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The Daily Gold Market Report View more key economic charts for gold investors *NEW* Newsletter . . . USAGOLD News, Commentary and Analysis The Morning Gold Report by Peter A. Grant Gold Correction Extends January 25, a.m. (from USAGOLD.com) -- Gold remains under pressure as the emerging global tightening bias continues. The Reserve Bank of India hiked rates 25bp today, citing stubborn inflation as its primary concern. The RBI raised its inflation forecast for the end of March to 7% from 5.5% previously. While the BoJ held rates steady near 0%, amid ongoing concerns about deflation, central bank governor Masaaki Shirakawa expressed some degree of optimism about Japan's prospects for recovery. Recent optimism here in America was dealt a blow be the latest round of Case-Shiller home price data. The 20-city index fell to 143.9 in Nov, below market expectations, versus 145.3 in Oct. It was the fifth consecutive monthly decline. Home prices in the 20-cities were down about 1.0% m/m and 1.6% from a year ago. With talk of a double-dip in housing escalating, the Fed is going to be hard-pressed to justify any imminent move toward tighter monetary policy. Today's data will also likely raise some doubts about whether QE2 will end on schedule at the end of H1. Undoubtedly, the state of housing will be high on the Fed's agenda as the FOMC commences their two-day policy meeting today. With four new voting members, the FOMC is believed to have a more hawkish bent, which could result in more dissent about ongoing quantitative easing measures. Up until this morning's Case-Shiller report, I was expecting the FOMC to echo the recent optimism about the economy. However, hinting about higher long-term rates being desirous now, could result in accelerated losses in housing. More tempered optimism is probably warranted, with yet another reiteration of the "exceptionally low, extended period" mantra. With the President's State of the Union speech tonight, the FOMC policy statement and options expiration tomorrow, as well as the gold market's proximity to the 200-day moving average, the next 36-hours or so should tell us a lot. The recent correction in gold is very reminiscent of the corrections seen in Jan and July of last year. From the Dec 2009 high to the Jan 2010 low, the market was off about 14% and stalled about 2% shy of the 200-day MA. From the Jun 2010 high to the Jul 2010 low, the market corrected about 8.5% and the decline stalled less than 1% above the 200-day MA. Like the most recent decline of 7% (thus far), both the previous correction were sparked by the short-lived perception that Europe had a handle on the sovereign debt crisis. The 200-day MA presently comes in at 1282.50, about 3% below today's low. In our latest newsletter, USAGOLD - Centennial Precious Metals founder and President Michael J. Kosares, has written an excellent headline article on the resurgence of interest in gold being restored to a central role in the international monetary system. The article is entitled: How gold became politically correct. It is definitely worth a read and I encourage you to sign-up to receive our monthly newsletter delivered directly to your inbox, so as not to miss an issue. Opinions expressed in commentary on the USAGOLD.com website do not constitute an offer to buy or sell, or the solicitation of an offer to buy or sell any precious metals product, nor should they be viewed in any way as investment advice or advice to buy, sell or hold. Centennial Precious Metals, Inc. recommends the purchase of physical precious metals for asset preservation purposes, not speculation. Utilization of these opinions for speculative purposes is neither suggested nor advised. Commentary is strictly for educational purposes, and as such USAGOLD - Centennial Precious Metals does not warrant or guarantee the accuracy, timeliness or completeness of the information found here. Evening Market Report Inflation worries, softer dollar help gold futures close higher The COMEX February gold futures contract closed up $3.50 Monday at $1344.50, trading between $1340.70 and $1352.40 January 24, p.m. excerpts: (from Marketwatch) -- Gold futures settled higher, snapping a two-day losing streak as talk of inflation and a lower dollar propped up prices against weakness in other metals. Gold for February delivery added 0.3% to $1,344.50 an ounce on the Comex. Futures had climbed as high as $1,352.40 an ounce earlier in the day, but lost steam as the session progressed, with the modest advance on Monday due to a stronger euro pressuring the dollar and some gold buying at the expense of silver futures...more (from AP) -- The euro has jumped more than 5% in the past two weeks, after a months-long decline spurred by the European debt crisis, as investors' perception that European officials will soon come up with a more comprehensive solution to the crisis has helped calm tensions. Moreover, ECB President Jean-Claude Trichet suggested in an interview published by The Wall Street Journal on Sunday that the central bank could lift interest rates to combat higher inflation despite the debt woes in Ireland, Greece, Portugal and Spain...more (from Reuters) -- The dollar slipped for a fifth straight session against the euro, hitting a two-month low as expectations of higher euro zone interest rates sparked traders to push the single currency above important technical levels. Analysts said bullion still benefited from concern over the stability of the euro zone, which was highlighted by political uncertainty in Ireland, after the country's junior coalition party withdrew from Prime Minister Brian Cowen's government...more (from Bloomberg) -- Irish political leaders said they'll press to pass a budget before elections as the collapse of Prime Minister Brian Cowen's coalition threw the government into disarray. Passing the budget is a condition of Ireland's €85 billion aid package from the IMF and the European Union. "If the finance bill does not pass or is postponed until after the elections, then there will be a significant amount of stress placed upon both sovereign and bank debt in Europe," noted Mark Grant, managing director at Southwest Securities Inc...more (from Dow Jones) -- Gold also gained Monday in its role as a hedge against rising consumer and producer prices after ECB President Trichet warned that inflation pressures in the euro zone must be watched closely, and urged central bankers everywhere to ensure that higher energy and food prices don't gain a foothold in the global economy. His comments come ahead of Wednesday's conclusion of the two-day U.S. FOMC meeting, when U.S. monetary policy makers are expected to keep interest rates at ultra low levels...more (from TheStreet) -- The reason the U.S. isn't registering higher inflation is that the country excludes food and energy prices, which are volatile and have seen a meteoric rise in 2010. According to reports, world foods prices rose 25% in 2010, while corn alone rallied 79%. There has also been chatter that the rise in the 10-year U.S. Treasury yield points to long-term inflation worries. If investors think the U.S. dollar will be worth less in the future, they are less apt to lend money to the country and interest rates must rise to entice them...more We educate first-time investors. Put our 37 years of gold market experience to work for you. Call for competitive prices. Have your questions answered. 1-800-869-5115 Extension #100 6 am to 5 pm Mountain Time Monday - Friday Today's Special Offers The book that introduced a generation to successful gold ownership. Free with your first order, or buy here. FREE Introductory Information Packet (Includes latest newsletter) USAGOLD Centennial Precious Metals Rated A+ American Numismatic Association Member since 1975 Live gold prices and charts Mobile prices and news Closing gold coin prices Daily prices since 1970 Gold charts daily, weekly, monthly USAGOLD 24-Hour Live News Wire NEW in the last 5 minutes www.usagold.com --LIVE NEWS-- Trading places: Investors now high on U.S., down on gold 13:14 InvestmentNews.com Precious metal poll: Gold seen gleaming, silver losing shine 13:11 National Post - Financial Post 5 to 10 minutes old www.usagold.com --LIVE NEWS-- Currencies - the next big thing 13:09 The Business Times - Executive Money Is gold losing its lustre? 13:08 Toronto Sun - Money Indian govt's plan to sell inflation-linked bonds gains support 13:08 The Business Times - India RBI ups rates, warns about food inflation 13:08 The Business Times - India Microcap Mining Stocks; Alexis Announces Fourth Quarter Gold Production 13:05 Investorideas.com 10 to 15 minutes old www.usagold.com --LIVE NEWS-- Deutsche Offers Up Bullish Outlook For ETF Growth In 2011 13:04 IBTimes.com - Top News Europe, inflation pose risks to recovery 13:04 Gulf News - Business Gold falls to record low on profit-taking 13:04 Gulf News - Business King: BOE Policy Won’t React To Headlines On High Inflation 13:03 ForexLive.com FOREX-Euro rises vs dollar, more gains expected 13:03 Reuters - Economy Euro gives up gains; sterling tumbles 13:03 The Business Times - Editorial & Opinion 15 to 30 minutes old www.usagold.com --LIVE NEWS-- King defends UK economic policy 12:57 FT.com - UK BOE’s King: Inflation to slow from uncomfortable levels 12:51 ForexLive.com Steve Keen Responds to "World Economic Forum Endorses Fraud" Post; Sustainability of Exponentially Growing Systems 12:48 Mish's Global Economic Trend Analysis (Weblog) Coalition lacks economic 'vision' 12:47 FT.com - UK Economy King comes to defence of Osborne 12:47 FT.com - UK Economy Coalition lacks economic ‘vision’ 12:47 FT.com 30 minutes to 1 hour old www.usagold.com --LIVE NEWS-- Tempering inflation 12:45 The Hindu Business Line - Opinion Inflation may have the last laugh 12:43 The Hindu Business Line - Industry & Economy Inflation will decide future course: Subbarao 12:42 The Times of India - Policy Gold Stocks; Stellar Pacific Ventures Farm-in Namarana Gold Licence in Mali, West Africa 12:41 Investorideas.com UK economy shrinks 0.5% in fourth quarter of 2010 12:40 The Hindu Business Line - News Signal on inflation management makes strategists wary 12:39 The Hindu Business Line - Markets Stocks flat at midday on inflation woes 12:39 The Business Times - Editorial & Opinion Inflation tremors, the key message 12:37 The Hindu Business Line - Money & Banking Cautious with bearish bias 12:37 The Hindu Business Line - Money & Banking EFC promotes green economy 12:36 Lakehouse Daily News - Business CEOs see glass half full as business confidence returns 12:35 National Post - Financial Post Hear (NWMT) NewMarket Web Presentation on What Emergency Economic Stabilization Act Has and Has Not Done for Small Business Before President Obama's State of the Union 12:35 Marketwire (Press Release) Africa: Your Guide to the Continent's Economy in 2011 12:35 Marketwire (Press Release) Commodities Fall on U.K. Woes 12:35 The Wall Street Journal PRECIOUS - Gold hits 3-mo low, silver 14 pct down in Jan; charts suggest more losses 12:28 IBTimes.com - Top News Forex: USD/JPY slides towards 82.00 12:24 FXstreet - Forex News Why the British economy shrank in the last quarter 12:24 Socialist Economic Bulletin (Weblog) WSJ: Commodities Fall on U.K. Woes 12:24 The Wall Street Journal - Europe Edition Platinum vs. Palladium: Which Autocatalyst Is Better? 12:23 SeekingAlpha - Gold Family Dollar recalls toy tanks 12:19 Bizjournals - Greensboro/Triad (Business Journal) Church leaders, business owner members, tackle economic issues 12:18 Ocala Star Banner, Florida - Health 1 to 2 hours old www.usagold.com --LIVE NEWS-- Why Britain walks an economic tightrope 12:13 The Globe and Mail UK economy suffers shock contraction 12:13 Stuff.co.nz Portugal sees no need for EU money - Treasury Secretary 12:12 Yahoo! Gold, Oil Extend Losses After Consumer Data 12:12 Fox Business - Industries Gold Ends At Lowest Level In Nearly 3 Months 12:12 Fox Business - Industries Golden Reign Resources Ltd.: Additional High-Grade Gold Prospects Identified in Murra District 12:11 Marketwire (Press Release) UK's economy shrinks unexpectedly in winter 12:10 The Business Standard - Economy-Policy UK economy shrinks and pound plunges 12:07 TV3 - Business News WVU Study: Marcellus Shale Has Potential For 'Significant' Economic Development In West Virginia 12:07 The Street - Markets Strong demand for EFSF bond boosts euro confidence 12:04 IBTimes.com - Top News Next newswire update within 5 minutes (click your browser refresh button) ________________________

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