This afternoon’s release of the Federal Reserve’s Beige Book showed that most regions of the United States showed “weaker or less certain outlooks for business conditions.”
The Federal Reserve’s Beige Book consists of economic reports collected by each regional branch of the U.S. central bank in their respective districts.
Highlights from the Beige Book included:
- Overall conditions for both residential and commercial real estate remained weak
- Loan demand by and large moved lower, with the exception of an increase in mortgage refinancing in many Districts
- Labor market conditions were little changed, on balance, in September. Several Districts cited only limited and selective demand for new hires
- Contacts in a number of Districts reported that a weaker and more uncertain economic outlook had increased caution and was weighing on future spending plans.
The broader markets turned lower following the Beige Book’s release, with the Dow Jones Industrial Average (DJIA) falling 60.32 points, or 0.5%, to 11,516.73.
Gold futures extended their losses as well, albeit more modestly, by $8.00 to $1,644.80 per ounce.
The full version of the Beige Book is available below at the Fed’s website:
http://www.federalreserve.gov/fomc/beigebook/2011/20111019/default.htm
Crocodile Gold Hits More High-Grade at Crosscourse
Crocodile Gold’s management team believes the Crosscourse deposit is an excellent target on which to concentrate exploration efforts because of its proximity to the Union Reefs mill. It is anticipated that an underground mining center at Crosscourse can be defined and brought into production fairly quickly, supporting the Company's strategy to add low cost, high grade production to the near-term mine plan. Full Crocodile Gold News Release.
- 8.89 grams per tonne (g/t) gold over 12.3 meters (m).
- 4.51 g/t gold over 14.08m, including 16.2 g/t gold over 3.8m.
- 13.28 g/t gold over 3.65m.
- 14.83 g/t gold over 2.1m.