This prompted a rally not only in precious metals but other commodities as well, Melek added.
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Today, many are worth less per pound than discarded soda cans are, Mr. Melek estimates.
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Since Mr. Melek is a judge, he can overrule any objections on the spot, he said.
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Melek cited various downgrades in global economic growth, including one from the International Monetary Fund.
FORBES: Base Metals Slide In Recent Weeks On Demand Worries; Better Days Seen Ahead
Melek said there are increased prospects for more stimulus in China after the transition.
FORBES: Base Metals Slide In Recent Weeks On Demand Worries; Better Days Seen Ahead
Melek said traditionally markets will rally ahead of the meeting and last time price rose stoutly.
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Likewise, Chinese demand for platinum group metals would be underpinned if easing were to occur, Melek said.
FORBES: Chinese Data Sends Some Base, Precious Metals To Highest Levels In More Than A Month
Melek said the rally could well last into the fourth quarter, although there could be some volatility.
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Ultimately, Melek pointed out, stronger data should be supportive for commodities since it means potential for increased consumption.
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Bart Melek, vice president and head of commodity research with TD Securities, also likes PGMs in the long term.
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The fiscal cliff would cause worries about the economy, which could put the U.S. back into recession, Melek said.
FORBES: FOCUS: Gold Market Focused On Fiscal Cliff--Safe Haven Or Risk Asset?
This would mean weakness in gold, as occurred in the immediate aftermath of the failure of Lehman Brothers, Melek said.
With investors worried that the debt levels will not be sustainable, some are opting to build cash positions, Melek said.
FORBES: Gold Choppy Between $1,700-$1,800 Range Amid Cross Currents
Melek pointed to platinum and palladium as the top-performing metals, particularly if conditions stabilize in Europe and China stimulates its economy.
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If the situation in Iran deteriorates, there is a potential sharp upside for gold and crude oil, said Preston and Melek.
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Any monetary easing presumably would boost industrial demand for metals, Melek said.
FORBES: Chinese Data Sends Some Base, Precious Metals To Highest Levels In More Than A Month
Bart Melek, vice president and head of commodities research with TD Securities, also looks for gold to trade sideways for a little.
Further, there are expectations that it will be some time before Lonmin can finally return to full production, Sanchez and Melek said.
FORBES: PGMs Hit Multi-Month Highs On Fears S. African Labor-Related Supply Issues May Spread
If January rolls around and there still is no deal, Melek said he would look for a broad-based sell-off across asset classes.
FORBES: FOCUS: Gold Market Focused On Fiscal Cliff--Safe Haven Or Risk Asset?
However, Melek looks for Republicans and Democrats to eventually reach an agreement.
FORBES: FOCUS: Gold Market Focused On Fiscal Cliff--Safe Haven Or Risk Asset?
This likely move by the Fed is also bullish for gold because it continues to keep down the opportunity cost to hold gold, Melek said.
FORBES: FOCUS: Fed Likely To Increase Balance Sheet Funding At FOMC Meeting; Supportive To Gold
This has occurred during other crises in the past, Melek said.
FORBES: FOCUS: Gold Market Focused On Fiscal Cliff--Safe Haven Or Risk Asset?
The base metals could fall further, said both RBC and Melek.
FORBES: Base Metals Slide In Recent Weeks On Demand Worries; Better Days Seen Ahead
Still, despite the knee-jerk market move, Melek questioned whether there has been any material change, with the Fed likely to remain accommodative for the foreseeable future.
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Bart Melek, head of commodity strategy with TDS Securities, echoed similar sentiments, characterizing the upward GDP revision as unusually large for a third estimate by the government.
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Looking at the fundamentals, Melek said, nothing had really changed.
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Lately there have been fewer worries that the global economy is headed for a sharp slowdown, Melek added, which has allowed all commodities, platinum included, to rally in January.
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But first Mr. Melek sticks a decal with his court's initials, CNJ, on the planes' tail fins and snaps a photo of his prized catch to email to his buddies.
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Bart Melek, vice president and director, head of commodity strategy, rates and foreign exchange research at TD Securities, said just chatter from Iran and Israel could push the risk premium on crude higher.
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Bart Melek, vice president and director head of commodity strategy, rates and foreign exchange research at TD Securities, said that change in strategy by the Fed to outright purchases is supportive to gold.
FORBES: FOCUS: Fed Likely To Increase Balance Sheet Funding At FOMC Meeting; Supportive To Gold
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