Oil-driven inflation concerns seem set once again to propel the gold market higher with fund players keen to push the market in their favor.
More Quotes from James Moore:
Conditions are set to remain volatile in silver for some time to come as traders await the SEC's decision on Barclay's ETF application.James Moore
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James Moore
The firm start in the US might be the catalyst needed for a test of 575oz, particularly with the IAEA due to reach its verdict on Iran which could mean sanctions and would not only heighten tension in the Middle East, but could create inflation concerns if oil output was curbed.
James Moore
The combination of jumping oil prices and weak U.S. economic data has triggered an end-of-week rally in the precious metals complex, with gold rising to just shy of 559.
James Moore
The market for gold is very thin and gold is higher on a bit of buying. Gold could test 518oz or maybe 525oz today. The range for the rest of today, for gold, is likely to be between 518oz to 525oz. Despite the risk of a downwards correction, similar to that seen at the start of 2005, the outlook for the precious complex remains very upbeat with the combination of positive supply and demand fundamentals, good physical and growing investor demand set to push the metal beyond the 541oz high seen in early December and continue the bull-trend across the year.
James Moore
Platinum still looks a little shaky short-term and has the potential to dip to the 100-day moving average at 935oz, while palladium could fall back to the 220oz area.
James Moore
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