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Asian Metals Market Update: December-4-2017

By: Chintan Karnani, Insignia Consultants

 -- Published: Monday, 4 December 2017 | Print  | Disqus 

The US political scene will add spice to a very heavy economic data week. Gold and silver bulls were saved on Flynn’s Russian connection issues. I see every reason to invest in gold and silver for next year at current prices. I can write endless pages to justify my view to invest in gold and silver for next year. But gold and silver are only for the low risk investor. The world need not go to Las Vegas. It is on our mobile screen. Bitcoin and crypto currencies are the latest Las Vegas. Crypto currencies are a gamblers paradise except that there is no limit to winning.


Venezuela could be converted into another Libya (a nation which does not possess nuclear weapons) after its President said that it will launch oil backed crypto currencies. Venezuela will create a cryptocurrency,” backed by oil, gas, gold and diamond reserves. These are all long term bullish news for gold.


CME will start bitcoin futures from 18th December. The world follows what the USA does. Other global exchanges should start bitcoin futures and other crypto currencies futures next year. CME will get the first mover advantage. Assuming global liquidity to remain at current levels, bitcoin’s investment rise will be some other asset classes loss for next year. Global investment in bitcoin and crypto currencies will only rise next year. There will be investment withdrawal from either in stock, bonds, currencies, soft commodities, metals and energies. The most vulnerable investment class (due to higher investment demand in crypto currencies) from a retail investor point of view will be currencies and precious metals and certain soft commodities. Investment in bonds will be more of a hedge fund play rather than retail investor next year.


US November nonfarm payrolls will decide whether there will be another interest rate hike (after December) in March of next year. Late numbers imply that chances of a revision will be less. In this year, there have been significant revisions in previous months, making the current months headline NFP misleading. In January this will not happen. Gold and silver will zoom if the NFP indicates that the Federal Reserve will not raise interest rates in the first quarter of next year. Traders are slowly factoring in four interest rate hikes next year. This is one interest rate hike every quarter.


COMEX COPPER MARCH 2018 – current price $310.40

Bullish over $310.10 with $316.80 and $320.80 as price target

Bearish below $308.20 with $306.10 and $303.40 as price target

  • Copper gets another chance to rise to $326.90 this week as long as it trades over the $305-$309 zone.
  • Day traders watch $310 all the time.

MCX SILVER MARCH 2018 – previous day close Rs.38446.00

  • Support is at 38100. Silver needs to trade over 38100 to rise to 38679 and 39258.
  • There will be another wave of sell off if silver trades below 38100 today to 37818-37413 and 37064.
  • Silver is still not out of the bear shadow. This week is very crucial for the short term silver trend.
  • I will prefer to use this week’s silver fall (if any) to invest for month end.

(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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