Spot gold back at $4,400/oz as U.S. pending home sales surprise with 2.3% drop in July - KITCO

Spot gold back at $4,400/oz as U.S. pending home sales surprise with 2.3% drop in July - KITCO

Source: KITCO

DW NOTE

A housing market cracking while gold holds $4,400 says the dollar hasn't priced in what fiscal arithmetic already demands. The Fed kept rates flat all year while the deficit ran $1.4 trillion through June — 3% higher than last year. Those home sales aren't falling because buyers lost confidence in property. They're falling because the carry cost of dollar debt finally meets the structural reality of dollar supply.

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