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Market Nuggets: Triland: LME Copper Gives Up Gains After Economic Data

Wednesday November 14, 2012 1:34 PM

Copper prices flipped lower in a mixed session. "It started strong during overnight hours as for once Japanese shares were in the green and there was a sense of optimism flowing from China," says Triland Metals. "However, that didn't last as fresh developments from Europe and later the U.S. reminded participants of the tough reality," the firm continues, citing poor industrial-production data from Europe and a 0.3% drop in U.S. retail sales. "Still prices kept their head above $7,600, therefore not affecting the charts." LME three-months copper settled down $40 at $7,640 a metric ton after a high of $7,701.

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


Market Nuggets: Gold May Receive Fresh Investor Demand Over 'Fiscal Cliff' Worries – TDS

Wednesday November 14, 2012 9:07 AM

The U.S. “fiscal cliff” continues to draw attention and gold could benefit from fresh investor demand, says Steve Scacalossi, vice president and director, global precious metals at TD Securities. The fiscal cliff is a combination of higher taxes and reduced spending that will go into effect in January if Congress does not act. “An overall reduction in length by short-term system funds, the long-term availability of ‘cheap’ money looking set to continue, the official sector continuing to add gold to their reserves and the arrival of fresh investment funds in January looking for a home all seem to point positive in gold. All the while, the retail investors can't seem to get enough either with ETFs continuing to swell apace - it seems like the recent $1,600 ‘floor’ might well reset higher in 2013,” he says.

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


Market Nugget: Gold Up On EU Worries -Citibank

Wednesday November 14, 2012 9:07 AM

Gold prices are firmer in early dealings, supported by continued worries over the sovereign debt situation in the EU, says Sterling Smith, futures specialist at Citibank Institutional Client Group. ”The austerity plan is not reaching the masses in a good way. Austerity is not sitting well in Greece and it probably won’t sit well in other countries,” Smith says. He notes the three ways to get rid of debt: one, to write it off, which he says is unlikely; two, via austerity to pay it down; or three, via price inflation. That idea might be gaining traction. “Europe will probably have to do some sort of QE (quantitative easing) and gold is guessing that,” Smith says. Support for December Comex gold is seen at $1,720 an ounce, with resistance at $1,739 and then $1,753. He says it’s possible buy stops, or pre-placed buy orders, are likely to be uncovered if the market moves about $1,740. At 9 a.m. EST, December Comex gold is up $3.40 at $1,728.20.

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


Market Nugget: PGMs Hold Gains In Early Dealings; Palladium Testing Technical Levels – MKS

Wednesday November 14, 2012 8:07 AM

Platinum group metals are higher in early dealings on Wednesday, building on gains from Tuesday following a bullish report from Johnson Matthey, says Alex Thorndike, precious metals and senior foreign exchange trader. Palladium is testing technical trading levels, he notes, with the metal temporarily breaking through the 200-day moving average at $639 an ounce basis Nymex December palladium and $635 basis cash. "If we can manage a close above these two levels it is a very bullish signal for the metal," he says. As of 8 a.m. EST, Nymex December palladium is up $3.40 an ounce at $640.

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


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