Gold rose again this morning, partly on our CNBC interview with Charles Evans , president of the Chicago Federal Reserve. Traders—who tend to be inflation hawks and so are rather impatient with those they perceive to be doves such as Evans, Dudley, or Yellen, immediately came out and assailed Evans for stating that "the dual mandate tells us that we need to be more accommodating than we have been."
"The Gold Rush," CNBC's series on the gold industry, airs Tuesday. Here's the rundown for the first day.
Tuesday, Aug. 30: "Follow the Gold"
10:40 a.m.: The deepest mine in the world. The Mponeng mine owned by AngloGold Ashanti, just one hour outside of Johannesburg, is like a city: 3,500 miners, upwards of 100 degrees and 2.2 miles down underground. Why two miles down? Because surface gold is increasingly harder to find, forcing miners to drill deeper…at higher costs…and greater danger.
11:40 a.m.: The king of refineries. The Rand Refinery outside of Johannesburg is the largest gold refiner in the world...in the history of the world! Much of the world's gold is refined here and delivered all over the globe to: banks, mints, industrial manufacturers and jewelry makers.
1:30 p.m.: Bullion banks—the middle men. From Johannesburg, we follow the gold to London and New York, the epicenters of the wholesale gold bullion market. We visit the gold trading desk of ScotiaMocatta, see how the price of gold is set based on supply and demand and watch gold move around the world.
2:40 p.m.: Manufacturing gold. The intermediaries who control gold bullion send about half of the world’s gold to the jewelry industry. We go to Lafayette, La., to pay a visit to Stuller, one of the largest wholesale jewelry manufacturers in the world to watch how gold jewelry is made and see how even with record gold prices, consumers are still buying their bling. ?
1. With Monday's rally, the Dow Jones Industrial Average is up 7.6 percent, the S&P 500 is up 8.1 percent, and the Nasdaq Composite Index is up more than 9 percent from its lows earlier this month. Still, the indices are down 5 percent, 6 percent, and 7 percent, respectively this month—their worst month of declines since May 2010.
2. Dollar General rises 3 percent after beating estimates (52 cents a share vs. 48 cents a share consensus) as same-store sales grew 5.9 percent on higher traffic and average transaction receipts. The discounter did see "less discretionary spending" as sales of home apparel and seasonal products grew less than its sales of various food products. The company raised the low end of its full-year earnings guidance to $2.22 a share to $2.30 a share, and it also boosted its same-store sales expectations to up 4 percent to 6 percent.
3. Citigroup cut its August same-store sales estimates for 4 department stores—JCPenney, Kohl’s, Macy’s, and Saks—due to effects resulting from Hurricane Irene . It expects those retail sales to be hurt by store closures and reduced back-to-school shopping as people were focused on stocking up on necessities and consumables ahead of the storm.
4. Barnes & Noble reported a wider-than-expected loss (loss of 99 cents a share vs. loss of 94 cents a share consensus). The beleaguered bookseller saw retail same-store store falling 1.6 percent, but online sales grew 65 percent thanks to popularity of its NOOK e-reader. The firm gives a wide range for its earnings outlook this year: loss of 10 cents a share loss to 50 cents a share vs. a loss of 16 cents a share consensus.
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