Market Update

General - no real micro-news today!

Good afternoon

equity markets in Europe take the historical defeat of May into their stride…perhaps her defeat has opened up some chance for a new vote? Somehow we all hope for it - somehow it would be a joke: Voting for as often as the result is a good one can´t be a choice? In a way, I am hoping for it. In the end, we don´t dislike the POM´s that much, and I am convinced , that the effects would be bad for us, and terrible for the UK!

Metals are up a little - nickel is down a little following an unusual strong rise of LME-stocks by 3400t.

Gold ETF´s are seeing another inflow - the 13th consecutive increase and now close to the 5-year high in total holdings. As I said yesterday - it does not seem to be strong enough to march through 1300 without a retreat first. Continued physical buying as well as Central Bank buying should eventually get it done, I hope!

China injecting liquidity into the system…

Similar to gold just below 1300, oil is gyrating around 60-61 US$, which is also an area of resistance. I doubt, though, that we will go through the resistance level around 62$/barrel Brent in the short term…

I fear not much else to report today!

have a nice evening