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Asian Metals Market Update: September-5-2019

By: Chintan Karnani, Insignia Consultants

 -- Published: Thursday, 5 September 2019 | Print  | Disqus 

Silver is the talk of the town. Silver has finally started showing its true colors. New silver traders and investors were surprised by recent price move. I have seen a lot of zoom and bust in silver since 2001. I have been fascinated by silver due to its uses. Silver is still a poor man’s gold compared to gold. One should invest in silver even at current prices. Silver is still highly undervalued. In the short term, trend of silver from Monday will be the key.


Gold rose to a new yearly high. Silver is already at a multiyear high. Momentum as well as technical are very bullish for gold and silver. I am not even sure whether US ADP number today and US nonfarm number tomorrow will have any significant effect and long lasting effect on gold and silver prices. Yesterday all metals and energies rose. Nickel was stable. Copper, zinc, lead, crude oil and natural gas rose sharply. This makes me believe that either China is storing lots of industrial metals as a hedge to future trade sanctions by USA OR investors are diversifying into industrial metals.


Brexit will support gold. UK could move into a technical recession. Eurozone has its own growth issues. India and China are grappling with slowdown. There is just hope that growth will show a long term bottom very soon. The only way for higher growth is to reduce overall taxes for the masses. This is something which no politician thinks. Interest rate cuts does not create jobs. It only increases short term spending.


US China trade deal will happen next month. Till then, speculation on the deal will affect gold and silver.


COMEX GOLD DECEMBER 2019 – current price $1552.85

·         Gold can rise to $1591 by tomorrow as long as it trade over $1538-$1542 zone.

·         Crash or sell off will be there below $1539.

·         Trend is very bullish.

COMEX SILVER DECEMBER 2019 – current price $1950.30

·        Silver can rise to $2074 and $2200 by Monday as long as it trades over $1890-$1910 zone.

·        Crash will be there if silver does not break $2000 today.

NYMEX CRUDE OIL (JULY 2019)  - current price $56.40

·        Crude oil needs to trade over $55.50 to rise to $60.40.

·        Crash will be there below $55.50 today.

·        There can be very sharp two way moves.

COMEX COPPER DECEMBER 2019 – current price $261.40

·        Copper needs to trade over $260 till Monday to rise to $278.

·        Crash will be there below $258.00.

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. All analyses used herein are subjective opinions of the author and should not be considered as specific investment advice. Investors/Traders must consider all relevant risk factors including their own personal financial situation before trading. 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.

Insignia Consultants does not have any branches in India.

Insignia Consultants does not have any marketing agents in any city in India.



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