Gold was trading higher on its own in the face of a higher U.S. dollar and deflationary environment, but it really made a move following the Swiss National Bank decision to cap the franc’s value. Eric Zuccarelli, independent metals trader on the NYMEX trading floor, tells TheStreet’s Jill Malandrino the Swiss move was certainly a game changer, but deflation has almost made gold the safe haven asset of choice for now. Copper saw its biggest down move in three years this week and Zuccarelli believes that could have been a capitulation moment. Alan Harry of Harry Trust RE believes volatility in crude is not over yet due to the ongoing supply stalemate. He thinks there is more room to the downside and then cuts will start to be made over the next month or two.
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