Overall picture:
- CRB index 1.7 % higher driven by a general positive sentiment and weaker dollar
- Stock markets toying with recent highs looking for news to push it higher with the absence of any renewed worries with BASEL III being benign towards banks.
- BOJ finally entered into the FX market pushing the YEN lower from recent highs after selling more than 2 trillion during the first day (23bn US) of action forcing closure of safe haven positions.

Gold making new record high and pauses to catch it’s breath
- Reached a new record at 1,275 on course for initial resistance at 1,282 and 1,300
- Bernanke talked about QE and the subsequent weaker dollar pulled it though previous high
- Global rates close to zero ie opportunity cost of holding gold is next to nothing.
- Central banks on course to become net buyers for the first time in 2 decades
- Soros once again saying it’s the ultimate bubble but not prepared to bet against it
- Buyers will be lurking in the wings on any set back with support at 1,237 and 1,218
Crude oil stuck in the middle
- OPEC expressing satisfaction with the current 70 to 80 dollar range.
- Aware of the risk of double dip recession and what impact higher prices would have on that process.
- A broken pipeline supplying Canadian oil to the Midwest back up again removing some of the support from the last few days.
- Market gone looking for resistance following the rejection in low 70’s
- Resistance 78.35 followed by 80.40

Corn playing with the USD 5 level.
- Stockpiles relative to domestic consumption at 15 year low
- Being drained due to increased export on the back of Russian drought and excessive rain elsewhere
- Live stock farmers around the world turning to Corn as a substitute for lost wheat production
- U.S. harvest not yielding as much as expected due to adverse weather conditions
- Any surprise demand from China or Russia could drive the price through
- Money managers holding the biggest long position since 1996
- Global consumption may exceed consumption for the second year
- Near record production and subsequent exports of wheat from Australia helping the global demand situation after the Russian ban. This is driving the corn wheat ratio back towards level pre Russian drought.
Initial target above USD 5 will be 5.27 (50% retracement of the big 2H 2008 sell off
Support located in the 4.75 to 4.70 area on near month of December