We think gold and silver are vulnerable

OUTSIDE MARKET DEVELOPMENTS: Global equity markets were evenly mixed overnight, waffling around both sides of unchanged. Overnight economic news included negative Japanese imports and exports for October, softer than expected wage readings from Australia, and hotter than expected UK consumer and producer price readings. However, overall Euro zone pricing showed mostly as expected, benign inflation readings. The North American session will start out with a weekly private survey of mortgage applications, followed by October housing starts, which are expected to have a modest uptick from September’s 1.415 million annualized rate. October building permits are forecast to have a minimal uptick from September’s 1.553 million annualized rate. October Canadian CPI is expected to have a minimal downtick from September’s 0.5% year-over-year rate. Chicago Fed President Evans will speak during morning US trading hours, and New York Fed President Williams, St. Louis Fed President Bullard, Dallas Fed President Kaplan and Atlanta […]

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