AMERICA WAITING; CONCERNS MOUNT ABOUT EUROZONE CORE
The Gold price fell slightly Monday, as investors took earnings after last week’s gains. “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 May and June, Germany’s factory orders fell by a disturbing 1.7 percent compared to the 0.8 percent forecast. 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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