PMs, energies perking up

[PatColo]

I'd say g-s.us needs something like a "TRADING" forum, for those of us who dabble in stock/commodity trading, including a variety of PMs, base metals, energies, maybe grains, etc.

Several of the metals are at recent highs, nice chart breakouts: copper, Pt, Pd. Gold & silver are lagging by comparison but they were all bullish this past week, gold & silver just remain in their ranges, unlike the others. They may slingshot higher soon.

Crude & unleaded are also breaking to recent highs. NG has been a basket case for a long time, marches to its own drummer!

I like to be on the right side of overall commodity index trends when I trade, and the action lately looks very encouraging for a powerful new move shaping up. I've stayed on the sidelines for months, but I watch the charts daily. I may be looking for some commodity entry points this week, trying to catch a nice wave. Higher. The CFTC thing, the debt downgrade... they seem to be catching up with commod prices.

Good entry points & tight stops as always.

edit * commods moving up in defiance of the recently strong USDX. ;)

[mamboni]

Gold jumps to 4-month high as investors seek haven

Closes at US$1161.10

Pham-Duy Nguyen, Bloomberg News
Published: Saturday, April 10, 2010

Gold climbed to the highest price since December yesterday as investors sought an alternative to holding currencies.

The U.S. dollar fell as much as 0.8% against a basket of six major currencies. The euro headed for a weekly loss against the greenback on mounting speculation that Greece will default on its debt. Gold priced in euros and Swiss francs reached record highs. Investment in the SPDR Gold Trust, the biggest exchange-traded fund backed by bullion, climbed to a record.

"When people are uncertain about their domestic currencies, they buy precious metals as a safe haven," said Stephen Platt, an Archer Financial Services commodity analyst in Chicago. "Gold's gains reflect a global flow out of paper assets. This is a major force in the gold market."

Gold futures for June delivery rose US$8.90, or 0.8%, to $1,161.10 an ounce on the Comex in New York. Earlier, the most-active contract touched US$1,165.80, the highest price since Dec. 8. Gold rallied 3.2% this week, the most since Feb. 12.

Before yesterday, concerns over Greece's widening budget deficits pulled the euro down 6.7% against the U.S. dollar this year.

"Gold is becoming the global go-to currency," said Matt Zeman, a trader at LaSalle Futures Group in Chicago. "People have been losing faith in fiat currencies as governments around the world dig themselves into huge deficits. Hard assets are going to benefit."

Gold rose 24% in 2009 as the Federal Reserve kept interest rates close to zero to revive the U.S. economy. Gold reached a record $1,227.50 on Dec. 3.

Gold has decoupled from the U.S. dollar since at least the end of March, according to analysts at Deutsche Bank AG. Usually, gold falls when the U.S. dollar gains against the European currency. If the correlation reestablishes itself before July, either the dollar must continue to decline or investment into bullion-backed funds must pick up in order to avoid erosion in gold prices, Deutsche Bank said.

http://www.financialpost.com/news-se...tml?id=2785612