It looks like momentum trading driven by technical triggers since yesterday morning has driven continued downward pressure on the precious metals. Another cause is possibly the fact that LCH Clearnet raised margins on the Italian Bonds which may have caused liquidation of other assets to meet margin demands. However the gold ETF continued to add indicating that long term investors are not convinced of this downward turn. With the Italian Bonds trading above 7% and Chinese appetite for gold it appears that this downturn looks temporary at best. If the Euro shakes apart as many as starting again to intimate then gold and the rest of the group should benefit. But for the short term momentum traders have taken the lead. The US news releases this morning continue to show very slow but continued improvement in the US economy, a net zero effect.
11/10/2011 10:14 | Last | %Change | Low | High |
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Au- Dec | 1,756.50 | (1.95) | 1,753.50 | 1,776.90 |
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Pt-Jan | 1,617.80 | (1.57) | 1,612.50 | 1,636.00 |
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Pd-Dec | 645.20 | (1.47) | 636.00 | 650.00 |
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Ag-Dec | 33.555 | (2.340) | 33.325 | 34.340 |
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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 | 1,766.00 | 1,756.00 | Rh | 1700 |
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Pt | 1,628.00 | 1,627.00 | Ru | 140 |
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Pd | 645.00 | 648.00 | Ir | 1100 |
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Ag | 33.71 | DJI | 11,865.22 | 84.28 |
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FX | Last | %Change | Low | High |
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EUR | 1.3569 | 0.19 | 1.3480 | 1.3653 |
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JPY | 77.67 | (0.17) | 77.52 | 77.87 |
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GBP | 1.5901 | (0.13) | 1.5886 | 1.5985 |
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CHF | 0.9081 | (0.15) | 0.9015 | 0.9153 |
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Others | Last | %Change | Low | High |
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Crude- Dec | 96.990 | 1.300 | 98.040 | 95.200 |
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Copper-Dec | 3.357 | (2.450) | 3.429 | 3.318 |
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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 | |||||
10-Nov | 8:30 AM | 5-Nov | 390K | 400K | 400K | 400K | 397K | ||||||
10-Nov | 8:30 AM | Continuing Claims | 29-Oct | 3615K | 3700K | 3690K | 3683K | -- | |||||
10-Nov | 8:30 AM | Oct | -1.50% | NA | NA | 0.20% | 0.30% | ||||||
10-Nov | 8:30 AM | Oct | -0.20% | NA | NA | 0.20% | -- | ||||||
10-Nov | 8:30 AM | Sep | -$43.1B | -$46.0B | -$45.9B | -$44.9B | -$45.6B | ||||||
10-Nov | 2:00 PM | Oct | - | -$95.0B | -$105.0B | -$140.4B | - | ||||||
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