Precious metals are quiet this morning in New York trading, while the dollar continues to show some weakness. Crude oil is steady after hitting a four-month high overnight. Both of these trends are favorable for precious metals.
The U.S. stock markets await earnings reports today from some major companies, as well as the Redbook retail sales report and weekly mortgage application numbers. Apple will report earnings after market hours today.
On a more macro scale, the Davos summit starts today, and the most powerful men in finance come together to discuss the world economy. Also on tap today is the International Monetary Fund’s world economic outlook report.
In Washington, the House of Representatives will try to pass their measure to debt ceiling for four months with no cap, with a “no budget, no pay” clause that would escrow Congress’ salaries after April 15 until a budget is passed.
Gold remains trading in a tight band, unable to break the $1,700 mark reliably. Analysts note that COMEX options expire Monday, which may loosen some constriction on gold and allow a solid close above $1,700.