Quiet For Now, But EU Clouds Forming
Monday
Gold continues to meander into the last trading days of
2014, as both the dollar and oil appear to have stabilized into
year-end. Greece will once again be on everyone’s radar, as the Greeks
failed to elect a new President. This opens the door for a snap
election where the outcome could result in Greek voters picking a
leader who may abandon the current austerity program and raise doubts
about Greece’s membership in the EU. This could turn into a significant
story for early 2015, which may create some safe-haven flows into the
metals from the EU investor block. Although the market remains thin on
participation, we have three full trading days in front of us and
volatility may increase into year-end positioning.
By Peter Hug
Global Trading Director
20:15
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