Tuesday, July 27, 2010

Case/Shiller Index Rises 1.3% In May; Gold Tumbles

Although there are cautions not to read too much into the data, the Case-Shiller housing price index rose 1.3% in May (not seasonally adjusted) for the second monthly rise in a row. Price rose in 19 out of 20 cities surveyed.

Right around the time the news was released (at 9 AM ET) gold started dropping in earnest, adding to a milder decline that started a half an hour earlier. An hour afterwards, the metal had gone from $1,182 to $1,170.

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