The threat of a possible downgrade of 15 Euro state by S&P has stalled the recent precious metals rally. Logic would dictate that gold should go higher however if there is a downgrade the trading companies would take a hit in their bond portfolios and need to raise capital from other areas such as commodities. In essence traders are cutting back their Precious Metals positions to be in a position to have the capital to weather another storm in the euro bond market. It seems we may be in a stalemate at the moment and until someone pulls the trigger you can expect precious metals to get stuck in a range while they consolidate for the next move to the upside. The bull market still remains intact though prospects of an improving Euro climate could dampen any major rally. With little news out of the US today it’s not likely we will see major price moves unless S&P reaches for their holster. Later this week the Euro Summit will be of key importance.
12/6/2011 10:20 | Last | %Change | Low | High |
Au- Feb | 1,708.30 | (1.51) | 1,705.70 | 1,728.30 |
Pt-Jan | 1,505.00 | (1.79) | 1,500.60 | 1,528.00 |
Pd-Mar | 646.30 | (0.03) | 630.05 | 647.85 |
Ag-Mar | 31.760 | (1.890) | 31.650 | 32.440 |
EFPs | Au 3.60/4.20 | Pt 1/5 | PD 1/5 | Ag 3/9 |
London | AM | PM | Minor | PGMs |
Au | 1,720.00 | 1,708.00 | Rh | 1575 |
Pt | 1,514.00 | 1,505.00 | Ru | 120 |
Pd | 632.00 | 638.00 | Ir | 1100 |
Ag | 31.85 | DJI | 12,132.34 | 34.51 |
FX | Last | %Change | Low | High |
EUR | 1.3387 | (0.09) | 1.3330 | 1.3428 |
JPY | 77.81 | 0.00 | 77.60 | 77.86 |
GBP | 1.5627 | (0.11) | 1.5587 | 1.5664 |
CHF | 0.9272 | 0.72 | 0.9198 | 0.9297 |
Others | Last | %Change | Low | High |
Crude- Jan | 100.570 | (0.410) | 101.310 | 100.190 |
Copper-Mar | 3.5560 | (1.640) | 3.570 | 3.525 |
*THESE PRICES ARE FOR INDICATION ONLY CALL FOR QUOTES | ||||
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