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Weekly Gold Report 3/11
Friday, March 12, 2010
by Mike Daly of PFGBest
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Weekly Gold Report 3/11 So far this week we have traded a very choppy and volatile $37.50 range. The weakness of the Gold market has been attributed to the U.S Dollar’s strength. It appears this European Credit Crisis that has put an unbelievable strain on the Euro is not going away anytime soon. We are all aware of Greece’s budget debt and the vast and severe cuts the Greek Cabinet has ordained to receive help from the European Union Central Bank. However there is much more here than previously realized from the investment community. Not only was Greece’s fiscal problems worse than originally thought it has been revealed that Portugal, Ireland, Spain and Italy are having there own debt crisis. With this economic climate it is truly amazing the ‘precious metals’ have been able to maintain the $1100.00 level. Also adding pressure to the precious metals inability to maintain or retain gains is the speculation regarding the Peoples Bank of China once again raising interest rates due to HIGHER than expected inflation in China. They have been sending mixed signals to the world regarding their appetite for Bullion. First they boast about building their reserves from 1500 metric tons to 10,000 metric tons over the next decade. Yet recently they have stated they will curtail their bullion imports to help slow their ever growing economy. Only time will tell what the worlds largest consumer will do. Meanwhile the jewelers of India have been huge Bullion buyers in the Asian Gold market and have deemed it as “Bargain Hunting”. The Indians have been buying price dips since early December. Indonesia and Viet Nam have also been buyers of bullion…
Jobless Claims dropped 6,000 to 462,000.
Unexpectedly the Trade Deficit dropped 6.6%. Let’s talk Gold! Mike Daly / Gold Specialist PFG BEST mdaly@pfgbest.com 877-294-4669 312-775-3014 312-563-8029 * There is Extreme risk trading futures, options, and forex* 
Recent articles from this author
- Daly Gold Report(33) - Friday, February 10, 2012
- Daly Gold Report(32) - Thursday, February 09, 2012
- Daly Gold Report(31) - Wednesday, February 08, 2012
- The Daly Gold Report(3) - Tuesday, February 07, 2012
- The Daly Gold Report(2) - Monday, February 06, 2012
About the author
Mike Daly joined PFGBEST Research in 2009 with more than 25 years of experience as a gold trader and market specialist. He was a floor trader at the Chicago Mercantile Exchange, Chicago Board of Trade and Chicago Board Options Exchange for the first two decades. He joined the renowned gold brokerage J. Aron in 1979 and served as a senior gold broker and market analyst for four years, and then continued another two years there after J. Aron was acquired by Goldman Sachs in 1982. He was charged with keeping vast spread markets in line and was a global gold market maker for the firm. From there he continued as a licensed independent broker on the CME floor in the S&P 500 stock index futures trading pit while also monitoring and trading gold markets. He joined Alaron Trading Corp. in 2007 as a senior broker then came on board PFGBEST through the acquisition of the customer assets of Alaron in spring of 2009. Mike is regularly quoted in broadcast and print media venues and is widely available to share his precious metals and trading background, knowledge and experience as an interview source, educator and spokesperson. Mike Daly
Sr. Precious Metals Analyst
PFGBEST Research Phone: 877.294.4669 or 312-563-8029
Email: mdaly@pfgbest.com PFGBEST is among the largest non-clearing U.S. Futures Commission Merchants, with customers, affiliates and brokerage offices in more than 80 countries. The company is a leader in sustainable investing through diversified products including managed funds, futures, forex, options, full-service and discount brokerage, trader education, market research, and direct online futures trading through its BESTDirect® platform, and numerous other platforms and applications.
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