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Draghi Disappoints and the IMF Warns About the US Fiscal Cliff

-- Posted Friday, 3 August 2012 | | Disqus

Today's AM fix was USD 1,595.00, EUR 1,303.53, and GBP 1,024.74 per ounce.
Yesterday’s AM fix was USD 1,604.50, EUR 1,305.53and GBP 1,031.90 per ounce.

Gold dropped $10.50 or 0.66% in New York yesterday and closed at $1,588.70/oz. Silver was down to a low of $26.97 and finished with a loss of 0.91%.

Cross Currency Table – (Bloomberg)

Gold traded sideways on Friday, hovering after its 4 days of losses when the European Central Bank fell short of any immediate bold action to help the Eurozone debt crisis. Draghi’s comment "to do anything it takes” was a clear example of over promising and under delivering. Gold has lost about $40 since it peaked during the initial euphoria over Draghi’s pledge.

Regarding the ECB implementing swift market intervention, the bank said it postponed a decision “for a few weeks”. (Weidmann won Round 1)

The Bank of England also left rates unchanged yesterday.

Investors are cautious ahead of today’s US jobs report at 1230 GMT.

Nonfarm Payrolls are expected at 100,000–115,000 up from 80,000 in June, while the unemployment rate is expected at 8.2%.  If the figures shatter expectations on the upside this would be negative for gold prices. A disappointment in nonfarm payrolls data would show that job creation cannot sustain the unemployment rate and could help gold break through the $1,600/oz resistance level.

Gold Prices/Rates/Fixes /Volumes – (Bloomberg)

While most market players are enjoying summer holidays, many investors are waiting on the sidelines in cash.     

A US bill sponsored by Congressman Ron Paul would require the Federal Reserve to be subjected to an audit of monetary policy, including deliberations over changes to the benchmark interest rate. 

US Fed chairman, Ben Bernanke, claimed it would diminish the Fed’s independence and subject policy making to political pressure.  

The bill, passed US Congress 327-98, and needs Senate approval plus President Barack Obama’s signature before becoming law.

Christine Lagarde, Head of the IMF, cautioned policy makers on both sides of the pond that they “should continue to be in crisis management mode” to deal with both the euro-zone debt crisis and the gaping US fiscal cliff.

And, she added, there are “serious questions about the US economic future” if policymakers fail to avert a fiscal cliff before January, at which point government spending will drop and taxes will rise sharply.”

The global economic downturn is not going away until some drastic steps in fiscal policy are undertaken.

For breaking news and commentary on financial markets and gold, follow us on Twitter.

Draghi kills hope of instant action – The Financial Times

Gold flat after four-day drop; U.S. jobs in focus – Reuters

Gold ends under $1,600 as Draghi offers no plan -  MarketWatch

How an Act of Congress Killed Off the U.S. Gold Market - Bloomberg

IMF: US plunge from fiscal cliff would hit global economy hard – The Guardian

What Happens to Greece's Gold When They Exit the Eurozone – Market Oracle

Fed Audit Bill Opposed By Bernanke Approved By U.S. House - Bloomberg

What's in your vault? Uncle Sam audits its stash of gold at the New York Fed – The Los Angeles Times

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