Gold and silver prices are at 5 and 6 year lows as continued fraud at COMEX costs investors billions. The U.S. dollar reached a seven month high overnight. Silver continues to see record demand as prices fall. Gold last reported a.m. Monday is $1072.00 and silver is $14.15.
According to NAR, sales of previously owned U.S. homes fell by 3.4% in October to a seasonally adjusted and annualized pace of 5.36 million.
Lawrence Yun, chief economist for NAR, said “new and existing-home supply has struggled to improve so far this fall, leading to few choices for buyers and no easement of the ongoing affordability concerns still prevalent in some markets. Furthermore, the mixed signals of slowing economic growth and volatility in the financial markets slightly tempered demand and contributed to the decreasing pace of sales.”
“As long as solid job creation continues, a gradual easing of credit standards even with moderately higher mortgage rates should support steady demand and sales continuing to rise above a year ago.”
U.S. manufacturing PMI has fallen to 25 month lows showing renewed weakness in new orders, output and employment. Unemployment appears to be on an upward trend as manufacturers remain cautious when it comes to hiring as a struggling global economy and stronger dollar keep purchasers at bay.
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