This document contains market data and analysis for various commodities (gold, silver, copper, crude oil) from the Global Research Limited COMEX Report dated December 31, 2013. Key points include: - Gold and silver prices fell overnight and were lower on December 31 amid stronger US data and rising global equities. - Copper prices were little changed near a four-month high as the market awaited US pending home sales data. - Crude oil futures rose slightly but settled down after disappointing US home sales figures raised economic recovery concerns. - Technical support and resistance levels are provided for each commodity.

1. Global Research Limited
COMEX
Report
31st,December

2. 31st December,2013
Global Research Limited
Unemployment Claims
DATE
TIME: IST
DATA
PRV
EXP
IMPACT
13.3%
13.4%
MEDIUM
31.12.13
7:30 P.M
S&P/CS Composite-20 HPI y/y
31.12.13
8:15 P.M
Chicago PMI
63.0
61.3
MEDIUM
31.12.13
8:30 P.M
CB Consumer Confidence
70.4
76.5
STRONG
S&P/CS Composite-20 HPI y/y
Source
Measures
Standard & Poor's (latest release)
Change in the selling price of single-family homes in 20 metropolitan areas;
Usual Effect
Frequency
Released monthly, about 60 days after the month ends;
Next Release
Jan28, 2014
FF Notes
This is one of the few non-seasonally adjusted numbers reported on the calendar, as it's the primary
calculation for this indicator;
Why Traders
Care
It's a leading indicator of the housing industry's health because rising house prices attract investors
and spur industry activity;
Acro Expand
2
Actual > Forecast = Good for currency
Standard & Poor's (S&P), Case-Shiller (CS), House Price Index (HPI);
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3. 31st December,2013
Global Research Limited
Chicago PMI
Source
Measures
MNI (latest release)
Level of a diffusion index based on surveyed purchasing managers in the Chicago area;
Usual Effect
Actual > Forecast = Good for currency
Frequency
Released monthly, on the last business day of the current month;
Next Release
Jan31, 2014
FF Notes
Data is given to MNI subscribers 3 minutes before the public release time listed on the calendar early market reaction is usually a result of trades made by these subscribers. Above 50.0 indicates
expansion, below indicates contraction;
Why Traders
Care
It's a leading indicator of economic health - businesses react quickly to market conditions, and their
purchasing managers hold perhaps the most current and relevant insight into the company's view of
the economy;
Derived Via
Survey of around 200 purchasing managers in Chicago which asks respondents to rate the
relative level of business conditions including employment, production, new orders, prices,
supplier deliveries, and inventories;
Also Called
Chicago Business Barometer;
Acro Expand
Purchasing Managers' Index (PMI);
CB Consumer Confidence
Source
Measures
The Conference Board Inc. (latest release)
Level of a composite index based on surveyed households;
Usual Effect
Frequency
Released monthly, on the last Tuesday of the current month;
Next Release
Jan28, 2014
Why Traders
Care
Financial confidence is a leading indicator of consumer spending, which accounts for a majority of
overall economic activity;
Derived Via
Survey of about 5,000 households which asks respondents to rate the relative level of current and
future economic conditions including labor availability, business conditions, and overall economic
situation;
Acro Expand
2
Actual > Forecast = Good for currency
The Conference Board (CB);
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4. 31st December,2013
Gold
Gold dropped lower overnight to open at 1203.50/1204.50. It
Global Research Limited
briefly touched a high of 1208.00/1209.00 as the Euro
strengthened against the Dollar. It then declined to a low of 1203.00/1204.00 following strong U.S. data that pointed to an
increase in pending home sales and factory activity while global equities climbed to a six-year high. Quiet trading in the
afternoon led the metal to close at 1204.00/1205.00.
Gold is weaker today at 1204. The metal had been drifting higher the past week in a move that started at 1188 and ended
Friday at 1218. We see key down side support at 1181 and topside resistance at 1222, which is the top of a bearish two-month
channel. Big picture: the metal is closing out 2013 at the lower end of this year's range of 1181 to 1795. The risk remains to the
down side.
Gold settled down tracking Comex Gold which settled under $1,200 as a willingness to take on more risk and the prospect of a
global recovery
Expectations that the U.S. economy will improve and the rest of the world's growth will stabilise in 2014, have further
undermined the case for holding bullion
 Holdings on SPDR Gold Trust fell three tonnes on Friday to their lowest since Jan. 2009 at 801.2 tonnes.
Hedge funds and money managers cut their bullish bets in gold and silver in the week to Dec. 24, data from the CFTC showed
on Monday.
Silver

Silver followed gold lower overnight to open at 19.59/19.64. It touched a low of 19.55/19.60 shortly after the open and then

Silver is lower today at 19.66. Silver had been moving higher in recent trading from 19.15 to 20.19. The price action of the past
climbed to a high of 19.74/19.79 before closing the session at 19.61/19.66.
month has been overall sideways with key levels seen at 18.91 and 20.47. Silver has had a rough 12 months falling from January
high of 32.46 to July low of 18.26.


The Gold Silver ratio has spiked higher today from 60.23 to 61.25. We see resistance at 61.86 from a declining trend line.

Silver down after investors shrugged off soft U.S. housing figures and sold on concerns years of support from the Federal Reserve

Some market participants believe the Fed will likely reduce its bond purchases by USD10 billion in each of its next seven meetings


3
Holdings at ishares silver trust dropped by 50.90 tonnes to 9958.64 tonnes from 10009.54 tonnes.
Volumes remained light with year-end positioning and profit-taking driving flows.
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5. 31st December,2013

Copper








Crude
Global Research Limited
On the Comex division of the New York Mercantile Exchange, copper futures for March delivery traded at USD3.389 a pound during
European morning trade, up 0.1%. Comex copper prices traded in a range between USD3.372 a pound and USD3.391 a pound.
The March contract settled 0.4% lower on Friday to end at USD3.385 a pound. Copper prices were likely to find support at USD3.368 a
pound, the low from December 26 and resistance at USD3.431 a pound, the high from December 24 and the strongest level since April 12.
Volumes were expected to remain light on Monday, with year-end positioning and profit-taking driving flows.
Copper prices have been well-supported in recent weeks amid indications the U.S. economic recovery is deepening. The U.S. is second
behind China in global copper demand.
Copper futures were little changed near last week's four-month high in subdued trade on Monday, as market players looked ahead to U.S.
pending home sales data later in the day to gauge the strength of the world's largest economy.
Copper little changed as market players looked ahead to U.S. pending home sales data later in the day to gauge the strength of the world's
largest economy.
Copper prices have been well-supported in recent weeks amid indications the U.S. economic recovery is deepening.
Copper production in the January-to-November period increased 6.5 percent to roughly 5.3 million tonnes, the INE added.
Warehouse stock for Copper at LME was at 367450mt that is down by -3500mt.
On the New York Mercantile Exchange, Crude oil futures for February delivery traded at USD99.34 a barrel at time of writing rising 0.05%.
It earlier traded at a session high USD99.39 a barrel. Crude oil was likely to find support at USD99.06 and resistance at USD100.75.
US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, fell 0.01% to trade at
USD80.16.
Elsewhere on the ICE, Brent oil for February delivery rose 0.03% to trade at USD111.27 a barrel, with the spread between the Brent oil and
Crude oil contracts standing at USD11.93 a barrel.
Crude oil futures were higher during the Asian session on Tuesday.
Crude oil settled down after disappointing U.S. home sales figures sparked concerns that the U.S. economy continues to battle potholes on
its road to recovery
Support seen as data showed that U.S. total fuel demand hit a 26-month high in October while a key Libyan oil export port remained shut.
Energy Information Administration showed. U.S. crude is set for an annual gain of 8% in 2013, after falling about 7 per cent in 2012.
 “OPEC oil ministers who claimed that there would not be any surpluses on the crude oil markets next year.
4
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6. Global Research Limited
Technical levels
Support1
Support2
GOLD
1192
1181
1215
1226
SILVER
19.32
19.03
20.04
20.47
COPPER
3.3720
3.3611
3.3928
3.4031
CRUDE
98.80
98.32
100.09
100.90
Resistance1
Resistance2
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