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Gold Sets Record Value
07/18/2011
Treasury prices are opening the week modestly higher on concerns that the European bank stress tests were not rigorous enough to provide confidence in the results. Equity markets slumped overnight but gold broke through the $1600 price level for the first time in history. This week’s economic calendar is relatively light with much of the data revolving around US housing data in each of the next four days. With the exception of today’s NAHB Market Index(expected to increase slightly by +1 over June’s level of 13), the economic calendar is vacant and will leave investors more time to mull over any developments in the US debt cap debate or overseas as Europe tries to control it own debt crisis. Currently, the Ten Year yield is at 2.882% (2.946% Friday) and the 2-10 yield spread is at 253bps, 5bps flatter since Friday morning.
