Spot prices

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Tuesday, February 14, 2012

The EUR continues to trade in a choppy fashion

The EUR continues to trade in a choppy fashion as the details of the Greek bailout and debt restructuring package are still in debate. The lack of transparency into this issue and the contradicting headlines that have been publish have caused drastic shifts in perception of the value of the EUR against all other currencies. This type of flip flopping has been happening in since May of 2010 and will continue into the foreseeable future. While there have been material advances made to improving the EU debt situation in the last few days, consistent and complete cooperation will be needed from the indebted nations and will be crucial to the success of these efforts. The general confusion in the global currency, bond, and equity markets have also been apparent in the commodities as well. Precious metals have been trading relatively tight ranges while drifting slowly to the down side over the last few sessions.

Gold remains well above the 50DMA ($1699.58) and seems to have relatively strong support just above $1700. Silver has been trading in a tight range since late January and appears to be looking at gold’s actions for its next move. Palladium has retraced nearly all of the gains made in the first two weeks of February, but seems to have found a bit of support in the low 680’s. Should we see the metal trade to that support we would be looking for a move down to the 50DMA ($665.85). Platinum also had strong run in the first few weeks of Feb, but ran into resistance at the 200DMA on two occasions within the last 4 sessions. It is possible that we are looking at a short term double top formation in this metal, however in the grand scheme of things platinum’s performance will depend on three factors, the performance of gold, copper, and the development of the strikes in South Africa.

Good luck out there.

Metals

Last

%Change

Low

High

Au- Apr

1723.4

-0.09%

1713.8

1729.9

Pt-Apr

1637.3

-0.75%

1626.4

1653.2

Pd-Mar

689.4

-1.26%

683.10

700.50

Ag-Mar

33.620

-0.30%

33.330

33.845

London

AM

PM

Minor

PGMs

Au

1721

1722

Rh

1540

Pt

1635

1628

Ru

135

Pd

689

686

Ir

1100

Ag

33.51

DJI

12816.33

-57.71

Currencies

USD

EUR

JPY

GBP

USD

0

1.3143

0.01275

1.5694

EUR

0.7609

0

0.97012

1.1942

JPY

78.43

103.07

0

123.082

GBP

0.6372

0.83745

0.8124

0

Crude Brent

117.97

Comex Copper

382.45

Crude WTI

100.92

Nat Gas

2.531

*THESE PRICES ARE FOR INDICATION ONLY CALL FOR QUOTES


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