Morning Gold/Silver Market Report While gold and silver markets forged an impressive finish to the holiday-shortened week, the markets have started off on a back foot this morning. Clearly some of the gains late last week came from hope of fresh easing from the PBOC and some of that strength was reportedly the result of safe-haven buying off the prospect of a looming Russian disaster. One might have expected gold to have drafted some fresh support this morning from news of a contraction in Russian economy, but the uncertainty toward Russia hasnt shown anything fresh and therefore the safe haven angle is kept on a back burner. While gold might have seen some support from news of a 9 month high in Hong Kong gold imports into China that news was countervailed by the realization that overall gold derivative holdings reached the lowest level since 2008. While there is talk of some European countries pulling home their physical gold reserves from US storage, the strong value of the Dollar might complicate that repatriation effort. Another issue that might serve to undermine gold and silver prices early this week is a bad technical and fundamental setup in crude oil prices. In fact, the failure to hold above $55.00 in March Crude Oil early this week could boost deflationary fears enough to countervail the bullish tilt seen in metals at the end of last week.
Posted on: Mon, 29 Dec 2014 12:51:37 +0000
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