Advertise | Bookmark | Contact Us | E-Mail List |  | Update Page | 

Commentary : Gold Stock Review : Markets : News Wire : Quotes : Radio : Silver : Stocks - Main >> News >> Story  Disclaimer 
Latest Headlines

Gold Seeker Weekly Wrap-Up: Gold and Silver End Slightly Lower on the Week
By: Chris Mullen

Stock Topping Valuations
By: Adam Hamilton

One by One the Central Banks Are Losing Control
By: Graham Summers

Winning, but Losing, at the Penny-Pitch: A Look at the Coming Collapse of the European Union
By: Jeff Thomas

Is this the Gold Cartel's end game?
By: Bill Murphy

Silver Eagle Sales To Hit Record… U.S. Mint 2015 Production To Halt Dec 11th
By: Steve St. Angelo

Stealing Deflation
By: Steve Saville

Gold and Silver Market Morning: Nov-27-2015
By: Julian D.W. Phillips

Coming of Age: China’s Yuan To Join SDR Basket As IMF Reserve Currency
By: GoldCore

Triggers in USDollar Collapse
By: Jim Willie CB


GoldSeek Web

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

GoldCore Limited

14 Fitzwilliam Square

United Kingdom:
No. 1 Cornhill

+353 (0)1 632  5010
+44 (0)203 086 9200
+1 (302)635 1160

Twitter, Facebook, YouTube, LinkedIn:

Linkedin -
Twitter -

Facebook -
Youtube -

-- Posted Friday, 3 August 2012 | Digg This Article | Source:

comments powered by Disqus


Increase Text SizeDecrease Text SizeE-mail Link of Current PagePrinter Friendly PageReturn to >> Story

E-mail Page  | Print  | Disclaimer 

© 1995 - 2015 Supports

©, Gold Seek LLC

The content on this site is protected by U.S. and international copyright laws and is the property of and/or the providers of the content under license. By "content" we mean any information, mode of expression, or other materials and services found on This includes editorials, news, our writings, graphics, and any and all other features found on the site. Please contact us for any further information.

Live GoldSeek Visitor Map | Disclaimer

The views contained here may not represent the views of, its affiliates or advertisers. makes no representation, warranty or guarantee as to the accuracy or completeness of the information (including news, editorials, prices, statistics, analyses and the like) provided through its service. Any copying, reproduction and/or redistribution of any of the documents, data, content or materials contained on or within this website, without the express written consent of, is strictly prohibited. In no event shall or its affiliates be liable to any person for any decision made or action taken in reliance upon the information provided herein.