Market Update 17 Aug 2012 – Pt and TLT

As usual, the biggest gains and losses were in the commodities this week, with crude oil rising 3.6% while coffee fell 3.4%.  Silver and copper also gained, while cotton was off slightly.  The currencies were little changed, with the Canadian Dollar up 0.7%, the USD up 0.2%, the Euro unchanged, and the JPY down 0.6%.

Equities were higher this week, lead by the Japanese Nikkei Index which rose 2.4% despite the headwind of a falling currency unit.  Gold stocks and US equities also gained for the week.

Platinum made another new low on Monday, but rose through the week to finish at 28 mg/oz, up 4.2%.  There is no way to know if the bottom is now in, but it is rare to see platinum trading at a discount to gold; this is a great buying opportunity.

Although short term treasury bonds rose 0.2% (exactly in line with the US Dollar), long term bonds have been falling fast, racking up another 3% decline this week alone.  They are now approaching the lower edge of the channel they have been trading in for the last year.  This channel edge is also very close to the 200 day moving average, which should lend further support.  If this support holds, look for a retest of resistance at 2.6mg; if support fails, look out below!

Long Term Treasury Bonds from 2008 to Present


Table of prices in gold for week ending 8/17/2012

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