Gold & Silver – There were no sales from the SPDR gold ETF on Tuesday leaving the total of the SPDR gold ETF and the Gold Trust at 1,106.205 with the SPDR gold ETF at 927.355 tonnes, while the Gold Trust gold holding stood at 178.85 tonnes.
We note that gold moved up in both the U.S. dollar and in the euro, a pattern that appears to be being established now.
The news of the day is that the Fed will speak once again, today as a re-working of growth figures is being undertaken. The new formula will now include the movie industry and others. Markets are likely to treat this formula revising with scepticism, because even if the numbers look better, it won’t change the underlying realities. A growth figure of just 1% is expected. Consumer confidence levels have fallen in the last month.
Inflation is dropping to that area too, so we expect a comment ...