I am sure several people woke up this
morning and lost their cookies when they saw the prices in the precious
metals market. Even if you aren’t caught in a position the volatility
and swings are enough to make one nauseous. Typically the Asian market
is a buyer of precious metals on dips. However between the raising of
margins on Friday by the CME and the huge drop on Friday the brew bubble
over. The inability of longs in the futures markets to hold on and
make margins in Asia caused gold to trade as low as 1535 and silver to
26.15. Platinum traded below 1500 to a low of 1475 and palladium almost
dropped below 600. At this point the European markets opened and bought
it back. Please note that all this activity is in the Futures markets.
In the ETFs silver only lost a little more than what it had gained the
week before and gold remains unchanged. Another look also has many
traders commenting on the other factor which may have been liquidations
from the French banks to strengthen up their balance sheets. The bottom
line remains that all this activity led to a snowball effect that also
triggered technical numbers which are closely followed by the big black
boxes. However all the same issues still exist, Global Economic malaise,
PIGS, Euro Zone crisis etc. Underlying factors remain the same this
should be enough to bring gold back. But will it? New Home Sales came
out worse than expected but for some odd reason it hasn’t helped the
yellow metal regain any losses.
|
9/26/2011
10:12
|
Last
|
%Change
|
Low
|
High
|
|
Au-
Dec
|
1,591.00
|
(2.97)
|
1,535.00
|
1,666.30
|
|
Pt-Oct
|
1,547.20
|
(4.09)
|
1,475.30
|
1,625.00
|
|
Pd-Dec
|
627.80
|
(2.28)
|
605.00
|
649.75
|
|
Ag-Dec
|
28.260
|
(6.110)
|
26.150
|
30.970
|
|
London
|
AM
|
PM
|
Minor
|
PGMs
|
|
Au
|
1,615.00
|
1,598.00
|
Rh
|
1750
|
|
Pt
|
1,542.00
|
1,570.00
|
Ru
|
175
|
|
Pd
|
628.00
|
639.00
|
Ir
|
1100
|
|
Ag
|
28.16
|
DJI
|
10,800.73
|
29.25
|
|
FX
|
Last
|
%Change
|
Low
|
High
|
|
EUR
|
1.3422
|
(0.57)
|
1.3360
|
1.3545
|
|
JPY
|
76.34
|
(0.31)
|
76.19
|
76.76
|
|
GBP
|
1.5509
|
0.41
|
1.5428
|
1.5555
|
|
CHF
|
0.9081
|
0.26
|
0.9003
|
0.9143
|
|
Others
|
Last
|
%Change
|
Low
|
High
|
|
Crude-
Dec
|
78.560
|
(1.940)
|
81.100
|
77.380
|
|
Copper-Dec
|
3.214
|
(1.770)
|
3.330
|
3.080
|
No comments:
Post a Comment