gold

Yesterday metals traded in the same pattern as the day before, moving up during european trading hours, and giving back the gains in the afternoon with a bounce late in the evening. Gold could stick around the $ 1750 level for the time being, as there seem to be large option positions at this strike, which come to expiry in the next few days. Platinum was able to regain the losses from the day before as US car sales were reported with an 12 pct increase in January. The World Gold Council released its third quarter 2011 report, details can be found on their web page www.gold.org. Here some bullet points: Investment demand + 33 % y/y, world demand 468 tons, of which 131 tons from China, Indian demand - 26% y/y, gold ETF`s + 58% y/y, mining production +5% y/y. Demand for gold and silver coins remains high, US Mint reported sales of the American Silver Eagle at 6.1 Mio ozs and 127 000 ozs of the Gold Eagle in January. This afternoon the the market will be watching the release of the US Jobless Claims, expected at 371K and the NY Purchasing Manager Index. Tomorrow the Nonfarm Payrolls should draw the attention.