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Asian Metals Market Update



By: Chintan Karnani, Insignia Consultants

 -- Published: Wednesday, 8 October 2014 | Print  | Disqus 

The direction of the US dollar will be the key to gold and silver prices. Demand in Asia should rise further today and till the weekend. The progress of the Islamic state in the Middle East is a cause of concern for everyone. Unconfirmed reports suggest that Army retirees and discards from the USA and Europe are a part of the “Islamic state” army. Indirectly NATO nations are supporting the “Islamic state”.

IMF forecast for next year

The IMF now sees 2014 global growth of 3.3% and 2015 growth of 3.8%, a decline of 0.1% for 2014 and 0.2% for 2015 from forecasts made in July. That comes even as the IMF became more optimistic about U.S. prospects this year, with an upgrade of 0.5%, to 2.2% growth. U.S. growth is still seen at 3.1% next year. The IMF is worried over rising Middle East risk.

Our view: Higher US economic growth can never lift global growth. Outsourcing of manufactured goods and outsourcing of services will reduce in this US economic growth phase.  The US will import more raw materials in this growth phase. Chinese manufacturing companies and so called “Banglored jobs” will reduce this time. Workers in the USA are willing to work at lower pay and have also adapted to changing skill sets needed. Higher US demand will not result in a Eurozone recovery or a Chinese recovery. If global growth remains stagnant next year, then gold and silver should rise. Investors are wrong over the pace of rise of higher interest rates in the UK or the USA.

TECHNICAL VIEW

MCX SILVER DCEMBER 2014 – prices in Indian Rupees below

Silver needs to trade over 37900 today to rise to 39030-39456-40900. There will be another wave of selling if and only if silver trades below 37900 either in the UK session or the US session. Jobbers watch 38400 all the time.

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 Chintan Karnani

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.

Trade without emotions

"Print this report only if absolutely necessary. Save Paper. Save Trees."

NOTES TO THE ABOVE REPORT

Follow us on Twitter @insigniaconsul1

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)

PLEASE NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS

PLEASE USE APPROPRIATE STOP LOSSES ON INTRA DAY TRADES TO LIMIT LOSSES.

APPROPRIATE STOP LOSSES PER LOT IN US DOLLARS ON THE TRADING CALLS GIVEN IN THIS REPORT

COMEX GOLD – $15-$17

COMEX SILVER: $25-$30

COMEX COPPER: $3

NYMEX CRUDE OIL: $0.60

SPOT SILVER: $0.25

SPOT GOLD: $15-$17

THE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT

Customer care: 9311139549

You can also mail your queries at insigniacommodity@gmail.com

Chat Id: mcxsuretips@gmail.com (gtalk), insigniaconsultants@yahoo.com (yahoo)

              (10:30 am to 5:30 pm Indian time, Monday to Friday)

 


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