GOLD GAINS, STOCKS HOLDING STEADY
Chinese export data and investor optimism about fourth quarter earnings helped push the S&P 500 (SPX) up 0.4 percent last week. This two week rally showed the highest trading levels since December 2007. Fed Chairman Ben Bernanke is scheduled to speak today at 4 p.m. from Ann Arbor, Michigan. Economic data may show retail sales growth slowed as 67 percent of the companies that reported fourth quarter earnings last week posted a profit; however, this is the second slowest quarterly growth since 2009.
The Gold price rose overnight as the U.S. dollar lost ground against world currencies. Expectations of aggressive monetary easing from Japan, a stronger euro and physical buying from China also added to Gold’s strength. While the Gold price has a negative correlation to the U.S. dollar, it has a positive correlation to the euro, which moved up as much as half a percent after the European Central Bank kept interest rates unchanged.
At 9 a.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,673.20, Up $10.60.
- Silver, $31.09, Up $0.65.
- Platinum, $1,660.80, Up $29.60.
- Palladium, $708.40, Up $6.00.
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