Hence, all the metals flipped from better bid to better offer on profit-taking, with some eventually gave up on sympathy selling with the sharp decline in copper. Copper futures tumbled to their lowest level in 19 weeks breaking key psychological level of 7000. We believe large macro and technical funds have been selling fresh short down to 6870. We will see short squeeze back above 7000 if they not correct. Crude futures fell more than a dollar TODAY after a monthly report from the International Energy Agency forecast slowing growth in oil demand this year. The resurface of market talk about platinum-based ETF finally becomes mulls but supportive. Platinum is waiting for the release of an interim platinum market update by Johnson Matthey on 14th Nov, hence daily range will be more volatile than usual.

An interesting statement made by Federal Reserve Chairman about the gauges of inflation and economic growth based on measures of the U.S. money supply haven’t been reliable enough over the years to play a core role in monetary policy. In his speech, he did not discuss the specifics of current monetary policy or the economic outlook. However, for the past few days we’ve been highlighting about the USD, it’s our contention the trend for a weaker USD remains intact. According to some interesting near-term opportunities for USD shorts, medium-term GOLD bulls, who are not already long should wait for the second breakout of the range, but the risk / reward is unfavourable. Should there be a pull back, the bull would not want to have it.

We did not pass the point of no return yet.

ps: if you enjoy reading this week, i enjoyed writing. Lidia will be back on monday to provide you a better and wider coverage. … i am signing off here with best wishes

MKS Gold & Silver, Daily Report
by Bernard Sin

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