What is the next direction for Gold?
Gold is consolidating at the moment within $1400 to $1500 levels. The next major direction for gold is still uncertain. If gold does go below $1300, it might signal the decades Bull Run is over. At the moment, there are a lot of natural demands for the commodities which is lending support for gold. Gold [...]
Europe’s Depression
The whole of Europe is headed for a permanent recession–a depression. Austerity and labor reforms can’t save it. Radical measures–abandoning the euro and deficit spending in Germany–are the only way out. Unemployment exceeds Great Depression levels in Spain, many parts of Greece, Portugal and Italy, and is rising in northern Europe. Slashing government spending and [...]
Jobs Growth Rebounds in April but More Trouble Ahead
The Labor Department announced the economy created 165,000 jobs in April, and the unemployment rate slipped a notch to 7.5 percent. That’s better than March but hardly enough-getting unemployment down to 6 percent over the next three years would require 365,000 jobs a month, and that is not likely to happen. Adding in discouraged adults [...]
Fed Actions and Friday’s Job’s Report
Yesterday, the Federal Reserve announced it is keeping its foot on the gas–for good reason. The fiscal drag imposed by the $160 billion January tax increase, and $45 billion in sequester spending cuts is slowing consumer spending and smothering investment. Jobs will remain tough to find, and wages in the doldrums well into summer. Now [...]
Can Euro/USD Break Out of the Range?
Euro/USD has been trading within the 1.2900 and 1.3200 range for many days. At the time of this article, it is testing 1.3200 after failing to go below the 1.2900 level from last week. The Euro currency is slightly stronger due to the recent overall weakness of the USD. We have the ECB and FOMC [...]
Gold Continues to Move Higher
by Dixon Fung Gold continues to move higher in a correction after hitting the low at $1,322. Last Friday, gold traded above the 50 percent Fibonacci retracement at $1,454 and it is now trying to test the 61.8 percent retracement at $1,485 at the time of this article.
Weak Consumer Spending Risks Double Dip Recession
The Commerce Department reported that consumer spending advanced 0.2 in March-much weaker than the 0.3 and 0.7 percent registered in January and February. Extraordinary year-end bonuses and dividends-intended to dodge higher taxes in January-boosted consumer activity in January and February but now households are hunkering down. Much weaker consumer spending is expected for the second [...]
First Quarter GDP up 2.5 Percent on One-Time Factors, Second Quarter Growth Anemic
The Commerce Department reported GDP grew at a 2.5 percent pace in the first quarter but don’t break out the champagne. Several one-time factors contributed to this seemingly robust performance. The economy is already slowing and new crises threaten. Most of first quarter growth likely was concentrated in January and February and the economy slowed, [...]
Is the Correction Over for Gold?
Gold continues to move higher and is testing the $1,455 resistance level at the time of this article. If the technical correction is still in play, then gold should be testing the downside from this level.
Top News
- White House insists Obama was not involved in IRS May 19, 2013WASHINGTON (AP) β A top White House adviser insisted Sunday that President Barack Obama learned the Internal Revenue Service had targeted tea party groups only "when it came out in the news" while Republicans continued to press the administration for more answers. […]
- Analysis: Airline emissions deal may not come before EU deadline May 19, 2013By Allison Martell (Reuters) - Hope is fading for a global deal to regulate the airline industry's greenhouse gas emissions ahead of a fall deadline, even though failure could push the industry back to the brink of a trade war over the European Union's emissions trading system. Last November the EU suspended its controversial scheme to force all ai […]
- Analysis: Frontier Markets booming but risks mounting May 19, 2013By Manuela Badawy NEW YORK (Reuters) - With the world's biggest central banks driving yields on safe assets to near zero, some investors are tossing caution to the wind and rushing to buy illiquid and previously overlooked bonds sold by countries with no capital markets track record. Even the biggest investors acknowledge that "frontier markets […]
- Exclusive: South Africa's NUM seeks 15-60 percent wage rises from gold, coal producers May 19, 2013By Ed Stoddard JOHANNESBURG (Reuters) - South Africa's National Union of Mineworkers said it would seek pay rises of up to 60 percent from gold and coal producers, raising the prospect of fresh strikes as firms battle higher costs and falling prices in an already heated labor climate. Africa's biggest economy is hoping to avoid the 2012 wildcat str […]
- German minister calls EU move on China solar 'grave mistake' May 19, 2013BERLIN (Reuters) - German Economy Minister Philipp Roesler said the European Commission made a "grave mistake" by agreeing to impose punitive import duties on solar panels from China and urged the Commission to work to prevent the eruption of a trade conflict. "It's a grave mistake," Roesler told Welt am Sonntag newspaper on Sunday. […]