Sometimes the more things change the more they stay the same. Chinese expansion slowing down is being viewed as a hangover that will no doubt effect both Europe and the USA. The Super Committee is not bearing any fruit and a possible downgrade of French bonds has been rumored. All this supports a continued turn to precious metals. If this is so why is gold not trading in the 1800s or higher? It appears that concerns for capital preservation from major financial institutions may be the principal driver of the recent downturn. But the pressure is sure to be only short term as the long term investors continue to buy the yellow metals proven by last week’s growth of the GLD by over 24 tons. I remain bullish for the commodities as there remains no asset class that is more likely to hold value for the long term during the current economic upheaval. This week though is sure to be spotty and volatile as the US has a short week coming into Thanksgiving day on Thursday. US Existing Home Sales were better than expected and this continues the string of positive data out of the USA.
11/21/2011 10:07 | Last | %Change | Low | High |
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Au- Dec | 1,704.50 | (1.19) | 1,698.70 | 1,727.40 |
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Pt-Jan | 1,562.60 | (1.64) | 1,557.20 | 1,593.00 |
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Pd-Dec | 591.30 | (2.28) | 588.65 | 605.25 |
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Ag-Dec | 31.120 | (4.000) | 30.875 | 32.415 |
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EFPs | Au .50/1.20 | Pt 2/6 | Pd -1/3 | Ag -3/3 |
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London | AM | PM | Minor | PGMs |
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Au | 1,704.00 | 1,702.00 | Rh | 1675 |
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Pt | 1,574.00 | 1,594.00 | Ru | 130 |
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Pd | 595.00 | 608.00 | Ir | 1100 |
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Ag | 30.90 | DJI | 11,565.47 | (230.69) |
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FX | Last | %Change | Low | High |
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EUR | 1.3460 | (0.38) | 1.3428 | 1.3538 |
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JPY | 76.86 | (0.02) | 76.72 | 76.95 |
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GBP | 1.5625 | (1.12) | 1.5608 | 1.5776 |
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CHF | 0.9180 | 0.14 | 0.9152 | 0.9210 |
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Others | Last | %Change | Low | High |
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Crude- Jan | 96.210 | (1.490) | 97.860 | FALSE |
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Copper-Dec | 3.308 | (2.770) | 3.410 | 3.303 |
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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 | |||||
21-Nov | 10:00 AM | Oct | 4.97M | 5.00M | 4.85M | 4.91M | - | ||||||
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