STANDARD BANK DAILY
2012-04-02 09:04:47
Precious metals
Around the New York open yesterday, precious metals were under attack as a stronger dollar and month/quarter-end producer
squaring caught up with the market. However, this was soon reversed as bargain buying on dips pushed the metals higher
and the dollar started to weaken. In the Far East, the complex managed to hold onto the gains despite some selling in gold
and silver particularly—the sustained dollar weakening most likely softening the impact of this selling.
For today, focus is firmly on the Eurozone, as officials meet to discuss and possibly make changes to the EFSF and ESM.
Much of the recent euro strength (and consequent dollar weakness) is owing to expectations that the total funds will be augmented and that capital payments will be accelerated to get the funds up to full capacity more quickly. We expect precious
metals to follow the gyrations of the euro/dollar as markets react to speculations and/or announcements on this front. However, since most of the details of the intended changes to the bailout mechanisms appear to have already been leaked, we
expect any precious metal prices moves to knee-jerk reactions, rather than signal a new longer-term trend.
PGM is holding up relatively well, most likely as supply concerns are once again surfacing due to ongoing strike activity at
Anglo American Platinum and African Rainbow Minerals’ mines in South Africa. Apparently, representatives from management
and the union have been engaging in daily talks, but “progress is elusive”.
Gold support is at $1,651 and $1,638. Resistance is $1,672 and $1,679. Silver support is at $31.95 and $31.47, resistance is
at $32.63 and $32.81.
Platinum support is at $1,630 and $1,614, resistance is at $1,654 and $1,662. Palladium support is at $644 and resistance at
$658.
| TIME | |||||
|---|---|---|---|---|---|
| Sydney | Tokyo | Ha Noi | HongKong | LonDon | NewYork |
| Prices By NTGOLD | ||
|---|---|---|
| We Sell | We Buy | |
| 37.5g ABC Luong Bar | ||
| 5,333.50 | 4,913.50 | |
| 1oz ABC Bullion Cast Bar | ||
| 4,426.80 | 4,026.80 | |
| 100g ABC Bullion Bar | ||
| 14,205.60 | 12,905.60 | |
| 1kg ABC Bullion Silver | ||
| 1,728.40 | 1,378.40 | |
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