Gold prices eventually found some positive footing on Wednesday and after the rather sharp pullback from earlier
in the week, that might suggest the bull camp in gold has managed to retain some bullish resolve. In fact, despite
diminishing risk concerns from the Ukraine, the gold market managed to spend a lot of time in positive ground
Wednesday and that in turn seems to partially counter the recent rise in bearish sentiment. In the end, lukewarm
US economic data clearly helped bring gold up off of this week's lows, but it should be noted that gold prices once
again lagged behind silver and platinum prices during the rally on Wednesday and they are lagging behind silver
and platinum prices again this morning. Clearly the bull camp partially regained the upper hand in the wake of
renewed evidence of slowing in the US economy yesterday and while the threat of slowing is still thought to be
transient and mostly due to the weather, seeing a lengthening string of slack US data points is starting to give
economic anxiety a fresh role in supporting gold prices. Macroeconomic slowing concerns might have been
dampened somewhat overnight by comments from the Fed's Plosser, who suggested that the slowing was a
temporary threat. However given that US weather has remained extreme through February and even into early
March, one can hardly expect upcoming US data to show any improvement and therefore the bull camp might be
expected to come away from the Challenger Layoff report and from Jobless Claims this morning with some fresh
economic anxiety support. News of an improvement in the Indian Current account deficit, calls from another
Indian government official to "do something about the sharp escalation of gold smuggling" and talk of gold
industry protests against the Indian duty might be supportive of gold prices today, as overnight events have
shifted the political pendulum back in favor of a roll back of Indian gold import duties once again. Another factor
that might support gold today is an AMCU platinum miner's march in Pretoria on South African government
buildings. Other positives underpinning gold prices this morning is news of gold mining strike at a Chilean Kinross
mine and news from yesterday that the US Mint has apparently decided to resume selling American Eagle Gold
coins on March 10th. Gold derivative holdings rose by almost 19,000 ounces overnight, to stand at 49.2 million
ounces. Comex Gold Stocks were 7.133 million ounces down 579 ounces. Gold remains somewhat vulnerable to
long liquidation, but there would appear to be the prospect of enough fresh evidence of slowing from the US
directly ahead, to provide some cushion to gold prices. However the bull camp has to be very discouraged by the
lack of fresh buying interest in the face of news overnight that the Crimean Parliament has voted to become part
of Russia and that a referendum will be held soon to verify that decision. The gold bulls have to hope that IMF
calls on the EU to address its deflation threat, might result in some supportive news from the EU meeting later this
morning and that US economic news later this morning also helps gold hold above this week's key consolidation
low of $1,330.70. Aggressive traders might be bullish toward gold early, because of US data prospects, but we
would suggest the implementation of very tight stops just below this week's lows

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