Metals Gain on China, ECB News

After gold and silver futures gained 1.4% and 2.2% respectively on Thursday, one analyst told MarketWatch that “Trade numbers from China overnight suggests demand in the world’s second largest economy remains strong while the ECB’s unanimous vote to keep interest rates on hold was also seen as positive for gold prices thanks to the rallying EUR/USD.”

Noting that gold has rebounded more than 3% since hitting a 4 1/2 month low last week following the release of December’s FOMC minutes, Reuters quotes the head of a commodities investor firm as saying that “Gold was oversold after the Fed minutes. I don’t see the Fed doing anything to withdraw stimulus soon.”

News & Views

BullionVault/MarketWatch:  Price of goldsurprisingly low” as Chinese trade surplus jumps; Dollar drops most since September after ECB

Zero Hedge:  Chart of the day – Chinese November gold imports soar to 91 tons

Silver for the People/Seeking Alpha:  Silver snapping back; Commodity chart of the day – Silver

Mike Shedlock:  Silly worry of the day: US will default; Politics of the debate

Mineweb/Commodities Now:  Credit Suisse – 2013 gold outlook; Barclays – 2013 precious metals outlook

South China Morning Post/BBC:  Silver expected to outshine gold; Silver gains popularity among investors amid economy fears

KWN:  Swiss gold refiners overwhelmed, major delays in deliveries; John Hathaway – 2 key charts, gold, Fed & the big picture

CNBC:  Jim Cramer – Gold should be in every portfolio

Bloomberg/The Gold Report:  JPMorgan sells largest structured note tied to gold since 2010; Gold as a weapon in the currency war

Coin News:  US Mint sales: 2013 American Eagle gold & silver coins surge

Gold Silver Worlds:  Paul Brodsky: The real idea behind the trillion dollar coin; Gold has been riding the euro roller coaster – Will it continue?

The Daily Bell:  Does startling Der Spiegel article indicate the end of the euro crisis?

Business Insider/MarketWatch:  The highest effective personal tax rates in the world; 7 top nations for dodging taxes à la Depardieu

SafeHaven:  World’s fourth-richest man has fingers crossed… for Belgian citizenship!?

This entry was posted on Thursday, January 10th, 2013 at 11:17 pm and is filed under China, Federal Reserve, General Economy, Gold, JPMorgan, Monetary Policy, Silver, U.S. Congress, Wall Street. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.


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