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Asian Metals Market Update: December-23-2019

By: Chintan Karnani, Insignia Consultants

 -- Published: Monday, 23 December 2019 | Print  | Disqus 

Look for signs of profit taking in all metals and energies as traders leave for Christmas and New Year vacations. China will lower trade tariff on a host of products ranging from pork to some type of semi-conductor. Gold and silver should fall as a result of Chinese move. Right now gold and silver are firm due to Trump and his impeachment. But they will be vulnerable to sharp correction any time.

The biggest news on the weekend: Iran, Malaysia, Turkey and Qatar are considering trading among themselves in gold and through a barter system as a hedge against any future economic sanctions on them, Malaysian Prime Minister Mahathir Mohamad said. “I have suggested that we re-visit the idea of trading using the gold dinar and barter trade among us,” Mahathir said, referring to the Islamic medieval gold coin. Our View: US dollar and paper currencies will take a big knock down. Invest only in physical gold. More and more nations are taking steps to hedge themselves against trade alienation from NATO nations. USA unilaterally imposes trade sanctions against any nations. NATO allies have to follow what USA does. United Nations is spineless. Gold is slowly becoming the means of exchange between central banks. The pace of rise of gold will vary. Every quarter may or may not give positive returns.

India and internet disconnection. Some lessons: Large parts of India had zero internet connection last week. Indian government is trying to promote a cashless society. Cashless transactions are rising with passage of every second. I know families which are cashless.  Every need is being met in the cashless way. When internet was disconnected these families had to rely on neighbours for survival. I would suggest to buy physical gold for times of distress. Do not think of the returns etc. Even physical notes and coins give zero return. It is happening now in India. Zero internet can happen in any part of the modern urban world. Physical gold is the only safe bet. You will be hitting the axe on your own foot if you or the family cashless. Even bank deposits are not safe. Lloyds bank in UK or the PMC bank in India are the best examples where people could not withdraw their own money from the bank. 

{Internet closure was necessary to prevent anti nationals and rioters. There is no danger to citizens of India. There is danger to migrants after Citizen Amendment Act. Religious organization are using this to divide India, break India and create hatred and fear. Please read the CAA act first and then protest. Ignore what you read on social media or on new channels.)

COMEX GOLD FEBRUARY 2020 – current price $1484.75

·       Watch $1485. Gold price can move $15-$20 either side from $1485.

·       Crash if gold falls below $1476.50 today.

·       If gold rises today, then chances of $1503 will be very high.

MCX Nickel January 2020: (previous day close/CMP Rs.1049.90):

  • Key weekly support is at 1023.20. Nickel can rise to 1182.40 this week as long as it trades over 1023.20.
  • Crash will be there below 1023.20 to 1007.40 and 982.20.

(Prices are in Indian rupees above. The above is a weekly view).

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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