Gold is holding stable at $953/oz this morning smack bang in the middle of its recent range of $931-$971/oz. Commentators are pointing towards a similarity in trends to recent years and the possibility of breaking significantly higher in September. A breach of $967-971/oz has to be accomplished first however, before any surge towards the all time highs can be completed. Asian markets followed the US and European markets into positive territory this morning based on a combination of last Friday's US sales of existing homes surging to the most on record. Hopes for an improvement in the global economy and fears regarding the reemergence of inflation are leading to higher commodity prices and higher oil prices.
Silver is currently trading at $14.39/oz and continues to look to gold for direction.
Platinum group metals
Palladium is trading at $282/oz while platinum and rhodium are trading at $1,255 and $1,650 respectively.