(Written on Monday, October 13 at 8:00 p.m. US East Coast time). We seem to be settling into a familiar pattern these days, with stocks floundering and unable to get much of a bid, the dollar coming under increasing pressure, especially against the yen, while gold (at least on five of the last six days), seems to be taking advantage of the dual retrenchments by moving higher. The rest of the precious group did not do all that much on Monday, but other commodity complexes were firmer as a short covering rally seems to have set in across a number of them. In this regard, we saw decent advances in base metals group as well as in the ferrous metals traded on the Chinese exchanges (steel rebar and iron ore). There were also solid gains in the grains complex on account of more adverse weather conditions.
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