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Gold tumbles below $1,200 as rates, dollar, and consumer sentiment all surge

Nov. 23, 2016 10:30 AM ETGLD, IAU, FXE, GTU, FXY, DGL, UUP, UDN, DGP, DZZ, DGZ, UBG, UGL, GLL, SGOL, PHYS, UGLDF, DGLDF, OUNZ, GYEN, GEUR, GLDI, USDU, QGLDXBy: Stephen Alpher, SA News Editor85 Comments
  • We'll get today's weakish data out of the way first - jobless claims unexpectedly jumped last week, and new home sales disappointed in October (and Sept.'s print was revised lower).
  • On the other hand, there was an unexpected big lift in consumer sentiment since the election, durable goods for October, surprised to the upside, and the 10-year Treasury yield has popped to more than a one-year high of 2.39%.
  • The dollar index has surged to its highest level in about a decade, with particular strength against the yen (NYSEARCA:FXY) and euro (NYSEARCA:FXE). UUP +0.7%
  • Gold, on the other hand, continues its big retreat, down 2.15% to $1,185 per ounce - its lowest price since February. GLD -2.15%
  • ETFs: GLD, IAU, UUP, PHYS, SGOL, UGL, UDN, DGP, GTU, UGLD, GLL, DZZ, GLDI, OUNZ, DGL, DGZ, DGLD, USDU, GYEN, GEUR, UBG, QGLDX

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