No surprise this morning that precious metals were well bid overnight and is currently holding onto most of its gains in the New York Session. The fact that Ireland is going to accept European Union oversight and take their support is establishing some calm in those money markets but maintaining weakness in the Euro vs. the dollar. Euro liquidation for buying of gold is much of the asset protection moving the precious metals higher. However we still have the threat of Chinese tightening in the background we probably will find resistance to the upside and may fail to go much higher. Today?s US news was basically flat to weaker than expected.
