There were more political news over
the weekend then actually economic data coming out of Europe. France
elected its first Socialist President, Francois Hollande, in 17 years.
Greek voters favored anti-bailout parliament candidates over
the two main political parties. Commodities are lower this morning on
concerns regarding the future austerity vs. growth of Europe, i.e.
Merkel vs. Hollande. Crude oil sold off sharply over the past few
sessions over global economic concerns and is now sitting
at a 4 month low. Investors continue to take money out of commodities
as slower growth in India and China along with Europe and US are causing
anxiety. Thin trading conditions and traders piling into their current
short positions are also contributing to the
fall in PGM’s. We expect current downward trends to stabilize as
traders look ahead to possible QE3 in the US and other monetary actions
in Europe. We would watch the psychological levels of $1600 in gold, $30
in silver, $1500 in platinum, and $650 in palladium.
In these trading conditions, we can throw technical’s out the window.
There are few important economic data this week so we would be cautious
and watch out for headline risks.
|
Metals
|
Last
|
%Change
|
Low
|
High
|
|
Au-Jun
|
1638.1
|
-0.43%
|
1632.2
|
1644
|
|
Pt-Jul
|
1527.7
|
-0.51%
|
1512.9
|
1532.6
|
|
Pd-Jun
|
647.6
|
-0.64%
|
644.00
|
655.50
|
|
Ag-Jul
|
29.970
|
-1.52%
|
29.675
|
30.390
|
|
London
|
AM
|
PM
|
Minor
|
PGMs
|
|
Au
|
-
|
-
|
Rh
|
1390
|
|
Pt
|
-
|
-
|
Ru
|
115
|
|
Pd
|
-
|
-
|
Ir
|
1100
|
|
Ag
|
-
|
DJI
|
13001.41
|
-36.86
|
|
Currencies
|
|
|
|
|
|
|
USD
|
EUR
|
JPY
|
GBP
|
|
USD
|
0
|
1.3053
|
0.012522
|
1.6192
|
|
EUR
|
0.766
|
0
|
0.95922
|
1.2404
|
|
JPY
|
79.87
|
104.25
|
0
|
129.31
|
|
GBP
|
0.6176
|
0.80619
|
0.7733
|
0
|
|
|
|
|
|
|
|
Crude Brent
|
112.15
|
Comex Copper
|
372.7
|
|
|
Crude WTI
|
96.86
|
Nat Gas
|
2.328
|
|
|
*THESE PRICES ARE FOR INDICATION ONLY CALL FOR QUOTES
|
|
|||
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