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Asian Metals Market Update

By: Manan Somani, Insignia Consultants

 -- Published: Thursday, 15 May 2014 | Print  | Disqus 

I have been out and out a long term silver bull. I will always remain a silver bull. The demand for silver in technology and robotics will be huge over the coming years. I see a robotic world over the coming years and technology dictating our everyday lives. Without silver this will not be possible. There should be a severe shortage of physical silver. I expect to see silver shortages starting anytime after a period of four years from now. Silver is now manipulated by a cartel of large hedge funds due to their open positions in the options market. In the past also JP Morgan was caught manipulating silver. I suspect some new rogue hedge fund is manipulating silver now. Just remember that silver is the best metal and the only cheap metal to prevent global warming. Silver the cheap metal could be silver the inert metal in a decade from now.

Gold and silver are looking at the moment. Every time I have been bullish on gold and silver they have been bombarded. I just hope gold breaks past $1320 by Monday and silver trades over $1950 till Monday. Today there are a lot of key economic data releases from the USA which can affect metals, energies and the US dollar. After today, next week’s FOMC minutes on Wednesday will be the key. So basically after today we will have three trading days with a US economic data vacuum. The trend in today's US session will continue till Tuesday.

I believe that Russia is fighting a losing battle over Ukraine. In case the Ukrainian crisis moves into next year, then we could see a Russian disintegration and NATO gobbling Russia. It is in Russian interest to find a peaceful and long lasting solution to Ukraine in the next six months. Russia needs to remember NATO will not budge. Gold and other safe havens including the US dollar will remain firm the longer it takes time to solve Ukraine.

Thanks for voting in the Indian elections. We are giving free services to anyone who have voted in this election. You can mail your email id at or sms/whatsapp you email id at 9811139549 or call at 9811139549 if case you have any queries.

New Indian government: The initial challenges and my personal expectations

The initial challenge for the new government till October will be on (a) Interest rates, as industry desperately wants interest rates to be cut (b) June to November is generally a period where prices of fruits, vegetables and other eatables zoom. People have expectations that there will be a certain limit to the rise. (c) Proper dealing with monsoon which generally results in drought in some parts of India and floods in some parts of India.

On the personal front I would like manufacturing growth to rise. India can never be a global super power and/or achieve double digit growth. India has to reduce its possessiveness with imports. There are laws which are there to promote manufacturing growth and also reduce imports. Strangely or deliberately whichever way one interprets, these laws are never implemented in totality. The Indian custom department has to be strengthened to prevent unnecessary imports.

People living in urban cities should not be untouchable for the new government (like the current UPA government). Affordable healthcare should be increased in urban areas so that they catch with every growing urban population. Garbage disposal units should increased to make cities free from garbage related diseases such as dengue, malaria and other which infects a large section of the Indian population every year and puts a big hole in the pocket of every urban Indian. Travelling/celebrating at night is a nightmare in most Indian cities due to bad law and order.

Lastly I would like the benefit to higher prices of eatables to be passed on the small farmers and that soft loans offered by state run banks reaches the small farmers (at the moment soft loans offered to farmers reaches mainly the farmers with large land banks). Steps should be ensured that not a single farmer commits suicide due to heavy burden of loans.


COMEX GOLD JUNE 2014 – current price $1304.70

Bullish over $1296.00 with $1319.00 and $1336.00 price target

Bearish below $1286.00 with $1280.00 and $1269.00 as price target

Neutral Zone between $1286-$1296

  • Gold needs to break and trade over $1321 for another set of rise to $1336 and $1362
  • There will be sellers only if gold trades below $1296 in US session

MCX SILVER JULY - prices in Indian rupees below

Resistance is at 42879 and only a break of 42879 will result in more rise to 43365-44304. Initial support is at 42412 and there will be sellers if silver trades below 42412 in UK session or US session.

Disclaimer: Any opinions as to the commentary, market information, and future direction of prices of specific currencies, metals and commodities 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. Nothing in this article is, or should be construed as, investment advice. Prepared by Manan Somani

Disclosure: Insignia consultants or it employees do not have any trading positions on the trading strategies mentioned above. Our clients do have positions on the trading strategies mentioned in the above report.

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UK session starts around 1:30 pm Indian Standard Time (+5:30 GMT) -- after the release of LME daily inventories

US session starts at 6pm pm Indian Standard Time (+5:30 GMT)




COMEX GOLD – $15-$17





SPOT GOLD: $15-$17


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