The CRB TrendTrader report is Long Gold, Silver, Platinum, Palladium, and a new Short position in Copper.
Notice the open position profit on 1 contract in the Platinum & Palladium!
See the full position report below.
Remember - day traders work for the markets - Trend Traders let the markets work for them, the Trend is your friend!
The CRB Futures Market Service is one of the oldest and most respected market letters in the industry since 1934.
For more information call or email Jay directly: 312 506 8709. j.brown@crbtrader.com
Metals
Metals prices this morning are mixed. June gold this morning is up +$1.40, May silver is down -16.4 cents, and May copper is down -1.9 cents at a 1-month low. Metals prices yesterday settled mixed. June gold closed up +$8.20, May silver closed down -21.8 cents, and May copper closed down -16.45 cents. June gold rallied to a 2-week high while May copper slumped to a 1-month low. Bearish factors included (1) the rally in the dollar index to an 11-month high, (2) the action by S&P to downgrade the credit ratings of Greece and Portugal, which prompted a "flight to safety" into the dollar and US bonds and out of riskier assets such as commodities, and (3) the plunge in the Chinese stock market to a 6-1/2 month low on concern government measures to cool the property market will slow the economy and industrial metals demand. Bullish factors included (1) strong demand for gold as an alternative to holding currencies after the euro sold off on European debt-contagion concerns, ( 2) the jump in Apr US consumer confidence to a 19-month high, which may portend an increase in US industrial metals demand as the economy improves, and (3) the -775 ton decline in LME copper inventories to a 3-1/2 month low of 505,350 tons, a sign of strengthening demand.
