The Market Gage – World Gold Council Report Wacks Markets

“The Market Gage” features insights into the precious metals market from Roy Friedman. Roy has over 30 years of in-depth experience in all facets of precious metals.

Precious metals and most base metals took it on the chin yesterday, as a report about China released by the World Gold Council sent our markets sharply lower. Today’s commentary will conclude with a brief summary of that report which I wrote yesterday afternoon. This morning finds all four precious metals trading close to yesterday’s settlement prices, as gold pivots around $1,300.00 and looks for direction while silver, currently up 10 cents at $19.60, appears to have plenty of work ahead as it will take a break above resistance at $20.20 before investor confidence is restored. Platinum and palladium continue to be very resilient, with palladium back above $800.00 this morning. In the short term, gold support stands at the 100-day moving average at $1,277.00 with resistance at the 10-day average at $1,308.00 and 50-day at $1,319.25. Silver should continue to find good physical support below $19.25, while stiff resistance can be expected from the 10-day average at $19.89 through the 100-day average at $20.20.

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The Market Gage – Pallidium Approaches 3 Year High

“The Market Gage” features insights into the precious metals market from Roy Friedman. Roy has over 30 years of in-depth experience in all facets of precious metals.

Gold, platinum and palladium performed well last week as dovish FOMC minutes along with further comments from Fed Chair Yellen along with continued tensions in the Ukraine supported higher prices. Trading resumed yesterday with good buying seen on the electronic trading platform along with strong physical demand throughout the Asia Pacific region as escalating tensions in the Ukraine are raising concerns over Russia’s involvement.

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The Market Gage – Payroll Report Briefly Bumps Up Gold and Silver

“The Market Gage” features insights into the precious metals market from Roy Friedman. Roy has over 30 years of in-depth experience in all facets of precious metals.

This morning’s Non-Farm Payroll data showed a job creation of 192K, which was below the increased economic consensus of 200K while the unemployment rate held steady at 6.70 percent with many looking for 6.60 percent if not 6.50 percent.

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The Market Gage – Gold and Silver Probe Lower

“The Market Gage” features insights into the precious metals market from Roy Friedman. Roy has over 30 years of in-depth experience in all facets of precious metals.

Precious metals have traded in narrow intraday ranges the past few days with good physical demand in the U.S. and Asia supporting prices while technical selling has capped the upside. In front of tomorrow’s key economic data (Non-Farm Payroll / Unemployment report), gold and silver are probing lower while platinum and palladium probe higher.
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The Market Gage – Lackluster 1st Quarter End for Gold

“The Market Gage” features insights into the precious metals market from Roy Friedman. Roy has over 30 years of in-depth experience in all facets of precious metals.

The final trading day of the first quarter brought us a lackluster, indecisive day for gold and silver while platinum, and to a lesser degree palladium, have found better support on the recent dips and are again moving higher. Overnight data from China again highlighted the fragile state of their economy as the HSBC Manufacturing Index contracted and added to gold and silver’s woes as both moved lower.

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The Market Gage – Weaker USD Helps Gold Hold Above $1,300

“The Market Gage” features insights into the precious metals market from Roy Friedman. Roy has over 30 years of in-depth experience in all facets of precious metals.

Precious metals, with the exception of palladium, are in positive territory this morning after speculative long positions continued to be liquidated yesterday. The Crimea situation, which may escalate yet again, is still developing as witnessed by a brief engagement at a military base on Sunday and the G8 group of leading industrial nations suspending Russia’s membership.

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The Market Gage – Yellen’s Statement Suppresses Precious Metals

“The Market Gage” features insights into the precious metals market from Roy Friedman. Roy has over 30 years of in-depth experience in all facets of precious metals.

Janet Yellen proved to be no Ben Bernanke as far as the precious metal community was concerned, as the FOMC statement that followed the 2-day meeting and her subsequent press conference had a much more “hawkish” tone than expected and added to the losses our markets had already seen this week.

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The Market Gage – Volatile Week Likely to Continue

“The Market Gage” features insights into the precious metals market from Roy Friedman. Roy has over 30 years of in-depth experience in all facets of precious metals.

President Putin’s speech before the Russian Parliament announcing the formal annexation of Crimea also included assurances to the “West” that Russia had no intention of further expanding their borders and this event was long overdue as it corrected a previous mistake. This statement brought us an across the board sell off for precious metals, with gold and silver bearing the brunt of the downside move.

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The Market Gage – Crimean Vote Led Gold Higher Sunday

“The Market Gage” features insights into the precious metals market from Roy Friedman. Roy has over 30 years of in-depth experience in all facets of precious metals.

Yesterday, in an overwhelming majority, the citizens of Crimea voted to secede from Ukraine and join Russia. While expected, the news did give us an early rally in precious metals when trading resumed yesterday, as gold led the market higher topping out at $1,392.00.

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The Market Gage – Precious Metals Rise On Global Concerns

“The Market Gage” features insights into the precious metals market from Roy Friedman. Roy has over 30 years of in-depth experience in all facets of precious metals.

Precious metals are up across the board this morning as geopolitical and global economic concerns continue to bring us higher prices. Gold is now at a six month high trading in the upper $1,380.00s and appears poised to try higher with $1,425.00 – $1,440.00 as the next goal. The situation in Crimea will be front and center over the weekend as the referendum to secede is voted on, but the results could take a week or more to be announced and could be accompanied by Russian military intervention and civil unrest.

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