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Squaring

Monday September 02, 2013 10:12

The break of $1,400 overnight is, so far, a squaring move in a thin market. The run in August forced out all but the most perennial bears, and, after the break of $1,400, added new  bulls. When it became apparent that the Syrian issue or US action towards the use of chemical weapons may not be imminent,  profit taking took hold in earnest. There may be some continued volatility in the morning but I suspect the close will be higher than the 11:30 print.  The players return on Tuesday.

Enjoy the last long weekend of the summer.

By Peter Hug
Global Trading Director
Kitco Metals Inc.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in precious metal products, commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
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Week of August 26th, 2013

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