Mangal Keshav`s view on gold, silver, copper, crude oil

Mangal Keshav has come out with its report on Gold,Silver, Copper, Crude Oil, Natural Gas

Gold futures closed above $1,600 per ounce, rebounding sharply with other commodities & supported by rally in oil futures, a lower dollar and geopolitical concerns.

Silver prices rallied almost 6%, supported by better-than-expected manufacturing data from the US and China.

Gold holdings of SPDR gold trust, the largest ETF backed by the precious metal, declined to 1,254.57 tons, as on Dec. 22.

Silver holdings of ishares silver trust, the largest ETF backed by the metal, declined to 9,605.79 tons, as on Dec. 23.

The US dollar index, which tracks US dollar against a basket of six major US trading partners, slipped to 79.617 from 80.289 in late US trading on Friday.

Hedge funds and other money managers have cut bets on higher prices for gold futures by 4.5% to 111,919 contracts in the week ended Dec. 27, the lowest level since Jan’09, as per CFTC data.

Iran test-fired a surface-to-surface cruise missile during a drill on Monday — on top of another test over the weekend, to prove its control over Hormuz, a key channel for crude shipments. Iran’s move came after the US imposed new sanctions over the weekend, as per market reports.

Copper prices rose to their highest levels in 3- weeks, as a set of strong manufacturing data drew investors to the growth-sensitive industrial metal on the first trading day of 2012. Copper futures for Dec. delivery closed up by 2.7% at $3.5285 per pound on the COMEX division of the New York Mercantile Exchange. Crude oil climbed to a 6-week high, after manufacturing in the US and Asia expanded in December while concern still remained about further sanctions against Iran may disrupt oil shipments.

Natural gas futures dropped to a 2-year low on NYMEX, on speculation that a brief cold spell in the US North-east will do little to erode abundant supplies of the heating fuel. – MoneyControl

Tags: price of silver, Silver, silver analysis, silver futures, silver futures prices, silver news, silver price, silver prices, silver spot, spot silver

Posted by Silver Guru on Jan 4 2012. Filed under Silver Analysis, Silver prices. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry