Endeavour Silver posts record Q1 production

                    Endeavour Silver Corp (TSE:EDR) (NYSE:EXK) has said that it had significantly lifted bullion production and revenues for the first quarter ended March 31, but warned that some lost production days are anticipated in the second quarter during the re-commissioning of the El Cubo plant in Guanajuato State. 

The precious metals miner said it planned on strong first quarter production to compensate for a possible dip in second quarter output related to the plant and surface infrastructure rebuilding programs at El Cubo.

The company has three operating silver mines in Mexico: the Guanacevi mine in Durango State and the Bolanitos and El Cubo Mines in Guanajuato State.

Silver production in the first quarter was up 39% to 1.48 million ounces from 1.07 million ounces a year earlier and gold production more than doubled year-over-year to 15,032 ounces, from 6,3201 ounces.

Revenues increased 42% to US$69.9 million, from $49 million in the year-ago period, thanks to the increased metal production and some sales of accumulated concentrate, partly offset by lower metal prices, the company said.

In the first quarter, silver and equivalents production escalated 63% to 2.32 million ounces year-over-year.

"Endeavour's mining operations enjoyed a good start to 2013 with record quarterly silver and gold production in the first quarter,” said president and COO Godfrey Walton.

“Guanacevi rebounded from a slow start with better than planned silver grades and recoveries thanks to the commencement of production at the Porvenir Cuatro mine.

"Bolanitos continued to exceed expectations with higher than planned mine output, the extra ore being processed at the leased Las Torres plant near El Cubo and the extra concentrates being sold thanks to two new concentrate sales contracts.”

Indeed, the miner signed two new concentrate sales contracts for Bolanitos in the quarter, in order to facilitate higher production. Revenue is subject to adjustment upon final settlement in the second quarter, it said, including metal prices.

Endeavour said that the realized silver price fell 11% to $29.38 per ounce sold, two-per-cent below the average price for the quarter, while the average realized gold price fell four per cent to $1,686 per ounce sold, one per cent lower than the average price in the quarter.

As at the quarter’s end, the company said bullion inventory included 234,970 ounces of silver and 2,091 ounces of gold. Concentrate inventory included 321,487 ounces of silver and 5,589 ounces of gold.

Endeavour Silver is a mid-tier silver mining company focused on the growth of its silver production, reserves and resources in Mexico. - Bullion street

Gold down on Fed, Goldman Sachs comments

          Gold futures are trading lower in the early part of Thursday’s Asian session following potentially concerning commentary from some members of the Federal Reserve and a bearish outlook on bullion from Goldman Sachs. 

On the Comex division of the New York Mercantile Exchange, gold futures for June delivery fell 0.22% to USD1,555.35 per troy ounce in Asian trading Thursday after settling down 1.80% at USD1,558.15 a troy ounce in U.S. trading on Wednesday. 

Gold futures were likely to test support USD1,539.85 a troy ounce, Thursday's low, and resistance at USD1,590.05, Tuesday's high. 

In U.S. economic news, several members of the Federal Reserve said the central bank should begin winding down its monetary easing program later this and perhaps end the program outright by year-end, according to the latest Federal Open Market Committee meeting minutes. 

Your Gold & Silver Outlook: 2013

Your Gold & Silver Outlook: 2013

Silver prices have delivered the best gains since 2002, according to Lloyds TSB. But, of course, the key question for precious metals investors is whether gold and silver will continue to be a good performer for 2013.

What’s Happened So Far

The prices of gold and silver decreased slightly last week. This caused some notice from the media and investors. Even with the extremely concerning news coming out of Cyprus's, gold and silver didn't pull up from their downward price movement.

Gold has been trading at new lows for the year and Silver making multi-year lows. Some commentators are suggesting that the Gold/Silver bull market is over with.

The Real Deal

Although off to a rough start, we still believe Gold And Silver are paced to go higher.

Gold and silver investments may have shot up five years ago, but they have been extremely popular this year. 

In January, the United States Mint sold 7.5 Million American Silver Eagle Coins. Yet in all of 2007, the US Mint sold only sold 9.9 million American Silver Eagles. So in the first month of 2013, the US Mint sold 75% of what it did in 2007.

In fact, demand was so strong that the Mint temporarily ran out of stock and had to suspend sales for roughly 10 days. In addition, the premiums of American Gold Eagle Coins hit highs not seen since June 2010.

The US Mint is expecting to sell a record number of silver American Eagles in 2013. 

We know that to some investors, problems that surfaced during the recent recession, such as the collapse of the mortgage-backed securities market, prompted them to seek safety in tangible, versus "paper," assets. This is one of many factors boosting interest in owning physical gold and silver bullion.

Another trend that is surfacing is state legislation similar to the one passed in 2011 in Utah. This allowed Gold And Silver Bullion Coins issued by the US Mint to be used as legal tender. 

People place their gold and silver bullion coins in the Utah Gold & Silver Depository and receive a card that acts similar to a debit card which they can use to make purchases of up to 80 percent of the coins' current value. A dozen other states have been considering similar legislation.

The Outlook

Some commentators seem temped to call this gold and silver bull market dead and gone. We think differently.

The fundamentals of gold and silver have not changed. There are still Massive Amounts Of New Currency In Circulation. The United States Mint is selling record amounts of gold and silver. And most importantly, the role of gold and silver as monetary metal, not just another commodity, is beginning to resurface in states like Utah.

We haven’t seen nothin’ yet.  - Goldsilver.com

Traders Selling Brent and Crude Oil Spreads

                          This morning WTI crude oil is trading at 93.61 adding 25 cents since the market opened. West Texas Intermediate oil traded near the highest level in almost a week. U.S. crude stockpiles probably increased from the largest in more than two decades, a Bloomberg News survey showed before a government report.

Yesterday, crude oil prices closed higher, lifted by gains in gasoline futures and strong selling of the spread between Brent crude and US crude. Brent’s premium to US West Texas Intermediate futures closed at $11.3 per barrel, after narrowing to just over $11 in afternoon trade, the lowest level since June.

Venezuela’s production of crude and natural gas liquids has stabilized at 3.12million barrels per day after state oil company PDVSA halted a decline in output from the OPEC nation’s second-most productive region, Oil Minister Rafael Ramirez said in an interview on Monday. South Sudan will start marketing crude from the end of May after resuming oil production on Saturday, its oil minister said on Monday now that the two Sudan’s have finally reached agreements.

Brazil’s oil regulator, the ANP, said yesterday that it authorized Chevron to restart output from an offshore oil field more than a year after a November 2011 spill forced the No. 2 U.S. oil company to stop Brazilian production.

Speculators Continue To Sell Gold, Silver Futures, Options – CFTC

                            For the second week in a row, speculators shed bullish gold and silver futures and options contracts traded on the Comex division of the New York Mercantile Exchange, according to U.S. government data, with funds turning net-short silver in one of the reports.

For the week ended April 2, speculators in the Commodity Futures Trading Commission’s weekly commitment of traders report chopped the net-long position in gold, returning to levels seen in early March. That essentially wiped out most of the newly established bullish positions built during late March.

For silver, large speculators turned net-short for the first time in the disaggregated report, which dates back to September 2009. These traders are still net-long in the legacy report, but it is the smallest position since at least early 2007.

In the platinum group metals, large speculators returned as buyers for both metals, in both reports; meanwhile, they added to the ever-growing net-short position in copper.

Prices for the metals were mixed during the week to April 2, which is the timeframe covered by the report. June Comex gold fell $21.40 to $1,575.90 an ounce as of April 2. May silver fell $1.431 to $27.248. Nymex July platinum gained $4.40 to $1,574.20, while June palladium rose $8 to $769.40. Comex May copper fell 6.4 cents to $3.3785 a pound.

Crude Oil slightly higher, though looking for catalysts

             Crude Oil futures are trading slightly higher in Asia Tuesday, though catalysts to really move crude significantly in one direction or the other appear to be on short supply. 

On the New York Mercantile Exchange, light, sweet crude futures for May delivery rose 0.07% to USD93.42 per barrel in Asian trading Tuesday after settling 0.37% at USD93.04 a barrel on Monday in the U.S. 

The Bank of Japan’s massive new monetary easing program was seen as the catalyst to lift oil higher Monday. The Bank of Japan conducted its first government bond purchasing operation early Monday when it bought JPY1.2 trillion in Japanese government debt maturing in five years or more. 

Elsewhere, Brazil announced it will allow Chevron to resume oil production. The Brazilian government halted Chevron’s activities there after a small 2011 spill at the Frade Field. Chevron is the second-largest U.S. oil company. Brazil is vying with OPEC member for the title of South America’s largest oil producer. 

Where is the gold price heading?

                                     Gold is something that humans have decided is a valuable asset so where is the price going? This was the subject of debate at the Dubai Precious Metals Conference at Almas Tower in JLT today. Panelists taking part in the debate were moderator Saana Azzam, MKS Precious Metals DMCC; Andy Smith; Christoph Eibl of Tiberius Group; Philip Klapwijk of Precious Metals Insights Limited, and Ross Norman of Sharps Pixley.

Will the price go up to $3,000 in 2014 or down to $1,000? The audience at the Dubai Precious Metals Conference voted 59 per cent to 41 per cent in favour of a move towards $3,000 in 2014 - a bullish audience. 

In contrast, Eibl believes gold will be anihalated. "I tend to feel negative about gold prices today, investors have already purchased what they want to purchase... and they will not continue to buy at the rates of previous years... the demand trend is about to top out and we see that the price is grinding down.

Klapwijk agrees: "It's increasingly probable that gold market has turned from bull to bear... can we rely on Central Banks looking forward or have those buyers also filled their boots? but to go back to the main issue, investor demand. The gold market is now running a surplus rinning about 2,200 tonnes, that leaves 1700 tonnes that investors have to purchase. Will investors put $90 billion into the gold market at today's prices, year after year? I think it's likely investor demand will continue but at a lower level and the gold price will reset... the price will fall substantially from even the current levels."

Gold firm to start the week in Asia

               Gold futures are trading higher in the early part of Monday’s Asian session as traders in the region contemplate the notion that the Federal Reserve may not move quickly to wind down quantitative easing in the wake of a slack March U.S. jobs report. 

On the Comex division of the New York Mercantile Exchange, gold futures for June delivery rose 0.03% to USD1,576.35 per troy ounce in Asian trading Monday. Gold prices were likely to find support at USD1,539.85 a troy ounce, the low from April 4 and an 11-month low and resistance at USD1,604.25, the high from April 2. 

The yellow metal surged 1.8% last Friday in the U.S. to settle the week at USD1,580.65 a troy ounce after traders embrace gold’s safe-haven status following the disappointing jobs number. 

The U.S. Department of Labor said the world’s largest economy added 88,000 jobs last month, the smallest increase since last June and far below forecasts for an increase of 200,000. That report also showed that the unemployment rate ticked down to 7.6% from 7.7% in February, but that decline was by virtue of a plummeting rate of participation in the U.S. labor market. 

The participation rate fell to 63.3%, the lowest level since 1979, indicating that some Americans are simply giving up on their job searches. 

Oil inches higher as Asia digest U.S. jobs report

             CrudeOil futures are trading slightly higher in the early part of Monday’s Asian session as traders in the region take their turn digesting the dismal U.S. March jobs report delivered last Friday. 

On the New York Mercantile Exchange, light, sweet crude futures for May delivery rose 0.11% to USD92.81 per barrel in Asian trading Monday after dropping 0.25% Friday to settle the week at USD93.02 a barrel. 

Oil fell after the U.S. Department of Labor said the world’s largest economy added 88,000 jobs last month, the smallest increase since last June and far below forecasts for an increase of 200,000. That report also showed that the unemployment rate ticked down to 7.6% from 7.7% in February, but that decline was by virtue of a plummeting rate of participation in the U.S. labor market. 

The participation rate fell to 63.3%, the lowest level since 1979, indicating that some Americans are simply giving up on their job searches. 

As the U.S. is the world’s largest oil consumer, oil futures often take their cues from economic data there, particularly the jobs data. Speaking of economic data, traders will now turn their attention to China’s CPI and PPI data due out later today. China is the world’s second-largest oil consumer. 

Elsewhere, South Sudan restarted oil production following a bitter 15-month spat with Sudan. South Sudan became an independent country in 2011 and has the ability to pump about 352,500 barrels per day. 

Later this week, Chevron, the second-largest U.S. oil company will provide investors with an interim update on its quarterly results before reporting those results in full later this month. In 2012, Chevron had a reserve replacement ratio of 112%. 

Meanwhile, Brent crude for May delivery added 0.10% to USD104.45 per barrel on the ICE Futures Exchange. - investing.com

Copper futures fall to 8-month low ahead of ECB, U.S. jobs data

    Copper futures fell to the lowest level since early August during European morning hours on Thursday, as a broadly stronger U.S. dollar dampened the appeal of the industrial metal.

Investors now looked ahead to the European Central Bank’s policy decision due later in the day, as well as Friday’s U.S. jobs data for trading cues.

On the Comex division of the New York Mercantile Exchange, copper futures for May delivery traded at USD3.323 a pound during European morning trade, down 0.3% on the day.

New York-traded copper prices fell by as much as 0.8% earlier in the session to hit a daily low of USD3.306 a pound, the weakest level since August 3.

Copper prices struggled for upside traction due to a stronger U.S. dollar, as dollar-priced commodities become more expensive to investors holding other currencies when the greenback gains.

The dollar index, which tracks the performance of the greenback against a basket of six other major currencies, was up 0.7% to trade at 83.47, the strongest level since August.

Market players now looked ahead to Friday’s highly-anticipated U.S. monthly nonfarm payrolls report to further asses the strength of the country’s economy.

The U.S. is second behind China in global copper demand.

Investors also awaited the European Central Bank’s policy decision due later in the day, as well as comments by ECB President Mario Draghi for further hints on the future of its monetary policy.

Elsewhere on the Comex, gold for June delivery dipped 0.5% to trade at USD1,545.75 a troy ounce, while silver for May delivery was flat to trade at USD26.79 a troy ounce.

Gold and silver remained under pressure as investors were hesitant to enter the precious metals market amid a weak technical outlook.

Gold prices were trading at an 11-month low, while silver futures fell to the lowest since July.

Crude Oil and Natural Gas Trading In The Green

                                             WTI crude oil closed up 24 cents at $96.58 a barrel, up by 0.25% yesterday. Crude oil futures staged a modest rebound from earlier losses, clawing back above $96 per barrel to extend gains for the fourth session in a row, as recent signs of economic recovery bode well for demand prospects. Crude remains flat after the Asian session today. Crude prices were supported on optimism that US economy is recovering which would improve the demand prospects for crude. However the upside was limited due to a stronger dollar which is trading new a record high of 83.40 this morning and higher inventories which came at 3.3M. The U.S. Energy Information Administration reported a climb in crude supplies that was about double market expectations. Crude supplies rose 3.3 million barrels for the week ended March 22. Analysts expected a 1.6 million-barrel climb. Motor gasoline supplies fell by 1.6 million barrels, matching analysts’ expectations, while distillate stockpiles declined by 4.5 million barrels, compared with forecasts for a decline of 700,000 barrels in distillate supplies.

Traders can expect crude prices to go slightly up as loose monetary policies by US and Japan is likely to support prices. Assurances from the new head of the Bank of Japan that he would push through more stimulus and new programs at next week’s meeting helped support oil prices.

Japan’s oil imports from Iran rose 15.9 percent in February from a year ago to the highest in eleven months, customs cleared data showed on Thursday, a rare increase from one of the major buyers of crude from sanctions-hit Iran.

Oil rises in Asia following U.S. inventory data

         Crude Oil futures are trading modestly higher during Thursday’s Asian session, rebounding from a small loss in Wednesday U.S. session at the hands of the weekly inventory data. 

On the New York Mercantile Exchange, light, sweet crude futures for May delivery are up 0.10% at USD96.67 per barrel in Asian trading Thursday after settling down 0.31% at USD96.04 a barrel on Wednesday in the U.S. 

The U.S. Energy Information Administration reported earlier that U.S. crude oil inventories rose by 3.256 million barrels last week after falling by 1.314 million barrels in the week before last. Analysts were expecting oil inventories to rise by only 705,000 last week.

Gasoline inventories, meanwhile, fell by 1.596 million barrels compared to a drop of 1.476 million barrels in the preceding week. Analysts were calling for gasoline inventories to fall by 1.020 million last week. 

In U.S. economic news, the National Association of Realtors said pending home sales fell 0.4% in February from January, but added the number increased 8.4% on a year-over-year basis. Despite trading lower today in Asia, gold is on track for gain of better than 1.5% this month. 

Also on Wednesday, Citigroup published a report saying it expects oil demand will peak before the current decade is over. The bank also slashed its price forecast on Brent crude to USD80 to USD90. 

Elsewhere, the Nigerian National Oil Spill Detection and Response Agency and the Nigerian Maritime Administration and Safety Agency are seeking a combined USD11.5 billion in fines from Royal Dutch Shell, Europe’s largest oil company, related to an oil spill at its offshore Bonga field in December 2011. Shell says there is no basis for the claims. 

Brazil’s Petrobras, that country’s state-run oil giant, said it will sell two offshore fields in Nigeria as part of its plan to sell USD9.9 billion worth of assets this year. 

Meanwhile Brent crude futures for May delivery rose 0.09% to USD109.84 per barrel on the ICE Futures Exchange. - Investing.com

Natural Gas gains as weather forecasts point to a chilly start to April

                   Natural gas futures jumped up in afternoon trading on Wednesday, just shy of 18-month highs hit earlier after weather models indicated the temperatures in the first week of April will remain below normal.

On the New York Mercantile Exchange, natural gas futures for delivery in May traded at USD4.087 per million British thermal units, up 2.39%.

The commodity hit a session low of USD3.983 and a high of USD4.101.

Weather forecasting models that called for a chilly end to March extended their frigid forecasts to early April.

MDA Weather Services, for example, predicted below-normal temperatures to stick around over a large portion of the eastern half of the United States through April 10, which pushed up natural gas prices to near 18-month highs.

Markets were eagerly waiting official supply data due for release on Thursday, and hopes were high for more bullish supply data than in last week's report.

Crude oil futures higher, focus on Cyprus

                 Crude oil futures were higher on Tuesday, as optimism following news of bailout deal for Cyprus continued to support sentiment, although comments by Eurogroup head Jeroen Dijsselbloem limited gains. 

On the New York Mercantile Exchange, light sweet crude futures for delivery in May traded at USD94.98 a barrel during European morning trade, up 0.18%. 

Dijsselbloem said on Monday that the rescue program agreed for Cyprus represents a new model for resolving euro zone banking problems and other countries may have to restructure their banking sectors. 

Gold and Silver Show Little Reaction To Fed Decision

                                       Precious metals witnessed profit taking ahead of the US Federal Reserve Policy meet yesterday after gold traded as high at 1611.00. Gold prices registered marginal decline, however they held above the key level of US$1,600/ounce. US Federal Reserve stuck to its stance on bond buying and interest rates as well as its unemployment target. The FOMC stated that it would keep interest rates unchanged as long as the jobless rate was above 6.5%. It further elaborated that it does not expect the unemployment rate to fall below the specified levels until 2015 indicated that stimlus could remain ongoing for that period of time. The Fed did not mention any sort of roll back or exit strategy. On growth front, Bernanke stated that he expects moderate recovery, although downside risks to the economic outlook persists. The Fed reduced its growth expectations. During his press conference Mr. Bernanke noted the Cyprus situation but said that he does not see any effects on the US economy or recovery.

The uncertainty regarding Cyprus situation continue to linger, which is effectively providing some support to the gold prices. Cyprus has extended a bank shutdown to next week and considered nationalizing pension funds. Meanwhile, Cypriot leadership is seeking aid from Russia after rejecting European proposals. Cyprus’s finance minister met Russian counterparts and the meeting is reported to have made some progress. Gold prices were down as fears eased that the crisis in Cyprus may not spread further in the euro zone. EU Ministers are now downplaying the one time bank tax saying that Cyprus was a unique case, but commentators and analysts say that the EU leadership has permanently changed trust in banks. Savers may slowly look for more secure places to store their saving out of the control of governmental taxes and levies, especially in countries that might need bailout.

Gold holdings of SPDR gold trust, the largest ETF backed by the precious metal, increased to 1,222.16 tons, as on March 20. Silver holdings of ishares silver trust, the largest ETF backed by the metal, declined to 10,583.36 tons, as on March 20. The dollar index traded at 82.827 in recent action, little moved from 82.893 in late trading on Tuesday. TheUS dollar rallied against the yen on Wednesday, after a decision by the Federal Reserve to continue its aggressive monetary easing fueled optimism about the US economic recovery. The euro rebounded from a 4-month low against the dollar as fears about a financial meltdown in Cyprus eased, with the small island country pleading for a new loan from Russia.

Base metals managed moderate recovery, aided by US Federal Reserve persistence with bond buying program. The complex is expected to trade firm today, deriving cues from positive manufacturing numbers from China. The HSBC has reported that China Flash PMI for March has advanced to 51.7, as compared with a final reading of 50.4 in February. Silver advanced 36 points to trade at 28.853 while copper is trading in the green at 3.459. -FxEmpire

Crude Oil Steady As Demand Increases

                                   This morning crude oil is trading at 93.28 giving back 23 cents. WTI Crude oil traded directionless in the midst of countervailing forces. Looming financial meltdown in Cyprus enacted as a headwind, however US Federal Reserve policy statement provided some support to the prices.

Crude prices were supported by Fed’s decision for continued monetary easing which would improve the demand for crude from US. Lower than expected inventories and a weaker dollar internationally also supported crude prices. Traders can expect that crude oil prices can move higher as lesser inventories yesterday and Fed bond buying can support the prices.

Crude-oil futures prices trimmed earlier gains yesterday, after U.S. weekly data showed implied oil demand fell last week to its lowest level since Jan. 4. NYMEX oil futures gained also because of bargain buying after declining in the previous session due to Eurozone economic concerns and anticipation of rise in the US crude oil stock in the week ended Friday.

Crude oil recovered a bit from previous day’s loss to close higher, fueled by higher refinery processing rates and despite concerns over signs of weak gasoline demand ahead of the peak driving season.

Copper futures plunge to 4-month low on Cyprus rescue deal

              Copper futures came under heavy selling pressure during European morning hours on Monday, falling to the lowest level since November as worries over a controversial bailout deal for Cyprus weighed on appetite for riskier assets.

Copper prices also struggled for upside traction due to a stronger U.S. dollar, as dollar-priced commodities become more expensive to investors holding other currencies when the greenback gains.

The dollar index, which tracks the performance of the greenback against a basket of six other major currencies, was up 0.6% to trade at 82.89.

On the Comex division of the New York Mercantile Exchange, copper futures for May delivery traded at USD3.443 a pound during European morning trade, down 2.2% on the day.

Crude oil futures fall sharply on Cyprus bailout woes, firm dollar

Crude oil futures came under heavy selling pressure during European morning hours on Monday, as appetite for growth-linked assets weakened after news of a bailout deal for Cyprus sparked fresh concerns over the sovereign debt crisis in the euro zone.

Oil prices struggled further due to a stronger U.S. dollar, as dollar-priced commodities become more expensive to investors holding other currencies when the greenback gains.

The dollar index, which tracks the performance of the greenback against a basket of six other major currencies, was up 0.6% to trade at 82.89.

Gold the lone beneficiary from Cyprus episode

                              Gold remained the only major commodity that gained from the mini crisis involving island nation Cyprus.

Gold rose as much as 1.1 percent to $1,608.60 an ounce, the highest since Feb. 27.

Analysts said the controversial bailout plan for Cyprus threatens renewed uncertainty in the euro zone, led to buying of the safe-haven metal.

Global stocks fell sharply as investors fretted over a weekend plan to tax depositors in Cypriot banks as part of a bailout of the Mediterranean island nation.

The euro was taking a pounding too, down 0.7 percent at $1.2954. Though Cyprus accounts for only around 0.2 percent of the combined output of the 17 European Union countries that use the euro, the tax on depositors has stoked fears of bank runs in other troubled European economies.

Since the European debt crisis began in late 2009, savers have been spared. The bailout of Cyprus, agreed to early Saturday, foresees a 6.75 percent levy on deposits below (EURO)100,000 ($130,860) rising to 9.9 percent on those above.

Gold futures climb to 3-week high on Cyprus bailout uncertainty

                      Gold futures climbed to a three-week high during European morning hours on Monday, as the precious metal regained its role as a safe-haven asset amid concerns a controversial bailout plan for Cyprus will lead to a flare up in the euro zone’s sovereign debt crisis.

On the Comex division of the New York Mercantile Exchange, gold futures for April delivery traded at USD1,602.50 a troy ounce during European morning trade, up 0.6% on the day.

Prices rose by as much as 0.9% earlier in the session to hit a daily high of USD1,607.50 a troy ounce, the strongest level since February 27.

Gold prices were likely to find support at USD1,560.60 a troy ounce, the low from March 8 and near-term resistance at USD1,614.40, the high from February 27.

On Saturday, the European Union and International Monetary Fund reached an agreement on a EUR10 billion bailout for Cyprus. In exchange for the rescue money, international creditors would impose a one-time tax of 6.75% on all bank deposits under EUR100,000 and 9.9% over that amount.