Spot prices

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Wednesday, February 29, 2012

It was an incredibly active day in the precious metals

As I am sure many of you witnessed, it was an incredibly active day in the precious metals market. Gold and silver have fallen 4% and 6% respectively during this session. Both metals traded in a relatively tight range overnight with silver managing to breach yesterday’s highs. It appeared as if the metals were consolidating and preparing for another run to the upside. At around 10 am they were stopped dead in their tracks and sent plummeting to erase nearly all of the their recent gains. There are several factors that cased this sell off. Primarily it was Bernanke’s “fedspeak” indicating that there is no chance of further quantitative easing in the forecast and that our economy is moderately improving. This caused the dollar gain steam and the yield of US 10yrs rally. In response we saw gold fall to test and break the $1750 level. As this happened, stop losses were triggered in both the gold and silver causing an aggressive liquidation of both metals. The recent move to the downside in these metals should have forced the weak longs to close their positions an should be considered a healthy correction, however there is a considerable chance that we may see gold and silver pull back a bit more before they find a stable base. All eyes will be on the jobless claims tomorrow. Good luck.

Metals

Last

%Change

Low

High

Au- Apr

1716.6

-4.01%

1704.5

1792.3

Pt-Apr

1694.3

-1.65%

1678.1

1739

Pd-Mar

706.65

-1.75%

702.55

721.95

Ag-May

34.950

-6.06%

33.825

37.580

London

AM

PM

Minor

PGMs

Au

1788

1770

Rh

1540

Pt

1727

1726

Ru

135

Pd

718

722

Ir

1100

Ag

37.23

DJI

12991.42

-13.7

Currencies

USD

EUR

JPY

GBP

USD

0

1.334

0.012334

1.5937

EUR

0.7496

0

0.92456

1.1947

JPY

81.08

108.16

0

129.215

GBP

0.6275

0.83706

0.7739

0

Crude Brent

122.71

Comex Copper

387.8

Crude WTI

107.01

Nat Gas

2.607

*THESE PRICES ARE FOR INDICATION ONLY CALL FOR QUOTES


Tuesday, February 28, 2012

The risk on sentiment continues in the precious metals

The risk on sentiment continues in the precious metals market this am with dollar weakening versus the euro. Mix bag of economic data from the US with durable goods orders falling 4% and capital good falling 4.5% in Jan and home prices falling while consumer confidence and Richmond Fed manufacturing index rising. A combination of more liquidity in the financial system and votes on austerity in Europe is helping the euro. Silver is the clear winner so far in 2012 up over 30% YTD. After breaking out of the range and smashing all technical averages, it’s off to the races. We expect the gold to test 1800 while silver holds or sells off slightly to bring the au/ag ratio to back around 50. With crude continue to hover over $108, we would expect the industrial metals to come off in the near future. The markets are drunk on liquidity right now and if the world economy recovers slower than expected, we will see a steeper sell off. Hang on and enjoy the ride in these markets, we are back to 2011….

Metals

Last

%Change

Low

High

Au- Apr

1788.6

0.77%

1767

1792.7

Pt-Apr

1722.8

0.52%

1694.2

1728.4

Pd-Mar

720.9

2.20%

699.70

721.20

Ag-Mar

37.075

4.42%

35.315

37.225

London

AM

PM

Minor

PGMs

Au

1774.75

1781

Rh

1540

Pt

1710

1712

Ru

135

Pd

708

712

Ir

1100

Ag

35.6

DJI

13011.48

29.97

Currencies

USD

EUR

JPY

GBP

USD

0

1.3458

0.012428

1.5884

EUR

0.7431

0

0.9235

1.1803

JPY

80.47

108.29

0

127.813

GBP

0.6296

0.84721

0.7824

0

Crude Brent

123.08

Comex Copper

390.75

Crude WTI

107.97

Nat Gas

2.521

*THESE PRICES ARE FOR INDICATION ONLY CALL FOR QUOTES


Monday, February 27, 2012

The EUR has been quite strong against the USD

The EUR has been quite strong against the USD over the past few days, yet precious metals have slowed their rapid accent. Gold and silver remain relatively strong with good support at $1760 and $35.00 respectively. Platinum and palladium have recently retraced some of their gains as it seems that the strike at the Rustenburg mine is coming to an end. As long as low interest rates and chance of further quantitative easing are present we should see the sentiment for the precious metals remain bullish. Have great day.

Metals

Last

%Change

Low

High

Au- Apr

1774.8

-0.09%

1762.6

1781

Pt-Apr

1709

-0.33%

1693.0

1719.9

Pd-Mar

706

-0.68%

703.70

716.55

Ag-Mar

35.510

0.49%

35.045

35.625

London

AM

PM

Minor

PGMs

Au

1765

1772

Rh

1540

Pt

1700

1706

Ru

135

Pd

710

707

Ir

1100

Ag

35.09

DJI

13005.46

22.51

Currencies

USD

EUR

JPY

GBP

USD

0

1.3391

0.012441

1.5817

EUR

0.7468

0

0.92902

1.1812

JPY

80.38

107.64

0

127.144

GBP

0.6323

0.84662

0.7866

0

Crude Brent

123.94

Comex Copper

387.7

Crude WTI

108.95

Nat Gas

2.5

*THESE PRICES ARE FOR INDICATION ONLY CALL FOR QUOTES