Market Update - 07 Jan 10

07/01/2010 15:16
** P D HIGH = Previous Day High, P D LOW = Previous Day Low, P CLOSE = Previous Day Close
IF "COMMODITY" & "+ / -" BOTH COLOMN ARE IN "RED" = BEARISH & IF "GREEN" = BULLISH
** SELL Signal = If price close below PIVOT POINT or Previous Day Low  ** BUY Signal = If price close above PIVOT POINT or Previous Day High
S  = Support  , R = Resistance
COMEX
COMMODITY	P D HIGH	P D LOW	CURRENT	S4	S3	S2	S1	PIOVT	R1	R2	R3	R4	+ / -
GOLD FEB 10	1141.00	1116.80	1132.00	1060.73	1084.93	1109.13	1125.65	1133.33	1149.85	1157.53	1181.73	1205.93	17.80
SILVER MAR 10	18.25	17.76	18.08	16.63	17.12	17.61	17.95	18.10	18.44	18.59	19.08	19.57	0.38
CRUDE DEC 09	83.52	80.85	82.55	74.68	77.35	80.02	81.85	82.69	84.52	85.36	88.03	90.70	1.41
LME
COPPER 3 M	7742.00	7500.00	7660.00	6878.50	7120.50	7362.50	7467.00	7604.50	7709.00	7846.50	8088.50	8330.50	175.00
NICKEL 3 M	19400.00	18655.00	19155.00	16731.25	17476.25	18221.25	18532.50	18966.25	19277.50	19711.25	20456.25	21201.25	445.00
TIN 3 M	17825.00	17400.00	17825.00	16362.50	16787.50	17212.50	17450.00	17637.50	17875.00	18062.50	18487.50	18912.50	450.00
CURRENCIES
USDINR	46.1963	45.8500	45.8550	44.8980	45.2443	45.5906	45.6776	45.9369	46.0239	46.2832	46.6295	46.9758	-0.3885
USDSGD	1.3986	1.3938	1.3961	1.3813	1.3861	1.3909	1.3927	1.3956	1.3974	1.4004	1.4052	1.4100	-0.0008
EURUSD	1.4416	1.4284	1.4368	1.3978	1.4111	1.4244	1.4338	1.4377	1.4471	1.4510	1.4643	1.4776	0.0013
GBPUSD	1.6064	1.5938	1.5972	1.5621	1.5747	1.5873	1.5933	1.5999	1.6059	1.6124	1.6250	1.6376	-0.0008
SGDINR	33.1375	32.8419	32.8505	32.0442	32.3398	32.6354	32.7246	32.9311	33.0203	33.2267	33.5223	33.8180	-0.2620
ASIAN & AMERICAN MARKETS
BSE	17790.33	17636.71	17594.43	17249.21	17402.83	17556.45	17629.80	17710.07	17783.42	17863.69	18017.31	18170.93	14.89
NSE	5310.85	5260.05	5252.80	5131.23	5182.03	5232.83	5256.40	5283.63	5307.20	5334.43	5385.23	5436.03	3.90
STRAITS TIMES	2937.98	2919.74	2911.17	2876.51	2894.75	2912.99	2924.47	2931.23	2942.71	2949.47	2967.71	2985.95	10.21
HANG SENG	22514.79	22277.13	22222.07	21726.18	21963.84	22201.50	22363.52	22439.16	22601.18	22676.82	22914.48	23152.14	137.09
DOW	10594.99	10546.55	10573.68	10424.67	10473.11	10521.55	10544.98	10569.99	10593.42	10618.43	10666.87	10715.31	1.66
NASDAQ	2314.07	2295.68	2301.09	2249.47	2267.86	2286.25	2295.21	2304.64	2313.60	2323.03	2341.42	2359.81	-7.62

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Note- Members express their own view  & may be or may not be having investment or speculative positions in the commodity, please do not take it as buy or sell call, pl use  own judgments for buying or selling, after having discussion with your certified investment brokers or the person to whom u  have good level of confidence. once sentiment is changed from good to bad no good news work but bad news do work, investors must keep this in mind.
NEW INVESTORS SHOULD BE VERY CAREFUL.

China to control gold prices in 2010

How will India's reluctance to continue its gold buying spree affect the global bullion market? This is the question haunting many analysts across the globe as the world's numero uno consumer of gold, India, posts a huge fall in gold imports in 2009.

But, the ray of hope for the bullion market is that China has fast emerged as the leader in gold buying. In fact, in 2009 China has pipped India to the post in gold purchases.

Chinese New Year gold rush has already begun, and robust demand looks likely to continue through 2010. So, in the coming years, analysts will be watching China, instead of India, to make their decisions on investments in gold.

China's  gold purchases have grown 10% from 2008's record in volume terms, rising 26% by value to equal $13.5 billion or more.

On recent trends, that would equate to more than 2% of China's famously massive household savings (up from 1% ten years ago) and account for almost one ounce in every eight sold worldwide.

According to GFMS, physical gold purchases by mainland Chinese households in 2009 was already running 19% ahead of India's private demand for Q1-Q3.

Given China's continued economic growth private gold consumption in Q4 most likely remained very robust. Whereas India's private gold off-take during Oct-December continued to shrink in the face of record-high prices.

Indian bank and wholesale dealers have reported below-market bids from their clients throughout the autumn. Imports were 54% lower from 2008's already disastrous finish.

Fourth-quarter Chinese consumption should be in the range of 116 tonnes. The running total to end-September was 315 tonnes. It is likely to finish full-year at 431-443 tonnes.

India's private demand, in contrast, ran 45% below 2008 levels during the first 9 months of the year, most notably depressed during Q1. Applying the 5-year average ratio of Q4 demand to Q1-Q3 figures (27% added to 264 tonnes), full-year private off-take would come in at 336 tonnes, the lowest total since at least 1991.

source - commodity online

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Note- Members express their own view  & may be or may not be having investment or speculative positions in the commodity, please do not take it as buy or sell call, pl use  own judgments for buying or selling, after having discussion with your certified investment brokers or the person to whom u  have good level of confidence. once sentiment is changed from good to bad no good news work but bad news do work, investors must keep this in mind.
NEW INVESTORS SHOULD BE VERY CAREFUL.

Why America banned gold ownership in 1933

By Glen O. Kirsch
For 5,000 years man has sought gold. It has been said that as much as three-quarters of the earth's land surface was first explored because of man's insatiable desire for gold.

Since the dawn of time, one of the major uses for gold was as adornment. It made (and still makes) spectacular jewelry. But very quickly, gold began to assume its primary role – that is, as a reliable and predictable store of value. In other words, as money.

Man's desire for gold has been surpassed only by his stupidity at trying to manipulate money. There are numerous historical examples of the terrible consequences of this folly. Some historians believe that it was not Attila the Hun who caused the fall of the Roman Empire. Rather, it was the debasement of the gold and silver coinage, through plating, clipping and counterfeiting.

The world then settled into a long period of economic stagnation which we now know as the Dark Ages. This was followed by the Renaissance and the Age of Enlightenment. However, there was nothing enlightened about one "advancement" during this period – the invention of paper money. This was a new twist on man's age-old effort to manipulate the quantity of money. The results have been disastrous.

The French Revolution in the late 1790s has been linked to a failed debasement of the French franc. History is riddled with the bodies of paper currencies. The errors of the past are repeated again and again.

Sooner or later, almost all governments succumb to the temptation of currency debasement. Like drug addiction, once begun it is hard to stop. Paper currencies make this easy (and computer entries make it easier still). Most governments refuse to stop the flood of fiat currency, even when they know the result will be the debasement (and ultimately the collapse) of their monetary system.

And here comes that lust for gold again. The search for gold fueled the discovery and exploration of North, Central and South America. In the United States, "manifest destiny" did not just happen. It was fueled by the California gold rush in the mid-1800s and in Alaska later that century. The chase was on worldwide, with the world's largest gold discovery taking place in South Africa in the late 1800s.

So we have this interesting and complicated series of events overlapping - a quest to find more gold and man's attempt to manipulate money. Throughout the past two centuries, gold and paper money have competed for the primary monetary role.

When I started in the business in the late 1960s, the dollar was as "good as gold." The U.S. had emerged from two world wars as the strongest economic power on earth. We had accumulated the largest gold stockpile in history. The result was a stable dollar that everyone in the world, it seemed, preferred to their own currency.

With the system working so well, government just couldn't leave well enough alone.

In 1933, FDR banned gold ownership for U.S. citizens. Millions of gold coins were confiscated and melted down. The ban lasted for 42 years, with the right to own gold finally restored in 1975. It has taken many years for some Americans to recognize the essential role gold should play in a portfolio. But still, most Americans do not appreciate gold as an asset class.

I can remember the collapse of the London gold pool in 1968. A gold buyer at that time was generally an immigrant from Europe, many of whom remembered the German hyper-inflation of the 1920s. The Reich Mark had failed and another paper money experiment bit the dust. Gold prevailed. That was a classic example of gold working in a crisis.

But, we don't have to look back that far to see how gold can be the ultimate money. Back in the 1970s, I was a CEO of Deak-Perera (Washington), Inc. in Washington, DC. They were the premier foreign currency exchange company at the time, with outlets in virtually every major gateway city and airport in the U.S.

When the flood of refugees from Vietnam began pouring into the United States, the State Department asked Deak-Perera to become the exclusive foreign exchange/precious metals dealer at the various refugee camps. We would eventually purchase literally tons of gold from refugees, many of whom arrived with all their worldly possessions jammed into a suitcase or small bag. Some people presented stacks of piasters, Vietnam's former currency. We had to tell them that their paper money was absolutely worthless.

Others had been wise enough to put their trust in gold. Many refugees clutched small golden wafers, called taels, which were popular throughout Southeast Asia. When they presented their taels, we were able to exchange their gold for U.S. dollars on the spot. Their foresight gave them the wherewithal to begin a new life in the United States.

The lesson is clear: In a monetary crisis, gold is the very best insurance you can have. This is true whether it's the gradual erosion of purchasing power, as we are seeing now with the U.S. dollar, or the sudden, catastrophic plunge of a currency due to economic, social or political unrest which has occurred many other times in many other countries.

Gold works. It has before, it will again. Make sure you heed this lesson of history.

Glen O. Kirsch is Executive Vice President of Asset Strategies International INC

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Note- Members express their own view  & may be or may not be having investment or speculative positions in the commodity, please do not take it as buy or sell call, pl use  own judgments for buying or selling, after having discussion with your certified investment brokers or the person to whom u  have good level of confidence. once sentiment is changed from good to bad no good news work but bad news do work, investors must keep this in mind.
NEW INVESTORS SHOULD BE VERY CAREFUL.

Jim Rogers on gold, dollar, commodities in 2009

Jim Rogers on gold, dollar, commodities in 2009

December 31, 2009 13:10:00 IST

NEW YORK : It is the time of the year, when you love to recollect what others said on things you like and dislike. And on commodities, what better voice to listen to than that of Jim Rogers, the global investing guru on commodities. Rogers' views on gold, silver, platinum, palladium, dollar, pound and agricultural commodities were the most resounding during the whole of 2009.

Rogers, chairman of Rogers Holdings, and a vocal critic of America and Britain, has been arguing all through 2009 that agricultural commodities are the best investment place to put your money.

His argument on agri commodities is that since farmers cannot get loans, they can not get their fertilizer. "No company is opening a new mine, leaving supply problems open to shortages," he said pointing out that commodities prices will naturally rebound in the next few years.

In 1998, Rogers launched the Rogers International Commodity Index, a composite, US dollar-based, total return index, designed to meet the need for consistent investing in a broad based international vehicle. The Index represents the value of a basket of commodities consumed in the global economy, ranging from agricultural to energy to metal products.

Rogers also blasted British pound saying: "The charm of United Kingdom is all over and it would be prudent if you sell all their currency (pound sterling) fast."

With his focus on agricultural commodities, Rogers has been saying that he has great hopes on China because China is an agricultural gaint. Rogers, author of such famous books like Hot Commodities and A Bull in China, recently launched an agricultural commodities index focused on food consumption in China.

Saying that China is a fascinating place to invest in, Rogers said China is on the rise, like America 100 years ago, and the problems the Asian giant is encountering right now in certain, mainly export-driven, sectors of its economy will not alter the country's long-term trajectory.

According to Rogers, three billion people living in Asia, most of them in India and China, will account for a major portion of the total demand for commodities in the coming years. Rogers, who has been putting money into agricultural commodities in China, also said he is ready to buy gold as and when prices drop. He says silver is a better buy than gold, and Rogers is buying silver also these days.

"Gold is the best investment these days. Gold is great investment because the metal's prices will go over $2000 per ounce in the next one decade, may be by 2019. I would surely buy gold when prices drop," Jim Rogers said.

Rogers has been speaking at several investment summits from New York to Singapore during 2009—where he is settled these days—arguing that gold prices are going up thanks to the debilitating value of the US dollar. He has consistently argued that US dollar is collapsing, and the death of US dollar has been thanks to the wrong policies by the Federal Reserve all these years.

Several bullion analysts have been warning over the last two weeks that gold price is in a bubble as the yellow metal crossed to touch a historic high of $1227 early December. But Jim Rogers feels that gold is not a bubble that will burst and therefore he is not selling the yellow metal he owns even though gold prices have shot up by an incredible $540 per ounce in the last one year.

Here is the Jim Rogers take on gold and other commodities in 2009:

"If you want to buy precious metal, I'd rather buy silver or palladium. Both are very depressed. I continue to be more optimistic about agriculture than some other commodities."

"Well, I own gold and I have for a while. How high can it go? I fully expect it to be over a couple thousand dollars an ounce sometime in the next decade—I didn't say the next month, I didn't say the next year, I said the next decade—because paper money around the world is very suspect. But right now everybody's bullish on it, so I don't like to buy things when that's happening. But I'm not selling under any circumstances."

"You have central banks, which five years ago were selling gold, now buying. So that's a huge shift in the marketplace. Central banks are like lots of other people—they just follow the crowd. There are probably better commodities to buy than gold, but you can't tell that to central banks because they've got gold on the brain. "

"A huge amount is about not just U.S. deficits, but all deficits. Deficits are going berserk nearly everywhere. Throughout history, printing money has led to weaker currencies and higher prices for real assets. And there are many, many pessimists about the dollar, including me. So many pessimists that I suspect there's a rally coming. I have no idea why there should be, but things do usually rally when you have this many bears at the same time. I've actually accumulated a few more dollars. I mean, it's not a significant position, but I do own more dollars than I did a month ago. And we'll probably also have a gold correction because there's so many bulls on gold."

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Commodity Daily

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Note- Members express their own view  & may be or may not be having investment or speculative positions in the commodity, please do not take it as buy or sell call, pl use  own judgments for buying or selling, after having discussion with your certified investment brokers or the person to whom u  have good level of confidence. once sentiment is changed from good to bad no good news work but bad news do work, investors must keep this in mind.
NEW INVESTORS SHOULD BE VERY CAREFUL.