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6 Sep 2013
Metals rebound on Russia’s comment and post NFP data
FXstreet.com (Chicago) – Metals are back up after a couple of days registering losses. The volatility caused by Fed’s tapering concerns and the potential US military strike against Syria has been high these last weeks. Trying to hedge risks or profit from volatility, market participants have fueled futures contract and deflated them in short-periods of time.
Liar's poker?
Last Wednesday, Russia’s head of state Vladimir Putin said “This was very unpleasant and surprising for me. We talk to them (the Americans), and we assume they are decent people, but he is lying and he knows that he is lying. This is sad” referring to the US Secretary of State John Kerry. Earlier today, Russia confirmed Syria’s support by stating that the country will stand with the Middle Eastern nation in case of a possible attack trying to be voted out by Obama’s administration next Tuesday.
Metals recap
Metals rallied on risk aversion behavior shortly after the comments were made public. Gold trades at $1,387.10 after bouncing off lows at $1,358.80 and advancing 1.03% so far. Silver followed to gain 2.50% and trade at $23.84 after bouncing off $23.08 lows and retracing from $23.99 highs. Platinum is also up with 0.97% gains. Trading at $1,496.50, the metal bounced off from $1,478.30 lows and retraced from $1,506.00 highs. Palladium is also up to record 1.40% gains to trade at $696.85 after retracing from $705.25 highs and bouncing off $685.35 lows. Finally, copper trades at $3.2590 after bouncing off $3.2400 lows and retracing from $3.2890 peaks.
Liar's poker?
Last Wednesday, Russia’s head of state Vladimir Putin said “This was very unpleasant and surprising for me. We talk to them (the Americans), and we assume they are decent people, but he is lying and he knows that he is lying. This is sad” referring to the US Secretary of State John Kerry. Earlier today, Russia confirmed Syria’s support by stating that the country will stand with the Middle Eastern nation in case of a possible attack trying to be voted out by Obama’s administration next Tuesday.
Metals recap
Metals rallied on risk aversion behavior shortly after the comments were made public. Gold trades at $1,387.10 after bouncing off lows at $1,358.80 and advancing 1.03% so far. Silver followed to gain 2.50% and trade at $23.84 after bouncing off $23.08 lows and retracing from $23.99 highs. Platinum is also up with 0.97% gains. Trading at $1,496.50, the metal bounced off from $1,478.30 lows and retraced from $1,506.00 highs. Palladium is also up to record 1.40% gains to trade at $696.85 after retracing from $705.25 highs and bouncing off $685.35 lows. Finally, copper trades at $3.2590 after bouncing off $3.2400 lows and retracing from $3.2890 peaks.