METALS MIXED

The metals are mixed, with gold up $1.70 and silver down $.02.  The platinum group metals also a bit lower. The dollar is up 35 basis points at 79.98, oil is down $.46 at $82.46 a barrel and the Dow is up 23 points at 10,757. The markets are reacting largely to a hiccup in the resolution of the Greek debt crisis. We still don't know how that is truly going to work itself out. However, the Prime Minister of Greece has given the German government a deadline of sorts to come on board a bailout program. This seems to be unsettling the markets to some degree and has enabled gold and the dollar to move higher in tandem. The fact that gold and the dollar are moving up together suggests that gold is quite strong and that gold in other currencies is continuing to trade at record highs.

Jim Steele, Senior V.P with HSBC Bank said, "Gold has held up in the face of the Greek news and the euro decline. So in that sense, you could say it looks quite firm." Another analyst said gold having rebounded off of support is now attempting to gather sufficient strength to push up through resistance. Some think that in the next few weeks gold will continue to push higher. In the last few days we have seen a number of technical analysts forecasting gold to higher levels. In addition, Goldman Sachs raised its forecast for gold over the next twelve months at $1,390 an ounce. That would represent a 24% increase from current levels. That in itself is a good reason to consider owning gold.

In economic news, the CPI was unchanged. Hardly anyone believes that the CPI accurately measures inflation. Excluding food and energy, the CPI rose 0.1% as forecast. First time weekly jobless claims fell 5,000 to 457,000, while economists were looking for a 7,000 decline. This will be touted as good news as the pundits will ignore the fact that we lost another 457,000 jobs. On balance, the economic situation globally is supportive of the precious metals markets.

At the moment, gold needs to break above resistance at $1,127 an ounce. Once it does that it will be in a position to make a move to higher levels. Most of the analysts believe that gold would find strong support on dips. Given the forecasts of Goldman Sachs and other prominent market analysts and forecasters, investors should consider acquiring gold at these levels or adding to your holdings if that should be appropriate for you.

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