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 - JULY 2, 2009
In the precious metals markets this week . . .
GOLD:
Monex spot gold prices opened the week at $942 . . . traded as high as $946 on Wednesday and as low as $923 on Tuesday . . . and the Monex AM settlement price on Thursday was $931, down $11 for the week. Gold support is now anticipated at $927, then $914, and then $885 . . . with resistance anticipated at $936, then $944.50, and then $963.
SILVER:
Monex spot silver prices opened the week at $14.05. . . traded as high as $14.05 on Monday and as low as $13.29 on Thursday . . . and the Monex AM settlement price on Thursday was $13.50, down $0.55 for the week. Silver support is now anticipated at $13.25, then $12.98, and then $12.55. . . and resistance anticipated at $13.52, then $14.10, and then $14.55.
PLATINUM:
Monex spot platinum prices opened the week at $1,193. . . traded as high as $1,199 on Tuesday and as low as $1,183 on Wednesday . . . and the Monex AM settlement price on Thursday was $1,189, up $4 for the week. Platinum support is now anticipated at $1,185, then $1,158, and then $1,110 . . . and resistance anticipated at $1,212, then $1,244, and then $1,293.
PALLADIUM:
Monex spot palladium prices opened the week at $247. . . traded as high as $255 on Wednesday and as low as $246 on Tuesday . . . and the Monex AM settlement price on Thursday was 251, up $4 for the week. Palladium support is now anticipated at $245.40, then $238, and then $232. . . and resistance anticipated at $259.80, then $266.85, and then $280.
QUOTE OF THE WEEK:
From Reuters Website on July 2, 2009
“BEIJING (Reuters) – China hopes for diversification of the international currency system in the future and it would be “normal” for the issue to be raised at next week's Group of Eight summit, Vice Foreign minister He Yafei said on Thursday. But He, who is in charge of China's GB preparation, told a news briefing he had not heard that Beijing has requested a discussion about the reserve currencies at the meetings in Italy.
GB sources told Reuters on Wednesday that China had asked for a debate on proposals for a new global reserve currency in Italy and the issue could be referred to briefly in the summit statement.
That news pushed the dollar down to a three week low. It is particularly sensitive to comments from China because bankers estimate the country holds perhaps 70 percent of its $1.95 trillion in official currency reserves in the dollar.”
In the precious metals markets this week . . .
GOLD:
Monex spot gold prices opened the week at $942 . . . traded as high as $946 on Wednesday and as low as $923 on Tuesday . . . and the Monex AM settlement price on Thursday was $931, down $11 for the week. Gold support is now anticipated at $927, then $914, and then $885 . . . with resistance anticipated at $936, then $944.50, and then $963.
SILVER:
Monex spot silver prices opened the week at $14.05. . . traded as high as $14.05 on Monday and as low as $13.29 on Thursday . . . and the Monex AM settlement price on Thursday was $13.50, down $0.55 for the week. Silver support is now anticipated at $13.25, then $12.98, and then $12.55. . . and resistance anticipated at $13.52, then $14.10, and then $14.55.
PLATINUM:
Monex spot platinum prices opened the week at $1,193. . . traded as high as $1,199 on Tuesday and as low as $1,183 on Wednesday . . . and the Monex AM settlement price on Thursday was $1,189, up $4 for the week. Platinum support is now anticipated at $1,185, then $1,158, and then $1,110 . . . and resistance anticipated at $1,212, then $1,244, and then $1,293.
PALLADIUM:
Monex spot palladium prices opened the week at $247. . . traded as high as $255 on Wednesday and as low as $246 on Tuesday . . . and the Monex AM settlement price on Thursday was 251, up $4 for the week. Palladium support is now anticipated at $245.40, then $238, and then $232. . . and resistance anticipated at $259.80, then $266.85, and then $280.
QUOTE OF THE WEEK:
From Reuters Website on July 2, 2009
“BEIJING (Reuters) – China hopes for diversification of the international currency system in the future and it would be “normal” for the issue to be raised at next week's Group of Eight summit, Vice Foreign minister He Yafei said on Thursday. But He, who is in charge of China's GB preparation, told a news briefing he had not heard that Beijing has requested a discussion about the reserve currencies at the meetings in Italy.
GB sources told Reuters on Wednesday that China had asked for a debate on proposals for a new global reserve currency in Italy and the issue could be referred to briefly in the summit statement.
That news pushed the dollar down to a three week low. It is particularly sensitive to comments from China because bankers estimate the country holds perhaps 70 percent of its $1.95 trillion in official currency reserves in the dollar.”
Last update: Jul 02, 2009 01:25:41 PM
This is not a recommendation to buy or sell.
Call Now
Let us help you:
Personal Advisors
available now at
1-800-444-8317