The Review on Precious Metals for The Week of July 25, 2011

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The Metals Review
For the week of July 25, 2011

By Daniel Cronin

Precious metals had another outstanding week as Gold climbed above $1,600 and opened the Sunday session +$15 at one point. Silver also rallied above $40 as the safe haven play is still in effect on the COMEX. With the Euro rallying on Friday it only fueled the fire under the Gold market to advance higher. That pull back the market saw last week was viewed as a great time to jump in on the dip and now Gold trades up to the all-time high of $1,623. I believe this market will continue to rally into the week as new highs seem very likely.

Copper has hit a rough patch above the $4.45 level and after breaking that briefly has now slipped back to under $4.40. I will look for this market to head lower as the equities seem to be teetering with the uncertainty of the debt ceiling.

Disclaimer: Past performance is not indicative of future results. Trading futures and options involves substantial risk of loss and is not suitable for all investors. Fundamental factors, seasonal and weather trends, daily news, and other current events may have already been factored into the markets. The use of stop loss or contingent orders may not protect profits and may not limit losses to the amount intended. Certain market conditions make it difficult or impossible to execute such orders.