Newsletter writer Dennis Gartman says gold?s recent correction...

Newsletter writer Dennis Gartman says gold?s recent correction has taken the metal from ?over-extended back toward long-term technical health.? He describes himself as remaining ?steadfastly bullish of gold in non-U.S. dollar terms.? He describes silver?s fundamentals are ?demonstrably more powerful? than those for gold, but adds that he tends to focus on gold due to silver?s volatility. ?But can we imagine why one might wish to be long of silver as well as long of gold? Of course we can, and we shall simply suggest that owning silver in sterling terms is as wise as owning gold in those same terms; the volatility is actually reduced and the trend is perhaps even more clearly defined.?
Analysts with Barclays Capital describe themselves as bullish on palladium after the metal closed Monday at its highest level since 2001. ?Prices have found support from recovering auto and industrial demand, but the pick-up in investor interest has propelled prices higher,? Barclays says. It cites healthy auto sales in gasoline-vehicle markets such as China, which tend to rely on palladium more than platinum. Furthermore, Barclays says, the pace of light-vehicle sales in the U.S. has recovered further. While holdings in global exchange-traded products held steady Monday at 1.88 million ounces, they are nevertheless up 716,000 for the year, Barclays notes. ?Longer term, we remain positive towards palladium, as potential depletion of supply from Russian state stocks could swing the market balance into deficit as underlying demand continues to recover.?

-A stronger tone in the dollar exerted some pressure on gold and silver in London trading, say analysts with GoldCore. ?Physical demand remains robust with buyers continuing to accumulate on the dips. With monetary easing set to continue and indeed deepen in the coming months, this is likely to continue,? GoldCore says. Goldcore puts chart support for spot gold at $1,317 an ounce, with resistance at $1,348 and $1,385. At 8:11 a.m. EDT (1211 GMT), spot gold was $9.50 lower at $1,330.80 an ounce. Silver was 32 cents softer at $23.32.