Published 10/17/2011
Precious Metals: December gold closed at $1,683 per ounce, up $14.50 on Friday against the weak dollar and the increase in U.S. retail sales. For the week gold managed a gain of 2.9% but still far below its recent high of $1,900. Gold has been under pressure for the past four weeks as money moved between equities and treasuries. We are neutral to bearish on gold. December silver closed at $32.17 per ounce, up 51c. December palladium gained $26.45 per ounce to close at $620.55 and January platinum gained $22.50 to $1,554.90. Our former recommendation of long Palladium short Platinum spread improved with Palladium gaining 4.5% against a 1.5% gain for platinum. We are on the sidelines for now since the risk of wide price swings is not appropriate for our clients. .........
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