Interesting and volatile day. We have seen the US equity markets swing up and down on different news, but the US fiscal cliff discussion is starting to show its effects.
In the end the US markets ended positive on President Obama’s and John Boehner comment that a solution might be near. I believe this is merely a comment to calm the markets and the political showdown is still to come.
This morning we have seen a drop in the Gold market, that was caused by a single person that sold 15,000 contracts (equal to 24 tons of Gold) all at once, which caused a short drop, but was later corrected and this can be seen as an isolated incident. Basically it has been another perfect buying opportunity and my outlook remains mid-term bullish.
A lot now depends on how the fiscal cliff will get solved and how this will be communicated towards the public.
Enjoy the following links:
- Turkey-Iran: gold for gas US scrutiny
- Greece hires Deutsche, Morgan Stanley to run Greek voluntary debt buy back, sources say
- Hollande Presents Mittal Nationalization Among Site Options
- China considers easing family planning rules
- European Court to Rule Over ECB’s Secret Greek File
- The Dollar Collapse Revisited and a Bull Market in US Treasuries w/Peter Schiff!