Precious Metals Review
Market information and news is critical for precious metal investing. However, many investors have limited time to sort through the massive amounts of market data and gold, silver and platinum news. The Monex Precious Metals Review consolidates the week's activities in a concise snapshot of the precious metal markets.
PRECIOUS METALS
REVIEW - NOVEMBER 14, 2008
In the precious metals markets this week . . . GOLD:
Monex spot gold prices opened the week at $756 . . . traded as high as $765 on Monday and as low as $699 on Thursday . . . and the Monex AM settlement price on Friday was $745, down $11 for the week. Gold support is now anticipated at $728, then $712, and then $697 . . . with resistance anticipated at $746, then $757, and then $778.
SILVER:
Monex spot silver prices opened the week at $10.43 . . . traded as high as $10.50 on Monday and as low as $8.79 on Thursday . . . and the Monex AM settlement price on Friday was $9.57, down $.86 for the week. Silver support is now anticipated at $9.44, then $9.18, and then $8.78 . . . and resistance anticipated at $9.85, then $10.49, and then $10.72.
PLATINUM:
Monex spot platinum prices opened the week at $878 . . . traded as high as $885 on Monday and as low as $810 on Thursday . . . and the Monex AM settlement price on Friday was $843, down $35 for the week. Platinum support is now anticipated at $838, then $792, and then $754 . . . and resistance anticipated at $859, then $896, and then $940.
PALLADIUM:
Monex spot palladium prices opened the week at $227 . . . traded as high as $229 on Monday and as low as $210 on Thursday . . . and the Monex AM settlement price on Friday was $217, down $10 for the week. Palladium support is now anticipated at $214, then $201, and then $194 . . . and resistance anticipated at $219.80, then $236.95 and then $254.10.
QUOTES OF THE WEEK:
From Thomas G. Donlan, in an editorial in the November 10th edition of Barron’s:
“The 2008 election has changed the people looking for solutions to American problems; it hasn’t changed the problems. Nor has it changed the chances of success for the easy, painless solutions.
Slithering out of Iraq without being sure what order we will leave behind is not likely to increase anyone’s esteem for American statecraft.
Buying up every past-due mortgage and shoring up every bank in trouble is most likely to create moral hazard on a grand scale.
Cutting taxes for anyone in the face of a trillion dollars of new debt and declining revenue will not balance American accounts with our heirs, or with the rest of the world. The U.S. is a debtor now – and in the future, it will be a bigger debtor, unless it finds ways to nurture its assets faster than it spends them.”
. . . and from Mary Anne and Pamela Aden, editors, in the November issue of The Aden Forecast, released this week:
“Why isn’t gold rocketing up when the government is printing $700+ billion?
That’s what [many] have been wondering, especially considering the massive bailouts, which are now actually more than $1 trillion and counting. But at the same time, recession has taken over and the risk of deflation has increased.
This put downward pressure on all of the markets as most assets were sold to cover losses, which caused the dollar to rise and gold to fall. In fact, in September-October it was hard to find anything that was going up, which is very unusual. We feel this is a temporary situation.
The election alone is beginning to ease some of the uncertainty that’s been hanging overhead. And once the markets calm down some, which is already starting to happen, investors will again focus on the fundamentals. These remain very bullish for gold because all the excess money being created and spent to keep the economy from going over the edge is going to be extremely inflationary, further down the road, and that’s when gold will really shine.”
. . . and finally, from Richard Russell, editor of Dow Theory Letters, in remarks posted on his website on November 11th:
“Please remember, all these billions of dollars that the government is throwing at entities -- all this money represents additional DEBT. How the US dollar will hold up against this building-tower of debt is the question. Ultimately, the trillions of newly-created dollars could lead to hyper-inflation. Then why isn't gold reflecting the chances of hyper-inflation? Gold is hitting new highs in terms of other currencies, Canadian, Australian, Russian, Britain, Europe, India, Turkey. But the strong dollar (artificially strong) has held back the dollar price of gold. Moreover, sales of ‘paper gold’ or GLD has also served to hold back the price of gold. In the end, gold will do what it's supposed to do, but true to the market, gold will not do what it's supposed to WHEN it's supposed to do it.”
Last update: Nov 14, 2008 11:30:48 AM
This is not a recommendation to buy or sell.
Call Now
Let us help you:
Personal Advisors
available now at
1-800-444-8317