被视为无休止的欧洲债务危机的希腊尽管拿下了欧盟领导人的承诺，虽然只有一半的冗长的会议中，该地区的金融和政治的管理者提供一些东西在本周中的建议和解决方案方面，市场可能与希望如此。另一方面，各队(欧洲国家)也明确表示，欧洲央行的资源（阅读;其资产负债表）不会将所谓的“责任”，只要扩大EFSF。可挖，这取决于是什么在下次工作会议确定，可能还需要国际货币基金组织的资源（也许是中国）。

另外，也取得了相当明确的会议今天上午参加的是，贝卢斯科尼先生在会议期间转交东西，一个友好的小“注意”默克尔女士，实际上警告他说，意大利不能指望钱山从它的朋友，除非踏板硬做一些有关债务水平占国内生产总值的近120％。小土丘的钱，也许，但不是无限的相同桩。不，回家，并拧紧，Gucci的皮带，Signore。

本周末开始的首脑会议是第十三届这些不同的一些乡亲都到齐，估计一下，包含和解决如雨后春笋般的希腊恶化（以及某些其他）的债务和该地区的银行业。真蓝色的欧元给朋友中国再次表示有信心，可能会发现在这次聚会结束（也许是为了自身利益，以及）的解决方案或五。让我们来看看，如果十三可以是一个幸运数字。

同时，中国国务院总理温家宝再次出来，并敦促他的同胞和妇女，打击食品和住房价格不断上涨，为了维持经济增长和社会稳定。最近的报告把中国的经济增长在9.1％的水平;自2009年以来的最低水平。同时，通货膨胀率，仍高于9月6日％大关 。社会的“稳定”，另一方面，可能是一个难啃的处理与文先生 。彭博社报道，在一个惊人的逆转“ 的共产主义革命的核心原则之一，其中毛泽东赢得了重新分配土地，从丰富的地主，身无分文的农民群众的心，强大的地方官员抢[土地] 有时剧烈，债务拉动型的建筑狂欢的豪华公寓楼，商场，体育场馆的方式。“

欧元最初下跌，因交易商均小于高兴不扮演一个角色，与欧洲央行提尚未被公布的计划，但然后，后来在昨晚的过程中，乐观，因为至少有东西占了上风，市场可能会发现有意义将于星期三公布。如果它成功地举办涨势，共同货币将完成5天的收益。另一方面黄金，可能在今天结束完成的两个相同的。贵金属上周下跌近3％的不确定性继续规范和投资者感到不安，并打击了大宗商品的空间。

商品价格上涨今天上午，伴随着周围的欧洲债务峰会的乐观水平，以及与该地区的共同货币 。黄金和欧元已晚BFFs，所以黄金价值在后面，被视为危机的会议上提出的温暖/ fuzzies获得 。讽刺意味的是，黄金将获得希腊违约或欧洲银行业的“意外”，因为将避免一些交易商不会丢失 。它是一个工业金属的东西，拿起认为经济萎缩可能不会发生，如果找到解决债务问题的价值又是另外一个所谓的“危机对冲”，也随之上升，因为危机可能不会发生。

周一新纽约现货金属的交易开了，范围从约一个白银的那第十一个强大的3.7铜的％的各类收益。黄金是出价为$ 1,656，并表现出增益美元至每盎司14.20，而白色金属攀升之一毛钱到达到盎司31.51美元。黄金那些最初的收益略为放缓后的第一个小时的交易行为。贵金属的先进更为强劲，铂金上涨21美元至1,532美元的水平，并与钯获得17美元达到每盎司 629美元。报告仍然出价为1,625美元，今天上午在铑没有变化 。

备受吹捧（各种通讯厂商）即将到来的印度节日赛季最终可能会辜负那些看起来如日历相关的黄金需求，以刺激市场。海湾时报“报道，黄金”爱贸易，“，即，购买动机当地人节日历，已经预计到“温和”的水平，反对的“壮观”的高黄金价格继续反映在印度的珠宝陈列室中可见的价格标签 。

闲钱买的小玩意是相当稀缺，今年印度的买家与燃料和食品成本的通货膨胀作斗争。当前黄金的购买方式被标记为“零星和漠不关心”，他们按照估计的540吨金条有在今年上半年购买。此后，许多当地不仅对价格敏感的转向（和谁也不会在$ 1,900 +金条不是不久前之后是什么？），但有些持怀疑态度，以及和黄色的价格也许是等待进一步更正金属。在海得拉巴估计的一个珠宝商的需求将下降50％，从他在2010年目睹。

同时，CFTC数据显示，黄金炒家（你知道，所谓的“纸黄金”爱好者）正在展出一些有关金价短期前景的谨慎。这同样适用于银规格，现在他们在白色金属的投机净长度为空头规则本年度新低。在铜的短裤出现橙色的金属，在过去两个交易日取得了显着的收益，尽管价格是一个迫在眉睫的威胁。

一个利基的投机的定位，似乎表明在决策有点更积极的情绪是铂族金属的空间。钯似乎绘图净投机长度，并出现了一些在过去一周的交易所买卖基金结余除。下$ 600大关，在贵金属DIP似乎有一个半衰期短，迄今。

美元是非常缓慢的移动今天上午，失去了0.04上涨0.04，和上交易的指数在76.45至76.52，而原油也呈现出一些冷漠的迹象，它先进的半美元到每桶87.90美元。美国股指期货显示，投资者准备一天的另一个消化欧洲新闻和行动的基础上，而不是带头发展。

投资者仍然在欧洲以及美国经济增长的不确定性。几乎没有人可以责怪他们比等事项的热情;达德利先生（他在纽约联储）在这个时候出来（今天上午），并认为，美国正面临着经济增长缓慢和持久的“逆风”，和美联储的货币政策，是不是“万能的。”

或许美联​​储已经做了所有可以，也许不是。官员似乎表明美联储的颤动，使用如有需要，仍然有左箭头。然而，美国的中央银行将第一次尝试... ...在在采取行动前时。在在即将到来的十一月（第1和第2）上联邦公开市场委员会会议上，美联储的团队给予更多的指导，“关于利率政策的市场，并会避免注射到美国经济的任何液体QE3类型，除非后者显示摇摇欲坠走迹象在一个迅速的方式。进一步购买资产（抵押贷款支持证券等）已提到的可能性和一些美联储官员曾表示，有什么明显收紧信贷条件，在美国报警。

也用于描述当前美国经济状况的一些“新语”：我们没有在美国经济“衰退” -我们有一个嗯...我们如何调和与最新标签“增长衰退“的迹象对第三季度美国经济表现仍然是一个谜位，现在。如果预测是正确的，QIII美国经济增长可能在2.8％的水平;多双，QII 。没错，就是从4％的增长速度，才能称之为“全部清除”，但它似乎并不像一个需要一定的距离远离“增长衰退。”

别看现在但有一个主要货币崩溃已在进行之中。没有，我们不会突然变成危言耸听通讯文士。我们指的是法定货币大决战是在同一空间的地方，其他人都尝试过他们的手和失败以前，其他货币的创造。记住Beenz吗？还记得Flooz？我们也没有。记住Bitcoin？你不会，很快。

最近发明的“加密货币单位”，是更复杂的玛雅历法的设计，原本要席卷全球。忘记时，你可以发誓Bitcoin美元。啊哈。而在替代现金的最新一次高$ 33（嘿，附近的金标准地位！）3元以下，现在是改变的手，它可能很快就会消失完全交易。有人称它没有什么短，你知道“怪人旁路系统的计划。”;“国税局税收”的一种制度。所以，千万不要感到震惊，如果你山姆大叔“在所谓的”友好的审计，或尽快读到“Bitcoin ...位的灰尘。”

在此期间，我们采取“定期”的美钞和loonies这里。

乔恩- 纳德勒（Jon Nadler）
高级金属分析师- Kitco金属http://www.kitco.com/ind/Nadler/oct242011.html

Maybe We Should Pay Greece With Bitcoin?

Due to Jon Nadler's travel schedule, there will be no commentary updates for today (Oct 25). We will return tomorrow morning.

Despite assurances to the contrary, holed-up EU leaders were seen preparing another less-than-comprehensive package that intends to address the seemingly interminable European debt crisis. While only halfway through the lengthy meeting, the region’s financial and political managers offered some hope that markets might be presented with something to bite into in terms of proposals and solutions by the middle of this week. On the other hand, the teams also made it clear that the ECB’s resources (read; its balance sheet) would not be called into “duty” insofar as the expansion of the EFSF is concerned. The IMF’s resources (and perhaps China’s) might yet be needed to be tapped, depending on what is ascertained at the next such working meeting.

Another thing that was also made fairly clear by meeting participants as of this morning is that Mr. Berlusconi was handed something during the meeting; a friendly little “note” from Ms. Merkel that in effect warned him that Italy cannot count on mountains of money from its friends unless it pedals hard to do something about debt levels near 120% of GDP. Little mounds of money, perhaps, but not unlimited piles of same. No, go home and tighten that Gucci belt, Signore.

The summit that commenced this weekend is now the thirteenth time some of these various folks have gotten together to try to estimate, contain, and resolve the mushrooming of the deterioration of Greek (and certain other) debt and the region’s banking sector. True-blue Euro-friend China once again expressed confidence that (perhaps for its own sake as well) a solution or five might be found at the conclusion of this gathering. Let’s see if thirteen can be a lucky number.

Meanwhile, China’s Premier Wen has once again come out and urged his countrymen and women to combat rising food and housing prices in order to sustain growth and social stability. Recent reports placed China’s growth at the 9.1% level; the slowest since 2009. Inflation, meanwhile, was still above the 6% mark in September. Social “stability” on the other hand, might be a tough nut to deal with for Mr. Wen. Bloomberg reports that in a stunning reversal “of one of the core principles of the Communist Revolution, in which Mao Zedong won the hearts of the masses by redistributing land from rich landlords to penniless peasants, powerful local officials are snatching [that land] back, sometimes violently, to make way for luxury apartment blocks, malls and sports complexes in a debt-fueled building binge.”

The euro initially fell as traders were less than pleased with the mention of the ECB not playing a role in the yet-to-be-announced plan, but then, later during the course of last night, optimism prevailed as at least something that the markets might find meaningful will be unveiled by Wednesday. If it manages to hold on to its gains, the common currency will complete five days of gains. Gold on the other hand, might complete two of the same at the end of today. Bullion lost nearly 3% last week as uncertainties continued to unsettle specs and investors and buffeted the commodities’ space.

Commodity prices rose this morning along with the levels of optimism surrounding the Euro-debt summit and along with the region’s common currency. Gold and the euro have been BFFs of late, so the yellow metal also gained in value in the back of the warm/fuzzies that were seen emanating from the crisis meeting. The irony that gold would gain because a Greek default or European banking sector “accident” would be averted is not lost of some traders. It is one thing for industrial metals to pick up value as perceptions that an economic contraction might not take place if debt solutions are found; it is another, for a so-called “crisis hedge” to also rise because a crisis…might not happen.

Monday’s New York spot metals’ dealings opened with assorted gains that ranged from a strong 3.7% for copper to about a tenth of that for silver. Gold was bid at $1,656 and showed a gain of $14.20 per ounce while the white metal climbed one dime to reach $31.51 the ounce. Those initial gains in gold moderated somewhat after the first hour of trading action. The noble metals advanced more robustly, with platinumrising $21 to the $1,532 level and with palladium gaining $17 to reach $629 the ounce. No changes were reported in rhodium which was still bid at $1,625 this morning.

The much-touted (by various newsletter vendors) upcoming Indian festival season may end up letting down those who look to such calendar-related gold demand to boost the market. The Gulf Times reports that gold “love trade,” i.e., purchases by locals motivated by the festival calendar, have been forecastedto come in at the “moderate” level as opposed to the “spectacular” one as high gold prices continue to be reflected in the price tags visible in India’s jewellery showrooms.

Spare cash with which to buy baubles is fairly scarce this year as India’s buyers are struggling with inflation in fuel and food costs. Current gold buying patterns are being labeled as “sporadic and indifferent’ and they follow an estimated 540 tonnes of bullion having been bought in the first half of the year. Since then, many a local has turned not only price-sensitive (and who wouldn’t be in the wake of $1,900+ bullion not that long ago?) but somewhat skeptical as well and is perhaps awaiting further corrections in the price of the yellow metal. One jeweller in Hyderabad estimates demand to be down 50% from what he witnessed in 2010.

Meanwhile, CFTC data indicates that gold speculators (you know, the so-called “paper gold” aficionados) are exhibiting some caution about bullion’s short-term prospects. The same applies to silver specs; their net speculative length in the white metal now stands at a fresh low for the current year as bearishness rules. Shorts in copper appear to be a looming threat to prices despite the notable gains the orange metals has achieved over the past couple of trading sessions.

One niche where the speculative positioning appears to indicate a bit more positive sentiment in the making is in the platinum-group metals’ space. Palladium appears to be drawing net speculative length and there has been some addition to ETF balances over the past week. The dip to under the $600 mark in the noble metal appears to have had a short half-life, thus far.

The US dollar was very slow to move this morning; it lost 0.04 then gained 0.04, and it traded at 76.45 to 76.52 on the index while crude oil was also showing some signs of apathy; it advanced half a dollar to $87.90 per barrel. US stock futures showed only that investors were preparing for another day of digesting news out of Europe and acting based on such developments rather than taking the lead.

Investors remain uncertain about growth in Europe as well as in the US. Hardly anyone can blame them for being less than enthusiastic about such matters; not at a time when Mr. Dudley (he of the NY Fed) comes out (this morning) and opines that the US is facing sluggish growth and persistent “headwinds”, and that Fed monetary policy is not “all powerful.”

Perhaps the Fed has done all it can, and perhaps not. Officials seem to indicate that there are still arrows left in the Fed’s quiver to use if the need arises. However, the US central bank will first try…talking before acting. At the upcoming November (1st and 2nd) FOMC meeting the Fed’s team will “give greater guidance” to the markets about its interest rate policy and will refrain from injecting any QE3 type of liquid into the US economy unless the latter shows signs of crumbling away in a speedy fashion. Further assets purchases (mortgage-backed securities, etc.) have been mentioned as possibilities and some Fed officials have expressed alarm at what are visibly tightening credit conditions in the US.

Some “newspeak” was also used in connection with describing current US economic conditions: we do not have a “recession” in the US economy – we have a “growth recession.” Hmmm…How we reconcile that label with the latest indications on third-quarter US economic performance remains a bit of a mystery, for now. If the forecasts turn out to be correct, QIII US growth might come in at the 2.8% level; more than double that of QII. Yes, that is some distance away from the 4% growth pace that is needed in order to call the “all clear” but it does not seem like a “growth recession.”

Don’t look now but there is a major currency crash already under way. No, we have not suddenly turned into alarmist newsletter scribes here. The fiat currency Armageddon we are referring to is taking place in the same space that others have tried their hand in and failed previously; the creation of alternative money. Remember Beenz? Remember Flooz? Neither do we. Remember Bitcoin? You won’t, soon.

The recently invented “encrypted monetary unit” that is more complex that the design of the Mayan calendar was supposed to take the world by storm. Forget the greenback when you can swear by Bitcoin. Aha. Whereas the latest in alternative cash once traded as high as $33 (hey, near gold standard status!) it is now changing hands at under $3 and it might soon vanish altogether. Some have called it nothing short of a “screwball scheme to bypass the system.” You know; the “IRS and taxes” kind of system. So, do not be shocked if you get “called in” by Uncle Sam for a friendly audit, or to soon read that “Bitcoin…bit the dust.”

In the meantime, we do take “regular” greenbacks and loonies here.

Until tomorrow,

Jon Nadler
Senior Metals Analyst – Kitco Metals