Precious Metals Review
Market information and news is critical for precious metal investing. However, many investors have limited time to sort through the massive amounts of market data and gold, silver and platinum news. The Monex Precious Metals Review consolidates the week's activities in a concise snapshot of the precious metal markets.
PRECIOUS METALS
REVIEW - JULY 3, 2008
In the precious metals markets this July 4th holiday-shortened week . .
. GOLD:
Monex spot gold prices opened the week at $930 . . . traded as high as $946 on Tuesday and as low as $919 on Monday . . . and the Monex AM settlement price on Thursday was $932, up $3 for the week. Gold support is now anticipated at $922, then $911, and then $899 . . . with resistance anticipated at $945, then $963, and then $989.
SILVER:
Monex spot silver prices opened the week at $17.65 . . . traded as high as $18.42 on Thursday and as low as $17.20 on Monday . . . and the Monex AM settlement price on Thursday was $18.27, up $.65 for the week. Silver support is now anticipated at $18.07, then $17.61, and then $17.19 . . . and resistance anticipated at $18.45, then $18.64, and then $19.20.
PLATINUM:
Monex spot platinum prices opened the week at $2,075 . . . traded as high as $2,087 on Wednesday and as low as $2,030 on Thursday . . . and the Monex AM settlement price on Thursday was $2,033, down $31 for the week. Platinum support is now anticipated at $2,012, then $1,985, and then $1,955 . . . and resistance anticipated at $2,055, then $2,096, and then $2,129.
PALLADIUM:
Monex spot palladium prices opened the week at $469 . . . traded as high as $471 on Tuesday and as low as $463 on Thursday . . . and the Monex AM settlement price on Thursday was $463, down $7 for the week. Palladium support is now anticipated at $455, then $442, and then $427. . . and resistance anticipated at $467, then $479 and then $519.
QUOTES OF THE WEEK:
From Richard Russell, editor of Dow Theory Letters, in a posting on his website on July 1st:
“Our position has been to be in cash and gold. We don't have to show profits in this kind of market, we're happy just to avoid losses. And so far, that's what cash and gold have done for us.
The daily chart of gold shows a symmetrical triangle, which is a pattern of indecision. But over the last few days gold has broken out of its triangle to the upside. That's a positive, that's bullish. Will it work higher or will it just hold its own. I'd be happy if it does either. But in time gold should advance to new highs. I think the bottom is in for gold, following a three-month correction.”
. . . and from Kevin Kerr, in a column entitled, “Embracing Inflation” on MarketWatch.com on July 1st:
“One way for investors to protect themselves from the impact of inflation and at the same time even make some profits, is to buy precious metals, most commonly gold. It's not a new situation for investors and consumers faced with rampant inflation to acquire gold and use it as a hedge for inflation, it's been going on for a very long time.
As the U.S. dollar continues to fall and consumer staples keep trending higher and higher, gold's real worth shines through. Usually as gold moves higher the other metals do as well, and lately silver is even more attractive than gold.”
. . . and from master market analyst Jim Sinclair, in a posting on his JSMineSet.com website on July 2nd:
“Today the Secretary of the Treasury discussed the following points:
Point 1: International regulations are draconian, with central banks now becoming the regulators to stabilize markets. Under proposed new regulations the new regulators will have the right and obligation to take over all types of banks and international investment banks when required without the usual procedures.
Translation: This is it! The OTC derivative meltdown is far from over or under control. The history of central bank's judgment of markets is probably the worst anywhere. In retrospect, central banks have always caused the bubbles and breaks.
Point 2: The Secretary sees economic activity in the Euro zone weakening.
Translation: ‘Dear ECB: Please do not raise rates.’ Good luck on that one.
Point 3: We are going through a rough patch in business.
Translation: It is going to get really bad out there. Put on a hard hat if you walk close to any building in which financial entities exist.”
Last update: Jul 03, 2008 11:50:13 AM
This is not a recommendation to buy or sell.
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