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 - MARCH 7, 2014
In the precious metals markets this week . . .
Monex spot gold prices opened the week at $1,346 . . . traded as high as $1,355 on Monday and as low as $1,329 on Friday . . . and the Monex AM settlement price on Friday was $1,338, down $8 for the week. Gold support is now anticipated at $1,336, then $1,300, and then $1,271 . . . with resistance anticipated at $1,345, then $1,359, and then $1,374.
Monex spot silver prices opened the week at $21.44 . . . traded as high as $21.63 on Monday and as low as $20.76 on Friday . . . and the Monex AM settlement price on Friday was $20.92, down $.52 for the week. Silver support is now anticipated at $20.73, then $20.52, and then $20.39 . . . and resistance anticipated at $20.97, then $21.17, and then $21.41.
Monex spot platinum prices opened the week at $1,454 . . . traded as high as $1,488 on Wednesday and as low as $1,447 on Tuesday . . . and the Monex AM settlement price on Friday was $1,483, up $29 for the week. Platinum support is now anticipated at $1,477, then $1,464, and then $1,410 . . . and resistance anticipated at $1,498, then $1,515, and then $1,552.
Monex spot palladium prices opened the week at $746 . . . traded as high as $783 on Thursday and as low as $744 on Monday and Tuesday . . . and the Monex AM settlement price on Friday was $781, up $35 for the week. Palladium support is now anticipated at $775, then $768, and then $731 . . . and resistance anticipated at $780, then $789, and then $830.
New 2014 Monex ''Market Outlook'' Reports on Gold, Silver and Platinum/Palladium, produced for Monex by the CPM Group, are now available to Monex customers and prospective customers. To receive your free annual reports, as well as a one-year complimentary subscription to our monthly update service, please call a Monex Account Representative at 1-800-444-8317.
QUOTES OF THE WEEK:
From Thomas Sowell, in a ''Perspective'' editorial on the ''Issues & Insights'' page of Investor's Business Daily on March 3rd:
''It is amazing how many people still fall for the argument that, if life is unfair, the answer is to turn more money and power over to politicians. Since life has always been unfair, for thousands of years and in countries around the world, where does that lead us?''
''With his decision declaring ObamaCare constitutional, Chief Justice John Roberts turned what F.A. Hayek called 'The Road to Serfdom' into a superhighway. The government all but owns us now, and can order us to do pretty much whatever it wants us to do.
Anyone who wants to read one book that will help explain the international crises of our time should read 'The Gathering Storm' by Winston Churchill. It is not about the Middle East or even about today. It is about the fatuous and irresponsible foreign policies of the 1930s that led to the most catastrophic war in history. But you can recognize the same fecklessness today.
In a time of widespread disillusionment with both political parties, someone has noted the only thing the parties say that is believed by the public are their accusations against each other.''
. . . and from Judge Andrew Napolitano, in a posting in the ''Laissez Faire Today'' newsletter, published by Agora Financial, LLC, on March 4th:
''Liberty is rarely lost overnight. It is lost slowly and in the name of safety. In the name of keeping us safe, the feds have spied on the lawyers who negotiate with them, lied to the lawyers whose clients they are prosecuting, and misrepresented their behavior to the Supreme Court. As far as the public record reveals, they have not corrected that misrepresentation. They have done all of this in utter defiance of well-settled law and procedures and constitutional safeguards.
What will they do next?''
. . . and from Brendan Conway, in a posting on the Barron's website on March 5th:
''Short version: Well, that was fast!
Analysts at Nomura Securities this morning upgraded their view of precious-metals prices, and the gist of the argument is that the conditions which sent gold's price tumbling 28% last year appear to have vanished. It's a familiar theme to close watchers of the niche.
'Like a phoenix regenerating from its ashes, cyclical gold appears set to recover,' write Tyler Broda and six co-authors.''
''So why now? In short, ETF outflows have abated. Hedge funds are no longer panicking. Gold producers reacted to last year's selloff by curtailing new projects. And real-interest rates don't seem to be heading anywhere at the moment:
'Last year's shift in the gold market was rapid and the price response substantial. Instead of a multi-year downtrend, with disinvestment putting pressure on prices over time, many of the variables that drive gold prices have already reset to an extent. ETF and COMEX positioning no longer appear to pose the same threat to prices as in 2013. Gold producers have delayed the next phase of growth projects as they work to protect balance sheets. Long-term demand support from Asian nominal income growth, an evolving post-QE macroeconomic environment and lower disinvestment potential move our gold equilibrium model to now expect price increases over the next three years.' ''
. . . and from Tatyana Shumsky and Laura Clarke, in an article entitled, ''Supply Fears Lift Palladium,'' in The Wall Street Journal on March 7th:
''Palladium prices jumped to nearly a one-year high, as tensions between Russia and the West raised the specter of a possible supply disruption.''
''Russia has for years held sway over the global palladium market, due to a combination of government sales and robust mine output. Russia had amassed a large hoard of palladium during the Soviet era, which it has gradually sold off. Sales have declined in recent years, and some traders and analysts worry the reserve is running out. Russian officials have maintained that stockpile levels are a state secret.''
''Investors see twin threats to palladium supplies: U.S. officials have threatened economic sanctions in response to Russia's [recent] actions [in Ukraine], though they haven't singled out palladium as a target. Another concern is that Russia could withhold palladium from the market to raise pressure on the U.S. and its European allies.''
''There is no easy way to boost production from other sources to make up for a shortfall from Russia. Mine workers have been on strike in South Africa, which supplies 37% of global production, since Jan. 23. Analysts at HSBC predict palladium supply will trail demand by 1.06 million ounces this year, double last year's shortfall.''
Last update: Mar 07, 2014 11:30:03 AM
This is not a recommendation to buy or sell.
Let us help you:
available now at