Mainstream Media is out with a hit piece on gold today, and Market Watch wants you to know it’s gonna get ugly in gold right from the title:
Gold price on pace to fall the most in 6 weeks after strong data, easing geopolitical tension
The usual suspects are out in full force.WE have excellent retail sales coming in, a more warn, welcoming geo-political landscape on the world stage, and it seems like, other than a few big names losing it, the United States is looking to heal itself from the Virginia violence over the weekend.
Therefore, following cue coming off a strong week for gold prices (and silver prices) last week, we get things like this from the article:
Gold futures, which retreated for a second straight session early Tuesday, were on pace for their steepest daily drop in about six weeks as data on retail sales and U.S. manufacturing came in better than expected
On Tuesday, tensions between Pyongyang and Washington saw further cooling as North Korean leader Kim Jong Un announced that he wouldn’t launch a ballistic-missile attack on the U.S. territory Guam
Solid economic reports early Tuesday, however, bolstered appetite for assets considered risky. A gauge of New York-area manufacturing soared to 25.2, marking a three-year high in August, a reading on retail sales surged 0.6% in July, while readings for June were increased to 0.3% from 0.2%. Meanwhile, a report on import prices showed an increase of 0.1% in July.
Another factor yanking precious metals lower was a steadily rising U.S. dollar.
We need not tell anybody here at SD how the dollar is doing, and this chart pretty much speaks for itself, but for the sake of welcoming new readers into the community, well, yeah:
Silverbugs know what that channel means, and it means. Good luck with that strong dollar argument.
- Source, SD Bullion