Metals and Gold Review
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Gold, Gold, Gold. Gold here, Gold there, Gold everywhere. This is the story seemingly every day now as Gold rips another $13 to $1,360 on the COMEX as the USD continues to weaken against other major currencies. "Palladium rose as much as 2.8 percent to $602.75 an ounce, the highest since June 2001, and platinum advanced 0.6 percent to $1,725.75 an ounce, the highest price since May 14. Silver gained 1.3 percent to $23.4825 an ounce, the highest price since Sept. 24, 1980." (1) These markets have been on an absolute tear lately as investors keep on buying them up. Gold seems to be headed up to $1,375 while Silver looks to push to $23.60. Watch the non-farm payrolls tomorrow as this will have an immediate impact on the metal markets.
Copper flying past the $3.68 resistance to trade up to $3.77 as this market climbs along with equities looking to breach $3.80 now. Once this market hit above $3.70 it became clear that this was a serious player here as the 2010 high was broken. It kind of seems like these commodities are getting ahead of themselves as this approaches the 2007 high of above $4.00 even though the S&P is no where near the 1600 level and DOW not nearly as close to 14k. Keep an eye out for Copper because if this market starts to turn around it could get back to $3.50 in a hurry.
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