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|PRECIOUS METALS REVIEW - 02/23/07||Views: 722|
|Feb 23, 2007 9:39 pm||PRECIOUS METALS REVIEW - 02/23/07||#|
|PRECIOUS METALS REVIEW - 02/23/07|
In the precious metals markets this week . . .
Monex spot gold prices opened the week at $666 . . . traded as high as $688 on Friday and as low as $657 on Monday . . . and the Monex AM settlement price on Friday was $683, up $14 for the week. Gold support is now anticipated at $683, then $672, and then $660 . . . and resistance anticipated at $693, then $704, and then $728.
Monex spot silver prices opened the week at $13.93. . . traded as high as $14.64 on Friday and as low as $13.67 on Monday . . . and the Monex AM settlement price on Friday was $14.59, up $.62 for the week. Silver support is now anticipated at $14.35, then $14.17, and then $13.83 . . . and resistance anticipated at $14.65, then $14.85, and then $15.20.
Monex spot platinum prices opened the week at $1,209 . . . traded as high as $1,238 on Friday and as low as $1,207 on Monday . . . and the Monex AM settlement price on Friday was $1,233, up $28 for the week. Platinum support is now anticipated at $1,220, then $1,185, and then $1,160 . . . and resistance anticipated at $1,245, then $1,280, and then $1,313.40.
Monex spot palladium prices opened the week at $337 . . . traded as high as $358 on Friday and as low as $333 on Monday . . . and the Monex AM settlement price on Friday was $357, up $16 for the week. Palladium support is now anticipated at $355, then $347.50, and then $322.50 . . . and resistance anticipated at $361, then $372 and then $385.
QUOTES OF THE WEEK:
From Mary Anne and Pamela Aden, publishers of the widely-read Aden Forecast, in their weekly Web update (www.adenforecast.com) posted this past Wednesday:
"Gold and silver surged today as the C rise gains ground , in spite of a stable dollar. Iran's plans to continue with their nuclear program and growing tensions fueled the rise. As you know, C rises tend to be the best intermediate rise in the gold price, which is when gold rises to new bull market highs. With both gold and silver at nine month highs and approaching their May highs, it looks like this C rise will not be an exception (see Webextra). Both will remain very strong above $660 and $13.60, respectively, in this now seven week rise. Let's see if the May peaks near $722 and $14.80 can now be surpassed. Platinum is also jumping up and it's very strong above $1200."
From Richard Russell, legendary market analyst and publisher of Dow Theory Letters, in an update posted this Thursday on his website (www.dowtheoryletters.com):
"I want to emphasize the part that China and India and probably various Arab states could now be playing in the gold picture. Unlike US citizens, the three just mentioned are well versed in the value and the power of gold. The Chinese, Indians and Arabs understand that gold is real money, that it represents wealth that cannot be destroyed by governments or central banks. Thus, I believe that our overseas friends will be playing an increasingly large part in the gold picture.
In both ancient and modern history, gold has always flowed towards the strongest nations. Financial and even military strength has always acted as a magnet for gold. Thus, it will be most important to watch the flow of gold towards nations in the years ahead. Interestingly, the nations mentioned are all actively encouraging their citizens to accumulate gold. This is particularly true, I believe, in the case of China."
From veteran market analyst Jim Sinclair, writing on his website (www.jsmineset.com) on Thursday evening:
"There came a time in the late 70s where it became obvious that my extreme trading activity had maximized its usefulness. At that time I reduced my sales on strength and increased my buying on weakness until finally maxed my position and sat back for the ride. Gold broke above $400 for the 2nd time and that was all the full sized lady sang. There are some signs that this time may be approaching again.
Stop looking for reasons to be wrong, which is the apparent hobby of the new crowd, and see the clear success you have waited for. I do not like the reasons why this will occur, but better to be on top of a rolling barrel than under it."
This is not a recommendation to buy or sell.
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