Gold
A stronger dollar and a bout of profit taking saw gold slip back to the
low $980s per ounce in early morning trading. It is currently trading
at $989/oz and if it fails to pull itself above $990/oz, it may correct
back further to $970/oz before support is found. Increasing tensions
with Iran have not created a geopolitical safe haven bid but these
tensions merit watching. The World Bank has warned that the dollar's
place as global reserve currency cannot be taken for granted but this
has not seen the dollar weaken rather it has strengthened as riskier
assets such as equities have retreated in Asia and in Europe this
morning.
Silver
Silver is currently trading at $15.90/oz and seems to have stabilised
somewhat after slipping from highs in the mid $17s/oz only last week.
Platinum group metals
Platinum is currently trading at $1,273/oz, palladium is $289/oz and rhodium is at $1,550/$1,700/oz.
