Morning Market Update Dec 3 - Gainesville Coins News
No Minimum order! We accept Pay with Credit Card
Call Us: (813) 482-9300 Mon-Fri 9:00AM-6:00PM EST
Login or Register
Log into your account
About Gainesville Coins ®
Billions Of Dollars Bought And Sold A+ BBB Rating 10+ Years No Hidden Fees Or Commissions All Inventory Ships Directly From Our Vault

Morning Market Update Dec 3

blog | Published On by
Morning Market Update Dec 3

The dollar hit a 4-week low overnight and is down versus most major currencies this morning, as Greece announces a bond buy-back at 30¢-40¢ on the euro, raising the Euro currency amid hopes that debt holders will get at least a partial return on their money.  The weak dollar is helping stabilize precious metals, where a spike immediately before the COMEX open was short-lived. Silver quickly recovered, while gold is trading slightly lower than the overnight average.

China released positive PMI numbers, indicating that economic expansion is resuming. Nevertheless, the yuan is the only major currency that is falling versus the dollar this morning. Goldman Sachs predicts a long-term strengthening of the euro against the dollar, as the shock of front-weighted austerity measures in the Eurozone ease and deficit growth in the US weakens the dollar. The short term is less rosy, as Goldman Sachs recognizes the economic drag of austerity and the large number of euro shorts outstanding.

Physically-backed gold ETFs increased their bullion holdings for a fourth straight month in November, though at a lesser rate than October. Holdings increased by 27.3 metric tons for the month, giving a year-to-date increase of 264 tons.

by David Peterson

This site uses cookies for analytics and to deliver personalized content. By continuing to browse our site, you agree that you have read and understand our Privacy Policy.