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Mitsubishi: Palladium Could Test $800/Oz

Monday March 17, 2014 9:02 AM

Mitsubishi sees potential for palladium to test the $800-an-ounce level. Nymex palladium futures got above $788 Friday before falling back on profit-taking, the firm says. Support came last week from a 19% year-on-year rise in Japanese passenger car sales, although Mitsubishi adds that this may have been affected by a consumer rush to buy before a rise in the sales tax next month. Stronger auto sales bode well for palladium since it used for emissions-control systems. “Supported by geopolitical tensions in Ukraine as well as the ongoing South African PGM (platinum-group-metals) mining strike, palladium could make further gains in the coming days, perhaps testing the $800 level,” Mitsubishi says. “However, after its recent run, it is beginning to look a little overbought and any strengthening of the U.S. dollar could see prices drop back.” As of 9 a.m. EDT, June palladium was down 55 cents to $772.70 an ounce.

By Allen Sykora of Kitco News; asykora@kitco.com


Gold ETFs Continue To See Inflows

Monday March 17, 2014 7:57 AM

Gold exchange-traded funds “appear to be back in fashion,” says MKS (Switzerland) SA, as inflows rise. The firm says total known gold ETF holdings are now 870,000 ounces higher since bottoming at 55.8 million ounces in mid-February.

By Debbie Carlson of Kitco News;  dcarlson@kitco.com


China Expands Yuan-Dollar Trading Band; Gold Traders To Watch For Impact

Monday March 17, 2014 7:57 AM

Over the weekend, China expanded its yuan-U.S. dollar trading band to plus/minus 2% of the parity rate, from plus/minus 1%, effective immediately. The parity rate is the daily peg for trading the yuan versus the dollar. Traders at MKS (Switzerland) SA say the market will watch to see what the expansion of the band means for gold. “It will no doubt increase the volatility in the arb (arbitrage) and hence it's influence over gold. The SGE arb has been in heavy discount in recent days, but surprisingly has had little impact over spot XAU/USD,” they note. The yuan fell immediately after the band extension was announced, but analysts at Brown Brothers Harriman say despite widening the band, the yuan “did not even fully explore the previous band.”

By Debbie Carlson of Kitco News;  dcarlson@kitco.com


Gold Prices Off Overnight Highs Following Crimean Vote

Monday March 17, 2014 7:38 AM

In early North American dealings, Comex April gold is off of the overnight six-month high of $1,392.60 an ounce, but still lofty. The yellow metal rallied during Asian hours after exit polls showed voters in Crimea passed a referendum to join Russia. Western powers and Japan say they will not recognize the vote. Several gold traders say they are now expecting some sort of sanctions on Russia as early as Monday, citing various news reports. At 7:36 a.m. EDT, April gold futures are down 40 cents to $1,378.60 an ounce.

By Debbie Carlson of Kitco News;  dcarlson@kitco.com



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