John Read
John Read
above base based beyond capable consider demand events factors fair flows investment lifting metals past precious prices supply value
Base and precious metals are considerably above what we consider to be fair value - based on fundamental supply and demand factors - but events of the past two years have demonstrated that investment and speculative flows are very capable of lifting prices well beyond fundamental fair value.
base gold improving needed period prices rallying silver strong
We had a period of needed consolidation in gold ... with rallying base metals, strong silver prices and improving momentum, we can probably go higher.
base demand emerges form fresh gold level metal physical support
The level at which physical demand emerges to support the metal will then form a base for gold to make fresh gains.
almost correction few gold inevitable months past point rally rapid
After the rapid rally in gold over the past few months a correction is almost inevitable at some point and this could be it.
either extremely gold market ounce seems spot time today trade unlikely
It seems extremely unlikely that gold doesn't trade $600 an ounce in the spot market at some time either today or this week.
higher rand remains risk
The risk remains that the rand will be at the higher end of people's forecasts.
board decision intention management moment responsibility stand stress ultimate
The thing to stress is that the ultimate decision will be the responsibility of the management board and no decision has yet been made. As things stand at the moment it is our intention to go.
clear committed gold higher investment money motivation seems
Of course, gold can go higher on investment and speculative demand, but there seems no clear motivation for new money to be committed to gold at this time.
although appears approval driven gain possible proposed rally recent seen soon
Silver's recent rally appears to have been driven by intensifying speculation that the proposed ETF will soon gain approval from the SEC, although we have seen no indications on the possible timing.
ahead expected fund launch silver
Silver is benefiting from pre-positioning ahead of the expected launch of an exchange-traded fund in silver.
although believe both firm lower metals near platinum profit stage suspect taking term three towards
We believe that new-year allocations towards commodities will keep platinum and palladium firm in the near term and see platinum at $1,100/oz and palladium at $300/oz over one month, although we suspect that profit taking will set in at some stage and see both metals lower to $1,050/oz and $270/oz in three months.
believe china gold increase interpret investors likely market positive raise
We believe that investors are likely to interpret this ... as being positive for the gold market as it will raise speculation that China will increase its gold holdings.
attempting believe confine extremes gold likely metal range recent
We believe that gold is attempting to find a range with the recent extremes of $535 and $555 likely to confine the metal for a while.
above believe buying fair justified metals precious stop trading weight
We believe that all precious metals are trading above fundamentally justified fair value, but the weight of investor, speculator and commodity-index buying has demonstrated that this does not stop metals trading ever-higher.