Metals - Oct 12,2009
Sunday, October 11, 2009
by PitGuru.com Authors of PitGuru.com
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The Metals Pit Review
For the week of October 12th, 2009
By PitGuru Daniel Cronin
Precious and base metals had a great week as the USD continued its slide as investors poured into Gold, Silver and Platinum. Gold was up 3% to a new weekly close of $1,046 and Silver gained as much as 8.7% to close out at $17.70/oz on the COMEX. Platinum now trades at a handle of $1,340 which was good for a 4% gain on the week and Copper gained a nice 6% as it came off of the support levels of $2.65 and traded up to $2.90.
New all-time high for Gold above $1,033, and it seemed like more and more investors wanted to get in pushing the market above $1,055 where it now has an all-time high of $1,059/oz. Silver has been lagging behind but if you notice it had a much better week percentage wise than Gold when you consider that Silver was up almost 9% so it looks like Silver may be a better place to put your money right now as the advantages to the upside seem greater.
Copper looks relatively supported in the $2.85 range as it was on the verge of a major sell off if the market had happen to fall below $2.64. This week may be a big one with earnings coming out from major companies. Just like with Alcoa last week, if companies can make both the bottom and top line growth than Copper could really move. Keep an eye out for those earnings with JPMorgan Chase & Co., Goldman Sachs Group Inc., Citigroup Inc. and Bank of America Corp. along with Google Inc., Southwest Airlines Co., Intel Corp., IBM Corp., General Electric Co., and Johnson & Johnson. This may be the big market driver this week.
Recent articles from this author
- Financials - Mar 15,2010 - Sunday, March 14, 2010
- Energies - Mar 15,2010 - Sunday, March 14, 2010
- Metals - Mar 15,2010 - Sunday, March 14, 2010
- Softs - Mar 15,2010 - Sunday, March 14, 2010
- Grains - Mar 08,2010 - Sunday, March 07, 2010
About the author
Daniel Cronin - PitGuru.com's Energies & Metals Guru Daniel Cronin has spent years on the floor of the Nymex as part of one of the largest energy floor brokerages in the business. His extensive experience stems from not only his Pit background but also through intense studying and implementation of complex technical analysis and market trading techniques via the mentorship of the now retired Ralph Acampora. Mr. Cronin brings subscribers a rare combination of book smarts and real world trading experience in one of the most volatile market sectors in the futures industry. Matthew Pierce - PitGuru.com's Grains Guru Mr. Pierce is a unique acquisition for Futures Press Inc. in that he has an unmatched level of real hands-on experience within the industry in addition to his floor trading expertise and top notch education at the University of Illinois College of Agriculture. Matthew has literally cultivated the perfect professional career as a grain expert by working with the industry's most recognizable companies such as Cargill, LaSalle Group, Conagra, Walsh Trading Inc. and many more. In addition to trading on the floor of the Chicago Board of Trade, Mr. Pierce writes what many in the business believe to be the best kept secret amongst trading reports available in the industry. Jurgens H. Bauer - PitGuru.com's Softs Guru Jurgens owns and operates his own order execution firm on the ICE trading floor. He has been a member since 1987. His firm, Jurgens Bauer and Associates, specializes in executing option orders for a wide array of customers and a variety of industry participants, including individual speculators, funds and members of the trade. While Jurgens has been an active member of the trading community he has also spent time since 2000 working at raising awareness of environmental commodities, educating industry professionals on emissions trading, brokering transactions between private counter parties and developing SO2 and NOx contracts for the NYMEX. Frank LaMantia - PitGuru.com's Financial Guru Soon to be Dr. LaMantia, Frank is not only one of the most educated traders on Wall Street, but also maintains an industry resume of substance and depth. Frank has worked extensively on an Institutional preferred stock syndicate desk, as a government bond specialist, and as a financial advisor all the while achieving multiple licenses in the finance field. With an extensive and impressive client list (including Citibank, Bear Stearns, Lehman Brothers, AG Edwards, Mesirow, UBS, and numerous Hedge Funds), Mr. LaMantia brings his one-of-a-kind background to his current occupation of full time trader.
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