UK unemployment at 17 ½ year high. Euro Zone troubles still unsolved. Weak US retail sales numbers yesterday. The global economy still looking weak. Then why are precious metals being beat up with Palladium leading today’s collapse with almost an 8% decline? One explanation may be that the demand by Euro Zone officials that Banks shore up their capital base may have many firms deleveraging by liquidity positions to raise their capital base. Even if the banks were not in commodities their customers that they are lending money to most probably have been. This action is part of the trigger that also forces other hands to fold as the market makes new short term lows. Technically the charts also have turned bearish and market sentiment plus media sentiment is throwing in behind this downward move. Meanwhile the Gold and Silver ETF have been holding their ground. The famed Economist speculator Dennis Gartman has been quoted as saying that the bull run for gold is over, of course he is talking his book. That doesn’t mean he isn’t right because he puts his money where his mouth is. Still he will flip his position faster than any US politician on record if the facts change. With the global financial markets in critical condition precious metals will most likely regain some ground in the near future. But for now the bears are in the driver’s seat.
12/14/2011 10:06 | Last | %Change | Low | High | |||||||||
Au- Feb | 1,606.60 | (3.39) | 1,605.00 | 1,645.80 | |||||||||
Pt-Jan | 1,433.40 | (3.94) | 1,428.00 | 1,484.10 | |||||||||
Pd-Mar | 616.35 | (7.19) | 606.95 | 649.50 | |||||||||
Ag-Mar | 29.220 | (6.520) | 28.855 | 31.070 | |||||||||
EFPs | Au 2.60/3.20 | Pt 1/5 | Pd 0/4 | Ag 2/8 | |||||||||
London | AM | PM | Minor | PGMs | |||||||||
Au | 1,635.00 | 1,603.00 | Rh | 1450 | |||||||||
Pt | 1,476.00 | 1,454.00 | Ru | 110 | |||||||||
Pd | 642.00 | 617.00 | Ir | 1100 | |||||||||
Ag | 29.92 | DJI | 11,887.16 | (67.78) | |||||||||
FX | Last | %Change | Low | High | |||||||||
EUR | 1.2979 | (0.42) | 1.2963 | 1.3064 | |||||||||
JPY | 78.04 | 0.06 | 77.87 | 78.16 | |||||||||
GBP | 1.5456 | (0.16) | 1.5439 | 1.5532 | |||||||||
CHF | 0.9492 | 0.39 | 0.9422 | 0.9510 | |||||||||
Others | Last | %Change | Low | High | |||||||||
Crude- Jan | 96.820 | (3.310) | 96.510 | 100.330 | |||||||||
Copper-Dec | 3.318 | (3.350) | 3.410 | 3.316 | |||||||||
*THESE PRICES ARE FOR INDICATION ONLY CALL FOR QUOTES |
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14-Dec | 7:00 AM | MBA Mortgage Index | 10-Dec | 4.10% | NA | NA | 12.80% | - |
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14-Dec | 8:30 AM | Nov | -0.10% | NA | NA | -1.50% | - |
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14-Dec | 8:30 AM | Nov | -0.20% | NA | NA | -0.20% | - |
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14-Dec | 10:30 AM | Crude Inventories | 10-Dec | - | NA | NA | 1.336M | - |
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