Economist Shayne Heffernan takes a look at Gold and Copper Trading
Gold holding in ETP set another record
Copper rises on opinion that Germany will pass bill to aid countries in EZ
US crude crosses 200 day moving average
Gold climbed for a second daybefore a Federal Reserve policy meeting that may introduce more stimulus to boost the world's largest economy. Platinum ispoised for the longest rally in more than a year. Cash gold rose as much as 0.3 % to $1,736.45 an ounce,and traded at $1,735.30 at 11:20 a.m., extending yesterday's 0.3% gain as the dollar fell. The metal touched $1,741.70 onSept. 7,the most expensive since Feb. 29. Holdings in bullion-backed exchange-traded products expanded to a record 2,487.361metric tons yesterday.
**The Federal Open Market Committee starts a two-day meetingtoday amid opinions that it will introduce a third round of quantitative easing, or QE, sending the dollar to a four-month low against the euro yesterday.
**Chinese Premier WenJiabao signaled yesterday that there's more room for fiscal andmonetary policy to support growth. FORECAST South Korea's central bank to cutinterest rates tomorrow for the second time this year.
London copper edged higher on Wednesday, extendinggains to a fourth session, on bets that a German court ruling onthe euro zone's rescue fund will be passed. Three-month copper on the London Metal Exchange had ticked up 0.1 % to $8,095.75 per tonne by 0132 GMT, after rising 0.3 % on Tuesday.
Shayne Heffernan holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reached a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.