Futures up slightly; gold continues to rally


Stock index futures are marginally higher after yesterday's modest rally and as earnings continue to pour in.

A European move higher is being led by Italy's 1.6% gain after the resignation of the Prime Minister there yesterday. Asia was mostly higher, but the Nikkei stumbled to a 1.5% loss.

After yesterday's big decline in response to weak economic data, the 10-year Treasury yield is higher by a basis point to 2.74%. Gold continues a big rally for the year, up another 1.3% in early trade to $1,317 per ounce.

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Comments (4)
  • minecanary
    , contributor
    Comments (1353) | Send Message
     
    Something is very fishy about the quick burst in metals...the daily slam downs have suddenly disappeared. It's like when a hoodlum ends up in jail for a few weeks and the local burglary spree stops. Anybody notice if one of our favorite banks has suddenly increased their potential liability reserves by a few trillion?
    14 Feb 2014, 08:57 AM Reply Like
  • David at Imperial Beach
    , contributor
    Comments (4381) | Send Message
     
    What happened is that the price of gold got down to the all-in price of production. Then your favorite banks tried to send the price even lower (back in November) and that effort fizzled spectacularly (the price bottomed in December and started rising again). So now the outward ETF flows that they were trying to scare into continuing have stopped. Your favorite banks may try yet one more time to scare the price of gold lower, but the market has found its natural bottom and refuses to go lower. Fundamentals actually support a higher price for gold, especially now that the weak hands have sold off.
    14 Feb 2014, 11:21 AM Reply Like
  • Teilhard
    , contributor
    Comments (18) | Send Message
     
    Who will buy gold when the 10 year bond goes to 4%!
    18 Feb 2014, 05:42 PM Reply Like
  • Teilhard
    , contributor
    Comments (18) | Send Message
     
    Nobody!
    18 Feb 2014, 05:42 PM Reply Like
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