The Metals: Gold erased all of yesterday’s post-fed after hours gains and fell to just below yesterday’s close at as low as $1195.40 in London before it rose over 1% to as high as $1207.75 by about 9AM EST in New York and then fell back off for most of the rest of trade to as low as $1192.40 by late morning, but it then bounced back higher in afternoon trade and ended with a gain of 0.16%. Silver fell throughout most of trade in Asia, London, and New York and ended near its late morning low of $17.79 with a loss of 1.32%. Euro gold rose to about €930, platinum lost $18.30 to $1512.50, and copper fell nearly 6 cents to about $3.25. Gold and silver equities fell over 2% by late morning and remained near their lows into the close. Oil continued lower on economic worries after the Energy Information Administration reported that crude inventories fell 3.0 million barrels, gasoline inventories rose 400,000 barrels, and distillates rose 3.5 million barrels. The U.S. dollar index exploded over a full penny higher as the dollar soared higher versus the euro on concerns over economic growth in Europe, but the dollar also fell to a new 15 year low versus the yen at times as the Japanese currency asserted its case as the best safe haven fiat currency. Treasuries added to early gains after today’s $24 billion 10-year notes sold at a high yield of 2.73% with a bid to cover of 3.04. The Dow, Nasdaq, and S&P fell over 2% on further signs of economic weakness in China and Europe that added to continued uncertainty over the US economy expressed by the fed yesterday. Among the big names making news in the market today were GM, Macy’s, and Wells Fargo.

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