Market Nuggets: SEB Commodity Research: Strategic, Tactical Views On Gold Both Bulllish
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SEB Commodity Research says its strategic and short-term tactical views on gold are both bullish. Analyst Filip Petersson says the G20 meeting earlier this month did little to resolve currency devaluations, the European debt crisis or global imbalances in general, "leaving the door wide open" for further competitive currency manipulation. Meanwhile, "money printing" through quantitative easing is beginning. "The tactical view is more complex," SEB says. "The lack of physical inflows (into ETFs) despite substantial European sovereign debt fear has surprised many. On the other hand, the euro has not fallen much vs. the dollar. Thus risk-averse European investors have had no need for a safe haven. Inability to solve the Irish crisis, however, is bound to send the euro lower and Europeans running for physical gold. A credible solution, on the other hand, will weaken the dollar and also send gold higher. Thus our tactical view is bullish and we consider the current dip a good buying opportunity as gold has been pulled down by the general sell-off in commodities…."
Market Nuggets: R.J. O'Brien: China Will Need "More And More" Palladium As Car Sector Grows
China will need "more and more" palladium due to rising car production, says R.J. O'Brien & Associates in a Thursday report. Chinese car output rose 48.8% last year and is rising by around 28% this year to annual sales of around 17.5 million units. Most vehicles in the country are small and fuel-efficient but powered by gasoline, which means auto catalyst demand is predominantly palladium, even though loadings per car are currently small. Chinese car analysts look for growth of 11% to 12% in sales over the next three years. Furthermore, emission standards are rising over the next five years with Euro IV standards set for mid-2011, meaning more loadings per catalyst, R.J. says. Also, as the population becomes more prosperous, there will be s shift toward larger-engine vehicles. "All of the above translates into a net demand increase of around 100,000 (ounces) of palladium per year," R.J. says.
Market Nuggets:R.J. O'Brien Sees Near-Term Volatility In Copper, But Good Chinese Demand In 2011
More volatility and uncertainty may occur in the base-metals markets, due to expectations for more monetary tightening measures in China and worries about European debt, says R.J. O'Brien & Associates in a Thursday report. "It would be very sensible to square up your positions ahead of Thanksgiving and enjoy the holiday," R.J. says, cautioning "not to be too bullish too soon." Still, R.J. paints a favorable picture for Chinese copper demand in 2011, despite any "bad news" such as tightening. R.J. says "the Chinese will still be in the market for an awful lot of copper next year." Current evidence suggests a tight copper market within China, with little or no stock build. In fact, R.J. quotes one copper merchant who says working stocks for Chinese copper fabricators are approaching two to three days of demand, compared to 10 to 15 days in 2009. "The recovery in Chinese imports in the first half of 2011 should be quite strong," R.J. says. Furthermore, some Chinese fabricators say Western producers may cut or leave exports to China flat next year due to a pick-up in demand from traditional markets such as the U.S. and Europe, as well as emerging economies.
Market Nuggets: Focus Returns To China For Metals – MF Global
With Ireland appearing to be on the verge of getting a bailout for its banks, investors will return to focusing on China and the potential for an interest rate hike, MF Global says. "There is talk of a move as soon as this weekend, since some Chinese central bank watchers note that the 20th of each month is typically when major policy announcements are rolled out," the firm says. Whether or not a specific announcement is made doesn't matter, they say, as the trend for the Chinese government is to tighten because of rising inflation. "We would therefore be cautious about the long side at this stage, at least until we get weekend developments out of the way," MF Global says.
Market Nuggets: Gold Remains 'A Trading Affair' – MF Global
(Kitco News) -- Gold markets could be "a trading affair" and see mixed action, MF Global says. Support for the metal is expected at the Oct. 22 low of $1,315.60 an ounce, which should hold, the firm says. Support could come from data from the World Gold Council and a pause in the general commodity liquidation. The dollar has also taken a pause in its rally. Longer-term commodity selling and the end of the Indian festival season could lend pressure.
Market Nuggets: Gold's Correction Has Run Its Course – Gartman
The recent break in gold prices from its all-time nominal highs over $1,400 an ounce is over, says newsletter editor Dennis Gartman, publisher of The Gartman Report. "About the only thing we are comfortable stating is that we remain long of gold in non-US dollar terms and we believe strongly that gold's correction has run its course," he writes Thursday in his daily commentary.
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https://sites.google.com/site/goldandsilver2012/latest-gold-news/bb-1
by
Of Kitco News
http://www.kitco.com/
go to
https://sites.google.com/site/goldandsilver2012/latest-gold-news/bb-1
SEB Commodity Research says its strategic and short-term tactical views on gold are both bullish. Analyst Filip Petersson says the G20 meeting earlier this month did little to resolve currency devaluations, the European debt crisis or global imbalances in general, "leaving the door wide open" for further competitive currency manipulation. Meanwhile, "money printing" through quantitative easing is beginning. "The tactical view is more complex," SEB says. "The lack of physical inflows (into ETFs) despite substantial European sovereign debt fear has surprised many. On the other hand, the euro has not fallen much vs. the dollar. Thus risk-averse European investors have had no need for a safe haven. Inability to solve the Irish crisis, however, is bound to send the euro lower and Europeans running for physical gold. A credible solution, on the other hand, will weaken the dollar and also send gold higher. Thus our tactical view is bullish and we consider the current dip a good buying opportunity as gold has been pulled down by the general sell-off in commodities…."
Market Nuggets: R.J. O'Brien: China Will Need "More And More" Palladium As Car Sector Grows
China will need "more and more" palladium due to rising car production, says R.J. O'Brien & Associates in a Thursday report. Chinese car output rose 48.8% last year and is rising by around 28% this year to annual sales of around 17.5 million units. Most vehicles in the country are small and fuel-efficient but powered by gasoline, which means auto catalyst demand is predominantly palladium, even though loadings per car are currently small. Chinese car analysts look for growth of 11% to 12% in sales over the next three years. Furthermore, emission standards are rising over the next five years with Euro IV standards set for mid-2011, meaning more loadings per catalyst, R.J. says. Also, as the population becomes more prosperous, there will be s shift toward larger-engine vehicles. "All of the above translates into a net demand increase of around 100,000 (ounces) of palladium per year," R.J. says.
Market Nuggets:R.J. O'Brien Sees Near-Term Volatility In Copper, But Good Chinese Demand In 2011
More volatility and uncertainty may occur in the base-metals markets, due to expectations for more monetary tightening measures in China and worries about European debt, says R.J. O'Brien & Associates in a Thursday report. "It would be very sensible to square up your positions ahead of Thanksgiving and enjoy the holiday," R.J. says, cautioning "not to be too bullish too soon." Still, R.J. paints a favorable picture for Chinese copper demand in 2011, despite any "bad news" such as tightening. R.J. says "the Chinese will still be in the market for an awful lot of copper next year." Current evidence suggests a tight copper market within China, with little or no stock build. In fact, R.J. quotes one copper merchant who says working stocks for Chinese copper fabricators are approaching two to three days of demand, compared to 10 to 15 days in 2009. "The recovery in Chinese imports in the first half of 2011 should be quite strong," R.J. says. Furthermore, some Chinese fabricators say Western producers may cut or leave exports to China flat next year due to a pick-up in demand from traditional markets such as the U.S. and Europe, as well as emerging economies.
Market Nuggets: Focus Returns To China For Metals – MF Global
With Ireland appearing to be on the verge of getting a bailout for its banks, investors will return to focusing on China and the potential for an interest rate hike, MF Global says. "There is talk of a move as soon as this weekend, since some Chinese central bank watchers note that the 20th of each month is typically when major policy announcements are rolled out," the firm says. Whether or not a specific announcement is made doesn't matter, they say, as the trend for the Chinese government is to tighten because of rising inflation. "We would therefore be cautious about the long side at this stage, at least until we get weekend developments out of the way," MF Global says.
Market Nuggets: Gold Remains 'A Trading Affair' – MF Global
(Kitco News) -- Gold markets could be "a trading affair" and see mixed action, MF Global says. Support for the metal is expected at the Oct. 22 low of $1,315.60 an ounce, which should hold, the firm says. Support could come from data from the World Gold Council and a pause in the general commodity liquidation. The dollar has also taken a pause in its rally. Longer-term commodity selling and the end of the Indian festival season could lend pressure.
Market Nuggets: Gold's Correction Has Run Its Course – Gartman
The recent break in gold prices from its all-time nominal highs over $1,400 an ounce is over, says newsletter editor Dennis Gartman, publisher of The Gartman Report. "About the only thing we are comfortable stating is that we remain long of gold in non-US dollar terms and we believe strongly that gold's correction has run its course," he writes Thursday in his daily commentary.
go to
https://sites.google.com/site/goldandsilver2012/latest-gold-news/bb-1
by
Of Kitco News
http://www.kitco.com/
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