The Metals: Gold fell $8.35 to $1377.80 in Asia and London before it spiked up to see a $6.74 gain at $1392.89 in early New York trade and then dropped back down to see a loss of $7.20 at $1378.95 by a little before 11AM EST, but it then rallied back higher into the close and ended with a gain of 0.06%. Silver dropped to $29.122 and jumped up to $29.765 before it fell back off for most of the rest of trade and ended with a loss of 0.81%. Both metals have fallen to new lows in afterhours access trade at the time of writing. Euro gold fell to about €1038 on more euro strength, platinum gained $15.50 to $1814, and copper fell a few cents to about $4.37. Gold and silver equities dropped about 1.5% in the first half hour of trade and remained near that level for the rest of the morning, but then then fell off further in the last couple of hours of trade and ended with over 3% losses. The Economy: Report For Reading Expected Previous Initial Claims 1/08 445K 415K 410K PPI Dec 1.1% 0.8% 0.8% Core PPI Dec 0.2% 0.2% 0.3% Trade Balance Nov -$38.3B -$410.B -$38.4B Home foreclosures in 2010 top 1 million for first time Reuters Rate on 30-year fixed mortgage dips to 4.71 pct. Yahoo Tomorrow at 8:30AM EST brings CPI for December expected at 0.4%, Core CPI expected at 0.1%, and Retail Sales for December expected at 0.7%. Excluding autos, sales are expected at 0.6%. At 9:15 is Industrial Production for December expected at 0.5% and Capacity Utilization expected at 75.5%, at 9:55 is Michigan Sentiment expected at 75.5, and at 10AM is the Business Inventories report for November expected at 0.8%. Oil ended lower on poor economic data that raised worries over demand. The U.S. dollar index fell again on continued euro strength that was driven by more successful bond auctions and hawkish words from European Central Bank chief Jean-Claude Trichet. Treasuries remained higher after today’s $13 billion 30-year note auction sold at a high yield of 4.515% with bid to cover of 2.67. The Dow, Nasdaq, and S&P fell on worries over today’s jump on jobless claims. Among the big names making news in the market today were Marathon Oil, Boeing, and FedEx.

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