Gold traded as high as 1815 in Asia. Then China the second largest economy strengthened their currency signaling confidence in their growth which staved the rally. Even with Australia reporting a growing unemployment problem it wasn’t enough to keep it going. It seems that the markets are calming down a bit as the base metals have also strengthened on the signal from China. Is their move also a signal away from US dollar investment? That is an inquiry now being studied. Meanwhile the Gold/Platinum spread I mentioned yesterday has already paid off. This a pleasant surprise I am sure for those that put it on. With the perception from China’s move indicating continued growth the industrial metals benefited and the liquidation of gold from reduced safe haven demand made it work. Is there a correction in the works for gold? It is possible we could go as low as 1650 but even that would not signal an end of the bull run just some healthy consolidation while it regroups for its next big run. The Euro zone and US economic climate remains the same. Even though today’s US numbers were mixed it would take good numbers to change the course of the gold market at large. Silver remains to be the sleeper in this recent move and palladium must have taken Ambien as well as it has not followed Pt as well as most would have expected. Hence this points to a lot of money in the market on the spread trade as well. CME raised margins overnight which may also have added some downward pressure but not that important a factor as open interest was actually lower the day before while prices were higher. It is down for gold but the question is how much lower will we go on this correction.
| DEC-Z | Sep-U | Oct-V | Sep-U | |||||||||
Gold | Silver | Platinum | Palladium | ||||||||||
Last | 1,759.50 | 38.25 | 1,788.60 | 733.50 | |||||||||
Price Change | (24.80) | (2.73) | 16.90 | 6.70 | |||||||||
Current Low | 1,759.80 | 38.06 | 1,789.00 | 733.45 | |||||||||
Current High | 1,817.60 | 39.86 | 1,793.00 | 740.00 | |||||||||
EFP | 2.40/2.90 | .01/.04 | 2/6 | 0/4 | |||||||||
London PM Fixes: |
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AU | 1,760.00 | PT | 1,780.00 |
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PD | 732.00 |
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London AM Fixes: |
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AU | 1,786.00 | PT | 1,781.00 |
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PD | 736.00 | AG | 39.180 |
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| RH | 1,850.00 | RU | 175.00 | |||||||||
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| IR | 1,100.00 | |||||||||
EUR | 1.4194 | 1.4277 | 1.4197 |
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JPY | 76.90 | 77.23 | 76.94 |
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GBP | 1.6195 | 1.6216 | 1.6196 |
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Copper | 4.03 | Crude | 83.13 |
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*PLEASE NOTE THESE PRICES ARE FOR INDICATION ONLY CALL FOR QUOTES |
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Date | Time | Statistic | For | Actual | Forecast | Expects | Prior | Revised |
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11-Aug | 8:30 AM | 6-Aug | 395K | 410K | 409K | 402K | 400K |
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11-Aug | 8:30 AM | Continuing Claims | 30-Jul | 3688K | 3700K | 3700K | 3748K | 3730K |
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11-Aug | 8:30 AM | Jun | -$53.1B | -$48.0B | -$48.0B | -$50.8B | -$50.2B |
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