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A decision by a new Greek government to leave the eurozone would set off devastating turmoil in financial markets even worse than the collapse of Lehman Brothers in 2008, a leading international economist warned Saturday.
A Greek exit would likely spark runs on Greek banks and the country’s stock market and end with the imposition of severe capital controls, said Barry Eichengreen, an economic historian at the University of California at Berkeley. He spoke as part of a panel discussion on the euro EURUSD, -0.81% crisis at the American Economic Association’s annual meeting.
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Palladium for March delivery PAH5, +0.68% added $8.55, or almost 1.1%, to $803.40 an ounce. High-grade copper for March delivery HGH5, -0.35% lost 2 cents to $2.80 a pound.
Silver for March delivery SIH5, +1.82% jumped 31 cents, or 1.9%, to $16.08 an ounce. Platinum for April delivery PLJ5, +0.72% rallied $14.10, or almost 1.2%, to $1,218.00 an ounce.
Gold continued its winning ways in the new year, gaining ground on Monday ahead of a busy week of economic data that will be capped by the key December jobs report.
Gold for February delivery GCG5, +0.82% rose $11.10, or 0.9%, to $1,197.20 an ounce, with volume looking to pick up after a holiday pause.
INTERNATIONAL COMMODITY NEWS :
U.S. crude and Brent futures dropped to fresh 5-1/2-year lows on Monday as worries about a surplus of global supplies amid weak demand continued to drag on oil markets.OPEC’s decision in November to maintain output had accelerated oil’s losses earlier, while record-high Russian production and the highest Iraqi exports since 1980 added to the concerns about oversupply. The two oil benchmarks, Brent and West Texas Intermediate, have now lost more than half of their value from peaks hit in the middle of last year.U.S. crude slid as low as $51.40 a barrel, its lowest since May 2009, and at 0312 GMT was just a tick above that at $51.59 a barrel, still down $1.10.February Brent crude dropped as low as $55.36 a barrel, also its lowest since May 2009, before edging back to $55.42, still down a dollar.”Trying to pick a bottom could be deadly,” said a crude oil trader who declined to be named due to company policy.Lackluster economic data from the United States on Friday fueled worries about the state of the global economy and the strength of oil demand.”Oil demand is unlikely be robust this year when we look at the state of economies in China, Japan and Europe,” said Yusuke Seta, a commodity sales manager at Newedge Japan.
TRADING STRATEGY :
BUY GOLD ABOVE 1196 TARGET 1201 1207 SL 1190
SELL GOLD BELOW 1189 TARGET 1184 1178 SL 11955
