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Metals - Mar 08,2010
Sunday, March 07, 2010
by PitGuru.com Authors of PitGuru.com
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The Metals Pit Review For the week of March 8th, 2010 By PitGuru Daniel Cronin Precious metals had a decent week as Gold rallied up to $1,145 and Silver gained more than $1 to trade at $17.75. The USD is in a very tight range here with the Euro USD trading between $1.3450 to $1.3715 in the last few weeks. Greece's bankruptcy/bailout plan has a direct effect on this either breakout or sell-off here. The dollar fell as much as -.6% against the euro on the Sunday session after French President Nicolas Sarkozy said the euro region is ready to rescue Greece, before Greek Prime Minister George Papandreou meets U.S. President Barack Obama tomorrow. This is a key political story here and will greatly affect the Gold, Silver and platinum markets. If Greece does get bailed out it will send these markets higher as the Euro will gain against the USD, if Greece goes bankrupt you will see $1,100 Gold again. I believe in looking at a buy on a dip as Greece will most likely get help and get bailed out. I will also look for some cheap out of the money calls and feeling it would be a smart play. Copper has been having a very rough time trying to break the $3.50 barrier here as prices did rise last week as Chile's earthquake sent the metal soaring at one point to the yearly high of $3.48. Prices will have a very hard time getting through this $3.50 number and I believe this is a good point to start looking at short positions. 
***chart courtesy Gecko Software’s Track n’ Trade Pro Past performance is not necessarily indicative of future results.
Recent articles from this author
- PitGuru.com's Grains Analysis: Feb 06, 2012 - Sunday, February 05, 2012
- PitGuru.com's Grains Analysis: Jan 23, 2012 - Sunday, January 22, 2012
- PitGuru.com's Grains Analysis: Jan 03, 2012 - Monday, January 02, 2012
- PitGuru.com's Grains Analysis: Dec 19, 2011 - Sunday, December 18, 2011
- PitGuru.com's Financials Analysis: Dec 19, 2011 - Sunday, December 18, 2011
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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