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Asian Metals Market Update: March-19-2018

By: Chintan Karnani, Insignia Consultants

 -- Published: Monday, 19 March 2018 | Print  | Disqus 

Strong global economic fundamentals can limit the rise of gold and silver. Whenever the focus moves away from global economic fundamentals like a Russia-UK/US spat etc. gold and silver will rise. Gold and silver will zoom if there is any clear indication of three interest rate hikes by the Federal Reserve (two after this week’s hike). I am hyper bullish in gold and silver on or after July. There is a very big chance that gold and silver form a multiyear bottom this year and move towards $2000/$45.00. However short term investing and intraday trading is a different ball game. Bulls and bears keep on changing borders every day. Eternal bulls and eternal bears will make losses on short term investment in gold and silver.


The global media has ignored the genocide in the Middle East and the plight of people in Syria and Yemen. The USA wants to do a Middle East in the South China Sea. The Chinese are not Vietnam of the 1960’s. It is only going to get worse in the South China sea and Indian ocean. I am noticing subtle changes to move into a worse situation. People will see the situation getting worse in two years’ time in the South China Sea and the Indian Ocean Region (IOR).  Developments in the IOR make me believe that gold is a must in everyone’s savings.


The USA has now demanded that Russia should stop selling its S-400 anti-air weapons system to the world including India and Turkey. If that is the case then why did it secretly sell its THAAD anti-air weapons system to South Korea? Trade sanctions and global alienation will not work with Russia any more. A China-Russia unity can easily beat American bully and American hooliganism. A China-Russia unity can even protect Iran from trade sanctions effect. USA/NATO is trying to control every nation which has vast natural resources. Gold has to be bought from savings in small amounts. Long term savers and for retirement planning gold also has to be bought. The state can seize your paper savings any time even if it is gold ETF. An Indian style demonetization can be aped by other nations leaving your saved cash as paper trash. The crypto currency heist makes me believe that no paper investment is safe for the long term. Gold and only gold is the only secure form of long term investment.


Merkel, Xi agree to work on steel overcapacity within G20: German Chancellor Angela Merkel and Chinese President Xi Jinping discussed overcapacity in world steel markets and agreed to work on solutions within the framework of the G20 group of industrialized nations. Our view: A Chinese-German tie-up will be bearish for the US dollar in the long term as either the euro or yuan could be used for trade.


U.S. government to accept metals tariffs exclusion requests from today: The U.S. Commerce Department said it will begin accepting requests from today for product exclusions from President Donald Trump’s new steel and aluminum import tariffs, but it could take up to 90 days for the agency to make determinations.


The Bank of England meeting is on Thursday. A key summit between British and European officials is on Thursday and Friday on Brexit. Clues on BOE interest rate hikes will be the key. There can be four percent one way moves in the cable anytime. Thus is a big week for the cable.


COMEX COPPER MAY 2018 – current price $308.20

Bullish over $308.00 with $311.40-$314.10 and $317.30 as price target

Bearish below $305.60 with $302.90 and $300.50 as price target

  • There will be another wave of sell off if copper trades below $308.00 to $305.60.
  • Copper needs to trade over $308 to be in a bullish zone. Copper trades over $8-$10 either side anytime from the current price of $308.20.

MCX SILVER MAY 2018 – previous day close: Rs.38358

(Weekly view below)

  • Failure of silver to break and trade over 39263 by Friday will result in a fall to 37406 and 36906.
  • Immediate support is at 37906. Silver will try to rise to 39263 as long as it trades over 37906.
  • Sellers will be there below 37906.

(Prices in Indian rupee above)


Disclaimer: Any opinions as to the commentary, market information, and future direction of prices of specific currencies, crypto 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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