Nervous Weekend Coming By: Peter Hug, Global Trading Director Coming into this weekend, traders in the Far East and now Europe are holding their longs, against the backdrop of the Crimean referendum on Sunday. On a percentage basis, silver moved higher than gold, as traders may be playing the long silver/short gold ratio. As yesterday, any weakness in the metals will be met by safe haven bids, and I suspect gold may not see the $1,365 level today, but a move to $1,387 is possible against traders positioning long ahead of the referendum. There are no markets until, Sunday at 6pm, EST, and the first to open were the inspiration for Stephen Kings book “Thinner”. The tone for a continued rise or a “sell the news event” may be well underway before we wake on Monday.
Posted on: Fri, 14 Mar 2014 12:58:36 +0000