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Year-end book-squaring continued during the overnight hours, this time in favor of gold, oil, and the euro for a change, as a rather large wave of dollar selling hit the market and brought the US currency to just under 77.50 on the trade-weighted index. Bargain hunting by locals over in India helped support the move to higher ground in gold, albeit the stand-out performer early this morning was palladium. The noble metal gained 2% to vault above the $400 –its highest level since July of 2008. As expected, we have seen some hefty day-to-day moves in gold since the middle of last week, and a good portion of them were counterintuitive as well as outsized but that’s the nature of thinly traded markets.
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