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| Gold COT Report - Futures | ||||||
| Large Speculators | Commercial | Total | ||||
| Long | Short | Spreading | Long | Short | Long | Short |
| 286,568 | 42,555 | 66,691 | 173,670 | 465,978 | 526,929 | 575,224 |
| Change from Prior Reporting Period | ||||||
| 331 | 579 | 571 | 2,221 | 1,590 | 3,123 | 2,740 |
| Traders | ||||||
| 217 | 67 | 70 | 42 | 58 | 290 | 168 |
| | ||||||
| | Small Speculators | | | | ||
| | Long | Short | Open Interest | | | |
| | 70,663 | 22,368 | 597,592 | | | |
| | 411 | 794 | 3,534 | | | |
| | non reportable positions | Change from the previous reporting period | | |||
| COT Gold Report - Positions as of | Tuesday, September 21, 2010 | |||||
Silver COT Report - Futures Large Speculators Commercial Total Long Short Spreading Long Short Long Short 62,013 12,642 25,380 28,973 94,276 116,366 132,298 1,317 737 1,471 -791 -549 1,997 1,659 Traders 100 36 32 37 40 154 93 Small Speculators Long Short Open Interest 30,401 14,469 146,767 -28 310 1,969 non reportable positions Change from the previous reporting period COT Silver Report - Positions as of Tuesday, September 21, 2010
| Silver | |
| Withdrawals from Dealers Inventory | 518,191 |
| Withdrawals from customer Inventory | 674,774 |
| Deposits to the dealer Inventory | n/a oz |
| Deposits to the customer Inventory | n/a oz |
| No of oz served (contracts 6 only | 30,000 oz |
| No of oz to be served 231 contracts) | 1,155,000oz |
| Gold | |
| Withdrawals from Dealers Inventory | 3,000 oz |
| Withdrawals from customer Inventory | 354 oz |
| Deposits to the dealer Inventory | n/a |
| Deposits to the customer Inventory | n/a |
| No of oz served (contracts 30) | 3000oz |
| No of oz to be served 72 | 7200 oz |
| Silver | |
| Withdrawals from Dealers Inventory | n/a |
| Withdrawals from customer Inventory | 25,069 oz |
| Deposits to the dealer Inventory | n/a oz |
| Deposits to the customer Inventory | 639,170 oz |
| No of oz served (contracts 10 only | 50,000 oz |
| No of oz to be served 231 contracts) | 1,155,000oz |
| Gold | |
| Withdrawals from Dealers Inventory | zero oz |
| Withdrawals from customer Inventory | 129 oz |
| Deposits to the dealer Inventory | zero oz |
| Deposits to the customer Inventory | zero |
| No of oz served (contracts 40) | 4000oz |
| No of oz to be served 74 | 7400 oz |
US durable goods orders fall, business spending up
WASHINGTON, Sept 24 (Reuters) - New orders for long-lasting U.S. manufactured goods fell more than expected in August to post their largest decline in a year as bookings for aircraft and motor vehicles tumbled, but business spending rebounded strongly, a government report showed on Friday.
The Commerce Department said durable goods orders dropped 1.3 percent after a revised 0.7 percent increase in July. Markets had expected orders to fall 1.0 percent from a previously reported 0.4 percent gain.
The decline last month reflected a 40.2 percent plunge in non-defense aircraft orders after a 69.1 percent surge in July.Boeing Co
Excluding transportation, orders rose by a more-than-expected 2.0 percent after falling by a revised 2.8 percent in July, previously reported as a 3.7 percent fall. It was the largest rise since March.
Markets had expected a 1.0 percent rise in orders excluding transportation.
Durable goods orders are a leading indicator of manufacturing, a sector which is leading the economy's recovery from the longest and deepest recession since the Great Depression as businesses replenish inventories.
But manufacturing is slowing as domestic demand remains tepid, with households grappling with high unemployment and falling wealth.
Non-defense capital goods orders excluding aircraft, a closely watched proxy for business spending, rebounded 4.1 percent in August after a 5.3 percent drop in July.
Markets had expected a 2.0 percent rise.
Durable goods inventories rose 0.4 percent after increasing 0.6 percent in July. Shipments, which go into the calculation of gross domestic product, declined 1.5 percent last month, while unfilled orders dropped for a second straight month.
-END-
US Aug new home sales unchanged, supply at 42-yr low
WASHINGTON, Sept 24 (Reuters) - New U.S. single-family home sales were flat in August, but the supply of houses on the market tumbled to the lowest level in 42 years, government data showed on Friday.
The Commerce Department reported August sales at a 288,000 unit annual rate, unchanged from July's rate, which was revised up from a previously reported 276,000 unit pace. Analysts polled by Reuters had forecast new home sales rising to a 290,000 unit pace in August.
The housing market is starting to stabilize after a downward spiral following the end of a homebuyer tax credit in April. Data this week showed home construction rose last month and sales of previously owned homes crawled off 13-year lows.
But activity in the sector, which contributed to the worst recession since the Great Depression, remains subdued amid a 9.6 percent unemployment rate.
The number of new homes available for sale fell 1.4 percent to 206,000 units, the lowest since August 1968. Despite August's unchanged sales pace, the supply of new homes on the market dipped to 8.6 months' worth from 8.7 months' worth in July.
The median sale price for a new home fell 0.6 percent last month from July to $204,700, the lowest since December 2003.
Compared to August last year, the median price fell 1.2 percent.
FRIDAY, SEPTEMBER 24, 2010
Currency Wars Set Escalate
And the reality
Between the motion
And the act
Falls the Shadow...T.S. Elliot, "The Hollow Men"
In what could be possibly the worst piece of legislation to move through Congress - after the healthcare catastrophe of course - during Obama's failing reign, a House panel is set to approve a bill which would deem China's currency, the yuan, as "undervalued" and allow the U.S. to slap import duties on Chinese goods coming into the U.S. Here's the link: Confederacy of Dunces
The aspect that I find most problematic with this legislation is how exactly can anyone determine the "correct" value for any country's currency? Perhaps the U.S. dollar is substantially overvalued. In the absence of free markets, there is absolutely no way to determine "fair" valuation for anything. How about if China threatens to sanction the U.S. if the Fed/Treasury does not cease and desist from capping the price of gold?
If the U.S. were to succeed in forcing China to revalue its currency higher, however, two huge problems will result. First, this will drive up the cost of imported Chinese goods for the U.S. consumer and fuel the already percolating price inflation. Walmart has already raised prices on average by over 5% this summer. Prices will escalate even more if Congress is arrogant enough to slap import duties on Chinese imports.
Even more problematic, at least for our borrow-and-spend Government, is the effect this will have on China's appetite for buying Treasury paper. If China were to "artificially" revalue its currency higher vs. the dollar, the net effect would be to create massive currency translation losses on its holdings of U.S. Treasury bonds. And perhaps this is part of Congress' motive. Create a mechanism in which to repay large Treasury bond holders with "cheaper" dollars. Of course, it's also a way to discourage further foreign participation in financing the the U.S. Government's rapidly escalating borrowing requirements.
Friday Music: "U.S. Blues" I'm Uncle Sam/That's who I am/Been hiding out/In a rock n roll band
Jim Sinclair’s Commentary
Volcker goes ballistic. Resignations from the Administration invite a conclusion that something beyond what we know is awfully wrong.
Volcker launches into bankers, politicians, regulators.
Former Fed Chairman Paul Volcker scrapped a prepared speech Thursday and delivered a blistering critique of nearly every corner of the financial system. While praising the financial overhaul, Volcker told attendees at the Chicago Fed the system is still at the risk of regulators being swayed by the relentless lobbying of banks and politicians. Volcker said central banks may have become, "a little too infatuated with their own skills and authority because they found secrets to price stability… I think its fair to say there was a certain neglect of supervisory responsibilities."
The Exodus Continues
CIGA Eric
The metaphor of rats jumping from a shinking ship comes to mind. This clears the way for the new New Deal II.
Financial bailout chief announces resignation
Herb Allison, the head of the government’s $700 billion financial bailout program, announced on Wednesday that he would resign.
Allison said in a letter to his colleagues in the Treasury Department’s Office of Financial Stability that they had accomplished a great deal.
Lawrence Summers to leave economic council, return to Harvard
President Obama’s top economic adviser, Lawrence H Summers, will step down as director of the National Economic Council after the November elections and return to a teaching post at Harvard University, the White House announced Tuesday.
The departure of Summers, 55, will complete the turnover of three of Obama’s four top economic advisers as the administration struggles with the political fallout of a stubbornly weak economy.
