Deja Deja Deja Deja Deja Vu… Gold (and silver) are legging lower once again as China’s markets open. Spot gold just hit $1180 (down 2.5% from post-US-close highs). Given the state of the short-term funding markets in China, it seems possible that banks are liquidating any- and every-thing to realize cash (copper is also suffering modestly here at the open).
In other news… Japanese stocks are up modestly – of course they are:
Japanese unemployment printed worse than expected
CPI is still in deflation mode
Industrial Production YoY is still dropping
Household Spending growth missed expectations by its most in almost 7 years…