precious metlas flash

Friday’s trading volumes on the April Comex future were about the same as on a typical dull Monday. There was no real attempt to challenge the resistance and disappointed longs were sold out in the afternoon, especially against Euro, where headlines over possible Greek bond swaps hit the wires. Global Gold ETF holdings fell one ton due to reductions in ETF Securities and Source funds. Risk was back on during the weekend, as China caught markets by surprise and cut the reserve requirement ratio by 50 bps, which helped the precious metals complex to recover losses. With New York closed today however, gains should remain limited and we would expect another day of quiet activity.