New York Session - October 13, 2009 4:56 PM

Risk traded relatively sideways but the market found a reason to sell the USD nonetheless. Equities slipped about -0.3% in broad terms but bonds were also lower, confounding the direction of risk overall. Gold caught another bid and was resting nearly higher by the 65 area. The seasonal pattern here is a major risk to out contrarian 4Q gold call. The trend over the last two decades suggests a short-term correction to around 0/940 early in 4Q but then a rally into the end of the year towards the 50 area. Full text »