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Dealing Desk: Metals Advance on Weak US Data + MORE

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Led by the energy sector, Wall Street moved higher with the S&P 500 index returning to the highest level in 7 months and up +0.49% at close. The DJIA index also gained +0.64%. Market sentiment turned more upbeat although Fed Chair Janet Yellen noted the employment report in May was disappointing…

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Decline in US inventory and a weak US dollar explain why energy prices hold onto gains. The front-month WTI crude contract rose to a new 2016 high of 51.62 before settling at 51.23, up +1.73%, while the Brent contract closed at 52.51, soaring +2.08%. Risk appetite was lifted as the market widely expect no rate hike at the June FOMC meeting…

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The British have recently seen two unpleasant examples of the cost of pension fund deficits.
A deficit at British Steel, estimated to be about £485m, was followed by a deficit at British Home Stores of £571m. In both cases, pension fund deficits have scuppered corporate rescue plans, because understandably no buyer will take on these liabilities…

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Market Report: Sharp recovery

– .goldmoney.com

Gold and silver enjoyed a strong recovery in the wake of an atrocious jobs report last Friday.
Gold and silver prices were given further upside momentum when Janet Yellen, speaking at the World Affairs Council in Philadelphia on Monday, consequently took a softer line on interest rate rises. Gold, which had bottomed at $1200 on Wednesday last week, took off like a scalded rabbit on last Friday’s jobs release, gaining $22 in seven minutes…

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This week, clients have continued to net buy silver and platinum, whilst net selling gold and palladium.
Clients have been taking advantage of the lower pricing of silver and platinum. Silver had experienced lows of USD15.97/oz but, throughout the week, has steadily gained to soar above USD17.00/oz.
GoldMoney’s clients have favoured the Malca-Amit Singapore and Switzerland vaults this week with less preference being shown for the London and Hong Kong vaults…

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Both crude oil benchmarks are now trading above US$50/bbl, thanks to abrupt supply disruption. The front-month WTI crude oil climbed to a new 2016-high of 50.53 before ending the day at 50.36, up +1.35%, while the Brent contract rose to as high as 51.54 before settling at 51.44, up +1.76%. Fuel prices were mixed with heating oil gaining +2…

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US dollar recovered after declining for 4 consecutive days. USD index (DXY) remains firm on Friday after the gaining +0.38% on the prior day. EURUSD fell -0.68% and was back below 1.14. The fall was comparatively large as ECB President Mario Draghi warned that the Eurozone is at risk of lasting economy damage…

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