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Mix-Ansicht- Aktuelle Beurteilung aus"London" zu den Edelmetallen, im"Westen nichts neues" - AU, 12.06.2001, 09:24
Aktuelle Beurteilung aus"London" zu den Edelmetallen, im"Westen nichts neues"
MfG
AU
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Market Commentary 12/06/01: The precious metals group ended lower across the board on Monday. The yellow metal closed down $5.30 at $268.00 bid, after trading between $273.25 bid and $267.00 offered. Silver ranged between $4.3650 bid and $4.3400 offered, closing lower at $4.3425 bid, down 2 ¾ cents. Platinum posted fixings of $588.00 (AM) and $584.00 (PM), with July NYMEX losing $8.40 to close at $585.20. Palladium fixed at $614.00 (AM) and $614.00 (PM), with September NYMEX settling at $620.80, down $3.80. It appears as though the bulls didn’t believe gold could get back above $275, and the weaker longs decided to take the opportunity to sell. With Australia closed yesterday, the buyers had every chance to carry on where they left off on Friday, by artificially pushing the gold price higher in thin market conditions. This was not to be the case as Japanese selling was prominent in early trade and pushed gold over $2 lower. Although the yellow metal did attempt to rally in European hours as U.S. Investment bank buying dominated early exchanges. The move higher met with excellent selling from various sources, with dealers giving the first indication that they were happy to short the market at these higher levels. The yellow metal came under immediate pressure on the New York open as commission house and fund selling dictated the price direction and gold fell to $267 where excellent buying supported the price. Gold managed to drag itself back above $268 on dealer short covering prior to the Comex settlement. Yesterday’s close seems to be reasonably neutral considering the price action over the last two trading days. Bull’s may still gain comfort from the fact that gold managed to close above the 200 day MA located at $267.10, but with strong physical demand evident under $266 and specs happy to short gold above $273, it would appear that the yellow metal has just established a new trading range. Long liquidation met with light physical demand in Silver yesterday but in general the industrial metal continues to be happy following gold’s lead. Activity in the PGM market was confined to light liquidation in quiet trading conditions.
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