Gold ETFs record strong infows
Gold exchange-traded funds, which issue securities backed by physical metal, reported inflows Monday.
Holdings of the largest, New York's SPDR Gold Trust (NYSEARCA:GLD), increased by around 6 metric tons, reversing some of the previous week's 10 metric tons outflows.
Demand for the precious Yellow metal in major consumer India remained subdued as a strike continued among jewelers in protest at a government import levy.
US Gold futures for April delivery were was off 0.90 at 1,684.70.
Options expiry is due on COMEX late Tuesday, with most Call and Put options concentrated around the 1,700 oz mark.
Silver was up 0.2% at 32.88 oz.
Spot Platinum was up 1% at 1,658.24 oz.
Spot Palladium edged down 0.2% to 661.97 oz
Platinum maintained an historically unusual discount to gold as buyers worried about demand for the white metal, which is chiefly used in autocatalysts.
Platinum prices are up more than 18% this year after a poor performance in Y 2011 and struggle to maintain traction as worries persist over growth in the EuroZone, a major market for Platinum-heavy diesel autocatalysts.
From: Number Sleuth
Paul A. Ebeling, Jnr.
Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster's Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.
Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.