] From FT: There is only one thing worse than preparing for a crisis that does not happen; and that is not preparing for a crisis that does. It appears that American politicians not only lack plans to deal with adverse European contagion but are also on course to expose the country to additional self-inflicted challenges. Friday’s disheartening data are a timely reminder that these are enormous risks to take with what [...] Austerity Worsening Dire Labor Markets: ILO The employment situation across the world is alarming, and there is little sign of recovery any time soon as austerity and spending cuts bite, a report out Monday warned. The International Labour Organization’s (ILO) “World of Work Report 2012: Better Jobs for a Better Economy,” said that austerity was one of the [...] By John Mauldin, Thoughts from the Frontline I fully intended to ignore Spain this week. Really, truly I did. I had my letter all planned, but then a few notes drew my attention, and the more I reflected on them, the more I realized that the inflection point that I thought the ECB had pushed down the road for at least a year with their recent €1 trillion LTRO is now rushing [...] It’s That Time of The Month, Employment Data Leads To Investment Mood Syndrome Courtesy of Lee Adler of the Wall Street Examiner Every month the gummit’s Bureau of Liar Statistics (BLS) dutifully reports reams and reams of data on the employment situation in the US. Some of it is actually useful. The rest is reported by the mainstream financial news media. The BLS reports both seasonally adjusted (SA) data and not seasonally adjusted (NSA) [...] On Friday, the entire financial world celebrated when it was announced that the unemployment rate in the United States had fallen to 8.3 percent. That is the lowest it has been since February 2009, and it came as an unexpected surprise for financial markets that are hungry for some good news. According to the Bureau of Labor Statistics, nonfarm payrolls jumped by 243,000 during the month of January. You can [...] by Lance Roberts of StreeTalk Live The Real Employment Situation Report This mornings release of the Employment Situation report from the Bureau of Labor Statistics was in truth bitter sweet. On the positive side there were 120,000 jobs created in the previous month and the unemployment rate fell from 9.0% to 8.6%. Furthermore, September and October jobs were also revised higher. That is the sweet part. Unfortunately, while the headlines give us the [...] by Cullen Roche, Pragmatic Capitalism David Rosenberg of Gluskin Sheff joined Consuelo Mack on Wealth Track this weekend to discuss his outlook for the economy. Rosenberg isn’t just bearish. He say the US economy is in a modern day depression similar to what Japan has suffered from for the last 20 years. He bases this view on the idea that de-leveraging tends to coincide during a prolonged period of economic [...] LA Times Speaking on behalf of millions of Americans who’ve grown angry and frustrated over the president’s 32-month ineffective inactivity on the job creation front, President Obama on Thursday told members of Congress they really have to do something about the crummy employment situation — and do it quickly. Citing the plight of millions of struggling Americans whose wishes for jobs Obama ignored for most of the [...] by zh Here come the fiscal aid panhandlers. In an email just sent out by the Derpatment of Labor, Hilda Solia has officially requested an extension of the EUC program which is expiring in November and which will leave 2 million unemployed Americans without insurance benefits after November (and 6 million by the end of next year). Obviously this plea for fiscal heroin will be granted: [...] We need jobs. Clearly, getting people back to work will solve many of our USA’s economic problems. I just read a great article: Contrarian Chronicles8/13/2010 6:00 PM ET ” A patently obvious way to add jobs ” on MSN Premium’s MSN.Money – http://articles.moneycentral.msn.com/Investing/ContrarianChronicles/a-patently-obvious-way-to-add-jobs.aspx Help on the employment front? All it should take is a little invention, and that help is waiting for us at the underfunded patent office. By Bill Fleckenstein ” Over [...] If we can get the loans and continue stimulus spending, esp. on extended unemployment, we can have all kinds of “better than expected” news. If the global economy continues to grow (Baltic Dry Index leaves some doubt), the exports here could grow and the businesses those exporters buy from to make what they export, could also benefit. But, don’t think that is a recovery. Even 5% unemployment won’t be a recovery. [...] As long as the news keeps improving, and as long as there are investors who want to keep pumping their money in to the markets the markets will keep moving up. There will come a point where there will have to be some profit taking. It is normal that if any stock or market index moves up very fast and strong, the pull-back from profit taking could be very strong. The employment [...] |
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