7th February 2017

Gold jumped by 1% on Monday to its highest level in nearly three months, as worries about the political landscape in the US and Europe, a subdued dollar, lackluster trading in US equities and lingering geopolitical tensions, all combined to fuel the rally. We also had decent gains in silver and platinum, but a much more robust move in palladium. In other markets, base metals regrouped from a weaker open early in the day and moved higher, although the advance did not extend across the board. One commodity group that languished on Monday was oil -- prices lost about $1/barrel with no real news behind the decline other than the fact that oil has become a crowded trade given that fund length is now at a 10-year high.

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