Still not much to cheer in Europe
KITCO Jon Nadler Analysis | 2012-11-20 06:17:09
Gold remains within the 1700-1750 band, palladium outshines the complex (again), and everyone and their cousin still predicts $2K+ gold before New Year's Rockin' Eve.
By Paul Ploumis
Good Morning,
Time to switch camps and -for a change- cheer the Capitol Hill talks' progress with buying some risk assets. Still not much to cheer in Europe, however. Anyway, the last time I checked, the possible resolution to the fiscal-you-know-what was going to be dollar-bullish as it addresses the principal reason for recent years of (some) dollar weakness; the DEFICIT. At least, that's who the ugliest suspect in the line-up that hard money newsletter vendors have been pointing fingers at is supposed to be.
Gaza supports, so does a hefty pop in oil but you can see the end-game shaping up after tomorrow's close; thinning ranks of traders prepping for giving thanks that they survived another wacky year in the markets. Gold remains within the 1700-1750 band, palladium outshines the complex (again), and everyone and their cousin still predicts $2K+ gold before New Year's Rockin' Eve (at the S.F. Hars Assets Show, of course).
Regards,
Jon Nadler
(Author is the Senior Analyst at Kitco Metals Inc.)
