In the access market tonight at 5:15 pm Gold: $13
Post# of 579
In the access market tonight at 5:15 pm
Gold: $1328.00
Silver: $20.30
Gold was thrown under the bus again today as soon as the first fix in London was announced at 3 am and gold continued to falter to $1321 until 8 am when gold advanced during the physical times zones to $1332, only to be beaten down again in the paper phase of the precious metals market to finish at $1330 Comex closing time at 1:30 pm and $1328.00 access closing time.
The big news today is the fall in the Chinese yuan to over 6.229 yuan to the dollar. This collapses the yuan /dollar carry trade by hedge funds and many Chinese investors. Copper fell again today as collateral values are dropping like a stone.
Chinese investors are in a mad scramble for cash as they are selling their off shore properties in London and Hong Kong. Today also saw the collapse of the largest steel trust in Shanzi province, in the centre-west of China.
On state side: We have been pointing out continually, the deteriorating condition inside the USA. Even today, another bell-weather, Caterpillar missed expectations. Housing continues to disappoint and today we witnessed a rise in unemployment claims. Not only that, but beef prices are rising as inflation seems to be soaring.
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