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Precious Metals Review


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Precious metals are up at the top of the range this morning with Gold +10 to $1,427 and Silver +64 to $30.30 here as inflation worries continue to have buyers flooding to this market. I think precious metals have been performing brilliantly in the past year, and actually in the last ten years as Gold has gone virtually straight up from its 2000 lows of $250. From Bloomberg, "Gold has jumped almost 30% this year, set for a 10th annual increase, as central banks and governments pumped trillions of dollars into their economies to bolster growth. Concerns about the U.S. economy and the European debt crisis fueled speculation that more stimulus measures are on the way, weakening the dollar and making gold and other metals cheaper for holders of other currencies." (1) If I take a look at Silver, it seems to me this metal is actually outperforming Gold as the market is +90% this year as the cheap value once at $16 has now doubled. I think prices are headed for new highs today on the Gold and Silver front so be on the lookout for $1,430 in Gold and $30.50 in silver to be broken. The Euro/USD has now been thrown out of the equation by the precious metals as this has decoupled from a once paired trading strategy.


Copper is having a sensational morning +10 cents right now to the yearly high of $4.10 and is looking to break to higher ground as the equities are called higher right now in the DOW +80 premarket. This market has been on a very nice upward trend since it touched the support of $3.60 three weeks ago and is now looking to climb to $4.25, the next resistance level. Equities are marching higher, and commodities are doing the same as well as inflation fears loom the market.


- Daniel Cronin, Metals Guru


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