Source: Precious Metals, Emirates NBD , Author: Gerhard Schubert
Posted: Sat January 14, 2012 6:42 pm
UAE. Emirates NBD, the United Arab Emirates biggest lender by assets, today released its weekly Precious Metals Report.
Gold: US$1,639.00 – up US$33 since the 25th December 2011.
Gold has done very well in the light of the re-balancing of the commodity indexes and the significant pressures resulting out of this. It shows again that the Market participants did build up significant short positions in front of the index sales and that the market was forced to cover when the prices rallied.
Gold received also some support from the changed sentiment in Platinum, and the whole complex was under a lot less pressure than expected. I think it is time to start concentrating on the outlook for 2012 again.
We do expect Silver to move closely orientated to Gold but Silver would be the winner if Gold is capable of moving further forward from here on. The investment community had abandoned Silver during 2011, but a resurgence of interest could be seen if Gold can carry on the uptrend and tow Silver in its wake.
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