On the morning of Wednesday, August 24, the Commerce Department released the orders for durable goods monthly report.
- Durable goods orders rose 4.0%, well ahead of consensus estimates for 2.0%.
- Last month’s durable goods orders were positively revised from -2.1% to -1.3%.
- Durable goods orders ex transportation rose 0.7%, ahead of consensus estimates for a decline of 0.5%.
- Last month’s durable goods orders ex transportation were positively revised from 0.1% to 0.6%.
- Demand for motor vehicles and parts rose 11.5%, supporting a rebound from Japan.
COMMENTARY: A surprisingly robust report, which could motivate further modest money flows out of safe havens. Tuesday’s strong rally in my estimation was about the liquidation of safe havens, such as gold, and the assumption of modest risk in the form of equities and commodities.
Price action in spot gold, week to date