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MARKET WRAP
Base metals jump to new highs as inflation fears mount
Copper ends up as investors seek inflation hedge
Silver soars on dollar decline
Gold notched its biggest weekly gain in four months
Oil prices surged the most in three weeks on Friday
Gold ended up 3% making a fresh all time high of $1475 and breached its consolidation
range on the back of weaker dollar, prospect of U.S government shutdown, Euro zone
debt fears and inflation worries lifting precious metals. Gold breached its top reversal
pattern and is now at crucial resistance which if broken then Gold can target $1510. SPDR
Gold ETF holdings rose higher to 1,217.209 tonnes.
Silver ended up for fourth consecutive week and made a record high of $40.86 adding
more than 7% while Gold–Silver ratio declined to 28 year low toward 35. Investors are
turning to silver as a hedge against inflation due to its industrial use, healthier demand
outlook and cheaper alternative to gold as it bears a higher risk than gold on a volatility
basis. Holdings of the iShare silver trust rose to 11,192.8 tonnes vs. 11,162.45 tonnes.
Crude Oil continued its uptrend for fourth straight week adding more than 4% to end at
$113.08 after making a fresh 2 ½ year high of $113.16 on the back of Libya stalemate,
investors worry about supplies ahead of Nigerian elections and as dollar weakened
against a basket of currencies, also, large fund action piling in oil and base metals.
EIA crude oil inventories w/w came down at 2.0M vs. 2.9M as against expected at 1.3M.
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