A regular Commodities spread trading update by Simon Denham of Capital Spreads. For the latest Commodities spread trading update, click here.
Gold move strongly higher once more yesterday and this morning with the $770 level being traded at for the first time. Punters are just buying every small dip and are being rewarded on a continual trend higher. As mentioned before on this thread I am not such a gold bug and can find little reason to purchase at these levels other than the reason that everyone appears to want some. The trend and momentum charts are just one way and it would seemingly take a real shift to change the consensus view that precious metals market is the place to be.
Commodities Spread Trading, 18 Oct 07
On Gold we seem to have run out of puff for the moment after Silver rejected the recent rally. We have closed for three days in a row within a dollar or so of the previous day. Over the past few months this has generally meant that the market is just gathering itself for another push higher but with the dollar weakness today not helping our punters are starting to offload some of their longs for the first time in a while.
Oil had a choppy day yesterday looking for a break above $85 or below $82.80 in December Brent in several quite strong moves. All were ultimately defeated and we closed within 20 cents or so of Tuesday’s settlement. Punters are very unsettled wondering about the fabled $100 level
Commodities Spread Trading, 17 Oct 07
Oil still pressures the highs with December Brent Crude Oil Market at 83.47-83.52 just 35 cents off the all time high. There is no evidence of any profit taking just yet and if some of the geo political events actually occur then we could be seeing a nasty little spike. Turkey is annoyed with the States already after the old 'going back over ancient history' activity concerning Armenian atrocities around the time of the First World War. So may not be as amenable as it might be to a little persuasion over Northern Iraq. A US pull out from Iraq will (everyone knows but seems afraid to say) leave a huge power vacuum. Turkey would love the oil rich north, Iran the Oil Rich East and Syria and Saudi the Oil Rich West and South. After the last four years would anyone step in to stop them?
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Commodities Spread Trading, 5 Oct 07
Gold is up strongly this morning to new highs with strong far eastern buying in early morning action as stops above the 750 level were hunted out and killed. The climb in precious metals seems to show no sign of petering out and Silver has now breached the $14 level. Traders are long (as always) and sitting on their positions counting their money. I am continually surprised at the strength of a product that fundamentally has little value (you cannot eat it, use it as fuel, use it as special collateral (it is no better than cash), it's return (above capital appreciation) is pitiful and it's physical manifestation costs money to store), still the attraction continues and we can picture a spike in prices as the last gasp sellers are forced out.
'Commodities Prices' by DB, updated 04-Feb-08
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