Precious metals were sharply lower in early New York trading, as the last big players take tax-related losses and close remaining long positions, but bounced right back on stop orders placed at December 19th lows.
With the year-end thin volumes, these last-minute corrections were expected to happen. As I said last week, don't put much into any movements between Christmas and New Years, either up or down.
A lower euro helped the dollar into positive territory overnight, while the yen strengthened slightly from near-record lows. The yuan was also slightly stronger against the dollar.
Many stock markets are closing early for the New Year's holiday. Germany, Italy and Switzerland were closed all day today. Euro stocks marked their best year since 2009, but still lagged Japanese and US indices.
The Case-Shiller housing price report for October showed that home prices gained 13.6% from last October, the biggest gain since the height of the housing bubble in 2006. Last month showed a 13.3% increase. With the drop in mortgage applications, it's apparent that these homes are being bought up by large funds such as Blackrock, and being turned into rentals. It will be only a matter of time before these homes are dumped on the market, once these large firms find something else more attractive.
Gainesville Coins showroom and trading desk will be closed tomorrow for New Year's, but the website is always open 24/7! If you're looking to buy on the dip, log in and load up!