The winner is… Deflation!  Trading theme in place…  RBA cuts rates 75 BPS!  Manufacturing collapses! And Now… Today’s Pfennig!

Central Bank intervention is the reason… Busy data week… Australia’s central bank to mirror the BOE?… China to slow appreciation … And Now… Today’s Pfennig!

More dollar strength… Retail Sales surprise… SARB raises rates! Gold on the slippery slope…

More losses… Currencies rebound… Jumping off the bandwagon…  Slowing renminbi appreciation? And Now… Today’s Pfennig!

After bottoming at $870 at the open of London trading yesterday, gold finally decided it was time to add some value, and it moved slowly but steadily higher from there to the close of the NYMEX, after which it leveled off and cruised into a finish at $886.10/oz., up $8.80. For the week, gold gave up 4.1%.

Fisher talks tough… GDP revision today… A$ remains resilient… Norges Bank keeps rates unchanged… Sounding Like A Hawk…

Gold was tightly rangebound from the overseas markets straight through the NYMEX and Globex sessions on Wednesday, bouncing between $860 and $870, and finishing at $864.40, down $1.30.

Except for a sharp dip that came just after New York opened and was quickly erased, gold stayed within a tight $7 range from the far East straight through to the end of trading, finishing near the high end at $856.70, up $4.30. For the week, gold shed 3.2%.

Gold and oil both traded down about 2.5% overnight in New York. The Fed is meeting in Washington, D.C. We’ll know soon what, if anything, it plans to do. But does it really matter?