precious metals flash

Another quiet day in Gold passed yesterday, where selling pressure, coming from a weaker Euro, met bargain hunters around 1715. Silver continued to trade sideways, while Platinum and Palladium saw technical related selling. Global ETF holdings were up a net 21’000 ounces, due to an increase of 30’000 ounces in our own JB Gold funds. 13F filings in the US showed that John Paulson cut his Gold holdings by 15% or roughly 290’000 ounces to 17.3 Mio. shares in the fourth quarter. The amount was overshadowed by a large purchase of 3.75 Mio. shares or 360’000 ounces by Lone Pine Capital and 2.8 Mio. shares by Laurion Capital. Overnight headlines, that China’s Central Banker Zhou said they would continue to invest in Eurozone Government Debt as well as that they would play a bigger role in solving Europe’s problems via the IMF / EFSF, changed market sentiment to risk on and should continue doing so today. Gold is expected to target 1735, Silver 34, Platinum 1660 and Palladium 700. Given the headline driven market, rallies in metals and especially the white ones might be used to take profits, as negative news shouldn’t wait for long to reappear.