Eric Zuccarelli, independent metals trader on the NYMEX trading floor, says the destruction of the euro is a big factor to gold moving a bit higher as it puts more faith and value in the metal. Zuccarelli says the volatility in gold is what’s interesting for day traders because of the $40-$50 swings in a matter of a couple of days. Longer-term he remains bearish due to the lack of inflation. Zuccarelli explains the action in the commodity complex, particularly with oil, will continue to lend strength to the U.S. economy. While Zuccarelli may look at crude at these levels, he is concerned about the the momentum of selling after breaking through the key level of $50.
Subscribe to TheStreetTV on YouTube:
For more content from TheStreet visit:
Check out all our videos:
Follow TheStreet on Twitter:
Like TheStreet on Facebook:
Follow TheStreet on LinkedIn:
Follow TheStreet on Google+:
source
