Thanks to requests by Bloomberg News under the Freedom of Information Act, the Federal Reserve has revealed unprecedented details concerning the personal holdings of its regional bank presidents. What they found is nothing short of stunning...
Commodity prices rose this morning along with the levels of optimism surrounding the euro-debt summit and along with the region's common currency. Gold and the euro have been BFFs of late, so the yellow metal also gained in value.
New York bullion trading fired off a few more rounds of price-additive flares to build on yesterday's gains with equal fervor. Today's list of buying excuses included European equity losses, and yesterday's poor reading in the Philly area's factory index.
Precious metals prices opened amid mixed price trends this morning, reflecting on-going uncertainty and unease in all markets. Spot gold dealings got off to a rocky start, despite a sizeable slide in the US dollar overnight.
Traders returning to work found largely the same conditions that they had left work amid on Friday; no resolution to the Libyan upheaval, continued weakness in the US dollar, and suggestions from various Fed 'factions' on changing US interest rates.
Following a retreat to the $1,355 area, gold prices picked up fresh hedge fund-sourced steam this morning and climbed to the upper $1,360's with relative ease, despite near three-week highs recorded in the values of the US dollar.