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BBH: Greece Still Has Tall Order To Secure Funding Past April

Wednesday February 25, 2015 12:28 PM

Although the market has focused on the fact that Greece managed to extend its emergency funding for another four-months, analysts at Brown Brothers Harriman (BBH) say the country still faces some difficult hurdles. They note that the biggest difficulty will come from within Greece itself. It is in the next two months that the Greek government needs to pass the enabling legislation to enact the reforms. This is indeed a tall order,” they say. “Although nearly all the reports have underscored that Greece's aid program was given a four-month extension, we think it is more realistic to focus on the end of April review.”

By Neils Christensen of Kitco News; nchristensen@kitco.com

 

UBS: Yellen’s Testimony Slightly Negative For Gold

Wednesday February 25, 2015 8:33 AM

Testimony from Fed Chair Janet Yellen did not have a decisive influence on the gold market on Tuesday but looking forward, analysts at UBS say that her comments appear to be slightly negative for the yellow metal. They add that her comments did not dissuade the bank’s view that the Fed could start raising rates in June. “We believe the Fed's language up ahead could be important in determining gold's direction. Yesterday's testimony provided some idea of what to expect – UBS economists note that the removal of the word 'patient' in the FOMC statement would be key. We believe gold could come under pressure if this change occurs in either of the next two meetings, as this could trigger the market's Fed rate hike expectations to be brought forward,” they say.

By Neils Christensen of Kitco News; nchristensen@kitco.com

 

MKS: Chinese Buying Gold After Lunar New Year Holiday

Wednesday February 25, 2015 8:33 AM

Chinese investors were in the mood to buy precious metals after coming back from the Lunar New Year break, says Sam Laughlin, analyst at MSK SA, and notes that there was “strength across the board for the precious metals.” He adds that overnight premiums on the Shanghai Gold Exchange hovered around $4, “with good demand evident throughout the entire first session after the week long break.”  He adds the key now will be to see if gold can break through near-term resistance at $1,215 an ounce. Comex April gold last traded at $1,208 an ounce, up $10.70, or just under 1%, on the day.

By Neils Christensen of Kitco News; nchristensen@kitco.com

 

iiTrader: Gold In Neutral Territory Following Options Expiration

Wednesday February 25, 2015 8:33 AM

March options expiration helped limit gold’s trading range on Tuesday during day one of Fed Chair Janet Yellen’s testimony, analysts at iiTrader say. They add that although March was a serial option contract, there was “decent volume at the $1,200 strike.” Looking at the current gold market, they say that gold is currently trading in neutral territory. “Major three-star resistance poses tremendous headwind at $1,217-$1,221 and only a close above here will truly break the immediate-term downtrend,” they say. “The bears must achieve a close back below $1,199.6-$1,201 in order to regain immediate-term control.”

By Neils Christensen of Kitco News; nchristensen@kitco.com

 

 

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