New Longs in the Gold Market

Our day starts out with preliminary opening interest numbers up in gold, bringing new longs into the gold market. Overnight resistance levels at $1,160 broke through from Far East interest. The next level that Wall Street traders are watching will be $1,170 basis Dec. Fueling the gold price are comments from former Dallas Fed official Richard Fisher. stating that a Fed hike may be seen by year end but it’s NOT necessary .

As reported to you earlier, some traders on the street were playing the Gold/ Platinum ratio, buying Jan platinum and selling Dec. gold when the ratio got as wide as $235, this morning, they’re seeing the ratio at $170 and are very happy with the results of that trade.

Silver over $16.00 at this time looking at its next level of resistance $16.315 basis Dec.

Platinum picking up steam this morning with the $1,000 price basis January on everybody’s mind.