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-- Posted Friday, 28 December 2007 | Digg This Article | Source: GoldSeek.com

INSIGNIA CONSULTANTS
Asian Metals Market Update for 28th December, 2007
GOLD	SILVER
COMEX GOLD FEBRUARY FUTURE -- $833.30	COMEX SILVER -- MARCH FUTURE -- $1483.0
EXPECTED TRADING RANGE
GOLD FEBRUARY 08   -- $823.0 -- $840.00	SILVER  MARCH 08  -- $1448.0 - $1530.00
COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE
COPPER MARCH 08   -- $314.00 - $323.00	NYMEX CRUDE OIL   - $92.00 - $99.00
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GENERAL MARKET CONDITIONS
The assassination of former Pakistan Prime Minister Benazir Bhutto may not affect markets in the short term but will have long term implications as Pakistan is a nuclear country and has a history of supporting terrorists. Mr. Musharraf is trying his best of remain in power and his ambitions of remaining in power is the prime reason for fragile situation in Pakistan. Pakistan’s neighbors are Iran and Afghanistan (apart from India). Iran is foe of US and it allies while in Afghanistan allies troops are fighting the terrorists and Taliban and other Islamic fundamentals. US and its allies are trying their best to find a reason to attack Iran which at the moment is that of Iran having nuclear weapons. US needs Pakistan’s support both for Afghanistan and for Iran. They have no other options other than to support the ruler of Pakistan if they were to fight the war on terror.
The current situation in Pakistan and Afghanistan is nothing but the aftermaths of “Cold War”. First US government supplied weapons and money to Islamic fundamentalists to remove Russian occupation from Afghanistan which in turn lead to the rise in Islamic fundamentals and they acquired the names of “Taliban, Al Quaida etc” and started ruling Afghanistan and did not become a puppet of USA. In order to remove the created puppets by the names of Taliban and Al Quaida they attacked Afghanistan for which they have failed so far.  In these attacks a lot of innocents are killed for which there is no accountability. Killing of innocents will only increase the hatred towards US and its allies and a rise in geopolitical risk. Gold and only gold will benefit from the same.
As far as Iran is concerned, everybody knows that the US wants to control Iran’s huge oil and Natural gas resources and that they have it by hook or by crook. The end result a sagging US dollar and firmness in gold prices.
Gold has raised nearly $40 over the past one week. There could be profit taking as traders leave for New Year. However geopolitical situation risk will prevent from leaving short position on the weekend. Base metals are looking weak.
SILVER -- MARCH FUTURE -- INTRA DAY PIVOT $1458.0
Silver breaks and holds $1500 then $1554 as long as it floats over $1458. Falls below $1458 then $1438 and $1417.
WISH YOU A VERY HAPPY NEW YEAR
Disclaimer : Any opinions as to the commentary, market information, and future direction of
prices of specific currencies, precious metals, base metals, or equity indices reflect the views
of the individual analyst, In no event shall Insignia Consultants or its employees  have any liability
for any losses incurred in connection with any decision made, action or inaction taken by any
party  in reliance upon the information provided in this material; or in any delays, inaccuracies,
errors in, or omissions of Information.

-- Posted Friday, 28 December 2007 | Digg This Article | Source: GoldSeek.com

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