Another quiet trading morning with precious metals locked into the comfortable trading range. Commodities sold off yesterday on China raising fuel prices and concerns about the potential slowdown there. Traders will be listening closely to US Fed Chairman Bernanke and Treasury Secretary Geithner’s testimony with the House Committee on Oversight and Government Reform, regarding European debt crisis and US exposure to it. Markets will try to find any clues to potential QE3 or the lack of one in the testimony. Despite a mild recovery of the US housing and labor markets, China and Europe will continue to dominate headlines. Any spread of European financial crisis beyond Greece, deteriorating economic news out of China, and any worsening in US economic data would deliver serious blows to equity markets, crude prices, and industrial metals. We reiterate our position to buy gold and silver on any significant sell off and sell platinum and palladium above $1725 and $725 respectively. We are still concerned about the global economic recovery and the slow winding of the loose monetary policies worldwide. We would trade the precious metals within the trading ranges and closely monitor headline news.
| Metals | Last | %Change | Low | High |
| Au- Apr | 1659.5 | 0.77% | 1646.3 | 1661.9 |
| Pt-Apr | 1644.2 | -0.62% | 1635.5 | 1664.5 |
| Pd-Jun | 695.7 | -0.14% | 683.80 | 701.30 |
| Ag-May | 32.325 | 1.54% | 31.865 | 32.410 |
| London | AM | PM | Minor | PGMs |
| Au | 1656 | - | Rh | 1525 |
| Pt | 1654 | 1640 | Ru | 130 |
| Pd | 696 | 690 | Ir | 1100 |
| Ag | 31.97 | DJI | 13155.5 | -14.69 |
| Currencies |
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| USD | EUR | JPY | GBP |
| USD | 0 | 1.3249 | 0.011941 | 1.5852 |
| EUR | 0.7548 | 0 | 0.90123 | 1.1965 |
| JPY | 83.75 | 110.95 | 0 | 132.749 |
| GBP | 0.6309 | 0.83579 | 0.7533 | 0 |
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| Crude Brent | 124.27 | Comex Copper | 385.65 |
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| Crude WTI | 106.41 | Nat Gas | 2.328 |
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| *THESE PRICES ARE FOR INDICATION ONLY CALL FOR QUOTES |
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