Rome has now been without a government since mid-December. Italy's politicians will only start to talk later this week about doing something about last month's failed elections. The Catholic world will have a new pope before Italy gets a prime minister. It's lucky there is no rush.
U.S. dollar prices for buying gold rose briefly above $1,600 per ounce Tuesday morning before falling back, while silver failed to hold above $29 an ounce and stock markets fell following the inconclusive Italian election result.
Wholesale market gold prices hovered just below $1,665 per ounce Monday morning in London, having failed to hold onto gains in earlier Asian trading, as stocks and commodities also ticked lower along with the euro.
On the final day before Christmas, gold prices edged higher, climbing to $1,665 per ounce and recovering some of the ground lost last week. Friday afternoon's London gold fix was a 2.6% weekly fall and the biggest weekly drop since June.
The wholesale gold price rose to $1,712 an ounce Tuesday morning in London, a few dollars above where they started the week, while stocks edged higher and US Treasury bonds fell ahead of tomorrow's Federal Reserve policy decision.
US dollar gold prices traded slightly lower Friday morning in London, hovering around $1,610 an ounce for most of the session, as stock markets also edged lower and US Treasuries gained, after trade data from China provided further signs of economic slowdown.
The precious metals conspiracy camp is possibly about to be dealt another blow by the near-completion of the audit (yes, audit) of the USA’s gold being held at the NY Fed. The Treasury Department has been counting and drilling and drilling and counting the thousands of bullion ingots.