harveyorgan.blogspot.com / Thursday, August 23, 2012
Good evening Ladies and Gentlemen:
Gold closed up smartly again today to the tune of $32.20 finishing the comex session at $1669.60.
Silver also had a good day closing at $30.45 up 90 cents.
In the access market at 5 pm:
Today started off with a bang with the poor PMI out of China for a three year low. It’s readings are below 50 which means contraction of the economy. This was followed by the European PMI which also registered its 7th straight negative contraction. German confidence numbers came out very negative and that was the spark to send all bourses into the toilet today.
Over on this side of the pond, new jobless claims rose again by 4,000 per souls. On top of that we had a rather large 48,000 extended benefit claimants fall off the registry. In one year almost 1.3 million extended benefit claimants have run their 99 week course. As far as I am concerned, the USA is mired in the same financial mess as Europe. The only difference is that the Fed has the luxury of monetizing their debt whereas Europe cannot. New home sales in the USA continue to hug the basement. We will go over all of these stories but first………………
Let us now head over to the comex and see how things progressed today.