WEEKLY METALS REPORT 2/18
Thursday, February 18, 2010
by Mike Daly of PFGBest
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So far this week the precious metals have shown extreme resiliency as economic news globally has tested the patience of the most disciplined traders. The recent global economic data has analysts divide and therefore the markets are seeking an indicator and a direction. Much of the news this week has been the European Unions dilemma in regards to Greece. It has become apparent that Greece’s debt crisis was much worse than originally thought. The Greek budget deficit has affected everything from European Stock Markets, Central banks and certainly devaluing the Euro versus the Dollar. Despite a weaker Euro I believe that global Investors are tired of the fiat currencies Non stop woes and are flocking to Gold and Silver as a flight to a “safer haven”. There is certainly proof there has been a jump in physical demand lately. The U.S Economy took another punch to the stomach as the U.S Labor Department announced that initial Jobless Claims rose by 31,000…. (473,000) This should be priority one!!!!!
Also the IMF announced it would be selling its remaining 191.3 tons of Gold. This pressured the Gold and Silver markets early. I believe investors thought the selling of this massive amount would over whelm the existing demand. But as we have seen over and over the Asian sector has bought every price dip and considers it to be bargain hunting… We also know the Chinese look to boost their gold Reserves to 10,000 metric tons over the next decade. The remaining IMF Gold would be a ood start to that achievement…I believe if a Central Bank purchases any or all of the IMF Gold it will signal a Bull RUN similar to rally after the central Bank of India purchased 200metric tons. 4 months ago.(rallied almost $180.00)... The resiliency of the precious metals is real… Feel free to call…Lets talk Gold !!! Mike Daly / Gold Specialist PFG BEST mdaly@pfgbest.com 877-294-4669 312-563-8029 312-775-3014 *there is extreme risk trading futures, options, and forex* 
Recent articles from this author
- WEEKLY GOLD REPORT 7/30 - Friday, July 30, 2010
- DALY BLOG 7/29 - Thursday, July 29, 2010
- DALY GOLD REPORT 7/28 - Wednesday, July 28, 2010
- Daly Gold Report 7/27 - Tuesday, July 27, 2010
- DALY GOLD BLOG 7/26 - Monday, July 26, 2010
About the author
Mike Daly joined PFGBEST Research in 2009 with more than 25 years of experience as a gold trader and market specialist. He was a floor trader at the Chicago Mercantile Exchange, Chicago Board of Trade and Chicago Board Options Exchange for the first two decades. He joined the renowned gold brokerage J. Aron in 1979 and served as a senior gold broker and market analyst for four years, and then continued another two years there after J. Aron was acquired by Goldman Sachs in 1982. He was charged with keeping vast spread markets in line and was a global gold market maker for the firm. From there he continued as a licensed independent broker on the CME floor in the S&P 500 stock index futures trading pit while also monitoring and trading gold markets. He joined Alaron Trading Corp. in 2007 as a senior broker then came on board PFGBEST through the acquisition of the customer assets of Alaron in spring of 2009. Mike is regularly quoted in broadcast and print media venues and is widely available to share his precious metals and trading background, knowledge and experience as an interview source, educator and spokesperson. Mike Daly
Sr. Precious Metals Analyst
PFGBEST Research Phone: 877.294.4669 or 312-563-8029
Email: mdaly@pfgbest.com PFGBEST is among the largest non-clearing U.S. Futures Commission Merchants, with customers, affiliates and brokerage offices in more than 80 countries. The company is a leader in sustainable investing through diversified products including managed funds, futures, forex, options, full-service and discount brokerage, trader education, market research, and direct online futures trading through its BESTDirect® platform, and numerous other platforms and applications.
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