What a difference a day makes. China’s inflation rate came out much better than expected at 5.5% relieving concerns of further tightening there. Berlusconi agreed to resign late yesterday and Greece still has no leader. But still it seems that however complicated the plans are moving forward. It may be that feeling of an actual positive forward direction that is driving the precious metals off its recent highs. Even with Italian bond yields going as high as 7% the short term news is not enough to fend off the improved, although no guarantee, situation in the European perspective. Still though it is a sea of red this morning for commodities in recent days long term investors have continued to buy into the precious metal ETFs specifically gold and silver. With breaking below support of 1787 this morning there is some indication that technical traders may try to push this as low as 1757. Still long term bull but for the short term it looks like the bulls are in their pen waiting for the nest attempt higher. The way the news comes out lately it may be sooner than later. Wholesale Inventories came out worse than expected this morning.
11/9/2011 10:12 | Last | %Change | Low | High |
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Au- Dec | 1,787.90 | (0.62) | 1,778.80 | 1,801.10 |
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Pt-Jan | 1,642.40 | (1.83) | 1,635.30 | 1,676.40 |
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Pd-Dec | 654.45 | (3.36) | 652.15 | 679.00 |
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Ag-Dec | 34.530 | (1.770) | 34.255 | 35.255 |
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EFPs | Au 1/1.70 | Pt 2/6 | Pd .25/4.25 | Ag -2/4 |
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London | AM | PM | Minor | PGMs |
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Au | 1,780.00 | 1,784.00 | Rh | 1700 |
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Pt | 1,651.00 | 1,650.00 | Ru | 140 |
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Pd | 662.00 | 663.00 | Ir | 1100 |
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Ag | 34.58 | DJI | 11,905.37 | (264.81) |
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FX | Last | %Change | Low | High |
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EUR | 1.3583 | (1.80) | 1.3550 | 1.3859 |
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JPY | 77.72 | 0.01 | 77.50 | 77.76 |
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GBP | 1.5925 | (1.00) | 1.5907 | 1.6120 |
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CHF | 0.9056 | 1.24 | 0.8920 | 0.9061 |
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Others | Last | %Change | Low | High |
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Crude- Dec | 94.920 | (1.940) | 97.320 | 94.540 |
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Copper-Dec | 3.450 | (2.360) | 3.600 | 3.442 |
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*THESE PRICES ARE FOR INDICATION ONLY CALL FOR QUOTES |
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Date | Time | Statistic | For | Actual | Forecast | Expects | Prior | Revised | |||||
9-Nov | 7:00 AM | MBA Mortgage Index | 5-Nov | 10.30% | NA | NA | 0.20% | - | |||||
9-Nov | 10:00 AM | Sep | -0.10% | 0.90% | 0.50% | 0.40% | - | ||||||
9-Nov | 10:30 AM | Crude Inventories | 5-Nov | - | NA | NA | 1.826M | - | |||||
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