Housing and Consumer Confidence Reports Due

 

Stocks are holding their own Tuesday morning as investors are waiting for housing and consumer confidence data. At 10 a.m. (EDT), the July home-price index and the September consumer-confidence index will be released. Christian Tegllund Blaagjerg, Chief economist at FIH Erhvervsbank, said, “I think we’re going to see a very bullish housing market. I think the bottom was reached awhile ago. We’re not on a Ferrari-like recovery path, but still more like a Chevy pickup truck, [with] stable and continuing improvement.”

Gold is gaining ground against a stronger dollar today. The move was in response to data that central banks added to their Gold holdings in July and August. The countries leading the charge were South Korea with an increase of 16 tonnes and Paraguay with an addition of just over 7.5 tonnes. Gold is on a four-month positive trend, up 4.6 percent in September alone. Daniel Smith, an analyst at Standard Chartered said, “Ultimately, I think it’s quite likely we will get above $1,800 before the year-end, so maybe a month of sideways trading possibly and then generally trending higher in the next six months to a year.”

At 9 a.m. (EDT), the APMEX Precious Metals spot prices were:

  • Gold, $1,773.60, Up$10.00.
  • Silver, $34.39, Up $0.40.
  • Platinum, $1,635.50, Up $12.50.
  • Palladium, $641.30, Down $4.20.

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.

 

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America waits for further stimulus; how are investors measuring the euro

 

Gold fell slightly today with investors taking their earnings after last week’s gains, which was encouraged on the assumption that central banks will provide additional stimulus actions.  “Everybody seems to be waiting for this huge money printing that they think is going to happen which hasn’t happened yet. So, nobody really wants to bet against it, but at the same time they don’t want to go long,” said Doug Roberts, chief investment strategist at Channel Capital Research.

As the European debt crisis continues, it is evident that Europe’s foundation is ultimately taking care of the peripheral countries that have more or less had to be bailed out by the troika of the European Central Bank, International Monetary Fund and European Commission.  The concerns are beginning to rise as the growth numbers for France and Germany are slipping.  Also, for the months of May and June, Germany’s factory orders fell by a disturbing 1.7 percent compared to the forecasted 0.8 percent.  Gerard Lyons, chief economist at Standard Chartered, told CNBC.com. “In the good times, the euro encourages money to go from the core to the periphery, creating booms and busts. In the bad times, it encourages money to go the other way and increases the liabilities of the core.  The euro is a fundamentally flawed concept, and that’s why the core is facing greater challenges. The core can’t cut themselves off completely from the periphery and that’s what markets are responding to.”

At 5 p.m. (EDT), the APMEX Precious Metals spot prices were:

  • Gold, $1,610.60, Down $10.70.
  • Silver, $27.87, Down $0.31.
  • Platinum, $1,388.50, Down $12.40.
  • Palladium, $574.50, Down $9.20.

 

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