Gold is slightly down today as profit takers cash in on previous days gains as expected. Continued concerns over weakened global markets including the U.S. are forcing investors back into precious metals as a safe-haven. Gold last reported a.m. is $1145.20 and silver is $15.15.
U.S. stocks fell by more than 1 percent Wednesday opening as news over Caterpillar’s cut stokes market fears. After the company said it will cut up to 10,000 jobs, Caterpillar fell by 7 percent to its lowest level since early 2010. The Dow is down 1.69 percent.
Reuters data reports earnings of S&P 500 companies are expected to decline 3.9 percent in the third quarter from one year ago. The S&P is currently down 10.5 percent from its May highs giving up post QE3 gains.
The U.S. economy is consumer driven proving once again, the Fed can attempt to pump Wall Street as it has been doing repeatedly since 2008 but it only lasts momentarily.
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