Monday Market Update

Monday Market Update

Markets reacted as expected today except for news broadcast by the CME group. As we discussed on our most recent podcast. Bitcoin market rose Monday morning in response to the opening of the legacy banking system. Somewhat surprising the rally seems to be led by buying with US dollars. Only moderate volume is reported on btcchina.com.

Gold buying in Asia seems to remain strong. The US paper gold markets took a little dip brought on by the CME group announcement of increased margin requirements on copper. This probably encouraged selling of gold to cover copper positions.

Sources:

Gold buying in Asia:  http://www.kitco.com/reports/kitcoNewsMarktNuggets20130506.html

CME group increasing margin requirement:  http://www.kitco.com/reports/KitcoNews20130506AS_copper.html