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Asian Metals Market Update



By: Chintan Karnani, Insignia Consultants

 -- Published: Tuesday, 20 January 2015 | Print  | Disqus 

There will be another big set of one way moves just before the European central bank meeting or just after the European central bank meeting. Momentum is certainly in favor of gold and silver bulls. Indian demand for gold and silver is not much. Indian demand for gold and silver rises around Valentine’s Day. Gold and silver should also be supported by higher Chinese demand before the Chinese New Year next month.

 

German gold repatriation

The German central bank said yesterday that it stepped up the repatriation of its gold reserves from overseas storage last year. "The Bundesbank successfully continued and further stepped up its transfers of gold," the central bank said in a statement. "In 2014, 120 tonnes of gold were transferred to Frankfurt from storage locations abroad: 35 tonnes from Paris and 85 tonnes from New York." Under the Bundesbank's new gold storage plan in 2013, it decided to bring back 674 tonnes from abroad by 2020 and store half of its gold in its own vaults. Under the Bundesbank's new gold storage plan in 2013, it decided to bring back 674 tonnes from abroad by 2020 and store half of its gold in its own vaults. 

 

Our view: Gold will find support from European central bank’s gold repatriation. In fact some of the European central banks which were sellers under CBGA (central bank gold sale agreement) should turn out to be net buyers over the next few years. There is also unconfirmed reports that America has used the European gold for gold price manipulation since the early 70’s.

 

Trade in the technical. That’s all I can say. US economic data releases may not have a big impact on gold and silver. The direction of the euro will affect currency markets as well as commodity markets.

 

TECHNICAL VIEW

COMEX SILVER MARCH 2015 – current price $1770.00

Bullish over $1714 with $1846 and $1892 as price target

Bearish below $1703 with $1686-$1665 as price target

Neutral Zone between: $1703-$1714

  • Silver needs to trade over $1749 for the whole day for another big wave of rise to $1846.
  • There will be another wave of buying only if silver trades over $1796 either in the UK session or the 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 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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