Gold Futures Plummet
Gold futures sank further on Monday, following the heavy selloff on Friday. On
the Comex division of the New York Mercantile Exchange, June gold plummeted by
$140.30 or 9.3% to settle at $1,361.10 an ounce. The drop was the biggest
one-day percentage drop since February 1983 and the largest one-day dollar drop,
since January 1980. Last week, gold shed 4.7%. Gold mining firms were hit hard
by the selloff. Friday’s settlement price for gold marked a 20.5% drop for the
most-active contract from the record settlement of $1,888.70 an ounce reached on
August 22, 2011. Slower than expected Q1 growth in China was the cause for the
drop in gold on Monday. The move follows Fridays drop due to reports that Cyprus
had plans of selling some of their gold reserves. Inflation expectations will
determine whether gold continues to fall and if so, how far it will fall.
In the wake of the financial crisis of 2008, a rule required by the Dodd-Frank
Act, on Monday the Federal Reserve proposed a fee to be assessed on the largest
financial institutions with $50 billion in assets to assist in paying for the
central bank's oversight of big banks. By July 15 of a year following its
assessment period, the Fed would notify each institution of its assessment. The
Fed estimates that had the rule been in effect during 2012, nearly 70
institutions, including U.S. and foreign banks would be subject to the
assessment and the central bank would collect nearly $440 million.
The deadline to file federal income tax returns is midnight Eastern Time
tonight. April 15th is renowned to be the most dreaded day across America since
there is no way out of filing a return, if you generated income during the
calendar year 2012. Of course, there will be those individuals who fail to file
resulting in compounding interest and penalties.
On the Comex division of the New York Mercantile Exchange on Monday, silver was
the biggest decliner, sinking by $2.91 or 11% to $23.43 an ounce. On Friday,
silver fell by 4.9%. Silver futures have not closed below $24 since October
New York Fed Empire State index released on Monday indicated a drop by 3.1
points in April from 9.2 in March for the slowest reading since January.
New-orders index fell to 2.2 from 8.2 in March while shipments index fell to 0.8
from 7.8 in March.
According to the National Association of Home Builders/Wells Fargo
housing-market index released Monday, overall builder-confidence index decreased
to 42 in April from 44 in March. The drop follows a third month of declines,
striking the lowest level seen in six months and hurt by weaker views on present
sales of single-family homes as well as, prospective-buyer traffic. The last
time the home builders index reached above a key reading of 50 was in 2006. Rick
Judson, chairman of the National Association of Home Builders said, "Many
builders are expressing frustration over being unable to respond to the rising
demand for new homes due to difficulties in obtaining construction credit,
overly restrictive mortgage lending rules and construction costs that are
increasing at a faster pace than appraised values."
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April 15, 2013