By Relaxing "Mark-to-Market" Rules, Has the U.S. Switched Off its Financial Crisis Early Warning System?
On Monday, gold�(NYSE:GLD) futures for December delivery declined $22 to settle at $1,725.20 per ounce, while silver (NYSE:SLV)�futures slipped 93 cents to settle at $34.35.
Market Insight: How Will the Yen Intervention Affect Precious Metals?
Early Monday, the Japanese government sold the yen for the second time since August after hitting another post-World War-II record high against the US dollar (NYSE:UUP).� A currency intervention is often considered a way to boost exports.� �We started currency intervention this morning in order to take every measure against speculative and disorderly moves and to prevent risks to the Japanese economy from materializing,� Prime Minister Yoshihiko Noda told parliament.� The intervention came after the dollar reached a low of 75.31 yen, and the intervention sent the dollar surging to 79.53 yen.� The Bank of Japan confirmed the intervention, but did not comment on the size of the action.� �It�s been massive, really, that�s the only word to describe it,� said Michael Turner, strategist at RBC Capital Markets.� �From what we gather, it�s larger than their most recent intervention.�
On Monday morning, the large Japanese yen intervention move sent the dollar surging higher and dollar denominated assets lower.� Gold reached as low as $1,705, while silver fell to $34.09 in morning trading.� �Gold and other precious metals are being knocked this morning by profit-taking and the strong US dollar,� said analysts at Commerzbank.� In afternoon trading, gold miners (AMEX:GDX) such as Barrick Gold (NYSE:ABX) and Yamana Gold (NYSE:AUY) fell 2% and 3.25%, respectively.� Silver miner (NYSE:SIL) First Majestic (NYSE:AG) fell more than 4%, while Fortuna Silver (FSM) edge nearly 1% lower.
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