As summer comes to an end, traders are back at their desks and Kitco News speaks with Frank Holmes to kick off this busy 4-day economic data week. ISM manufacturing data rose unexpectedly this morning and Holmes says this will continue to give the U.S. dollar a boost because, “on a relative basis to what’s taking place in Europe and Japan, America has the most muscle.” Looking at historical charts, Holmes says that September is typically a good month for gold. “Historically, September is a big rally month for gold and a big driver of that is the love trade,” he adds. Holmes also comments on the much anticipated ECB policy meeting on Thursday as well as Friday’s U.S. nonfarm payrolls data. “The biggest threat [to gold] is the lack of fiscal policies. Europe needs fiscal policies and that means deregulation…” In reference to last week’s college football game between Texas A&M and South Carolina, Holmes says it may be unlikely to see a ‘Kenny Hill’ touchdown pass in capital markets this week. Kitco News, September 2, 2014.
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Don’t Expect A ‘Kenny Hill’ Touchdown Pass For Gold: Holmes | |
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