This week in metals complex

In the precious metals markets this week . . . GOLD: spot gold prices opened the week at $1,116 . . . traded as high as $1,144 on Wednesday and as low as $1,113 on Monday . . . and the AM settlement price on Friday was $1,134, up $18 for the week. Gold support is now anticipated at $1,131, then $1,120, and then $1,097 . . . with resistance anticipated at $1,138, then $1,165, and then $1,188. SILVER: spot silver prices opened the week at $16.52 . . . traded as high as $17.49 on Friday and as low as $16.43 on Monday . . . and the AM settlement price on Friday was $17.34, up $.82 for the week. Silver support is now anticipated at $17.27, then $16.97, and then $16.78 . . . and resistance anticipated at $17.52, then $17.78, and then $18.49. PLATINUM: spot platinum prices opened the week at $1,547 . . . traded as high as $1,587 on Wednesday and as low as $1,543 on Monday . . . and the AM settlement price on Friday was $1,577, up $30 for the week. Platinum support is now anticipated at $1,571, then $1,543, and then $1,510 . . . and resistance anticipated at $1,585, then $1,620, and then $1,655. PALLADIUM: spot palladium prices opened the week at $436 . . . traded as high as $475 on Friday and as low as $435 on Monday . . . and the AM settlement price on Friday was $475, up $39 for the week. Palladium support is now anticipated at $472, then $455, and then $438 . . . and resistance anticipated at $480, then $525, and then $540. QUOTES OF THE WEEK: From filmmaker Michael Moore, interviewed by ''The Young Turks'' on The Huffington Post website on March 3rd, when asked, ''Can we fix the broken political and economic system in America?:'' ''It's not going to get fixed. There's going to be another crash. The commercial real estate bubble hasn't burst yet. That's going to burst. The credit card debt is so huge right now, it will never be repaid. That's a house of cards waiting to fall. So the crash of '08 is going to look like coming attractions. And we're in for a much, much worse time.'' . . . and from legendary investment advisor Dr. Marc Faber, in a video interview posted on 321gold.com on March 3rd: ''It's going to end in a complete disaster. But, we have to distinguish - the disaster may not happen for five to ten years. But we're heading into an iceberg. And, what will eventually happen is that the population will suffer very badly from inflation and declining real wages. The establishment, including the government, will protect itself. And when everything becomes very bad and you have simultaneous, essentially, a recession/depression . . . Unemployment goes higher goes higher than 10%, say maybe 15%. When that doesn't improve, they'll go to war. And nobody can pay for the war so you print more and more money, and you have hyperinflation, and then the system goes. That's why I'm telling everybody, you ought to own some land, and you ought to own some stocks and you ought to own some gold or a lot of gold and other precious metals. Because paper money and bonds are very vulnerable over the next five to ten years.'' . . . and from metals market analysts GFMS of London, in their March ''Precious Metals Market Outlook'' report, produced exclusively for , released on March 5th: '' . . . we forecast further weakness in the [euro] through the summer due to an unexpected broadening of the sovereign debt crisis in Europe . . . Nevertheless, we think that in time the focus will shift back to the United States' own severe fiscal difficulties and, by then, clear evidence of a 'double dip' in the US economy taking place, with all that entails in terms of ongoing budget deficits (which will have to be monetised in part) and the maintenance of exceptionally low short term interest rates by the Fed. At this point, the US dollar should weaken and a new wave of investment demand is then forecast to sweep into gold, eventually driving the price to fresh highs.''

Receive our
FREE Newsletter

Name:
Email: