Commodity Report – 27 September 2013 Daily Commentary Gold headed for a fifth weekly drop in the worst run since January after U.S. jobless claims unexpectedly fell, boosting speculation that the Federal Reserve will taper stimulus. Platinum declined to less than $1,400 an ounce for the first time since July. Bullion for immediate delivery lost as much as 0.3 percent to $1,319.99 an ounce and was at $1,322.28 at 8:47 a.m. in Singapore. The decline puts bullion in London on course for the first monthly loss since June. Gold for December delivery was 0.2 percent lower at $1,322 an ounce on the Comex. Platinum dropped as much as 0.9 percent to $1,399.18 an ounce, the lowest since July 12, and was at $1,405.75. The metal is heading for a fifth weekly loss and the first monthly drop since June. Silver for immediate delivery was 0.4 percent lower at $21.655 an ounce heading for a third weekly loss. Palladium was little changed at $721 an ounce, poised for a quarterly advance. Today’s Outlook Crude Oil seems to be consolidating between $102 and $103 at the moment. The overall trend continues to remain weak and we would recommend our readers to use the current bounce to enter short positions in Crude. Copper prices also seem to be heading for some correction. We would advise our readers to use any bounce back in Copper prices to enter short positions. ----------------------------------------------------------------------------- Disclaimer: This report has been prepared by AUM CAPITAL and the information contained herein is from the public domain or sources believed to be reliable. While reasonable care has been taken to ensure that information given is at the time believed to be fair and correct and opinions based thereupon are reasonable, due to the very nature of the report it cannot be warranted or represented that it is accurate or complete and it should not be relied upon as such. AUM Capital, its directors and employees will not be in anyway responsible for the contents of this report.
Posted on: Fri, 27 Sep 2013 04:16:39 +0000
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