Very calm market today, metals are barely moving. The most changes are in the numismatic $20 gold recovering another 25-30$ also in lower grades like MS62 and 63, Liberty Head in the first place. Premiums are stable, physical market for silver unchanged so far.
We had some pro and some cons today: China GDP in line overnight at 7.5%. Asian markets did not move much after this data. On this side, some expectation for fresher news coming Wednesday from the FED Chairman Ben Bernanke before the House of Representatives are featured in this market. Ben may want to play the old game of half full/half empty again and add some little wood on the old taper fire that now is almost off, but I doubt it. We won’t get much action from that. China was somewhat supporting for PM’s but the US$ index was rebounding from the high selling pressure of last week. The 2 news kind of cancelled each other in relation to PM’s price action. Oil market holding 106$ but not moving up much either today.
We are just coming from a great week in gold and silver, one of the best in a long time: Gold up almost 6% , Silver almost 5%, Platinum ~6%, Palladium ~5.5%… On the future contracts side, silver keep adding new long positions in the future options (highest level since May) with almost 1000 less bearish positions. Palladium also adding long contracts. The bottom look more and more like a thing we can agree on, finally…
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