Today the eurozone minfins will have to decide on the conditions of providing Greece with another loan. The ECB’s long-term loans given to eurozone banks start giving results. The 3-month Libor rates have been declining for 9 days in a row. According to EPFR Global fund, last week the inflow of capital in European bonds was the highest in 2 years.
Most Asian markets are closed for Chinese New Year.
According to the US Mint, the sales of silver coins reached 5.3M ounces on Friday, which may well give way to a new record.
Iran is in search of securing the rest of its oil export. The country’s national bank has asked India to use the Japanese Yen as the means of paying for the imported crude oil. In its turn, India is trying to make Iran agree on the Indian Rupee.
Forecast: According to the Department of Commodity Trading of , today gold will probably continue its rally. The closest target is 1678. A break above it will give way to 1686, 1698-1700, and maybe 1716.
As for silver, the closest level of support is 31.68. After Friday’s strong rally, today silver may resume its movement up to 32.75, 33.
