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The physical corner of the precious metals world had a very active MLK trading day as investors took the opportunity to buy a slight dip in prices as compared to Friday’s closing levels and an early test higher in Asia when trading resumed on Sunday night. This morning finds our market again probing higher as gold has reached $1,294.50 and silver broke $18.00 for the second time ($18.02 on Sunday night) as it reached $18.045 on the back of an IMF report released in China that forecast a cut in global economic growth for 2015 from 3.80 percent (their forecast in October) down to 3.50 percent.
Once again, gold has reacted positively to a deflationary scenario. Palladium, which has taken it on the chin recently, has been quite active overnight as physical demand and short covering have been reported as palladium trades $23.00 above Friday’s close. Trading should remain active and likely volatile in all markets this week as we look ahead to a Thursday policy meeting by the European Central Bank and the much talked about Greek elections scheduled for this weekend.
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