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Gold soared to a new 2015 high at 1268.65 as traders ran for the hills after the SNB shook up markets when they withdrew their support of the currency. At the same time, Italy’s President resigned adding to the mess in Greece. Gold futures declined for the first time in six days on speculation that prices advanced too fast to a fourmonth high. Bullion jumped as much as 2.6% as the dollar weakened after the Swiss National Bank unexpectedly scrapped its euro currency cap. Gold’s rally sent its 14-day relative-strength index to near the level of 70 that signals to some traders and analysts that prices may be poised to retreat. The metal is up 3.5 percent this week, set for the biggest gain since February. Traders and analysts surveyed by Bloomberg were bullish on gold for a seventh week, citing the potential for more stimulus in Europe and speculation the Federal Reserve will delay raising interest rates.

Silver soared to 17.813 up by 711 points on Friday following the uptrend in gold as geopolitical turmoil and the move by the SNB sent traders to precious metals.   

Copper added a bit this week after touching a 5 year low on demand and implied use as China continued to contract. Copper closed at 2.631. Copper rose for a second day on speculation this week’s plunge to a five-year low was excessive. The metal is headed for the biggest weekly drop in three years amid lower energy costs and concern demand will wane as economic growth slows. Prices slumped 5.3% in London on Jan. 14 after the World Bank cut its forecast for global growth amid weakness in Asia and Europe. Copper is the worst performing non-energy raw material this year on the Bloomberg Commodity Index, which touched a 12-year low this week. Chinese hedge funds, once again linked to a powerful sell-off in copper this week, were probably replaying an aggressive short-selling strategy they have also used to target iron ore and coal. This indicates the growing clout of the secretive Chinese funds in global commodity markets as they tap their home-ground advantage in the world’s biggest consumer of copper and other commodities.
Crude Oil added 2.24 reversing its down trend to trade at 48.49 Brent Oil added 1.73% to close the week at exactly $50. OPEC defended its November decision to maintain its official crude production ceiling despite plunging oil prices, saying it had made “sacrificial” output cuts in the past but was no longer prepared to do so while producers outside the organization continued to boost their production.
In a commentary in its monthly OPEC Bulletin magazine, OPEC said expectations had been high ahead of the November 27 ministerial talks that the oil producer group would react to the price slide by cutting its 30 million b/d ceiling. Brent oil prices will tumble $31 per barrel by the end of the first quarter as global petroleum inventories continue to build, Bank of America Merrill Lynch analysts forecast. 

Natural Gas bounced around all week from lows to new weekly highs to trade at 3.0890 giving up 69 points. Natural gas futures have been moving up since the start of this week, having gained around 16% over the last three days. It goes on to show just how quickly a change in weather forecasts can affect natural gas futures, as demand for natural gas increases during colder weather. The increase in natural gas futures can primarily be attributed to the cold weather forecasts. After a relatively mild December, fears were heightened that January would be even warmer, leading to a global decline in gas price. However, reports started coming in earlier this week that the end of January and start of February will see temperatures drop lower than previously anticipated. Gas price usually peaks during winters as nearly half the US households use natural gas for heating purposes. The cold start to January has seen natural gas demand rise over $120 billion cubic feet per day. 

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