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Asian Metals Market Update: October-11-2017

By: Chintan Karnani, Insignia Consultants

 -- Published: Wednesday, 11 October 2017 | Print  | Disqus 

Political developments from every nook and corner of earth make me believe that I should increase my contingency fund and also increase the allocation to physical gold. Short term corrections (if any) are a part and parcel of a long term bull rally. The pace of rise of gold and silver will be slow till the end of next year. Gold and silver are not for make a quick buck and vanish. Hit or miss traders should trade in bitcoins and not in gold or silver.


The world is on the verge of total chaos due to some maverick politicians in every nation. Protectionism and bilateral trade are on the rise. The global banking system should collapse in the next five years. Nations will not be able to protect their “too big too fail” banks. Your money in the banks could turn into a bad debt for you. So I will prefer to invest in physical gold and silver. Why not buy some copper utensils and silver utensils for your home as a part of investment diversification. Health and investment side by side.


Increase in liquidity of bitcoins and other forms of crypto currencies should also boost gold and not the other way round. One should ignore all the negative news on bitcoins and use sharp dips to invest. Nations will be forced to regulate bitcoins and tax bitcoins.


Iran & Turkey agree to use national currencies in trade to cut dependence on the euro and dollar. The aim is to improve economic links and make bilateral trade easier. Banks in the two countries will also be able to use international payment tools to convert currencies into rials and liras. This should give a big boost to gold prices. NATO members cannot use their standard isolation policies with Turkey. It is a very big economic power house. Serious US dollar dumping has begun. Wars and trade sanctions will be useless to increase the purchasing power of the US dollar.


Catalonia’s president has stepped back from an immediate declaration of independence from Spain. Catalonia is just the precedent to more and more independence referendum from all across the world. Only Germany, France and Italy have positive economic growth in the Eurozone. The rest of the members get substandard treatment in the hands of Germany and France. The Eurozone is not just Germany and France. Other members of the bloc will (in the future) not adhere to the dictates’ of the Eurozone council which should result in a breakup of the Eurozone. Another reason for me to invest in gold or remain invested in gold.


NYMEX CRUDE OIL (1ST CONTRACT)  - current price $51.05

Bullish over $50.60 with 51.70 and $52.30 as price target.

Bearish below $50.10 with $49.60-$49.30 and $48.80 as price target.

Trading strategy:  Buy at $50.60 stop loss  $49.40 for $52.30 and $53.20.

  • Crude oil needs to trade over $50.60to rise to $51.60 and $53.00.
  • There will be sellers only below $50.60 today.

MCX CRUDE OIL OCTOBER – previous day close Rs.3331

  • Resistance is between 3348-3365 zone. A break of this zone will result in 3413-3472 and 3526.
  • Key support is at 3315. There will be sellers only below 3315 to 3289-3271 and 3240.
  • A daily close over 3365 today should be very bullish for crude oil for the rest of the week.

 (prices in Indian rupees above)

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.

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