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Asian Metals Market Update: December-14-2017

By: Chintan Karnani, Insignia Consultants

 -- Published: Thursday, 14 December 2017 | Print  | Disqus 

Traders had priced in four interest rate hikes for next year. The Federal Reserve says three. This resulted in the US dollar falling and gold and silver getting a boost. All is not over. The European central bank and the Bank of England meetings can affect the markets. America’s growth outlook for 2018 has been raised. If the ECB and BOE also raise their growth forecast for next year, then the US dollar could see another sell off and gold and silver could get back some of the lost investor confidence.


The lower base for US nonfarm payrolls for next year is 140,000. The US economy needs to continuously add 140,000 NFP every month to ensure the case for an interest rate hike every quarter. Next year there is a competition between the USA, the UK and the Eurozone on growth versus interest rate. The Eurozone has imported migrants from Africa and Asia for higher growth. Migrants will ensure that Eurozone growth beats American and UK. Eurozone member nations are distributing free money to the migrants just to support their “too big too fail” corporations. This is a very disturbing practice and a self-destructive practice. Gold and other non US dollar alternates will zoom.


Everyone says bitcoin and other crypto currencies are not backed by anything. I ask everyone was the US dollar backed by anything when it started after the First World War. The US dollar is just backed by a heavily indebted nation currently. Nations are supporting the US dollar as they have invested heavily in US bond markets. If the USA sinks a lot of nations will become bankrupt. There will be mass unrest globally. With bitcoin and other crypto currencies, it is just a starting point to replace the US dollar and other paper currencies. Over a period of time as central banks start supporting it, bitcoin and crypto currencies will be backed by nation’s physical assets.


COMEX SILVER MARCH 2018 – current price $1606.00

Bullish over $1601.60 with $1622.10 and $1661.80 as price target

Bearish below $1584.70 with $1563.60 and $1542.50 as price target

·         Silver needs to trade over $1600 today to rise to $1661 and $1717.

·         Immediate support is at $1584.70. There will be a sell off only if silver trades below $1584.70 after the UK opens.

·         Silver will crash only if it trades below $1563 after ECB press conference at around 7:20pm IST (GMT +5:30).

MCX SILVER MARCH 2018 – previous day close Rs.36967.

·         Silver needs to trade over 37103 today to rise to 37544 and 38033.

·         The price region between 36824-37103 is an anything can happen zone.

·         Sell off will be there only below 36824.

·         A daily close over 37544 today will be very bullish for silver for the rest of the month.

(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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