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 - MAY 9, 2008
In the precious metals markets this week . . .
GOLD:
Monex spot gold prices opened the week at $864 . . . traded as high as $887 on Friday and as low as $864 on Monday and Wednesday . . . and the Monex AM settlement price on Friday was $885, up $29 for the week. Gold support is now anticipated at $864, then $848, and then $810 . . . with resistance anticipated at $894, then $912.20, and then $945.
SILVER:
Monex spot silver prices opened the week at $16.65. . . traded as high as $16.99 on Tuesday and as low as $16.47 on Wednesday and Friday . . . and the Monex AM settlement price on Friday was $16.80, up $.41 for the week. Silver support is now anticipated at $16.44, then $16.15, and then $15.65 . . . and resistance anticipated at $17.07, then $17.42, and then $17.75.
PLATINUM:
Monex spot platinum prices opened the week at $1,915 . . . traded as high as $2,103 on Friday and as low as $1,915 on Monday . . . and the Monex AM settlement price on Friday was $2,094, up $194 for the week. Platinum support is now anticipated at $2,058, then $2,044, and then $1,985 . . . and resistance anticipated at $2,102, then $2,185, and then $2,280.
PALLADIUM:
Monex spot palladium prices opened the week at $419. . . traded as high as $443 on Friday and as low as $419 on Monday . . . and the Monex AM settlement price on Friday was $443, up $25 for the week. Palladium support is now anticipated at $431.40, then $415.50, and then $403.75. . . and resistance anticipated at $446.50, then $475.35 and then $504.
QUOTES OF THE WEEK:
From widely-followed gold market and financial analyst Jim Sinclair, in a posting on his JSMineSet.com website on May 8th:
“The entire reason for gold's price decline from its high was first the suspicion then the universal opinion that the ECB would race with the Fed to drop interest rates. The euro tanked against the US dollar.
Pundits declared a bull market was in place. This dollar bull news was blasted over the airwaves 24 hours a day to every corner of the globe.
They were WRONG!
Gold has bottomed in this reaction. It will go to a minimum of $1650 The euro will trade at USD $2.”
. . . and from author and trader Peter Degraff, in an article posted on his website on May 9th:
“Much discussion has taken place in recent weeks, regarding the possibility that gold and silver might continue to sink to lower levels, as the summer doldrums set in. Investors soon become shell-shocked with negative market analysis that looks at a half-full glass of water and refers to is as 'half empty'.
They read about a member of the Federal Reserve Board who is quoted as saying that he is worried about inflation, and they interpret this to mean that the dollar is going to rise, and gold might fall, just because of that single comment. If the man was serious about his worry, he and his pals would be raising rates, not lowering them! Of course we know that their hands are tied, as the Fed cannot raise rates until the economy, especially the housing market, can handle higher rates.
The fact of the matter is that gold and silver are becoming more of a bargain on a daily basis. The reason is very simple: Every day, the central bank money spigots are spewing out at least ten times as much money, as miners are able to produce gold and silver!
Until this situation is reversed, the fundamentals will support higher prices.
Pull-backs or corrections usually swing too far in the opposite direction to the main trend, thereby providing opportunities for us to 'buy the bargains'. This is the situation today.”
Last update: May 09, 2008 11:52:53 AM
This is not a recommendation to buy or sell.
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