Day 5 Of The China-Open-Precious-Metals-Smackdown

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…



Charts: Bloomberg


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