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| Mar 24, 2007 3:56 pm |
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PRECIOUS METALS REVIEW - 3/23/7 |
| me4you
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PRECIOUS METALS REVIEW - 3/23/7
GOLD:
Monex spot gold prices opened the week at $652 . . . traded as high as $666 on Thursday and as low as $652 on Monday . . . and the Monex AM settlement price on Friday was $656, down $7 for the week. Gold support is now anticipated at $655, then $647 and then $635 . . . and resistance anticipated at $660, then $664, and then $671.
SILVER:
Monex spot silver prices opened the week at $13.12 . . . traded as high as $13.49 on Thursday and as low as $13.10 on Friday . . . and the Monex AM settlement price on Friday was $13.14 down $.26 for the week. Silver support is now anticipated at $13.11, then $12.95, and then $12.70 . . . and resistance anticipated at $13.35 then $13.50, and then $13.63.
PLATINUM:
Monex spot platinum prices opened the week at $1,223 . . . traded as high as $1,239 on Thursday and as low as $1,223 on Monday . . . and the Monex AM settlement price on Friday was $1,228, down $8 for the week. Platinum support is now anticipated at $1,225, then $1,196, and then $1,180 . . . and resistance anticipated at $1,240, then $1,256, and then $1,270.
PALLADIUM:
Monex spot palladium prices opened the week at $352 . . . traded as high as $356 on Thursday and as low as $350 on Wednesday . . . and the Monex AM settlement price on Friday was $355, up $1 for the week. Palladium support is now anticipated at $350, then $343, and then $336 . . . and resistance anticipated at $358, then $362, and then $370.
QUOTES OF THE WEEK:
From Wayne Crawford, in the UBS Metals Daily report:
"Gold slipped lower over the past twenty-four hours as a recovery in the US dollar weighed on the metal and a decided lack of buyers were seen above the break-out level of $662/oz. Physical demand was slack yesterday with only a few kg into India compared to strong demand seen on Wednesday when gold had dipped below $660/oz, albeit briefly. We remain positive on gold and would expect better physical demand today or early next week. Seasonality and low stocks mean that the Indian market cannot wait for long, we believe. It will be interesting to see the changes in speculative positions that will be revealed from the COTR report tonight. We suspect there will be little overall change--some further long liquidation early in the week followed by some new long positions have made OI changes hard to read recently. We Forecast that gold will trade higher over the next one and three months and forecast the metal at $700 and $750/oz respectively."
From Martin Weiss, in Safe Money
"Gold is--and has always been--a safe haven for investors fleeing a wide variety of crises--inflationary surges, dollar plunges and the threat of geopolitical turmoil. But gold was never intended to be a hedge against any and all stock market declines. Meanwhile, the most powerful fundamental forces driving gold are still in high gear:
*The inflation numbers are worsening...
*The U.S. dollar is continuing to slide...
*Federal Reserve Chairman Bernanke is continuing to pump up the nation's money supply, and...
*If the mortgage meltdown worsens, he's likely to pump in even more.
Our forecast: Continue to allow for some more gold weakness in the short term. But if you get it, use it as another buying opportunity."
Monex Deposit Company
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Build & Protect Wealth
http://www.onerichchick.comPrivate Reply to me4you (new win) |
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