Gold Jumps $27, Closes Above $600
In Friday’s economic news; Personal Spending rose
in line with economists expectations
(report),
the University of Michigan’s Consumer Sentiment Index increased to 84.9 and the
Chicago PMI fell more than expected
(report).
Bond prices jumped higher, posting back-to-back gains for the first time in four
weeks.
However, the US Dollar Index fell heavily for the second consecutive day. The
Dollar was especially weak versus European currencies.
Precious metals awoke from their recent slumber. Gold futures rose $27 to close
the week at $613.50 and Silver rallied more than 6%.
Crude Oil climbed to $73.94 but all the other energies fell. Unleaded Gas was
the biggest faller on a percentage basis, dropping more than 4%.
All the softs closed higher except for Orange Juice. Lumber +2.43% and Coffee
+2.05% were the biggest gainers.
The grains were also strong. Corn +3.06% and Soybeans +2.23% led the advance.
Wheat -0.67% was the only loser.
All the meats rose. Pork Bellies +3.09% put in the day’s best performance.
Economic News
May Personal Income Up 0.4%,
Personal Spending
Rises 0.4% (report)
PCE Price Index, Excluding Food And Energy, Shows 2.1% Growth Rate For May
June University of Michigan Consumer Sentiment Index At 84.9
June Chicago Purchasers Managers Index At 56.5 After 61.5 (report)
For more reports and analysis go to our
Economic
News section.
Ashton Dorkins
Want a free month of
PowerRatings?
Send us your
PowerRatings
strategy and receive one free month of this exciting trading tool. If you are
already a monthly or annual
PowerRatings
subscriber, you will receive an additional three months if we publish your
strategy.