preious metals flasgh

Gold triggered some buy stops as it moved through 1735 yesterday to a high of 1737.70 in the first US trading hour, but quickly ran out of steam. The FOMC minutes didn’t reveal anything new and all gains made during the day were given back. Greece was again filling the negative headlines, which saw risk trades affected and white metals underperform Gold. Moody’s doesn’t like banks and may cut some by as many as three levels, like UBS, CS and Morgan Stanley. Global Gold ETF holdings dropped by 3.3 tons or 106‘000 ounces due to selling in ZKB and Credit Suisse funds. Provided Spanish and French auctions do ok today, we should rather be at the lower end of the recent sideways range and would favour buying dips again on all four precious metals.