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Mixed Chinese Data Weighed on Sentiment + MORE

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In a week that’s seen more window dressing of GoldMoney client investment portfolios than serious directional decisions, gold has had a volatile few days thanks to a variety of factors.
Head of Dealing and Settlements, Roland Khounlivong said, ‘The better than expected economic figures out of the US were all good news for the dollar but not so positive for the gold price…

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Crude oil prices steadied in European session after the sharp selloff yesterday (WTI: -4.51%; Brent: -3.89%). Yet, the benchmark contracts have stayed in multi-years’ lows. The OPEC cut its 2015 oil demand forecast to the lowest in 12 years while the DOE/EIA inventory report showed an surprisingly buildup of crude stockpile amidst the rise in imports…

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This week, precious metals continued their recovery, with gold up $35 at $1220 and silver up about $1 at $17 this morning, thus building on the improved trend since gold bottomed nearly $90 lower at $1132 on 7 November.
Gold seems to be finding support at the 50-day moving average (MA), which currently stands at $1198 and now rising…

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Pessimistic oil demand outlook triggered another round of crude selloff. The front-month contract for WTI crude oil broke below US$60/bbl for the first time since 2009 and ended the week -12% lower. The Brent crude contract also slumped more than -10%. Following the OPEC’s monthly report which downgraded the global oil demand outlook, the Paris based IEA also cut its forecast…

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Gold price retreated after the rally yesterday. Yet, the benchmark contract stayed about 1220 ahead of US opens. Crude oil prices resumed weaknesses ahead of the US inventory data. Besides oversupply concerns, investors’ sentiment was hurt by rising uncertainties in Greece, soft Chinese inflation data and falling consumer confidence in Japan…

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Spare dollars

– .goldmoney.com

Last week I wrote that contrary to the prevailing mood US dollar strength could reverse at any time. This week I look at another aspect of the dollar, which almost certainly will become a significant source of supply: a global shift out of it by foreign holders.
As well as multinational corporations that account in dollars, there are non-US entities that use dollars purely for trade…

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Crude oil remained under pressures as weak Chinese data offset impressive US dollar. the front-month contract for WTI crude oil broke below US$60/bbl for the first time since 2009 while the Brent crude contract is approaching US$60/bbl. Oversupply concerns remained the key issue but strength of the US dollar might have also weighed on oil prices…

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Financial markets slumped as driven by intensifying uncertainties in Greece where the government brought forward the upcoming presidential election by 2 months. Investors were concerned about the impact of the election result on the Greek rescue package, especially when the chance of dissolution of the parliament is not negligible…

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