The anti-austerity demands of Greece’s new Syriza government is putting gold in a holding pattern as markets await to see if Greece leaves the Eurozone, say Eric Zuccarelli, independent metals trader on the NYMEX trading floor. While the energy trade has been slightly less volatile, Zuccarelli believes the bottom is not in and there will continue to be volatility before there is significant move higher as fundamentals have not changed in terms of supply. Copper has been gyrating between $2.45-$2.60, but the first quarter is typically slow on the demand side. Once the Chinese holidays are over, second quarter demand picks up and we could possibly be putting in a base here.
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