Precious metals are pumping across the board. Gold wasted no time pumping straight to $4,400 per ounce this morning, surpassing its previous record high established back in October. It was not alone. Silver reached all the way up to $69 per ounce within hours of the opening bells across Asia, pushing even further into record high territory. The white metal is up a staggering 140% since the start of the year, and is by no means alone. After breaching $2,000 last Friday, platinum blasted straight out of the gate this morning, moving up to $2,100 per ounce. Platinum is up over 130% since January and is now only $200 away from beating its previous all-time high of $2,300 per ounce, recorded back in 2008. As if that were not enough, palladium also continued its ascent this morning, reaching to $1,850 and beyond, meaning the metal has joined silver and platinum in doubling since the start of the year. The drama in precious metals appears to be relatively self-contained for the time being, with markets further afield remaining unaffected.
Christmas is only a few days away, and the economic calendar is as barren as one would expect. With regard to the US economy, Tuesday has a couple of meagre offerings in the form of the ADP employment change and heavily delayed Q3 GDP figures, while the latest jobless claims arrive early this week on Wednesday. Other than that, there is very little to whet the appetite this week; the earnings calendar is equally mundane. With the Christmas break just around the corner, traders understandably have their sights on matters closer to home. Markets around much of the world will shut down on Thursday and Friday for Christmas and Boxing Day, while US markets will close for half a day on Wednesday but reopen on Friday.
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