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Gold March 27, 2017 07:30:10 AM

Kaloti Precious Metals-Morning Market Report-Monday, March 27, 2017

Anil Mathews
ScrapMonster Author
Despite The Rise In The Gold Price, Gold Speculators Did Something Very Strange Last Week.

Kaloti Precious Metals-Morning Market Report-Monday, March 27, 2017

OTC Trading Range For

All Times Are

As Per Dubai

Date

27/03/2017

24/03/2017

 

Gold

Silver

Platinum

Palladium

Open At 03.00

 

$1,245.20

$17.58

$962.50

$802.14

High Bid

 

$1,251.97

$17.78

$968.94

$816.00

Low Offer

 

$1,241.04

$17.53

$955.90

$799.66

Close At 02.00

 

$1,243.57

$17.76

$964.67

$809.50

Previous Close

 

$1,245.20

$17.58

$962.50

$801.93

Daily Change USD

($1.63)

$0.18

$2.17

$7.57

Daily Change %

 

-0.13%

1.01%

0.22%

0.94%

London Fixings

AM

$1,244.00

**

$959.00

$803.00

 

PM

$1,247.50

$17.63

$964.00

$816.00

COMEX Trading Volume

207568

42178

13603

4129

Active Month Settlement

$1,248.50

$18.93

$967.90

$813.35

Previous Session

 

$1,247.20

$17.59

$963.80

$800.15

Daily Change

 

$1.30

$1.34

$4.10

$13.20

EFP's

 

1.4/1.7

4/7

0/2

0/1

Forwards & Options

1 Month

3 months

6 months

12 months

GOFO

 

-

-

-

-

USD LIBOR

 

0.98278

1.15128

1.42711

1.80289

Gold ATM Vols

 

11.050

12.550

13.36

14.56

Silver ATM Vols

 

18.3

20.1

21.36

22.6

Platinum ATM Vols

16.000

16.100

16.300

16.500

Palladium ATM Vols

22.800

23.700

24.300

24.700

Market Daily & Weekly

Market Snap Shot

24/03/2017

1 Day%

1 Week %

XAU

$1,243.57

-0.13

1.15

XAG

$17.76

1.01

2.03

XPT

$964.67

0.22

-0.03

XPD

$809.50

0.94

4.06

Euro

1.0798

0.56

0.56

Note: Indications only, open and closing prices are bids; Data source: Bloomberg; Times as per Dubai

Fundamentals and News

Despite The Rise In The Gold Price, Gold Speculators Did Something Very Strange Last Week

The gold price rose 3% during the last COT reporting period.

Despite that large rise in the gold price, speculative longs only added a little over 17,000 contracts which is lower than we would have expected.

Surprisingly, speculative shorts added to their short positions during this large rise in the gold price which is very unusual.

Despite the rise in the net speculative long position, the historical net speculative position in gold remains low.

Speculative US Dollar traders added to their own net long position in the USD to the highest levels since January, which is USD-bearish and gold-positive for contrarians.

The latest Commitment of Traders (COT) report showed a decent increase in speculative long positions, which was expected due to this report's inclusion of last week's change in gold post-Fed meeting. But surprisingly enough, this report showed that speculative shorts increased their positions despite the 3% rise in gold during the COT week.

That is a bit unusual as we tend to see speculative positions mirror the gold price (rising gold means rising longs and falling shorts), and that is especially the case on big (2%+) moves in the weekly gold price. The only times we usually see the opposite is when the net speculative position is at extremes like back in July of 2016 when the net speculative position was hovering at record levels - but at current levels we are actually at fairly low speculative net long levels.

Data Forthcoming Releases

 

 

 

 

 

 

 

 

 

 

 

Time

Country

Today's Events

Forecast

Previous

 

 

Actual

 

 

9:15pm

USD

FOMC Member Evans Speaks

 

 

*Dubai Time

 

 

 

 

 

 

 

 

 

 

 

Courtesy: http://kalotipm.com.sg/kaloti-market-report-27th-march-2017

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