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Gold has traded between $1,329 and $1,349 so far today…as of 7:30 am Pacific, bullion is up $11 an ounce at $1,345 thanks to a big miss in U.S. Q2 GDP…Silver has added a nickel to $20.17…Copper is flat at $2.21…Crude Oil is down 38 cents at $40.76 while the U.S. Dollar Index has plunged nearly a full point to 95.71…the greenback avalanche may have just started…

The strength in Gold, despite a Fed statement Wednesday that claimed risks to the U.S. economy have diminished (really???), suggests underlying strength in the precious metal, according to HSBC…the Fed statement essentially set the tone should policymakers want to hike rates yet this year, HSBC stated (of course the Fed in our view will be in no position to hike rates).  “Normally this would be expected to weigh on Gold, but it clearly did not…we think Gold is gaining upward momentum after holding well above $1,300/oz in the face of a firm U.S. dollar.”

Obama’s Disastrous Economy – U.S. Q2 GDP Comes In Well Below Expectations

The U.S. economy grew far less than expected in the 2nd quarter as inventories fell for the first time since 2011…GDP increased at only 1.2% after rising by a downwardly revised 0.8% pace in the 1st quarter, the Commerce Department reported this morning (the economy was previously reported to have grown by 1.1% in Q1)…

Economists polled by Reuters had forecast Q2 GDP growth rising at a 2.6% rate, so the liberal narrative of an improving economy just doesn’t jive with the facts…

Euro Zone Q2 Growth Falls In Half, UK Sentiment Plummets

The pace of euro zone economic growth halved, as expected, in the 2nd quarter, with earlier news from France painting a bleaker-than-forecast picture of the region’s 2nd-largest economy…the first estimate from the European Union’s statistics agency put euro zone GDP growth at an anemic 0.3%, down from 0.6% in the previous quarter…on-the-year growth slowed to 1.6% from 1.7%…

With euro zone banks firmly in the spotlight these days, the head of one of Britain’s largest banks told CNBC that the sector is indeed in a difficult position.  “The European banking sector is challenged,” Barclays‘ CEO Jes Staley told CNBC this morning.  “If you look at the top 12 banks across Europe, on average they’re trading at a 50% discount to book value – that’s not healthy for the financial system and that’s not healthy for the European economy.”

Meanwhile, sentiment among British households fell this month as its fastest pace in more than a quarter century, reflecting uncertainty about the outlook for the economy in the wake of the Brexit vote…

The 11-point drop in GfK’s monthly gauge was the most since March 1990 when house prices were falling, interest rates stood at 15% and thousands were protesting in London against Prime Minister Thatcher’s poll tax…GfK said households have become more pessimistic about their personal finances and the economy since the U.K.’s decision to leave the European Union…

Japan’s Central Bank Provides Further Stimulus

The Bank of Japan expanded monetary policy stimulus today through a modest increase in purchases of exchange-traded funds, yielding to pressure from the government and financial markets for bolder action to spur growth and accelerate inflation towards its 2% target…by coordinating its action with the government’s big fiscal spending package (28 trillion yen as announced Wednesday), the BOJ likely aimed to maximize the effect of its measures on the world’s 3rd-largest economy which is struggling to escape decades of deflation…in an unexpected move, the bank said it will conduct a “comprehensive assessment” at the next meeting (September 20-21) of the effectiveness of the policies taken since Governor Haruhiko Kuroda took charge in 2013…the review won’t affect the inflation target which remains 2%…

Heart of Gold Camp

Colorado Resources (CXO, TSX-V) is showing continued strength this morning, and quite a bit of buzz is surrounding the company at the Sprott Symposium in Vancouver…

We have an update on CXO and another Heart of Gold Camp opportunity in today’s Morning Musings, and much more next week…

In Today’s Morning Musings…

1. Platinum chart – whoa!…

2. Drill pads in place at Khyber zone as Colorado Resources‘ (CXO, TSX-V) relentless drill campaign at KSP marches forward…

3. Hidden treasures discovered – how unopened boxes of valuable historical drill data become hugely significant 20 years later, and how you can profit from this…

4. Lithium X Energy (LIX, TSX-V) update…

5. Daniel’s Den – recommendations from McEwen, Quartermain, Friedland, Beaty, and Smallwood at Sprott Symposium…

Plus more…click here to read the rest of today’s Morning Musings, and all BMR exclusive content, by taking advantage of our July Special, or login with your username and password.