Westminster Mint

Metals

2012-01-27T11:33:00.000-08:00

Have a great weekend.

Metals	Last	%Change	Low	High
Au- Feb	1732.8	0.35%	1714.2	1734.1
Pt-Apr	1625.7	0.58%	1603.3	1627.8
Pd-Mar	690.9	-0.50%	681.00	694.80
Ag-Mar	33.780	0.08%	33.240	33.940
London	AM	PM	Minor	PGMs
Au	1722	1726	Rh	1425
Pt	1613	1608	Ru	110
Pd	685	684	Ir	1100
Ag	33.48	DJI	12638.81	-95.82
Currencies
	USD	EUR	JPY	GBP
USD	0	1.3186	0.013038	1.571
EUR	0.7583	0	0.98872	1.1915
JPY	76.71	101.14	0	120.503
GBP	0.6366	0.8393	0.8299	0
*THESE PRICES ARE FOR INDICATION ONLY CALL FOR QUOTES

Initial Jobless Claims and Continuing Claims were slightly

2012-01-26T10:06:00.001-08:00

Initial Jobless Claims and Continuing Claims were slightly higher than expected this morning thought not enough to cause any serious concern. The claims have remained under the 400k handle since December 1, 2011 and saw a the lowest levels since July 2008 on the last report. Yesterday, during the Fed press conference, Ben Bernanke mentioned that they were forecasting an unemployment rate of 5.2%- 6.0% by 2014. If this is the case, we will need to see a noticeable improvement in the jobless claims over the course of the next 2 years. The extension of low rates should help to keep credit cheap in the US in the foreseeable future, which should help provide a more stable platform for business to grow, hence offering more opportunities for employment.

On another note, we are certainly seeing the effects of the promised low rates in the precious metals market and energies market. I am sure in the near future if this “risk on” trade takes hold we will also see a considerable rally in the US equities market. With the EUR is once again above 1.31 against the USD, we are seeing gold and silver well above $1700 and $33.00 respectively. It looks as if the bullish trend has certainly resumed and it will be interesting to see if we can get the follow through over the next few months to help both metals make nominal highs.

Metals	Last	%Change	Low	High
Au- Feb	1721.1	1.25%	1703	1731.5
Pt-Apr	1611.7	2.11%	1579.1	1625
Pd-Mar	692	-0.19%	688.40	702.00
Ag-Mar	33.525	1.25%	32.975	33.790
London	AM	PM	Minor	PGMs
Au	1713	1727	Rh	1425
Pt	1597	1615	Ru	110
Pd	696	698	Ir	1100
Ag	33.35	DJI	12769.9	12.94
Currencies
	USD	EUR	JPY	GBP
USD	0	1.3145	0.012914	1.5704
EUR	0.7607	0	0.98237	1.1946
JPY	77.44	101.79	0	121.605
GBP	0.6368	0.83706	0.8223	0
*THESE PRICES ARE FOR INDICATION ONLY CALL FOR QUOTES

State of the Union

2012-01-25T12:06:00.001-08:00

President Obama’s State of the Union address last night contained exactly what most had expected. There was talk about the growth of renewable energy, pulling the troops out of Iraq and changes in spending and tax policies. The real fireworks came on the back of the FOMC statement indicating that rates will remain at exceptionally low levels until at least 2014. The moment that this news came out we saw the USD fall against the EUR and commodity complex rally strongly to the upside. While the Fed assured that inflation is under control, there was a rush to commodities on what seems to be a “risk on” trade similar to the one that took hold of the markets at the beginning of QE2. Low interest rates for several years ,the possibility of further quantitative easing in both the US and euro zone, and monetary easing in China, will be sure to help the commodities rally in the near future. Gold and Silver traded through their resistance levels with ease and appear to be ready for the next leg up. Platinum and Palladium also traded higher today but are slightly more cautious in their ascent.

Metals	Last	%Change	Low	High
Au- Feb	1701.8	2.24%	1649.2	1704.5
Pt-Apr	1579	1.87%	1543.0	1584.9
Pd-Mar	694	1.84%	671.00	696.00
Ag-Mar	33.100	3.52%	31.525	33.320
London	AM	PM	Minor	PGMs
Au	1659	1650	Rh	1425
Pt	1550	1546	Ru	110
Pd	677	675	Ir	1100
Ag	31.67	DJI	12737.13	61.38
Currencies
	USD	EUR	JPY	GBP
USD	0	1.3093	0.012866	1.5654
EUR	0.7637	0	0.98252	1.1956
JPY	77.74	101.78	0	121.689
GBP	0.6388	0.8364	0.8219	0
*THESE PRICES ARE FOR INDICATION ONLY CALL FOR QUOTES

The European indices have closed down today

2012-01-24T10:38:00.001-08:00

The European indices have closed down today after some of the elation over the Greek debt talks has subsided. It now appearsthe perception is that a Greek default is imminent. Traders are keeping a watchful eye on every headline coming out of Greece and the euro zone. This morning, after news of the failed negotiations broke, the EUR made a new high ($1.3063) followed by a selloff to $1.2954. The entire precious metals complex is lower today with palladium leading the way. It looks as if we are seeing a consolidation on some profit taking in across the entire group. Over all it has been a relatively slow news day and a quiet day in the markets as most investors and traders are waiting to hear the tone of the State of the Union Address tonight and the Fed press conference tomorrow. A change in the US economic outlook or any hint of further quantitative easing either in the US or abroad will be sure to create some fireworks.

Metals	Last	%Change	Low	High
Au- Feb	1667.9	-0.61%	1661	1680
Pt-Apr	1552.4	-0.54%	1541.1	1572
Pd-Mar	682.2	-0.98%	670.00	690.00
Ag-Mar	32.080	-0.59%	31.855	32.470
London	AM	PM	Minor	PGMs
Au	1669	1665.5	Rh	1425
Pt	1550	1541	Ru	110
Pd	679	676	Ir	1100
Ag	31.95	DJI	12667.08	-41.74
Currencies
	USD	EUR	JPY	GBP
USD	0	1.302	0.012864	1.5602
EUR	0.7681	0	0.98798	1.1984
JPY	77.74	101.22	0	121.298
GBP	0.6409	0.8345	0.8244	0
*THESE PRICES ARE FOR INDICATION ONLY CALL FOR QUOTES

The economic news out of the US

2012-01-19T07:57:00.000-08:00

The economic news out of the US this am points to little change in inflation, better weekly employment data, and continuing slump in the housing market. The CPI month over month was unchanged and ex food & energy increased by 0.1%. The year over year figures showed an increase of 3.0% and 2.2% respectively. The housing starts were down 4.1% month over month. The initial jobless claims dropped to 352k while continuing claim dropped to 3432k. The Euro continues the strong weekly trend against the dollar as long term Spanish and French bond sales exceeded expectations. The commodities are mixed as palladium, platinum, oil, and copper post small gains and gold and silver post small declines. We expect the sideways trading in commodities to continue until clearer global economic picture emerges.

Metals	Last	%Change	Low	High
Au- Feb	1657.9	-0.11%	1651.6	1670.6
Pt-Apr	1534.7	0.64%	1524.6	1541.5
Pd-Mar	679.5	1.71%	666.95	681.50
Ag-Mar	30.520	-0.06%	30.335	30.900
London	AM	PM	Minor	PGMs
Au	1664	1655	Rh	1375
Pt	1537	1530	Ru	110
Pd	670.5	678	Ir	1100
Ag	30.79	DJI	12591.06	12.11
Currencies
	USD	EUR	JPY	GBP
USD	0	1.2884	0.012998	1.5454
EUR	0.7763	0	1.00884	1.1995
JPY	76.94	99.12	0	118.898
GBP	0.6471	0.83367	0.8411	0
*THESE PRICES ARE FOR INDICATION ONLY CALL FOR QUOTES

Euro is trading higher against the dollar this morning

2012-01-17T07:34:00.001-08:00

Despite the S&P downgrade of European countries and the European Rescue Fund, the Euro is trading higher against the dollar this morning. Greece and Spain both had successful bond sales this morning which alleviated short term debt concerns in both countries. China’s GDP grew at 8.9% in the 4th quarter which is higher than the surveyed figure of 8.7% but the growth was at 2 ½ year low. Most economists expect China to slow down in 2012 but differ on how much. A combination of weaker dollar, short term relief in the Euro crisis, and better than expected China GDP is driving the risk on trade today. Commodities are all making significant moves up with platinum, palladium, and copper leading the way with more than 2% gains in each.

Metals	Last	%Change	Low	High
Au- Feb	1659.2	1.75%	1631.9	1668
Pt-Apr	1528.1	2.59%	1477.4	1538.4
Pd-Mar	654.35	2.93%	631.05	663.70
Ag-Mar	30.400	2.92%	29.455	30.570
London	AM	PM	Minor	PGMs
Au	1662	1656	Rh	1375
Pt	1526	1523	Ru	110
Pd	653	656	Ir	1100
Ag	30.41	DJI	12533.42	111.36
Currencies
	USD	EUR	JPY	GBP
USD	0	1.2727	0.013017	1.5348
EUR	0.7857	0	1.02278	1.206
JPY	76.82	97.77	0	117.906
GBP	0.6516	0.82925	0.8481	0
*THESE PRICES ARE FOR INDICATION ONLY CALL FOR QUOTES

US initial jobless claims was at 399k

2012-01-12T08:09:00.000-08:00

Let’s begin with the headlines first in chronological order: Chinese CPI year over year is at 4.1% and the PPI at 1.70%. Spanish and Italian bond sales were successful with yields down to 3.384% (3 year bond) and 2.735% (12 month) respectively. Both the Bank of England and the ECB left interest rates unchanged at 0.50% and 1%. US retail sales was up 0.1%, down 0.2% less auto, and unchanged less auto and gas which were all lower than expected. US initial jobless claims was at 399k and the continuing claims was at 3628k, both higher than expected.

The conventional wisdom out there is that Chinese inflation seems to be under control, leaving the Central Bank of China more room to ease monetary policy. The European crisis seems to have subsided for the time being. The US data points to a tough employment environment and sluggish economy. With the world economy still in limbo, I am confused by the commodity rally for the past few days. Is 4.1% inflation rate in China something to cheer about? We would continue to trade carefully here as the commodities rally might be overdone.

Metals	Last	%Change	Low	High
Au- Feb	1661.3	1.32%	1640.9	1662.9
Pt-Apr	1503.4	0.37%	1496.0	1512.5
Pd-Mar	643.45	-0.12%	640.90	649.00
Ag-Mar	30.600	2.39%	29.870	30.675
London	AM	PM	Minor	PGMs
Au	1652.5	1661	Rh	1375
Pt	1500	1498	Ru	110
Pd	641	645	Ir	1100
Ag	30.58	DJI	12406.65	-42.8
Currencies
	USD	EUR	JPY	GBP
USD	0	1.2823	0.013035	1.5339
EUR	0.7797	0	1.01661	1.1963
JPY	76.72	98.37	0	117.674
GBP	0.6519	0.83593	0.8497	0
*THESE PRICES ARE FOR INDICATION ONLY CALL FOR QUOTES

Commodities and world equity markets are in rally and risk on mode

2012-01-10T07:52:00.000-08:00

Commodities and world equity markets are in rally and risk on mode this morning as the Chinese trade data suggest monetary easing might be on the horizon as China tries to maintain economic growth despite the European financial crisis. China continues to be active in the physical base and precious metal markets ahead of the Chinese New Year holiday. Gold is trading above the 200 day moving average and silver is trading around the psychological $30 mark. Platinum and palladium continue to see buying interest as markets correct from seemingly oversold conditions. Buying commodities based on the hope that the Chinese might loosen bank reserve requirements or ease monetary policy is probably not a good idea as any move by the Chinese Central Bank would mean further deterioration of the country’s economy. We would trade commodities lightly here and wait for more economic data.

Metals	Last	%Change	Low	High
Au- Feb	1636.1	1.74%	1609.2	1641.4
Pt-Apr	1465.8	2.55%	1425.5	1475
Pd-Mar	638.5	3.34%	618.00	645.20
Ag-Mar	29.980	4.20%	28.905	30.310
London	AM	PM	Minor	PGMs
Au	1627	1637	Rh	1375
Pt	1459	1462	Ru	110
Pd	633	643	Ir	1100
Ag	29.69	DJI	12482.22	89.53
Currencies
	USD	EUR	JPY	GBP
USD	0	1.2784	0.013014	1.5486
EUR	0.7823	0	1.01802	1.2114
JPY	76.84	98.23	0	118.998
GBP	0.6458	0.82545	0.8404	0
*THESE PRICES ARE FOR INDICATION ONLY CALL FOR QUOTES

Better employment news out of the US this morning

2012-01-06T08:01:00.001-08:00

We got better employment news out of the US this morning with virtually every sector adding jobs. The unemployment rate was at 8.5% for Dec. There was virtually no change in average hourly earnings month over month and year over year. What does all this data really mean? I suspect the “good” employment news will excite politicians to come on TV and tell us how much better off we are now compared to a few months ago. The reality is that 8.5% unemployment is still very high and the economic growth have been less than stellar. Everyone continues to keep a close eye on the European situation and other potential bad economic developments out of China.

	Last	%Change	Low	High
Au- Feb	1613.6	-0.40%	1609	1632.3
Pt-Apr	1405.4	-0.85%	1401.1	1423.9
Pd-Mar	623.7	-3.07%	621.10	642.55
Ag-Mar	28.745	-1.88%	28.570	29.460
London	AM	PM	Minor	PGMs
Au	1621	1616.5	Rh	1375
Pt	1417	1410	Ru	110
Pd	633	632	Ir	1100
Ag	29.4	DJI	12370.82	-44.88
*THESE PRICES ARE FOR INDICATION ONLY CALL FOR QUOTES

USD has gained against the EUR this morning

2012-01-05T09:19:00.001-08:00

As the USD has gained against the EUR this morning, the precious metals complex as a whole has become weaker. Gold was able to muster the strength to make a high of $1626.80 during Asian hours, but was met with strong resistance ahead of the 200 DMA ($1628.90). Shortly after the London markets opened both industrial and precious metals were sold. Once again, increased concern over Italy's debt issues has made the USD more attractive against the EUR and has helped spread the "risk off" trade across commodities and equities alike. Platinum, Palladium and Silver will likely remain in a range bound trade until we see gold make dramatic move in either direction. At the moment, gold remains in the range between $1593 and $1628.90. Should we see a close on either side of this range we may see some significant movement. Initial Jobless claims were slightly better than expected this morning, while Continuing Claims were slightly higher than expected. The big number of the day was the ADP Employment which came in at 325k, nearly 86% above expectations. December has traditionally been the best month for ADP over the course of the last few years, however this gain should not be overlooked. The attention is now focused on the Euro Zone unemployment #'s and the US NFP's coming out tomorrow morning.

The Euro is still getting punished

2011-12-29T07:33:00.001-08:00

The Euro is still getting punished even though bond auctions today in Italy went well. This has surprisingly continued the downward spiral of the precious metals. But this is all on the back of very low volumes due to the holiday season. The bleeding seems to have stopped for now and some commodities such as copper are flat. It looks like we may be at the bottom but with no industrial consumers in the market place the bottom will remain weak. We expect an uptick on the return of vacationing consumers and investors next week. Jobless claims reports this morning were worse than expected and maybe that may be the backstop the precious metals needed as the few people in the market seem to be giddy over buying US Dollars.

12/29/2011 10:12

Last

%Change

Low

High

Au- Feb

1,534.50

(1.89)

1,523.90

1,562.80

Pt-April

1,370.00

(1.60)

1,347.60

1,390.00

Pd-Mar

632.70

(2.23)

626.50

641.30

Ag-Mar

26.755

(1.750)

26.145

27.160

EFPs

Au 1/1.50

Pt 2/6

Pd 0/4

Ag -4/2

London

Minor

PGMs

1,537.50

1,531.00

1400

1,364.00

1,354.00

110

636.00

630.00

1100

26.16

DJI

12,227.25

75.84

Last

%Change

Low

High

EUR

1.2915

(0.18)

1.2855

1.2945

JPY

77.75

(0.26)

77.63

77.98

GBP

1.5411

(0.29)

1.5357

1.5476

CHF

0.9427

0.03

0.9410

0.9470

Others

Last

%Change

Low

High

Crude- Jan

99.380

(0.320)

99.100

100.230

Copper-Dec

*THESE PRICES ARE FOR INDICATION ONLY CALL FOR QUOTES

Date

Time

Statistic

For

Actual

Forecast

Expects

Prior

Revised

29-Dec

8:30 AM

Initial Claims

24-Dec

381K

370K

368K

366K

364K

29-Dec

8:30 AM

Continuing Claims

17-Dec

3601K

3625K

3600K

3567K

3546K

29-Dec

9:45 AM

Chicago PMI

Dec

62.5

60.1

62.6

29-Dec

10:00 AM

Pending Home Sales

Nov

1.00%

0.60%

10.40%

29-Dec

11:00 AM

Crude Inventories

24-Dec

-10.570M

Continued concerns with the European economy

2011-12-27T07:44:00.000-08:00

We have the continued concerns with the European economy where they continue to kick the can down the road. We have worries from Iran threatening at the Strait of Hormuz and in Iraq possible pending civil war after the withdrawal of US troops. However it is not all doom and gloom as last week’s U.S. economic statistics were much better than expected. But don’t get overly happy either, this morning Sears announced the closing of up to 120 retail store in the Sears and Kmart brand. Not a positive announcement. We also have next week to look forward to. The Mayan prediction of the end of the world in 2012 is sure to come and pass without fanfare. This week we will surely be range bound and though gold is feeling pressure, rumored to be Central bank selling, we do not expect a major move in either direction for gold or the rest of the group. Consumer Confidence came out better than expected this morning a continuation of the positive string of data for the US of late.*London is closed today. There will be no fixes.

12/27/2011 10:15	Last	%Change	Low	High
Au- Feb	1,598.40	(0.47)	1,592.50	1,609.20
Pt-April	1,442.20	0.55	1,425.30	1,443.00
Pd-Mar	660.10	(0.92)	651.65	661.00
Ag-Mar	29.030	(0.180)	28.720	29.220
EFPs	Au 1.20/2	Pt 4/8	Pd 0/4	Ag -3/3
London	AM	PM	Minor	PGMs
Au	-	-	Rh	1400
Pt	-	-	Ru	110
Pd	-	-	Ir	1100
Ag	-	DJI	12,315.42	21.42
FX	Last	%Change	Low	High
EUR	1.3063	0.03	1.3040	1.3083
JPY	77.84	(0.13)	77.76	78.03
GBP	1.5664	0.23	1.5591	1.5701
CHF	0.9345	(0.11)	0.9327	0.9384
Others	Last	%Change	Low	High
Crude- Jan	100.650	0.670	99.670	100.950
Copper-Dec	3.419	(1.290)	3.430	3.399
*THESE PRICES ARE FOR INDICATION ONLY CALL FOR QUOTES

Weak US retail sales numbers yesterday

2011-12-14T07:10:00.000-08:00

UK unemployment at 17 ½ year high. Euro Zone troubles still unsolved. Weak US retail sales numbers yesterday. The global economy still looking weak. Then why are precious metals being beat up with Palladium leading today’s collapse with almost an 8% decline? One explanation may be that the demand by Euro Zone officials that Banks shore up their capital base may have many firms deleveraging by liquidity positions to raise their capital base. Even if the banks were not in commodities their customers that they are lending money to most probably have been. This action is part of the trigger that also forces other hands to fold as the market makes new short term lows. Technically the charts also have turned bearish and market sentiment plus media sentiment is throwing in behind this downward move. Meanwhile the Gold and Silver ETF have been holding their ground. The famed Economist speculator Dennis Gartman has been quoted as saying that the bull run for gold is over, of course he is talking his book. That doesn’t mean he isn’t right because he puts his money where his mouth is. Still he will flip his position faster than any US politician on record if the facts change. With the global financial markets in critical condition precious metals will most likely regain some ground in the near future. But for now the bears are in the driver’s seat.

12/14/2011 10:06			Last		%Change			Low			High
Au- Feb			1,606.60		(3.39)			1,605.00			1,645.80
Pt-Jan			1,433.40		(3.94)			1,428.00			1,484.10
Pd-Mar			616.35		(7.19)			606.95			649.50
Ag-Mar			29.220		(6.520)			28.855			31.070
EFPs			Au 2.60/3.20		Pt 1/5			Pd 0/4			Ag 2/8
London			AM		PM			Minor			PGMs
Au			1,635.00		1,603.00			Rh			1450
Pt			1,476.00		1,454.00			Ru			110
Pd			642.00		617.00			Ir			1100
Ag			29.92		DJI			11,887.16			(67.78)
FX			Last		%Change			Low			High
EUR			1.2979		(0.42)			1.2963			1.3064
JPY			78.04		0.06			77.87			78.16
GBP			1.5456		(0.16)			1.5439			1.5532
CHF			0.9492		0.39			0.9422			0.9510
Others			Last		%Change			Low			High
Crude- Jan			96.820		(3.310)			96.510			100.330
Copper-Dec			3.318		(3.350)			3.410			3.316
*THESE PRICES ARE FOR INDICATION ONLY CALL FOR QUOTES
14-Dec	7:00 AM	MBA Mortgage Index		10-Dec		4.10%	NA		NA	12.80%		-
14-Dec	8:30 AM	Export Prices ex-ag.		Nov		-0.10%	NA		NA	-1.50%		-
14-Dec	8:30 AM	Import Prices ex-oil		Nov		-0.20%	NA		NA	-0.20%		-
14-Dec	10:30 AM	Crude Inventories		10-Dec		-	NA		NA	1.336M		-