BULLION MARKET NEWS - 26 FEB 2016

On Wednesday Iran’s oil minister said the idea that a freeze would improve prices is a “joke.” Iran has promised to continue increasing oil production in an attempt to regain the market share it lost during several years of US sanctions. Al-Sada says Iran said it would support “any measures” to stabilize the market, but only if “special consideration” is given to the country. Russia said the oil output freeze it proposed with Saudi Arabia would need

to last a minimum of 12 months to support prices.

“We need at least one year” to cut the global glut, Energy Minister Alexander Novak told reporters on a plane flying from Moscow to Minsk in Belarus on Thursday. Major oil-producing countries may agree on a freeze in mid-March and could evaluate “if the mechanism works” in June, he said. Russia, Saudi Arabia, Venezuela and Qatar, seeking to curb an oversupply that’s seen prices drop to 12-year lows, reached a preliminary agreement last week to freeze output at January levels if other states join them. The needs of Iran, whose oil minister said the proposal was “ridiculous,” should be assessed separately, Novak said.

Investors will direct their attention to a Group of 20 meeting in Shanghai on 26,27 feb,2016  where China is expected to address global anxiety about its economy and financial markets.

GOLD:

A news report out Thursday said traders and investors worldwide have significantly stepped up their purchases of gold-backed exchange traded funds (ETFs) and other gold-based derivatives. Gold futures prices have rallied around 17% so far in 2016. The report highlighted that in just a short period of time the general public has really changed its tune about investing in gold—from bearish to bullish. The “smart money” in the marketplace can read this as hinting the gold market prices may have run too far, too fast, and need some time to consolidate now.

Gold is clearly in demand in the current market,” Commerzbank AG wrote in a note to investors. “As long as uncertainty persists among market participants and the oil prices and stock markets show no clear upward trend, gold is likely to remain in considerable demand.”  Investors are now buying the metal on dips, rather than selling on rallies as they had done in previous years, Georgette Boele, at ABN Amro Bank, said by e-mail. She earlier this month switched her gold outlook to bullish from bearish because of a more pessimistic view on the global economy.

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