Dollar Dip Leaves Metals Unfazed: Morning Market Update Dec 27 - Gainesville Coins News
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Dollar Dip Leaves Metals Unfazed: Morning Market Update Dec 27

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Dollar Dip Leaves Metals Unfazed: Morning Market Update Dec 27

Stock quotes, no real time quotes at the stock market

The dollar saw notable declines in Europe overnight, as it fell to a two-year low against the surging euro currency. The dollar was also down against the pound and yuan, but up slightly against the yen. The yield on the 10-year Treasury broke above the psychologically important 3% mark overnight.

Precious metals were mostly unaffected by the greenback's fall, though in these thin volumes, it is possible the dollar weakness lent support against tax-related precious metal selling.  Gold and silver saw more short-covering in New York early this morning. Platinum was slightly higher, and palladium is back above $700.

Spreading unrest in the Middle East and Asia may be supportive for gold if it continues. Turkey is in turmoil, as the prime minister battles back against a corruption scandal that has reached the highest levels of government. The Turkish stock market hit a 17-month low overnight, and the lira sank to all-time lows. Next door in Syria, Islamists and Al-Qaida -affiliated groups have taken control of the insurgency against the Assad government, while the loyalist forces drop home-made oil barrel bombs on rebel strongholds via helicopter. In Egypt, terror bombings continue as the military-backed government re-designates the Muslim Brotherhood as a terrorist organization. In Libya, rebel groups control two of the nation's largest oil terminals, demanding a piece of the profits from petroleum exports. Massacres continue in South Sudan, again, over possession of oil fields. And finally, the army in Thailand has not ruled out a coup against the embattled prime minister, as riots continue.

Most stocks are up globally, as mainland Chinese indices recover from the recent cash crunch in interbank loans. Germany posted more upbeat economic news, deflecting worries that the world's oldest bank, the Monte de Paschi bank in Italy, may fail to live up to the terms of its € 4.1 billion bailout and be nationalized. The bank was overly aggressive in derivatives trades, and almost collapsed during the 2008 financial crisis.

Emergency unemployment benefits run out tomorrow for 1.3 million Americans. The program, which supplies $300 a week, was not included in the recent budget deal passed by Congress and signed by Obama.

Again, we'd like to remind our readers not to read too much into market movements until after the first of the year. Trading volumes across all asset classes are so thin, that almost any decent-sized trade can move the numbers.

We'd also like to remind you about the Daily Deals on Gainesville Coins. Today's Daily Deal is random-date MS69 American Silver Eagles, graded by NGC. This special price is only while supplies last, or until the timer runs out.

dailydeal-MS69-silver-eagle

by Steven Cochran

Gainesville Coins Portfolio Tracker and Financial News

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