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  • Editor’s Picks / 10 hours ago

    E-trading pulls gold into forex units as commodity desks shrink

    Reuters
    The increasing use of technology on financial trading floors is driving a trend for banks to roll precious metals operations into their forex businesses as a separate unit from other commodities activities.
    Barclays on Tuesday followed similar moves by rivals Deutsche Bank, UBS, JPMorgan Chase & Co and Morgan Stanley by announcing that it would keep its gold trading business while hiving off most of its global commodities operations.
    The consolidation of interbank gold dealing and foreign exchange trading on electronic platforms is making it increasingly easy for forex traders to execute precious metals deals, allowing banks to ease cost pressures by moving the asset classes into a single business unit.
    Read article on Reuters Go to post
  • Squawk / 15 April 2014 at 14:26 GMT
    Ole Hansen Ole Hansen
    Head of Commodity Strategy / Saxo Bank
    Denmark
    Precious metals led by silver are having their own mini "Black Monday" on the anniversary of golds biggest two day sell-off in three decades last April. The whole sector including palladium has succumbed to selling after reaching the highest level since August 2011 yesterday.
    The sell-off today in gold was driven by a technical break below trend-line support at 1314 and the stronger than expected CPI did the rest by pushing it through 1300 support. Any renewed escalation in East Ukraine could now receive some fresh buying as many newly established longs has been washed out.
    Both crude oils are lower ahead of tomorrows US inventory report which is expected to show a rise in domestic inventories to the highest level since last November.
    Arabica Coffee is having another volatile day but remain above 2 USD/lb in New York.
    Copper has slumped back below 3 USD/lb and Nickel has dropped the most in nine months as worries about a Chinese slowdown outweighed supply concerns
    Read the Squawk
    16 April
    fxtime fxtime
    Ole do you think the Indonesian ban on nickel ore export will have a lasting impact? As for Cu the tree month delivery is still well below...
    16 April
    fxtime fxtime
    LOL...typo error...tree month = three month
  • Squawk / 15 April 2014 at 7:52 GMT
    Ole Hansen Ole Hansen
    Head of Commodity Strategy / Saxo Bank
    Denmark
    Gold has declined from a three-week high as the price continue to react to the strong US retail sales yesterday which points towards a pick-up in the US economy following the winter slowdown. The lack of escalation in East Ukraine has seen some of the safe haven buying being scaled back not least due to those US numbers. Today also marks the one-year anniversary of the biggest two-day drop in 30 years for gold when on April 12 and 15 it crashed through what was strong support at 1525/oz. In just two days the yellow metal dropped from 1565/oz to 1336/oz.
    Having failed to breach resistance at 1335/oz yesterday gold will once again be looking for support, either from escalating geo-political developments or the 200 day moving average, currently at 1300/oz.
    Silver remain range bound around 20/oz while the bigger picture is building up for a break of some significant trend lines. Until that happens the range to look out for are between 19.2/oz. and 21.0/oz.
    Read the Squawk
  • Squawk / 14 April 2014 at 7:40 GMT
    Ole Hansen Ole Hansen
    Head of Commodity Strategy / Saxo Bank
    Denmark
    Gold and oil has received another boost from the rising tensions in Eastern Ukraine where the governments deadline to pro-Russian separatists to lay down their arms and leave government buildings has passed with nothing happening yet. Gold reached a three week high at USD 1330.6/oz. in early European trading with the focus now on resistance at USD 1335/oz. Gold speculators cut their bullish exposure by 7.4% to 98,492 contracts of futures and options during the week of April 8 while silver longs were left unchanged at just 5429 contracts. Total ETP holdings were reduced a fourth week in row, this time by 5.7 tons to 1745 tons (Bloomberg).
    Read the Squawk
  • Article / 14 April 2014 at 7:05 GMT

    COT: Strong buying of WTI offset agri reductions while gold cut again

    Ole Hansen Ole Hansen
    Head of Commodity Strategy / Saxo Bank
    Denmark
    COT: Strong buying of WTI offset agri reductions while gold cut again Read the article
  • Article / 11 April 2014 at 13:20 GMT

    Commodities power ahead as stock markets weaken

    Ole Hansen Ole Hansen
    Head of Commodity Strategy / Saxo Bank
    Denmark
    Commodities power ahead as stock markets weaken Read the article
    11 April
    Jim Earls Jim Earls
    Good article-hence not much room left for dovish bias with cost inputs rising even if economic growth declines.
  • Squawk / 11 April 2014 at 7:41 GMT
    Ole Hansen Ole Hansen
    Head of Commodity Strategy / Saxo Bank
    Denmark
    XAUUSD is currently up 1 percent on the week while XAGUSD is unchanged. The climb back above USD 1300/oz has was driven by renewed safe haven focus, dovish FOMC minutes and a weaker dollar but so far it has failed to spark much action in the market with ETP flows being negative for a fourth week in a row. The economic calendar is light this Friday which signals the beginning of the Easter week where many traders will take a break. The situation in Ukraine is most likely going to ensure an underlying bid in the market which should keep the 1300 level supported. Inter-day resistance can be found at 1325.4 ahead of the key level of 1334.6 which represents a 50% retracement of the recent sell-off. Support at 1311.6 ahead of 1304.4
    Read the Squawk
    11 April
    nihat nihat
    I think gold market is start to up $1327-$1329 in today afternoon
  • Article / 10 April 2014 at 8:31 GMT

    Commodity RSI: What is hot and what is not?

    Ole Hansen Ole Hansen
    Head of Commodity Strategy / Saxo Bank
    Denmark
    Commodity RSI: What is hot and what is not? Read the article
  • 09 April
    kirand kirand
    what about gold?
    09 April
    John J Hardy John J Hardy
    Will take a lot of heavy lifting to get upside interest in gold - any downside acceleration suggests a test toward 1250 or lower in my book....