Spot prices

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Thursday, March 15, 2012

With very little news coming from the Asian and European fronts

With very little news coming from the Asian and European fronts, the markets turned their attention to the US economic data this morning. The weekly US initial jobless claims and continuing claims data were both better than expected at 351k and 3343k respectively. US producer price index rose 0.4% and excluding food and energy rose 0.2% in Feb while rising 3.3% and 3.0% year over year. The data points to a recovering labor market in the US and the inflation numbers might keep the US Fed from further QE until there are signs of deteriorating economic conditions in the US or around the world. The commodity markets have been range bound today after the volatility of the past few trading sessions. The commodity bulls are still holding onto the idea that central banks around the world will continue to pump liquidity into the financial systems while economic recoveries will stall due to China and austerity measures in Europe. The commodity bears are looking at financial stability in Europe and better economic situation in the US to sell off gold and silver. We believe that QE3 in the US is most likely not coming in the near future but the Fed will continue to leave interest rates at historical lows as the fragile economies around the world continue to recover. China is the 300lb gorilla in the room and all eyes will be on their balancing act between curbing the housing bubble and growing the economy at the same time. We believe that gold and silver are oversold and nearing a bottom in the short term and would be a buyer on the next strong sell off. We expect platinum and palladium to continue to trade in a range. We would be watching the platinum/gold and gold/silver ratio for any trading opportunities while the metals search for directions.

Metals

Last

%Change

Low

High

Au- Apr

1648.8

0.36%

1636.2

1651.9

Pt-Apr

1678.5

0.23%

1661.4

1684.9

Pd-Jun

700

0.36%

690.20

701.95

Ag-May

32.270

0.28%

31.935

32.620

London

AM

PM

Minor

PGMs

Au

1646.75

1648

Rh

1525

Pt

1680

1676

Ru

130

Pd

698

693

Ir

1100

Ag

32.36

DJI

13196.79

2.69

Currencies

USD

EUR

JPY

GBP

USD

0

1.3078

0.012015

1.5672

EUR

0.7649

0

0.91898

1.1984

JPY

83.22

108.83

0

130.415

GBP

0.6381

0.83445

0.7668

0

Crude Brent

122

Comex Copper

388

Crude WTI

104.36

Nat Gas

2.302

*THESE PRICES ARE FOR INDICATION ONLY CALL FOR QUOTES


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