After last week’s flush out in the
commodities, the market have recovered and stabilized. We continue to
see lower trading volumes and a lack of direction. The market is waiting
to see what headlines and economic data will come out and
point to first… QE3? Eurobonds? Or further Chinese economic stimulus? Precious metals
sold off early last week as a risk off/Greece trade but recovered as
oversold conditions interested traders and funds. Existing US home sales
for April came in at 4.62 million
and sales month over month increased 3.4%, pointing to a bottoming of
the US housing market. We would continue to be cautiously long in gold
and silver while building a long term long position in platinum and
palladium. We believe the economic recovery will
take hold and these short term “noise” such as Greece won’t derail
global Government and Central Banks’ efforts to stimulate growth.
|
Metals
|
Last
|
%Change
|
Low
|
High
|
|
Au-Jun
|
1584.6
|
-0.26%
|
1572
|
1594.4
|
|
Pt-Jul
|
1460.8
|
-0.04%
|
1454.8
|
1474
|
|
Pd-Jun
|
612.75
|
0.29%
|
607.00
|
616.60
|
|
Ag-Jul
|
28.575
|
0.93%
|
27.975
|
28.775
|
|
London
|
AM
|
PM
|
Minor
|
PGMs
|
|
Au
|
1575.75
|
1582.5
|
Rh
|
1340
|
|
Pt
|
1468
|
1458
|
Ru
|
115
|
|
Pd
|
617
|
611
|
Ir
|
1100
|
|
Ag
|
28.07
|
DJI
|
12565.1
|
60.62
|
|
Currencies
|
|
|
|
|
|
|
USD
|
EUR
|
JPY
|
GBP
|
|
USD
|
0
|
1.2744
|
0.012503
|
1.5779
|
|
EUR
|
0.7847
|
0
|
0.98112
|
1.2382
|
|
JPY
|
79.98
|
101.93
|
0
|
126.196
|
|
GBP
|
0.6337
|
0.80767
|
0.7924
|
0
|
|
|
|
|
|
|
|
Crude Brent
|
108.91
|
Comex Copper
|
351.3
|
|
|
Crude WTI
|
92
|
Nat Gas
|
2.71
|
|
|
*THESE PRICES ARE FOR INDICATION ONLY CALL FOR QUOTES
|
| |||
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